Mackay Gold & Silver Reports 2.30 g/t Gold over 67.1 Meters, 1.48 g/t Gold over 97.5 Meters and 1.17 g/t Gold over 70.1 Meters in Second Batch of Drill Results at Occidental South, Comstock District, Nevada, USA

Mackay Gold & Silver Corp. has released the second batch of assay results from its inaugural 20,000-meter drilling program at its 100%-owned Comstock District in Nevada. The update includes eight new reverse circulation holes, numbered 8 through 15, drilled from three pads. To date, 15 holes have been reported, bringing the total completed to 45 holes covering 9,300 meters, with 30 holes still pending.

Key intercepts from the new holes include:

• Hole 26MGS013: 1.17 g/t Au over 70.10 m, including 2.35 g/t over 25.91 m, including 4.13 g/t over 12.19 m, including 5.22 g/t over 7.62 m (260–490 ft).
• Hole 26MGS014: 2.30 g/t Au over 67.06 m, including 4.07 g/t over 35.05 m, including 17.93 g/t over 4.57 m (235–455 ft); further downhole intervals of 0.30 g/t over 50.29 m and 0.36 g/t over 27.43 m.
• Hole 26MGS015: 1.48 g/t Au over 97.54 m, including 3.90 g/t over 25.91 m, including 5.56 g/t over 15.24 m, including 26.40 g/t over 1.52 m (225–545 ft); a deeper 10.67 m at 0.26 g/t.
• Hole 26MGS011: 1.17 g/t Au over 45.72 m, including 2.08 g/t over 19.81 m.
• Hole 26MGS010: 0.85 g/t over 30.48 m, including 1.49 g/t over 7.62 m; plus 33.53 m at 0.59 g/t and 13.72 m at 0.53 g/t.
• Hole 26MGS012: 0.35 g/t over 42.67 m, plus 0.86 g/t over 10.67 m.
• Holes 26MGS008 and 009 stopped short of the projected main zone, with 008 returning no significant values.

Silver is reported as a modest by-product, typically ranging from 1–18 g/t Ag across the reported intervals. The company uses a cut-off of 0.1 g/t Au with a maximum of 20 ft internal dilution. Reported widths represent drilled thickness, with true thickness estimated at 80–100% of the drilled thickness.

The stated geometry indicates that three holes on one section at nominal 50 m spacing define a moderate easterly dip. Approximately 150 m of down-dip continuity has been identified from the surface projection, and continuous mineralization is now defined across the full 550 m strike length tested. The deposit remains open along strike and down dip.

The company describes the target as shallow oxide gold-silver that is bulk mineable. Separately, the program continues with deep diamond core drilling on the Sutro Tunnel intersection at approximately 450 m depth, involving a 5,000 m core component that is not reported in this release.

Mackay Gold & Silver Corp. (MACK) released drill results from its Occidental South project, marking a significant step-out discovery that outperformed the company’s initial anchor intercepts. The new data comes without accompanying financial statements, as the release is not an earnings report. Prior-period financials, which reflect the pre-transaction shell entity for the five months ended March 31, 2026, showed C$74,620 in cash and a quarterly net loss of C$15,398. These figures do not represent the post-Qualifying Transaction entity. According to an investor presentation dated September 14, 2026, the company held approximately US$38 million in cash against the US$60.3 million raised during its April 2026 go-public financing. The company reported 87.7 million shares outstanding and 95.5 million fully diluted shares.

The initial anchor results, released on September 15, 2026, established a baseline for the zone. The best intercept from that batch was hole 26MGS007, which returned 59.4 meters at 1.00 g/t Au (59.4 g·m). Other notable intercepts from that first batch included 26MGS005 at 47.2 meters and 1.15 g/t Au (54.3 g·m), and 26MGS001 at 48.8 meters and 0.97 g/t Au (47.3 g·m). Weighted grades across that initial batch were approximately 0.9–1.0 g/t.

