Legacy Gold Announces Non-Brokered Private Placement and Provides Update on 2026 Drill Program at Baner, Idaho

Calgary, Alberta--(Newsfile Corp. - October 28, 2026) - Legacy Gold Mines Ltd. (TSXV: LEGY) (the "Company" or "Legacy Gold") announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 4,285,715 common shares of the Company ("Common Shares") at a price of C$0.70 per share for gross proceeds of up to C$3.0 million. "Expectations about Baner's near-surface gold potential have been exceeded by the 2026 drilling results, and we intend to push forward with continued drilling in the months ahead," said Brian Hinchcliffe, Executive Chairman and Chief Executive Officer of Legacy Gold. "The roughly 50 holes and 32,000 feet drilled over the past several months have outlined gold mineralization open in all directions. The plan is to winterize the drill and bring it back as we work toward establishing Baner's initial mineral resource." The Company intends to use the net proceeds of the Private Placement to fund continued drilling at its Baner Gold Mine property (the "Property"), located in the Orogrande Mining District of Idaho. That drilling is aimed at expanding and defining the Main Zone and other target areas, and at generating the drilling data needed to support an initial mineral resource estimate for the Property. Proceeds will also go toward continued business development and general and administrative purposes. The Private Placement is subject to the approval of the TSX Venture Exchange (the "Exchange"). The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws. The Company may pay a commission or finder's fee to eligible parties in connection with the Private Placement, subject to the approval of the Exchange and compliance with applicable securities laws. 2026 Drill Program Update. The Company has temporarily suspended drilling at the Property. The drill rig has been demobilized from site for winterization, and the Company currently plans to return it to the Property to resume drilling. Assay results for a number of holes remain pending and will be released once received and reviewed. Qualified Person. Mr. Mike Sutton, P.Geo., Director and VP of Exploration of the Company, is the Qualified Person, as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, who reviewed and approved the scientific and technical disclosure in this press release. The Qualified Person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the Property or any underlying property agreements. About Legacy Gold Mines Ltd. The Company is a Canadian-based gold exploration and development company listed on the TSX Venture Exchange under the symbol "LEGY". The Company holds an option to acquire a 100% undivided interest in the mineral claims comprising the Baner Gold Mine Property located in Idaho County, Idaho, USA. The Baner Gold Mine Property sits within the historic Orogrande Gold Mining District that hosts numerous gold deposits and gold mines along geologic structures that have hosted gold production since Idaho's first gold rush in the late 1800s. Additional information about the Company and the Baner Property is available on SEDAR+ at www.sedarplus.ca under the Company's profile, including a technical report titled "NI 43-101 Technical Report on the Baner Project, Idaho County, Idaho, USA", dated effective August 1, 2024, prepared by Steven A. Osterberg, Ph.D., P.G. (the "Technical Report"). For further information, please contact: Legacy Gold Mines Ltd. Brian Hinchcliffe, Executive Chairman and Chief Executive Officer Telephone: +1 (587) 327-9815 Email: [email protected] This press release is not an offer of the Company's securities for sale in the United States. The Company's securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the United States. The Company's securities have not been and will not be registered under the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to completion of the proposed Private Placement, the anticipated use of proceeds of the Private Placement, the timing of the resumption of drilling on the Property, the potential to establish an initial mineral resource estimate on the Property, timing and completion of any exploration, drilling and work programs on the Property, estimates of mineralization from drilling, sampling and geophysical surveys, geological information projected from drilling and sampling results and the potential quantities and grades of the target zones, the potential for minerals and/or mineral resources and reserves, and statements regarding the plans, intentions, beliefs, and current expectations of the Property and the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, as well as those risk factors discussed in the Filing Statement of the Company dated effective September 19, 2024 or referred to in the Company's annual Management's Discussion and Analysis for the year ended December 31, 2025 and the period ended June 30, 2026 available at www.sedarplus.ca, many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321432