Tectonic Metals Drills 2.41 g/t Au over 59.44 metres, Including 11.82 g/t Au over 10.67 metres and 39.96 g/t Au over 3.05 metres at Alpha Bowl, Flat Gold Project, Alaska

Tectonic Metals Inc. (TECT) released assay results on October 15, 2026, for 19 holes totaling approximately 2,650 meters drilled at the Chicken Mountain target within the Flat Gold Project in Alaska. The dataset includes 18 reverse circulation (RC) holes and one diamond core hole from the Alpha Bowl and Adit zones.

In the Alpha Bowl zone, hole CMR26-170 returned 1.86 g/t Au over 80.77 meters from surface (0.00-80.77 m). This interval includes 2.41 g/t Au over 59.44 meters (1.52-60.96 m), which contains 11.82 g/t Au over 10.67 meters (24.38-35.05 m), including 39.96 g/t Au over 3.05 meters (24.38-27.43 m). The hole ended in mineralization at 80.77 meters true depth. Hole CMR26-166 in the same zone returned 0.40 g/t Au over 35.05 meters from surface, including 0.94 g/t Au over 10.67 meters and 2.23 g/t Au over 3.05 meters, plus a separate interval of 0.25 g/t Au over 4.57 meters.

Assays from the Adit zone showed significant intersections in hole CMR26-163, which returned 1.52 g/t Au over 42.67 meters (134.11-176.78 m). This includes 27.35 g/t Au over 1.52 meters and 3.84 g/t Au over the final 13.72 meters, with the hole ending in mineralization. Hole CMR26-160 returned 0.90 g/t Au over 73.15 meters from surface, including 2.14 g/t Au over 21.34 meters and 6.97 g/t Au over 4.57 meters. Hole CMR26-161 returned 0.70 g/t Au over 45.72 meters from surface, including 1.14 g/t Au over 16.76 meters, with a separate deeper interval of 0.69 g/t Au over 15.24 meters including 4.95 g/t Au over 1.52 meters. Hole CMR26-162 returned 1.06 g/t Au over 19.81 meters including 1.71 g/t Au over 10.67 meters, and a second interval of 0.64 g/t Au over 33.53 meters to the end of the hole. Hole CMR26-171 returned 0.66 g/t Au over 35.05 meters including 1.00 g/t Au over 18.29 meters and 1.63 g/t Au over 9.14 meters, ending in mineralization.

Diamond hole CMD26-054 returned 0.73 g/t Au over 43.50 meters including 1.22 g/t Au over 15.00 meters, hosted in a multi-stage hydrothermal breccia. In the Adit West area, 11 exploration holes were reported; seven showed anomalous gold, four had no significant intersections, and the anomalous values ranged from 0.10-0.27 g/t Au over 1.5-18 meters, which is effectively sub-economic.

Drilling at the project exceeded 29,000 meters in 2026. There are 114 holes totaling approximately 22,000 meters still awaiting assays. Drilling is scheduled to continue through the end of October, with a maiden mineral resource estimate targeted for Q1 2027 and a preliminary economic assessment targeted for Q2 2027.

Tectonic Metals Inc. (TECT) has released drill results from its Alpha Bowl target, delineating a higher-grade domain within an already-known 820 m × 600 m footprint. The company is currently in the pre-resource exploration stage, with drilling at Alpha Bowl commencing in 2024-2025.

The headline intercept from the latest release yields approximately 143-150 g·m. This result exceeds the grade-metres and length of the best previously reported Alpha Bowl hole, CMR25-035, which returned 2.23 g/t over 41.15 m (~92 g·m). However, it does not surpass the best results on the broader system, which include CMR25-084 at Chicken Mountain (9.94 g/t over 36.58 m = ~364 g·m) and Black Creek CMR25-059 (4.50 g/t over 48.77 m = ~219 g·m).

The company’s shares have traded at a roughly seven-month low, down approximately 39% from C$2.73 in late August. The stock also sits approximately 23% below the C$2.15 price of the March 2026 C$92M placement, the hold period for which expired on July 4, 2026. The market appears to be pricing in doubt regarding the upcoming Mineral Resource Estimate (MRE), which is still two quarters away, alongside the overhang from the free-trading placement.

The latest results serve as a confirmation and expansion of the Alpha Bowl zone, demonstrating near-surface higher-grade domains at above the Fort Knox-style grade bar with improved continuity data. The company currently has 114 pending assays, column-leach results, and the Q1 2027 MRE as key deliverables.

Tectonic Metals Inc. (TSXV: TECT; OTCQX: TETOF per the July 10, 2026 listing upgrade) is a pre-revenue gold explorer focused on its flagship Flat Gold Project. The asset comprises 99,840 acres in southwestern Alaska, situated on predominantly Native-owned land held by Doyon, Ltd., which is also one of the company's largest shareholders. The project lies approximately 40 km from the Donlin Gold project.

The company has identified six multi-kilometre-scale intrusion targets within a greater than 20 km volcano-plutonic complex. These targets include Chicken Mountain, Alpha Bowl (the northern extension of Chicken Mountain), Golden Apex, Black Creek, and Jam. Chicken Mountain itself features 3.3 km of drilled mineralized strike, widths up to 700 m, and more than 300 m of tested vertical depth. Tectonic Metals describes the deposit model as a reduced intrusion-related gold system (RIRGS), positioning it as a bulk-tonnage, heap-leachable, open-pit opportunity with Fort Knox as the stated analogue.

The project is currently in the pre-resource stage. No mineral resource estimate (MRE) exists, with the maiden MRE targeted for Q1 2027 and a preliminary economic assessment (PEA) for Q2 2027. There are no reserves, no production, and no economic study.

Prior-period financial context for the Q2-2026 six-month period, not disclosed in today's release, shows a net loss of C$18.6M and exploration and evaluation expenses up approximately C$18.3M. The company held C$83.2M in cash, C$81.2M in working capital, and C$85.0M in total equity, with a book value of C$0.63 per share. There were 134.5M shares outstanding, zero debt, and no revenue. The MD&A carries a going-concern flag and states that further equity financing will likely be required beyond 12 months.

Capital history includes a C$92.03M private placement closed on March 3, 2026, at C$2.15 per share, involving 42.8M shares with Crescat participating under pre-emptive rights and agents 3L Capital, BMO, and SCP. Following the OTCQX upgrade in July 2026, the market cap stands at approximately C$223M at C$1.66, representing roughly 2.6x book value.

The team was founded by key members of the Kaminak Gold team behind the Coffee Gold Project, which was sold to Goldcorp for C$520M in 2016.