One Bullion Reports High Concentration of Gold During Artisanal Sampling Program at Vumba Project Which Yielded a 679 g/t Gold Sample

Executive Summary of Recent Release

• One Bullion Ltd. reported high-grade gold surface grab samples from artisanal sampling at the Vumba Project in Botswana on April 27, 2026.
• The headline sample returned 679 g/t Au, with additional samples ranging from >10.0 g/t to 207 g/t Au.
• The program investigated seven historical artisanal workings and identified three previously unrecognized workings with anomalous gold values.
• Mineralization is hosted in smoky quartz veins within amphibolite gneiss and schist, interpreted as structurally controlled orogenic gold systems.

Progression of Historical Exploration

• January 15, 2026: Company provided portfolio update highlighting historic drilling intercepts at Vumba (e.g., SD071 – 42.82 g/t Au) and identified 26 high-sulphide IP targets at Kraaipan.
• January 27, 2026: Announced engagement of Xcalibur Smart Mapping for a high-resolution airborne geophysical survey over Vumba and Maitengwe projects (~16,350 line-km).
• April 27, 2026 (Current): Surface sampling results follow the January survey announcement, validating the geological thesis before planned drilling.

Management Commentary

• CEO Adam Berk stated these results validate the geologic thesis and provide confidence in a meaningful mineralized corridor warranting follow-up drilling.
• The company plans to integrate assay and geophysical data to refine drill targets for later this year.

News vs. Market Expectations

• The 679 g/t sample is significantly higher than historic surface samples disclosed in January (e.g., OB1080 – 116 g/t Au), representing a material improvement in grade perception.
• However, the news is classified as Routine - Positive because it follows the planned exploration cycle announced in January and does not constitute a resource definition or drilling result.
• The market has already reacted negatively to previous updates, with the stock price declining from $2.60 in December 2025 to $0.40 by April 2026 despite positive exploration news.

Corporate Profile

• Company Name: One Bullion Ltd. (TSX.V: OBUL).
• Strategy: Position itself as the largest gold exploration company in Botswana by controlling 8,004 km² of land across three greenstone belts.
• Jurisdiction: Botswana is noted for political stability and pro-mining policies, which reduces country risk compared to other jurisdictions.

Flagship Projects

• Vumba Gold Project: Located on the same greenstone belt as Zimbabwe’s Blanket Mine. Status: Phase 1/2 drilling (111 RC holes, 25 diamond holes). Focus on shallow, open-pit potential.
• Kraaipan Gold Project: Controls ~65 km of strike on the western limb. Status: Phase 2 with planned 20,000 m drill program. Proximity to operating Kalgold Mine provides infrastructure benefits.
• Maitengwe Gold Project: Early-stage discovery area covering 580.75 km². Minimal surface exposure due to Kalahari sediments. Status: Phase 1 drilling planned for Q2 2026.

Development Stage

• All projects are in the exploration stage with no production guidance or reserves disclosed.
• The company relies on external funding and equity raises to progress from sampling to drilling and resource definition.