Aztec Extends Oxide Gold-Silver Mineralization up to 190 m West at the North Extension at Tombstone, Arizona, Including 115.8 m of 0.67 g/t AuEq (0.52 g/t Au & 8.11 g/t Ag) in TR26-45

Aztec Minerals Corp. (AZT) released assay results for nine reverse circulation holes, TR26-45 to TR26-53, from its 2025-2026 drilling programme at the Tombstone property, an 85% joint venture in Arizona. All nine holes intersected oxide gold-silver mineralization. Six of the holes (TR26-45 to TR26-49 and TR26-51) stepped out approximately 90 m to 190 m west of the North Extension holes reported on 2 September 2026. TR26-50 was drilled steeper from the TR26-41 pad, while TR26-52 and TR26-53 tested the zone north of TR26-43.

Reported intervals, stated as core length with no true width provided, include:

• TR26-45: 115.8 m @ 0.52 g/t Au, 8.11 g/t Ag (0.67 g/t AuEq) from 51.8 m; including 12.2 m @ 1.49 g/t Au (1.63 g/t AuEq) from 82.3 m and 12.2 m @ 1.23 g/t Au (1.42 g/t AuEq) from 134.1 m. The interval ends at a historic working (167.0-169.5 m).
• TR26-46: 47.2 m @ 0.42 g/t Au, 13.19 g/t Ag (0.66 g/t AuEq) from 42.7 m; including 7.6 m @ 1.54 g/t Au, 32.72 g/t Ag (2.14 g/t AuEq). Deeper: 22.9 m @ 0.07 g/t Au (0.14 g/t AuEq) from 153.9 m.
• TR26-47: Four zones; best 25.9 m @ 0.19 g/t Au, 6.00 g/t Ag (0.30 g/t AuEq) from 39.6 m; also 54.9 m @ 0.09 g/t Au (0.19 g/t AuEq) and 21.3 m @ 0.31 g/t AuEq.
• TR26-48: 24.4 m @ 0.76 g/t Au, 14.59 g/t Ag (1.02 g/t AuEq) from surface; including 6.1 m @ 1.73 g/t Au (2.28 g/t AuEq). Lower: 70.1 m @ 0.18 g/t Au, 4.91 g/t Ag (0.27 g/t AuEq) from 70.1 m.
• TR26-49: 30.5 m @ 0.70 g/t Au, 24.62 g/t Ag (1.15 g/t AuEq) from 82.3 m; including 12.2 m @ 1.37 g/t Au, 49.35 g/t Ag (2.26 g/t AuEq).
• TR26-50: 38.1 m @ 0.26 g/t Au, 12.55 g/t Ag (0.48 g/t AuEq) from 30.5 m.
• TR26-51: 7.6 m @ 1.84 g/t Au, 35.64 g/t Ag (2.49 g/t AuEq) from 12.2 m; including 3.0 m @ 4.49 g/t Au, 84.30 g/t Ag (6.03 g/t AuEq). Deeper: 19.8 m @ 0.62 g/t Au, 23.68 g/t Ag (1.05 g/t AuEq) from 198.1 m; including 4.6 m @ 2.31 g/t Au (3.69 g/t AuEq).
• TR26-52: 39.6 m @ 0.10 g/t Au, 16.06 g/t Ag (0.39 g/t AuEq) from 57.9 m; also 33.5 m @ 0.13 g/t Au (0.30 g/t AuEq).
• TR26-53: 19.8 m @ 0.17 g/t Au, 7.52 g/t Ag (0.31 g/t AuEq) from surface; plus 6.1 m @ 0.68 g/t Au, 53.35 g/t Ag (1.65 g/t AuEq) from 96.0 m.

The company stated that the maiden mineral resource estimate, prepared by APEX Geoscience, is expected in November 2026 and will incorporate results only up to TR26-44, meaning none of these nine holes are included. Assays are pending for a further 22 RC holes (TR26-54 to TR26-75).

Aztec Minerals Corp. (AZT) is currently a pre-resource explorer with no compliant resource on any asset. The company is guiding for a maiden mineral resource estimate (MRE) at Tombstone for November 2026, with a maiden MRE at Cervantes also in train. This release sits at the point where the equity is priced almost entirely on the market's expectation of the maiden resource and the continuation of the North Extension story.

