Lux Metals Intersects 17.57 g/t Au over 19.50 m in First Hole at Zone 32, La Grande Gold Project, James Bay, Quebec

Lux Metals Corp. (LXM) has released the first assay results from its 2026 diamond drill program at the La Grande Gold Project in Zone 32, James Bay, Québec. Hole LG26-241 returned 17.57 g/t Au over 19.50 m (uncapped) from 220.5 m to 240.0 m downhole, including 8.0 m at 39.08 g/t Au (229.0-237.0 m). On a capped basis, cut at 50 g/t Au, the same intervals are 11.67 g/t over 19.50 m, including 24.70 g/t over 8.0 m. One 1 m sample returned 165 g/t Au (reported uncapped).

True width is estimated at 75% of the drilled intercept. Mineralization is described as shear-hosted gold-copper, featuring sheared tonalite, sericite alteration, disseminated chalcopyrite-pyrite, and quartz-chlorite veins with visible gold specks. Multi-element (ICP) results, including copper, are pending. The interval is stated to sit more than 40 m from a known historical interval, confirming grade and continuity.

The collar is located at E396583 / N5932335, at an elevation of 231 m, with an azimuth of 165°, a dip of -50°, and a total length of 297 m. One rig is still drilling; the program closes around mid-October 2026, with remaining assays expected mid-to-end November 2026. The Qualified Person is Jonathan Marleau, P.Geo. (Dahrouge Geological Consulting Ltd.).

Lux Metals Corp. (LXM) is a grassroots, pre-resource explorer with a market capitalization of approximately C$14.6 million. The company reported nil revenue and held C$3.5 million in cash as of Q3-2026. This update serves as prior-period context rather than an earnings release; for the nine months ended, the company recorded a net loss of C$0.89 million and carries no debt.

The latest drilling results confirm a high-grade system already known to the market. Historical data from the LGS97-98 period identified intervals of approximately 83.8 meters at 7.95 g/t, totaling roughly 666 g·m. A presentation version of these historical figures cites approximately 103.8 meters at 6.52 g/t, totaling roughly 677 g·m. The new hole does not exceed the best historical intervals in terms of grade multiplied by width; however, it is comparable to or stronger in grade, though shorter in length.

The stock has not re-rated based on this confirmation. Shares reached C$0.30 in December 2025 following an acquisition and financing, then fell to C$0.10 in July 2026. The stock currently trades at approximately C$0.19, placing it in the mid-range. Consequently, the positive nature of the results is at least partly unpriced.

Because the results confirm rather than discover new zones, and because the best demonstrated gram-meters (g·m) have not been surpassed, the update represents a solid confirmation rather than a thesis-transforming event. While material for a micro-cap, the resource-defining question of whether the grade holds across the entire program remains unanswered until mid-November.

Lux Metals Corp. (TSXV: LXM) is a pre-revenue Canadian gold explorer focused on its flagship La Grande Gold Project in Eeyou Istchee James Bay, Québec. The property spans 15,357 hectares along approximately 40 kilometers of Archean greenstone and benefits from all-season access via the Trans-Taïga Road and proximity to hydro power. The company holds a 100% interest in the project, acquired in February 2026 from OVI Mining, formerly La Pulga, subject to a 4% underlying royalty. This transaction, involving related-party Lepage, remains under review.

The company’s database comprises 253 historical drill holes totaling 52,472 meters. Zone 32 historically extends over a 600-meter strike and 350-meter depth and remains open. Lux Metals has approximately 76.9 million shares outstanding, along with 42.4 million warrants at C$0.40 and roughly 1.4 million options. The balance sheet shows C$3.5 million in cash with no debt.

Under the deal economics, Lux Metals may issue up to 4 million shares to OVI if a NI 43-101 resource of at least 500,000 ounces of gold equivalent is defined. An additional 4 million shares would be issued if the resource reaches 2,000,000 ounces of gold equivalent.