Roxmore Resources Reports Strong Exploration Drill Results and Expanded Resource Potential from the Converse Gold Project in Nevada

Roxmore Resources Inc. (RM) has reported the first dedicated exploration hole of its current Converse program, CV26-013C. The company frames the result around a ~3 km magnetic-low corridor extending west of the Redline system into largely untested ground. The hole is a 90 m step-out from the current mineral resource, drilled along the western margin of the Redline system.

The hole intersected Breccia Pipe 02 and underlying Havallah Sequence sedimentary rocks with prograde/retrograde skarn alteration and chalcopyrite. True widths are estimated at 75–100% of core lengths.

The reported intercepts are as follows: - 58.2 m @ 1.85 g/t Au and 4.43 g/t Ag from 484 m. - Included sub-interval: 19.8 m @ 4.83 g/t Au and 9.94 g/t Ag.

22 silver samples remain pending, including one within the listed composite. The qualified person for this release is Vance Spalding, EVP Exploration.

Roxmore Resources Inc. (RM) is a development-stage gold company that has completed a preliminary economic assessment (PEA) and holds a large indicated-plus-inferred resource, distinguishing it from grassroots discovery explorers. The PEA values the Converse project at US$2.7 billion in after-tax net present value (NPV5%) at a gold price of US$3,600/oz, while the company’s market capitalization stands at approximately C$298.6 million. This valuation gap means the equity is highly leveraged to any improvements in grade, scale, or de-risking.

The recent drill hole represents a genuine step-out outside the current resource. If followed up successfully, it could add higher-grade tonnes on the western flank and improve the resource mix. The best recent western-trend anchor, hole CV26-009C, returned 145.3 g·m Au. The new hole, CV26-013C, returned 107.7 g·m Au; while this is not a gram-metre upgrade, it constitutes a higher-grade step-out. The stock was not trading near its April high at the time of the announcement.

Following the news, the share price moved from C$3.77 on 16 Sep to C$4.14 on 17 Sep, suggesting the market treated the information as new rather than already-priced infill.

Roxmore Resources Inc. (TSX: RM; OTCQX: GARLF) is a 100% owner of the Converse Gold Project, located on the Battle Mountain–Eureka trend in Nevada. The company’s flagship asset features an updated mineral resource estimate effective March 31, 2026, which includes an Indicated resource of 103.1 million tonnes at 0.65 grams per tonne of gold for 2.16 million ounces, and an Inferred resource of 218.4 million tonnes at 0.43 grams per tonne of gold for 3.03 million ounces.

A preliminary economic assessment for the project outlines a base case scenario involving an open-pit heap leach operation. This plan projects a 14-year mine life with an after-tax net present value at a 5% discount rate of US$2.7 billion and an internal rate of return of approximately 43%. The assessment anticipates 3.5 million ounces of payable gold, an all-in sustaining cost of US$1,769 per ounce, pre-production capital expenditures of US$829 million, and an average recovery rate of 70.9%.

Financial data from the second quarter of 2026 shows Roxmore holding C$40.7 million in cash with no debt and total equity of C$82.0 million, while generating no revenue. Management is led by John Dorward, with technical work supported by SLR Consulting and Kappes Cassiday & Associates.

There is a discrepancy regarding the company’s valuation metrics. While the investor presentation states a market capitalization of approximately C$38 million and cash holdings of C$225 million, these figures are inconsistent with the provided Q2 2026 financials and share-price data. The derived market capitalization based on available data is approximately C$298.6 million.