Brunswick Exploration Announces 302 Metre-Wide Spodumene-Bearing Pegmatite Interval at the Anatacau Main Project

Brunswick Exploration Inc. (BRW) has released results for one new drill hole, AN-26-17, at the Anatacau Main Project within the Anais dyke in Eeyou Istchee James Bay, Quebec. The hole intersected a 302-metre interval of spodumene-bearing pegmatite, carrying an average visual estimate of approximately 30% spodumene, described as medium-to-coarse grained, with local concentrations reaching up to 80%.

Internal dilution is stated as sub-5%, compared to approximately 25% in AN-26-15, with approximately 3% host-rock xenoliths. The true thickness is estimated at approximately 78%–80% of the 302-metre interval, equating to roughly 236–242 metres. This intercept extends the Anais dyke to a vertical depth of 500 metres, down from approximately 300 metres at AN-26-15, and sits approximately 100 metres (80–160 metres) below AN-26-15. The dyke is reported to change from sub-vertical near the surface to approximately 45 degrees at depth, flattening and thickening.

The hole was terminated while still in mineralized pegmatite due to drill-rig depth capacity, with further mineralized pegmatites noted beyond the main interval. Assays are pending for this hole and for the other summer holes. Four holes totaling approximately 1,800 metres were drilled in the Anais sector during the 2026 Summer campaign; only AN-26-15 has assay results, which were reported on October 8, 2026.

The collar for AN-26-17 is located at azimuth 125, dip 62, with a hole length of 631 metres in UTM Zone 18N. Samples were supervised by BRW employees plus contractors Laurentia Exploration and Explo-Logik. Preparation and analysis will be performed by Agat Laboratories using methods 200075/200087, sodium peroxide dissolution, and ICP-OES/ICP-MS method 201378. The Qualified Person is Mr. Simon T. Hébert, P.Geo (Quebec).

Brunswick Exploration Inc. (BRW) is a pre-revenue explorer, with its Anatacau project currently pre-resource, while the nearby Mirage property holds a 52.2 Mt Inferred resource. Consequently, a step-out discovery that expands the Anais system carries more weight for the investment thesis than an infill hole at a producing mine.

The latest drilling results indicate a significant expansion of the system’s scale in a new dimension: depth. The dyke’s vertical extent has doubled from 300 m to 500 m. The reported interval is approximately 50% longer, measuring 302 m compared to the previous 202 m, while also showing higher visual spodumene content of 30% versus 25% and lower internal dilution of sub-5% versus 25%.

The best previously demonstrated result remains AN-26-15, which returned 202.45 m @ 1.31% Li2O. The market has not robustly embedded this benchmark into the stock price. Following the discovery, shares rose from $0.14 on September 16 to a peak of approximately $0.25 on October 1, before round-tripping to $0.16 by October 14. This level is only about 14% above the pre-discovery price and 58% below the 52-week high of $0.38, suggesting the anchor is only partially embedded and the market is not currently paying for repetition.

Price action reflects a pattern where the market rewards large intervals but tends to fade pre-assay news and "sell the news" once assays are released. A visual release on September 17 moved the stock from $0.14 to $0.20, but the subsequent assay release on October 8 saw the price drop from $0.23 to $0.16 over the following week. A second, larger visual release on a beaten-down stock represents a genuine scale catalyst, though its full market impact likely awaits assay confirmation.

Brunswick Exploration Inc. (TSX-V: BRW; OTCQB: BRWXF; Frankfurt: 1XQ) is a Montreal-based grassroots hard-rock lithium explorer currently in the exploration stage with no revenue or production. The company holds a disclosed share count of approximately 282.4 million as of Q1-2026, with a book value per share of roughly $0.10 and total equity of approximately $28.8 million for the same period.

In Quebec, the company’s Mirage project hosts a maiden Inferred Mineral Resource of 52.2 million tonnes at 1.08% Li2O and 131 ppm Ta2O5, containing 563,000 tonnes of contained Li2O at a 0.50% Li2OEq cutoff. This is accompanied by an exploration target of 40–50 million tonnes at 0.80–1.10% Li2O, with a DMS-only flowsheet indicated. The property is located 37 km from the Trans-Taiga Highway.

Brunswick also holds a 90% interest in the Anatacau Main and West projects in Quebec, adjacent to or proximate to Rio Tinto's Galaxy asset. The Anais dyke serves as the discovery on these properties, with the option fully exercised and a right of first refusal held over the remaining 10%.

Internationally, the company is advancing the Nuuk Lithium project in Greenland, which features multiple spodumene pegmatites and a maiden drill program planned, alongside Hinks, Clavering, and Hudson land licences. In Saudi Arabia, Brunswick holds an 8,467-hectare exploration licence for a planned prospecting campaign, marking the first hard-rock lithium licence in the Kingdom.