GMV Minerals Announces Assays from 2026 Diamond Drill Program including: 12.64 gpt Gold over 4.88 m in MHC26-14

GMV Minerals Inc. (GMV) has completed its 2026 diamond drill program at the Mexican Hat gold project in Cochise County, southeastern Arizona. The program consisted of 4,775 meters drilled in 25 diamond holes from 24 platforms, testing 950 meters of strike and 370 meters of width. The company stated the purpose of the drilling was resource definition and the collection of geomechanical data for open-pit slope engineering. All holes were designed to intersect known mineralization at angles greater than 75 degrees, and GMV reports that all holes intersected significant gold mineralization within the established solids.

Headline intercepts reported by the company include MHC26-14, which returned 12.643 g/t Au from 29.26 m to 34.14 m (4.88 m); MHC26-24, which returned 3.298 g/t Au from 248.52 m to 260.91 m (12.39 m); and MHC26-09, which returned 1.334 g/t Au from 137.46 m to 167.03 m (29.57 m). Other material rows from the full Table 2 include:

• MHC26-10: 2.554 g/t over 13.72 m from 74.98 m
• MHC26-15: 0.782 g/t over 30.36 m from 172.64 m, including 1.276 g/t over 14.45 m
• MHC26-19: 0.681 g/t over 27.89 m from 156.82 m
• MHC26-23: 1.091 g/t over 19.65 m from 193.55 m
• MHC26-02: 7.773 g/t over 3.96 m from 102.11 m
• MHC26-04: 3.733 g/t over 1.53 m from 151.18 m
• MHC26-27: 3.851 g/t over 2.75 m from 226.00 m
• MHC26-17: 1.175 g/t over 11.89 m from 78.03 m

GMV disclosed over 94 significant intervals above the previous 0.2 g/t Au cutoff, averaging 0.87 g/t Au over 7.74 m. The company states that drilling has now tested over 90% of the mineralization.

The assay protocol involved samples passing 85% through 75 microns, analyzed via 30 g fire assay with ICP-AES and overlimit determinations. The quality control process included 189 external blanks and standards plus duplicates and internal laboratory blanks and standards, all of which were reported as acceptable.

The deposit is described as a structurally controlled metasomatic gold deposit in peralkaline Cenozoic volcanic and volcaniclastic rocks, featuring haematised and carbonatised domains along late fractures. Silicification is rare to absent, and column-test recoveries reached up to 98% per the August 8, 2025 technical report.

GMV promised a revised NI 43-101 Mineral Resource Estimate in the coming months, which will replace the June 22, 2020 estimate based on a base case of US$1,375/oz gold. Highlights from the Preliminary Economic Assessment (PEA), filed September 8, 2025, include a base case of US$2,500/oz gold, yielding a pre-tax IRR of 66.1%, a pre-tax NPV5 of US$390.2M, a 1.53-year payback, a 10-year life, 597,841 oz total production, approximately 60,000 oz per year, capital expenditures of US$89.997M, and a strip ratio of 2.05. At a sensitivity of US$4,000/oz gold, the pre-tax IRR is 134.2% with a NPV5 of US$1.055B.

The Qualified Person for the technical data is Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. of DRW Geological Consultants Ltd.

GMV Minerals Inc. (GMV) did not release earnings, as the company has no revenue or earnings to report. The most recent Management’s Discussion and Analysis for the nine months ended March 31, 2026, reported a net loss of C$1.68 million, compared to C$392,097 in the prior-year period. This loss was driven by C$862,300 in share-based compensation, C$763,759 in administrative costs, and C$347,958 in Mexican Hat exploration spend. The company reported a going-concern flag and held C$3.45 million in cash on hand.

The drilling results do not change the resource, the deposit, or the investment thesis, as they add no tonnes, ounces, new zones, or step-out intersections, nor do they alter any grade assumptions. However, the results support the case for converting Inferred material to Indicated or Measured categories, which is a significant de-risking step given that the Preliminary Economic Assessment mine plan relies on Inferred resources that cannot be converted into reserves.

The drilling program served as an infill effort, using a resource grade anchor of 0.58 g/t Au at a 0.2 g/t cutoff. Interval averages of 0.87 g/t over 7.74 m at a 0.2 g/t cutoff, with 100% of holes intersecting within the existing solids, met that anchor, confirming the model.

