Future Mineral Resources Announces Anticipated Delay in Filing Its Annual Audited Financial Statements

TORONTO, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Future Mineral Resources Inc. (“Future Mineral Resources”, or the “Company”) (TSX: FMR) announced today an anticipated delay in the filing of its audited financial statements for the year ended July 31, 2026, its related management’s discussion and analysis, its annual information form, and the certifications related to such filings required from the Company’s chief executive officer and chief financial officer (collectively, the “Required Filings”) by the filing deadline of October 29, 2026 (the “Deadline”). While every effort is being made to make the Required Filings as soon as possible, the Company is concerned that the Required Filings may not be made by the Deadline. Out of an abundance of caution in the event that the Company is unable to make the Required Filings by the Deadline, the Company applied to the Ontario Securities Commission (the “Principal Regulator”), Alberta Securities Commission, British Columbia Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, The Manitoba Securities Commission, Financial and Consumer Services Commission, New Brunswick, Nova Scotia Securities Commission, Financial and Consumer Services Division, Prince Edward Island, Office of the Superintendent of Securities Service, Newfoundland and Labrador, and Autorité des marchés financiers pursuant to National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for a management cease trade order (“MCTO”) as an alternative to a general cease trade order in connection with the possible late filing (the “Default”) of the Required Filings. If granted, the MCTO will prohibit trading in securities of the Company by certain insiders of the Company. There is no certainty that an MCTO will be granted. In the event that the MCTO is granted, it will remain in effect until the Default is remedied. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The Company’s auditor retained to audit the financial statements has advised the Company that it may be unable to complete its audit prior to the Deadline due to the unavailability of certain documentation and supporting information required to initiate the audit process early enough, which resulted in the auditor being unable to complete its planning and preliminary review work in accordance with the expected schedule; therefore, the audit commenced later than anticipated. As a result, the Company requires additional time for the auditor to complete the audit and for the Company to finalize the Required Filings. The Company anticipates that its auditor will be able to complete the audit and the Company will be able to complete the Required Filings by November 16, 2026. The Company intends to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described above. The Company has not taken any steps towards any insolvency proceeding and the Company confirms that there is no material information relating to its affairs that has not been generally disclosed. The Company has implemented measures to ensure timely completion of the Required Filings and to avoid similar timing issues in future periods. The auditor is now engaged, and audit procedures have been completed. Management and the auditor are finalizing the remaining review items and preparing the Required Filings on an expedited basis. The MCTO is expected to prohibit trading in securities of the Company, whether direct or indirect, by: the Company’s Chief Executive Officer; and the Company’s Chief Financial Officer. Should the Company fail to make its Required Filings on or before November 16, 2026, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate. The Company will provide a further announcement if the OSC determines not to accept the Company’s application for an MCTO. This news release is available under the Company’s SEDAR+ profile at www.sedarplus.ca. Contact Information: Indivar Pathak, Chief Executive Officer and President Future Mineral Resources Inc. [email protected] (416) 861-2267 About Future Mineral Future Mineral is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas and Europe. Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release constitute “forward-looking information” within the meaning of applicable securities laws and the respective policies, regulations and rules under such laws (“forward-looking statements”). These forward-looking statements generally are identified by words such as “anticipate”, “expect”, “intend”, “will” and similar expressions, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding (a) the filing of the Company’s annual financial statements for the year ended July 31, 2026, the accompanying management’s discussion and analysis, the Company’s annual information form and the certifications related to such filings required from the Company’s chief executive officer and chief financial officer, and (b) the completion of the audit of the Company’s annual financial statements for the year ended July 31, 2026. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this news release including, without limitation, the risk that the audit may uncover issues, and the risk that the Company may not be able to file the annual filings referred to above within the anticipated timeframe. Additionally, there are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary note. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable laws.