Carolina Rush Retains 100% Interest in Brewer Gold-Copper Project Following OceanaGold Withdrawal from Earn-In Agreement

Carolina Rush Corporation (RUSH) announced the termination of its Earn-In to Joint Venture Agreement with OceanaGold Corporation regarding the Brewer Gold-Copper Project. The agreement, originally activated and overwhelmingly approved by shareholders (99.8%) on November 26, 2025, was dissolved after OceanaGold spent approximately US$2 million of its allocated US$20 million over five years. Under the original terms, OceanaGold held the right to earn up to an 80% interest, with a 50% interest earned upon spending US$8 million by December 31, 2027. Carolina Rush retains 100% interest and operational control of Brewer, along with all data, analysis, and drill core generated by the exploration funded by OceanaGold.

OceanaGold’s stated reason for the termination, as relayed by Carolina Rush, was that "Brewer's porphyry opportunity remains at an earlier stage of exploration." The company’s release restates previously announced drill results from Hole 38 (June 25, 2026) and Hole 39 (July 13, 2026). There are no new assays, no new holes, and no new resource estimate included in the announcement.

Carolina Rush stated it has sufficient working capital for a contemplated Phase II program involving two priority deep holes identified following Dr. Richard Sillitoe's June 2026 site review. These holes target areas northwest and west-northwest of Hole 38. The final scope, timing, and budget for this program are being determined, and continued exploration beyond these holes may require additional financing.

The release also reiterated details from an amended Brewer option agreement dated August 12, 2026, which removes the cash payment at closing and spreads the estimated US$27 million purchase price over ten equal annual instalments beginning only once new mining operations are fully permitted. Additionally, the Jefferson Project expansion, dated August 11, 2026, creates a contiguous ~3,480-acre position.

The 2025 maiden Mineral Resource Estimate remains unchanged: - Indicated: 6.2 Mt @ 0.97 g/t Au and 0.12% Cu (192,000 oz Au, 16.7 Mlb Cu) - Inferred: 8.8 Mt @ 0.74 g/t Au and 0.04% Cu (210,000 oz Au, 8.3 Mlb Cu) - Inferred backfill: 11.9 Mt @ 0.36 g/t Au and 0.03% Cu (139,000 oz Au, 9.7 Mlb Cu)

The release states that no mineral resource has been defined for the deeper porphyry system and there is no certainty one will be.

Carolina Rush Corporation (TSXV: RUSH, OTCQB: PUCCF) is a mineral exploration company focused on gold and copper in the southeastern United States. The company is in the exploration stage and currently generates no revenue. Its flagship asset is the Brewer Gold-Copper Project, located in Chesterfield County, South Carolina, comprising 912 acres across two land parcels. Adjacent to Brewer is the 100%-owned Jefferson Project, which was expanded on August 11, 2026, to approximately 2,568 acres across ten mineral leases. Together, these holdings form an approximately 3,480-acre contiguous position.

Brewer is a brownfield site that was historically an open-pit oxide gold mine, first mined in the 1820s and operated as a heap-leach facility from 1987 to 1995. The mine produced approximately 178,000 ounces of gold before operations ceased in the mid-1990s. Sulphide-hosted gold and copper located below roughly 30 meters was stockpiled on the surface because it could not be processed at the time. The 2025 Mineral Resource Estimate’s "inferred backfill" category relates to this historical material. The project is located approximately 13 km from OceanaGold’s producing Haile Gold Mine, though the company notes that information from nearby properties is not necessarily indicative of mineralization at Brewer.

A NI 43-101 Technical Report and Mineral Resource Estimate for the Brewer Project, effective March 20, 2025, with a 0.4 g/t Au cutoff, outlines the following resources:

• Indicated: 6.2 Mt @ 0.97 g/t Au and 0.12% Cu (192,000 oz Au, 16.7 Mlb Cu)
• Inferred: 8.8 Mt @ 0.74 g/t Au and 0.04% Cu (210,000 oz Au, 8.3 Mlb Cu)
• Inferred backfill: 11.9 Mt @ 0.36 g/t Au and 0.03% Cu (139,000 oz Au, 9.7 Mlb Cu)

The combined resource totals approximately 541,000 oz Au across all categories, with a large share consisting of low-grade backfill material.

The company outlines two distinct theses: near-surface epithermal gold-copper resource growth, evidenced by Hole 39’s 50 m step-out beyond the Mineral Resource Estimate, and a deeper, unproven tilted porphyry copper-gold target. The porphyry thesis has no defined resource, and the company states there is no certainty one will be delineated. No economic study is provided. The investor presentation explicitly notes the absence of NPV, IRR, capex, AISC, or mine-life figures, and there is no Preliminary Economic Assessment or Pre-Feasibility Study in the materials.

Patrick Quigley, MSc, CPG, VP Exploration and Qualified Person, has reviewed and approved the technical content. Dr. Richard H. Sillitoe, an independent porphyry specialist, has visited Brewer four times, most recently in June 2026, and recommends two further deep holes to the northwest and west-northwest. His report is referenced as available on the company website but is not provided here.