The market has not priced in this confirmation. The stock fell from C$0.30 on October 7, 2025, to C$0.13 on October 6, 2026, a decline of approximately 57%, and currently sits one cent above its 52-week low. It trades 35% below the C$0.20 December 2025 private placement price, with 19.1 million warrants at C$0.35 deep out of the money. The drilling results were not paid for by the market, meaning a genuinely better-than-modeled result could boost the stock, but the delivered result is an in-line confirmation rather than a step change.

GMV Minerals Inc. is a micro-cap explorer with a C$16 million market capitalization, no revenue, no reserves, no permits, going-concern language, and a demonstrated reliance on equity issuance. At this stage, a discovery or major step-out would be highly material, whereas infill that confirms an already-published 688,000 oz Inferred resource is not.

The results do not constitute a Material Positive event because the new holes were designed to be inside existing solids and do not claim to be materially better in grade-and-width substance than previously demonstrated. They are also not a Material Negative event, as no key hole missed, no zone failed to extend, no assay was downgraded, and there is no earlier visual or radiometric hype to retract. Analysts expect the release to produce a muted, possibly headline-driven bounce of roughly 0-10% followed by a fade, as the full Table 2 reveals a 0.87 g/t programme average, with no expectation of a 15%+ move based on substance.

GMV Minerals Inc. is a TSX Venture-listed precious metals explorer and developer that holds a 100% interest in the Mexican Hat Property through a wholly owned subsidiary. Located in Cochise County, Arizona, approximately 72 miles southeast of Tucson, the site features paved road access, an active power line along its western boundary, and access to privately owned water wells.

The company’s NI 43-101 Inferred Mineral Resource, effective August 8, 2025, identifies 36,733,000 tonnes grading 0.58 g/t Au at a 0.20 g/t cutoff, containing 688,000 ounces. This resource is constrained to a preliminary optimized pit shell with a strip ratio of 2.36. The model incorporates data from 149 trenches, 169 RC/rotary holes, and 45 diamond holes. The project was originally explored by Placer Dome (USA) in the late 1980s to early 1990s.

A Preliminary Economic Assessment (PEA), effective August 8, 2025, and filed September 8, 2025, outlines a one-year pre-production period followed by 10 years of production. The plan projects approximately 60,000 ounces per year and 597,841 ounces in total. Processing would involve crushing and conveyor-stacking approximately 10,000 tonnes per day on a conventional heap-leach pad, with an assumed average recovery of 88%. Capital expenditures are estimated at US$90.0 million, including US$15.4 million in contingency, with a strip ratio of 2.05.

Sensitivity analysis within the PEA indicates a post-tax IRR ranging from 11.3% at US$1,750/oz to 104.2% at US$4,000/oz. Correspondingly, the post-tax NPV5 ranges from US$25.8 million to US$744.4 million.

According to an investor brief dated June 29, 2026, and reported financials, GMV Minerals has 122,650,346 shares issued and outstanding, along with 19,147,425 warrants and 9,375,000 options. The book value per share is C$0.10, with total equity of C$11.67 million at March 31, 2026. At an implied price-to-book of roughly 1.3x based on a C$0.13 valuation, capitalized exploration of C$7.52 million represents the largest asset.

Liquidity data from March 31, 2026, shows C$3,445,929 in cash and C$3,878,269 in working capital against C$57,140 in current liabilities. The MD&A flagged a going-concern uncertainty.

Ownership is characterized as a tightly held, thinly traded register, with retail investors holding approximately 40% and management and advisors holding approximately 22%. Seven shareholders collectively hold 45,000,000 shares, representing approximately 37% of shares outstanding.

The management team includes President and CEO Ian Klassen and CFO Michele Pillon. The board comprises Non-Executive Chairman Alistair MacLennan, a former Chief Geologist at Newmont, alongside independent directors Dr. Roger Newell, Carl Hale, and Robert Coltura. Dr. D.R. Webb serves as the NI 43-101 Qualified Person. GMV Minerals is a development-stage explorer with no revenue, no reserves, no production permit, and no demonstrated economic viability.