Fredonia Mining Inc. Advances PEA and Expands District Position at El Dorado Monserrat

Executive Summary

• Fredonia Mining provided a technical and corporate update on its flagship El Dorado Monserrat (EDM) Project in Argentina, detailing progress across economic studies, exploration drilling, and strategic land acquisitions.
• The Preliminary Economic Assessment (PEA) remains on schedule for completion in August 2026, with management concurrently evaluating development scenarios and a potential Pre-Feasibility Study.
• Drilling is advancing as planned with 1,800 metres completed out of a 10,000-metre program, and initial assay results are expected within approximately two weeks.
• The company completed strategic property acquisitions, including Pan American Silver Corp. assets and the Judite property, to expand its land package and enhance district exploration potential.

Key Details

• PEA Timeline & Scope: Preliminary Economic Assessment is on schedule, targeting completion in August 2026; evaluating a range of development scenarios and optimization opportunities to define a path forward; management assessing strategies to support future evaluation stages, including a potential Pre-Feasibility Study.
• Drilling Program: 10,000-metre diamond drill program commenced on April 16, 2026; approximately 1,800 metres completed to date; samples submitted to laboratory for analysis with additional samples in transit; first assay results expected within ~2 weeks on a rolling basis; drilling focused on priority target areas to evaluate mineralization potential.
• District Consolidation & Acquisitions: Completed acquisition of recently announced Pan American Silver Corp. properties, expanding the land package and improving continuity between the district’s northern and southern mineralized trends; secured the Judite property, increasing exposure to a highly prospective area near AngloGold Ashanti’s Cerro Vanguardia gold-silver mine; references provided to prior releases dated April 30, 2026 and May 7, 2026.
• Land Package Overview: Holds approximately 64,000 hectares of gold and silver license areas in the Deseado Massif region of Santa Cruz Province, Argentina, comprising the flagship EDM project (~33,500 ha), El Aguila project (~9,100 ha), and Hornia project (~21,500 ha).
• Strategic Outlook: Company intends to maintain momentum across technical, exploration, and corporate initiatives through the remainder of 2026; will continue evaluating strategic and financing alternatives to support future project evaluation stages.

Notable Quotes

• Estanislao Auriemma, CEO: “Our team has remained focused on creating long-term value through disciplined technical work, strategic land acquisitions and ongoing project evaluation. During the period, we continued to advance the PEA while expanding our position within the El Dorado Monserrat district... As we move forward, our priority remains generating the technical information necessary to support future development decisions while continuing to unlock value throughout the broader district.”