The company reported a 190 m westward extension of the oxide footprint on ground that had not previously been drill-tested, with 9 of 9 holes mineralized. This includes a deeper mineralized intercept at ~200-218 m in TR26-51, which grows the system's footprint.

The headline grade, however, presents a contrast to previous results. The market's two most recent North Extension anchors were 1.69 g/t AuEq over 88.4 m on 5 August and 1.31 g/t AuEq over 83.8 m on 2 September. The headline here is 0.67 g/t AuEq over 115.8 m at a gold grade 63% below the discovery hole and 42% below the September hole. Investors who bought at C$0.37 after the 5 August and 2 September releases were pricing a zone that grades around 1.3-1.7 g/t AuEq over thick intervals; the western extension is delivering less than half that grade.

The stock has re-rated materially through the North Extension campaign, moving from C$0.26 on 4 August (pre-TR26-39) to C$0.34-0.38 by early September. It sits at C$0.37 on 21 October against a 52-week high of C$0.42 and a low of C$0.17. That is a ~42% re-rate off the North Extension discovery hole, which is partly attributable to a C$6.4M bought deal struck at C$0.32 on 22 September and to a strong precious-metals tape.

Additionally, 22 holes remain unassayed, so the equity is still being priced on a programme whose results are largely unreleased.

Weighted by stage, a step-out that grows a pre-resource explorer's footprint is more material than an infill hole at a producer. Here, the step-out came with a grade discount, so the scale gain and the grade loss roughly offset, with the grade loss slightly dominant because the market trades headline grade.

Aztec Minerals Corp. (TSX-V: AZT; OTCQB: AZZTF) is a precious-metals explorer with two assets and no revenue. The company holds an 85% joint venture interest, acting as operator, at its Tombstone property in Cochise County, south-eastern Arizona, with Dragoon Resources holding the remaining 15%. Located approximately 100 km south-east of Tucson, the 844-hectare (2,086-acre) site was consolidated in 2025-2026 from 398 acres originally acquired in 2017. Tombstone is a historic silver district that produced 32 million ounces of silver and 250,000 ounces of gold between 1878 and 1939, figures the company caveats as unverified. The current target is shallow oxide gold-silver mineralization within Bisbee Group clastics, suitable for bulk-tonnage heap-leaching, while deeper CRD zinc-lead-copper-silver potential in Paleozoic carbonates remains untested. Aztec guides a maiden mineral resource estimate for Tombstone for November 2026.

In Sonora, Mexico, Aztec owns 100% of the Cervantes property, a 3,649-hectare porphyry gold-copper system situated on a 6 km structural corridor. Historical intercepts include CAL22-005, which returned 137 meters at 1.49 grams per tonne of gold, and CAL22-004, which returned 165 meters at 1.00 grams per tonne of gold. A maiden mineral resource estimate is currently in preparation for this asset.

According to Q2-2026 filings and an investor deck, Aztec held C$3.71 million in cash and C$3.60 million in working capital as of 30 June 2026. The company reported total equity of C$25.04 million, zero debt, and a book value per share of C$0.13. For the three months ended 30 June 2026, Aztec recorded a net loss of C$328,507, driven by general and administrative expenses of C$400,561 and property expenditures of C$2,012,011. The six-month net loss totaled C$1,467,489.

The company has 188.9 million shares outstanding per the Q2-2026 filing. An investor deck cites 191.5 million issued shares, 16.9 million options with an average strike price of C$0.22, and 20.1 million warrants with an average strike price of C$0.24, resulting in 228.5 million fully diluted shares, representing roughly a 19% dilution overhang. In September 2026, Aztec completed a bought deal at C$0.32, selling 20.01 million units for C$6.40 million gross, with Stifel as the sole underwriter. Each unit consisted of one share and half a warrant exercisable at C$0.42 for 24 months. Named holders include Alamos Gold, Waratah Capital, Crescat Capital, Myrmikan Capital, and EMA GARP.