Lux Metals Corp. Provides Corporate Update on Planned Exploration Program at La Grande Gold Project

Lux Metals Corp. (LXM) issued a corporate and exploration update on October 14, 2026, restating results from hole LG26-241 rather than announcing new drill intervals. The company reported that drilling at Zone 32 commenced on August 25, 2026, with the current program expected to conclude by the end of October 2026. Assays from this phase will be reported once validated.

The restated results from hole LG26-241 include the following intercepts: - 17.57 g/t Au over 19.50 m from 220.5 m to 240.0 m downhole - Including 8.0 m at 39.08 g/t Au from 229.0 m to 237.0 m

Looking ahead, Lux Metals plans to conduct a ground geophysical survey this winter, validate its historical drill database, and re-model Zone 32 and nearby structures. This modeling will include an evaluation of lower-grade tonalite-hosted mineralization under current cut-off assumptions, followed by a subsequent drill program in 2027. The company aims to release its first mineral resource estimate by the end of 2027, while explicitly noting there is no certainty of success.

The company is also evaluating a potential financing of up to approximately C$7 million, which could involve a mix of flow-through and non-flow-through instruments. This financing could occur as early as the fourth quarter of 2026, though the Board has not yet approved the transaction, and no terms, structure, or timing have been determined. Lux Metals emphasized that historical drilling results are unverified by a Qualified Person and should not be relied upon until confirmed.

Scientific and technical information in this release is derived from the October 14 release and has been approved by Jonathan Marleau, P.Geo., of Dahrouge Geological Consulting Ltd. The update was signed by Jean-Félix Lepage, Chair of the Board.

Lux Metals Corp. (LXM) issued a release that re-publishes results from October 14 and outlines a new plan and financing intention. The company is a pre-resource explorer with a market capitalization of approximately C$15 million. On October 14, the company reported results from hole LG26-241, which confirmed a high-grade shear in a previously dormant area.

The stock price moved from C$0.19 on October 13 to C$0.21 on October 14, before settling at C$0.20 on October 15. This trading activity occurred within a 52-week range of C$0.10 to C$0.30, leaving the share price well below its December 2025 highs.

The release includes an intention to raise up to approximately C$7 million. This financing would occur on a company with 76.9 million shares outstanding and 42.4 million warrants outstanding. The company also noted that a future Mineral Resource Estimate may grade lower than the historical data.

Lux Metals Corp. (TSXV: LXM) is a pre-revenue mineral exploration company with no current production or mineral resource. Its flagship asset is the La Grande Gold Project, a 15,357-hectare property in the Eeyou Istchee James Bay region of Québec. The project covers more than 40 km of an Archean greenstone belt, anchored on the deformation corridor between the La Grande tonalite and mafic volcanics. Infrastructure includes access via the all-season Trans-Taiga Road, located approximately 80 km southeast of Radisson, with proximity to hydroelectric infrastructure at La Grande-4 and the Éléonore mining area.

Zone 32 serves as the high-grade core of the project, supported by a historic database of 253 diamond holes totaling 52,472 m drilled between 1996 and 2015 by prior operators. The historical envelope is stated as 600 m strike and 350 m depth. The company presentation includes historical, non-43-101, pre-CIM 2014, and unverified estimates of 3–5 Mt at 1.8–2.6 g/t Au and 0.15–0.25% Cu; these are expressly not treated as current resources.

Lux Metals acquired the project via an option exercised in February 2026 from OVI Mining (formerly La Pulga Mining). The consideration involved 15,125,477 shares at a deemed C$0.20, totaling approximately C$3.03M. Further milestones include 4M shares payable upon the issuance of 43-101 reports containing ≥500 koz and ≥2M oz AuEq, subject to a 19.99% cap. A 4% underlying royalty was retained.

As of the financials for Q3-2026, Lux Metals has 76.9M shares outstanding, 42.4M warrants with a C$0.40 strike, and 1.4M options, with a book value of C$0.10 per share. For the nine months ended May 31, 2026, the company reported cash of C$3,516,227 and total equity of C$7,530,717 against total liabilities of C$27,198 and no debt. The nine-month net loss was C$885,363, with an operating cash outflow of C$564,443. The company raised C$4.0M in February 2026 and carries 20M units of warrants at C$0.40.

Governance involves a related-party structure where OVI Mining holds approximately 19.9% and retains board nomination rights. Jean-Félix Lepage, Chair of Lux, is associated with OVI/La Pulga and signed the release. Kim-Quyên Nguyên serves as CEO, and Jonathan Marleau (Dahrouge) is the Qualified Person.