Pacific Ridge Completes Drilling at the Kliyul and RDP Copper-Gold Projects; Drilling at RDP Intersects 300 Metres of Continuous Copper-Sulphide Mineralization

Pacific Ridge Exploration Ltd. (PEX) released an exploration-program completion update for its drilling activities, reporting only drilling metres, logged geology, and geophysics rather than assay results. The company completed five diamond holes totaling 3,010 metres at the RDP target. Holes RDP-26-015 and -016, comprising 1,052 metres, tested the interpreted porphyry centre, while RDP-26-017, -018, and -019, totaling 1,958 metres, tested the western magnetic lobe.

The company stated that holes RDP-26-016, -017, and -019 confirmed "continuous copper-sulphide mineralization (chalcopyrite +/- bornite) from vertical depths of approximately 170m over lengths greater than 300 m." This 300-metre measurement represents a logged-sulphide observation from core; no copper, gold, or silver grades, cutoffs, true widths, or compositing were provided for any 2026 hole. Conversely, holes RDP-26-015 and -016, which tested the interpreted porphyry centre between the lobes, encountered predominantly pyrite, low magnetic susceptibility, and weak-to-moderate alteration, leading the company to conclude that the porphyry-centre concept was not confirmed.

At the Kliyul (M39) target, four holes totaling 1,524 metres were drilled. Every hole hit "porphyry-style alteration and veining" comparable to holes peripheral to the KMZ resource, such as KLI-22-048A, located approximately 250 metres from the resource. The company noted that M39 "may have intersected the peripheral alteration footprint," indicating no confirmed mineralization or assays were reported. Section 1 of the release contains zero assay data, meaning no from/to intervals, grades, or widths are tabulated, as assays are explicitly stated as pending.

Pacific Ridge Exploration Ltd. (PEX) issued an interim operational update that does not alter its Inferred resource estimate, investment thesis, or net asset value. The company’s 334.1 Mt @ 0.33% CuEq (2.42 Blb CuEq) Inferred resource remains unchanged and is quoted rather than updated. Pacific Ridge still has no resource.

The update was partially new versus market expectations. While the market anticipated assay results from a fully funded program—supported by a C$8.5M raise in July 2026—the company instead provided logged geology. The primary outcome, indicating that the porphyry-centre concept is failing at the RDP project, is modestly negative and was not pre-announced.

As a pre-revenue explorer with a going-concern flag, Pacific Ridge reported Q1-2026 cash of C$1.58M, which is offset by a treasury balance exceeding C$9.0M following the July raise, according to the CEO. At this stage, a genuinely good assay hole is highly material, whereas a no-assay completion update is not. Today’s release serves as placeholder news flow.

The stock price has not embedded the anchor. The share price round-tripped from approximately C$0.33 in October 2025 to approximately C$0.17 in April 2026 and currently sits at approximately C$0.22, below the mid-point of its 52-week range of $0.16 to $0.365.

Pacific Ridge Exploration Ltd. (PEX) holds 100% ownership of the Kliyul project in the Quesnel terrane, covering approximately 90 km², and the RDP project in the Toodoggone/Golden Horseshoe region, spanning over 100 km² located 40 km to the west. The company also controls the Onjo and Redton Cu-Au projects in British Columbia, while its Yukon gold assets, including Mariposa and Eureka Dome, are optioned to Labrador Gold.

The KMZ resource is defined as 334.1 Mt at an average grade of 0.33% CuEq, classified as Inferred, effective July 31, 2025. This estimate, calculated at a 0.20% CuEq cutoff, contains 2.42 billion pounds of CuEq, comprising 1.11 billion pounds of copper, 2.74 million ounces of gold, and 10.22 million ounces of silver. The RDP project currently has no defined resource.

Infrastructure proximity is noted for both projects. Kliyul is located approximately 8 km from the Omineca resource road and a 230 kV power line associated with Kemess. The RDP project is situated near the past-producing Kemess mine.

The company’s capital structure consists of approximately 97.3 million basic shares, 55.0 million warrants, and 5.0 million options, resulting in a fully diluted share count of approximately 157.3 million. The warrant portfolio includes 22.7 million warrants exercisable at C$0.28, 17.7 million at C$0.20, and 11.2 million at C$0.30, among others.

The Fiore Group, founded by Frank Giustra, is the largest holder. Minsur S.A. holds approximately 13.8% and possesses a nine-month right of first refusal on RDP along with an Investor Rights Agreement.

Financially, the company is pre-revenue. For the first quarter of 2026, the net loss was C$462,319, compared to a full-year 2025 net loss of C$5.85 million. Cash on hand in Q1-2026 stood at C$1.58 million, and the company carries an explicit going-concern flag. According to the CEO, a capital raise in July 2026 increased the treasury to over C$9.0 million.