Inomin Completes Beaver-Lynx Drilling Program

The most recent news release from November 4, 2025, states that Inomin Mines Inc. (Inomin) has completed its drilling program at the Beaver-Lynx project. A total of 3,361.8 metres were drilled in 13 holes across the South and North zones. Drilling in the South zone tested a 400,000 square metre area, where it intersected an average of 128 metres of serpentinized ultramafic rock, which is typically associated with nickel and magnesium mineralization. The North zone drilling targeted a new high-priority area. Analytical results from this drilling program are pending. The news also confirms that Sumitomo Metal Mining Canada Ltd. (Sumitomo) is funding this exploration program as part of their earn-in and joint venture agreement for the Beaver-Lynx project.

The completion of the drilling program is a positive operational development, indicating that Inomin is executing on its announced exploration plans for the Beaver-Lynx project. This directly follows the August 27, 2025, news release which outlined a $1.7 million budget for an approximate 3,850-meter drilling program, among other activities. Therefore, the completion of this drilling is in line with previous expectations and represents a tangible step forward in the project's development.

The intersection of "serpentinized ultramafics" is geologically encouraging for nickel and magnesium potential, as noted by President John Gomez. However, without the analytical results (assay data), the true economic significance of these intersections remains unknown. The actual material impact on the company's value will be determined by these forthcoming results.

The fact that Sumitomo is funding the program as part of the earn-in agreement is critical. This offloads significant exploration expenditure from Inomin's balance sheet, which is particularly important given the company's historically tight cash position and negative working capital as reported in the interim financial statements (June 30, 2025). This arrangement with Sumitomo reduces Inomin's direct financial risk for the Beaver-Lynx exploration.

In the broader context, this news follows the October 28, 2025 announcement of a definitive agreement to sell its Mexican gold-silver properties (Minera Rio Dorado, La Gitana, and Pena Blanca) for $350,000 USD. This divestiture allows Inomin to focus its resources and management attention squarely on the Beaver-Lynx project and its critical minerals potential. The proceeds from this sale, once received, will also significantly bolster Inomin's working capital, which is crucial for its general corporate needs outside of the Sumitomo-funded exploration.

Overall, the drilling completion is a routine, positive step, confirming progress on the flagship project with partner funding. Its materiality is limited until the assay results are released, which will truly define its impact.

Inomin Mines Inc. (MINE:TSXV) is a mineral exploration company primarily focused on critical minerals, particularly nickel and magnesium.

Flagship Project: Beaver-Lynx Project - Location: South-central British Columbia, Canada, approximately 50 kilometres from Williams Lake. It is strategically located adjacent to Taseko Mines' Gibraltar copper mine project, indicating established mining infrastructure. - Size: The project covers approximately 28,313 hectares, expanded from an initial 25,350 hectares in March 2025 due to new target identification. - Ownership: Inomin holds a 100% interest in the project, which is royalty-free. - Commodities: Primary focus is nickel and magnesium, with potential for copper, chromium, cobalt, silver, and gold. The company is also exploring the potential for natural hydrogen. - Development Stage: Exploration. Historical drilling (2022, 2023) and metallurgical test results have indicated the potential for large volumes of nickel and magnesium. - Strategic Partnership: In November 2024, Inomin signed a non-binding term sheet, which evolved into a definitive earn-in and joint venture agreement in April 2025, with Sumitomo Metal Mining Canada Ltd. (Sumitomo). Sumitomo can earn up to an 80% interest by incurring $8 million in exploration expenditures over two phases ($3 million for 60% over two years, and an additional $5 million for 20% over three years). Inomin acts as the operator during at least the initial earn-in period, receiving a 10% fee on project exploration expenditures. - Recent Activities: The current drilling program, completed in November 2025, focused on the Beaver South and North zones as part of the initial $1.7 million budget for 2025.

Other Projects: - Minera Rio Dorado (La Gitana and Pena Blanca): Gold-silver properties in Oaxaca, Mexico. Inomin entered a definitive agreement in October 2025 to sell these concessions to Calu Royalty SAPI De CV for $350,000 USD. These properties are subject to royalties (1.5% NSR to Gunpoint on Pena Blanca, 3% NSR to a third party on La Gitana). The technical report for La Gitana was previously noted as non-compliant with NI 43-101. - King's Point Project: Inomin holds a 1% Net Smelter Royalty (NSR) on this project in Newfoundland and Labrador.