Sirios Completes Phase 1 of Expansion Drilling at Cheechoo and Intersects 39.94 g/t Gold over 6.5 m and 9.07 g/t Au over 12.5 m

Sirios Resources Inc. (SOI) has released assay results from 15 holes totaling 6,850 meters, representing the second batch of Phase 1 expansion drilling at its Cheechoo gold project in Eeyou Istchee James Bay, Quebec.

Highlighted high-grade intervals include CH26-337 with 39.94 g/t Au over 6.5 m, including 129.00 g/t Au over 2.0 m; CH26-345 with 9.07 g/t Au over 12.5 m, including 103.11 g/t Au over 1.0 m; and CH26-337 with 25.21 g/t Au over 3.0 m, including 50.06 g/t Au over 1.5 m.

Main intervals reported include: - CH26-334: 122.1 m at 0.43 g/t Au, 58.4 m at 0.62 g/t Au, and 88.5 m at 0.30 g/t Au - CH26-332: 92.0 m at 0.43 g/t Au - CH26-345: 21.8 m at 1.29 g/t Au - CH26-337: 91.5 m at 0.30 g/t Au - CH26-342: 54.0 m at 0.49 g/t Au - CH26-339: 58.5 m at 0.45 g/t Au - CH26-336: 41.0 m at 0.60 g/t Au

No cutoff grade or from-to depths were provided for the highlighted intervals, and true thickness is stated as unknown. Visible gold was observed in 68 intervals across 18 drill holes. Holes drilled along the northern and northeastern margins that returned no significant results intersected barren paragneiss.

Phase 1 of the program was completed on September 28, 2026, comprising 45 holes and 23,037.5 meters. Only 15 of those 45 holes, totaling 6,850 meters or approximately 30% of the meters, have had assays reported. Phase 2, consisting of approximately 12,000 meters, is scheduled to begin in January 2027 to complete the 35,000-meter program.

The company restated its resource context, which remains unchanged. The Cheechoo deposit contains 35 million tonnes of indicated resources at 1.12 g/t Au (1,262 koz) plus 42.7 million tonnes of inferred resources at 1.23 g/t Au (1,688 koz). A conceptual exploration target is defined as 31-40 million tonnes at 1.27-1.45 g/t Au.

Sirios Resources Inc. (SOI) released drill results that do not constitute an earnings release, meaning there are no new financial results to assess. Context from prior-period filings for the nine months ended March 31, 2026, indicates the company held C$27.6M in cash with no debt and a working capital of approximately C$24.4M. The company reported a net loss of C$2.28M and an exploration spend of C$914,750, down from C$2.07M. Book value per share stood at C$0.13, with 647.6M shares outstanding as of March 31, 2026. The April 2026 budget funds a 35,000 m drilling campaign plus the coming Preliminary Economic Assessment (PEA), ensuring funding is not a near-term concern.

Sirios operates as a resource-stage explorer and developer at a defined 3.0 moz resource, rather than a grassroots explorer. Consequently, the bar for materiality is resource accretion rather than initial discovery. The purpose of the current holes is expansion and step-out drilling around and beneath the existing resource, aimed at the Q1 2027 resource update and the H1 2027 PEA. This is neither discovery drilling nor pure infill.

The prior Cheechoo batch, reported on August 20, 2026, included hole CH26-326 at 2.40 g/t over 48.5 m (116 g.m, including 77.65 g/t over 1.1 m) and 1.49 g/t over 37.6 m, plus CH26-327 at 1.16 g/t over 32.2 m. The best result in today’s release, 260 g.m, is more than double that anchor on gram-metres.

The stock closed at C$0.19 on both August 19 and August 20, showing no immediate reaction. Over the six weeks following, the share price moved between C$0.18 and C$0.20. The market has not priced in the Cheechoo drilling results.

For the release to be considered materially positive under the upside rule, it would need to be materially better in grade-and-width substance than anything previously demonstrated on the property. The CEO described the mix as "characteristic of the Cheechoo project," and the 2025 resource already contains a 4.49 Mt stope-constrained component at 3.09 g/t. These holes are on model rather than representing a step change. The results offer modestly positive incremental news toward the resource update, with an impressive-looking headline that does not survive its own arithmetic. The release does not change the net asset value, scale, grade, or the odds of the project in any measurable way today.

Sirios Resources Inc. (TSXV: SOI; OTCQB: SIREF; FSE: 377A) is a Quebec-based gold company operating in the Eeyou Istchee James Bay region. The company completed its merger with OVI Mining Corp. on February 27, 2026, a transaction that introduced Osisko-linked board representation through Sean Roosen and Laurence Farmer, alongside new management led by CEO Jean-Félix Lepage and Executive Chairman and Head of Exploration Dominique Doucet.

The company’s flagship asset, Cheechoo, is 100% owned by Sirios and is in the resource development stage. The deposit contains 35 million tonnes of indicated resources grading 1.12 g/t Au for 1,262,000 ounces, and 42.7 million tonnes of inferred resources grading 1.23 g/t Au for 1,688,000 ounces. The inferred resource is split into 38.2 million tonnes at 1.01 g/t that are pit-constrained and 4.49 million tonnes at 3.09 g/t that are stope-constrained. A conceptual exploration target estimates 31 to 40 million tonnes at 1.27 to 1.45 g/t. Resource cutoffs are set at 0.3 g/t for the pit and 1.5 g/t for underground operations. Located approximately 15 km from Newmont's Éléonore mine, the property benefits from road, power, and hydroelectric access, with a conceptual strip ratio of approximately 2.9:1 and a conceptual recovery rate of 92%. A 2.5 to 4% NSR royalty applies to the asset.

Sirios holds a 49% interest in the Aquilon project, with Sumitomo Metal Mining Canada holding the remaining 51% and acting as operator. The 68 km² property features 140 exclusive exploration rights and hosts an east-dipping gold halo averaging 0.26 g/t Au, measuring over 700 m in length and approximately 300 m in width. Follow-up drilling totaling 1,800 m has been underway since September 2026. A 1% NSR applies to Aquilon.

Other early-stage assets include PLEX, which covers 21,000 ha on the La Grande/Opinaca belt and includes the Orfée zone, Corvet Est, Fagnant, and Lac Pau. The Orfée zone contains a historical 2003 non-43-101 estimate of 125,000 oz at 14.5 g/t. The Fagnant property, spanning 98 km², has historically yielded samples up to 44 g/t.

Upcoming catalysts include a Cheechoo resource update scheduled for Q1 2027 and a preliminary economic assessment (PEA) for H1 2027. A PLEX work plan is due by the end of Q3 2026, with exploration expected to begin in 2027. Additionally, Sirios is entitled to a US$350,000 milestone payment upon the completion of a feasibility study on the sold Tilly-2 EERs.

Regarding financing, Sirios closed a C$25M LIFE offering on March 18, 2026. The offering consisted of 40.7 million flow-through units at C$0.27, 70.0 million hard-dollar units at C$0.20, and warrants at C$0.30 expiring in March 2027. The company also raised C$3.47M from warrant and option exercises in May 2026 involving 671.1 million shares, and C$1.52M in January 2026. The company’s book value per share is C$0.13, compared to a price of C$0.20, representing approximately 1.5x book value.