Today’s results deliver a materially stronger outcome. The best intercept, hole 26MGS014, returned 154.2 g·m at 2.30 g/t. This represents approximately 2.6 times the gram-metres of the anchor result and roughly double its grade, at a comparable-to-better stated true width. A second hole, 26MGS015, returned 144.4 g·m at 1.48 g/t, which is approximately 2.4 times the anchor result. The company noted that this improvement reflects an upgrade in both grade and length, rather than being a length-only artifact.

The market has not yet fully re-rated the stock on these specific drilling results. The stock closed at C$2.99 on September 15, 2026, and at C$3.10 on October 16, 2026, representing a drift of roughly 4%. The stock currently trades approximately 27% below its C$4.24 listing high.

With a market capitalization of approximately C$272 million and roughly US$38 million in cash, the enterprise value is approximately US$160 million for a company that does not yet have a NI 43-101 resource. The market is already capitalizing a substantial Comstock-scale discovery story, narrowing the gap between price and delivery.

As a pre-resource explorer, Mackay Gold & Silver Corp. assigns significant thesis weight to discovery and step-out holes. The fact that three holes on 50-meter sections now define continuity across 550 meters moves the project past the "single lucky hole" stage. While the result is materially better than the anchor, the scale—illustrative of 0.6–0.8 million ounces based on the arithmetic above—is roughly what the current market capitalization already assumes. Questions regarding width, cut-off, and true thickness remain open pending a resource model.

Mackay Gold & Silver Corp. (TSXV: MACK; OTCQB: MKGSF) holds a 100%-owned interest in the Comstock District in Nevada, located approximately 25 miles south of Reno. The company consolidated 4,747 hectares (47.5 km²) of land, marking the largest contiguous package in the district's history and uniting the Comstock Lode, the Occidental-Brunswick Lode, and the Silver City Lode under single ownership for the first time.

The assembly of the package occurred over approximately 18 months through three distinct transactions. In December 2024, Mackay purchased Comstock Inc.'s northern targets for approximately US$3.85 million. On August 24, 2026, the company closed on the Comstock Inc. Silver City Lode package for US$20 million in cash plus 2 million shares upon closing, with US$7 million deferred until December 2027 and a US$10 million contingency, alongside a 1.5% net smelter return (NSR) with a US$3.5 million buyout option. In September 2026, an agreement was reached to acquire the historic Big Bonanza ground for US$6.3 million, structured as US$2 million in cash, US$2 million in 934,575 shares, and US$2.3 million deferred, with a 2% NSR and a US$2 million buyout option on half.

The company’s assets include the permitted American Flats heap-leach and Merrill-Crowe facility, which has a capacity of approximately 4,500 tonnes per day and has been on care and maintenance since 2016. A reclamation bond of approximately US$8.75 million has been reduced to approximately US$4.75 million through approximately US$4 million of assigned cash collateral. Historical estimates include Lucerne (312 koz Au indicated, 207 koz Au inferred) and Dayton (80 koz Au measured, 213 koz Au indicated, 90 koz Au inferred). Consolidated measured and indicated resources total 605 koz Au and 5.88 moz Ag, with inferred resources of 297 koz Au and 2.57 moz Ag. There are no NI 43-101 compliant resources and no reserves.

Management includes CEO, Director, and Qualified Person Darwin Green (MSc PGeo), alongside independent chairman Jeff Pontius and independent directors Ron Ho, Ron Largent, and Michael Gray. Technical advisors are Dr. Moira Smith and David Rhys, with strategic advisors John Robins and Marcel de Groot. The stated shareholder base consists of approximately 30% institutional investors, including Jupiter, Konwave, and Franklin Templeton, and approximately 14% held by management and advisors.

According to the September 14, 2026 presentation, the capital structure comprises 87.7 million shares outstanding, 5.7 million options, 2.1 million RSUs, and 0.3 million warrants, totaling 95.5 million fully diluted shares, with approximately US$38 million in cash. The go-public financing raised US$60.3 million at US$1.40 per subscription receipt through an April 2026 private placement.