Legacy in New Core Hole Hits 3.7 g/t Gold over 41ft (12.5m) near Surface, Incl. 15.1 g/t over 6.7ft (2.05m), plus 4 Mineralized Zones Incl. 0.62 g/t over 127ft (38.8m) at Baner, Idaho

Legacy Gold Mines Ltd. (LEGY) has released assay results for two Phase 1 core holes, LG26-017 and LG26-003, from its 2026 program at the Baner Gold Mine Property in Idaho County, Idaho. The reported downhole metres use a 0.2 g/t Au cutoff with 10 m internal dilution; true widths are unknown.

• LG26-017: 3.70 g/t over 12.5 m from 6.2 m downhole (4 m vertically below surface), including 15.10 g/t over 2.05 m.
• LG26-017: 0.62 g/t over 38.8 m from 174.3 m (120 m vertical), including 1.70 g/t / 0.95 m, 1.97 g/t / 0.8 m, and 2.74 g/t / 2.9 m.
• LG26-017: 0.72 g/t over 7.35 m from 55.3 m, including 2.30 g/t / 1.4 m; 0.28 g/t over 9.0 m from 78.6 m; 0.35 g/t over 6.7 m from 105.2 m; plus 0.18 g/t / 4.7 m and 0.22 g/t / 0.9 m.
• LG26-003: 1.15 g/t over 7.8 m from 177.5 m, including 2.30 g/t / 1.9 m; 0.43 g/t over 20 m from 40.8 m, including 2.08 g/t / 1.1 m; 0.70 g/t / 3.55 m; 0.49 g/t / 4.0 m; and several sub-0.35 g/t intervals.

The company cited context from holes LG26-004 (2.4 g/t / 8.2 m; 1.14 g/t / 13.5 m from surface) and LG26-021 (0.67 g/t / 15.2 m; 0.39 g/t / 61.0 m), which together extended the Main Zone mineralized width to approximately 310 m.

Regarding program status, 11 core holes have been drilled, with two reported here, and 18 of up to 53 RC holes have been completed. Three of six new up-hill pads have returned significant mineralization, while three are pending. The company stated that its 2026 goal of demonstrating mineralization through the Main Zone hill is almost reached.

Hole LG26-017 was drilled at an azimuth of 75° and dip of -60°, reaching a total depth of 213 m. Hole LG26-003 was drilled at an azimuth of 144° and dip of -63°, reaching a total depth of 300.8 m.

Legacy Gold Mines Ltd. (LEGY) released results from drill hole LG26-017, which intersected the eastern side of the hill at depth and represents the highest-grade significant interval of the 2026 programme to date. The Main Zone has been drilled over approximately 1 km of strike and approximately 310 m of demonstrated width, with an exploration target that already assumes bulk mineralization at 0.72-0.91 g/t. This release confirms rather than enlarges that envelope.

The strongest prior hole on the same up-hill campaign was LG26-004 (11 August), which returned 2.4 g/t / 8.2 m, 1.14 g/t / 13.5 m from surface, and 0.63 g/t / 20.1 m, roughly 58 g·m across its six intersections. This extended the Main Zone 170 m west and 200 m up-hill. The stock moved from C$0.99 (10 August) to C$1.30 by 13 August on that release (+31%), then round-tripped to C$1.15-1.20 and has been flat for six weeks, including through the 26 August result. LG26-017 is better in grade than LG26-004 (3.7 g/t vs 2.4 g/t, 46 g·m vs ~20 g·m on the best interval) and comes from a new, previously unreported side of the hill.

At the C$1.19 pre-release close, there were approximately 61.1 million shares outstanding, giving a market cap of approximately C$73 million. Against C$6.28 million cash (30 June 2026, prior-period context - not in this release), enterprise value is approximately C$67 million. Against the conceptual 1.16-1.62 moz contained in the 50.3-55.3 Mt at 0.72-0.91 g/t exploration target, that is roughly C$41-58 per conceptual ounce. The market is therefore pricing the target at a heavy discount to the peer explorer/developer multiples of US$390-488/oz cited in the company's own presentation.

Financially, Q2 2026 saw a net loss of C$4.05 million on C$2.95 million exploration spend, with an H1 operating cash outflow of C$3.76 million. Cash stood at C$6.28 million with no debt. Shares outstanding increased from 26.8 million to 61.1 million in Q2 on the C$10 million placement at C$0.30. The company is funded through 2026 objectives, but the dilution trajectory and the March 2027 option payment (C$500,000 cash plus 200,000 warrants) remain live issues.

The pending resource (Q4 2026/Q1 2027) rather than any single hole is what will re-rate the equity. This addition adds confidence to the through-hill continuity and to the grade envelope of the exploration target, but it does not change the scale of the deposit. It is one hole with unknown true width and is consistent with what the price already assumes about the 2026 programme.

Legacy Gold Mines Ltd. (TSXV: LEGY), a Calgary-based single-asset gold explorer with no revenue, mineral resource, or reserves, holds an option to acquire a 100% undivided interest in the Baner Gold Mine Property in Idaho County, Idaho, within the historic Orogrande district. The company has paid C$450,000 in cash, 1.3 million shares, and 400,000 warrants to date. The remaining payment, due by the end of March 2027, consists of C$500,000 in cash plus 200,000 warrants. The agreement also includes a 1% net smelter return (NSR) with a C$7.5 million buyback right.

The company’s stated exploration target is 50.3-55.3 million tonnes at 0.72-0.91 grams per tonne of gold. This figure is conceptual and does not constitute a NI 43-101 resource estimate. It assumes a metallurgical cyanide leach recovery of 87.1-93.2% on oxide material and a dense-media/bulk density of 2.73 t/m3. The target is based on 46 holes and 10,459 meters of drilling over 2.3 kilometers of strike.

For 2026, the company plans an exploration program of up to 12,000 feet of core and up to 28,000 feet of reverse circulation (RC) drilling, totaling 40,000 feet. The work will target the Main, Northeast, and Northwest zones with the aim of defining a maiden resource by late Q4 2026 or early Q1 2027. Management includes Executive Chairman and CEO Brian Hinchcliffe and Vice President of Exploration and Qualified Person Mike Sutton, both formerly of Kirkland Lake Gold.

Prior to this announcement, the company reported 61,111,423 shares outstanding and C$6.28 million in cash as of June 30, 2026, with no debt. The net loss for the second quarter of 2026 was C$4.05 million. In April 2026, a placement at C$0.30 per share issued 33.3 million shares, increasing the share count from 26.8 million to 61.1 million. This release does not report new financial results.