Lux Metals signs option for La Grande project in Quebec

Mr. Carl Ginn reports LUX METALS TO ACQUIRE HIGH-GRADE GOLD LA GRANDE PROJECT IN QUEBEC Lux Metals Corp. has entered into an option agreement dated Nov. 10, 2025, with La Pulga Mining Corp. (the optionor) to acquire an undivided 100-per-cent interest in the La Grande project, a high-grade gold project, located in the James Bay region of Quebec. The project is transected by the all-season Transtaiga Road, approximately 80 kilometres east of the community of Radisson. La Grande comprises 15,357 hectares across two exclusive exploration right (EER) blocks, covering more than 40 kilometres of prospective Archean greenstone belt within the La Grande subprovince. The project is road accessible year-round and is situated close to hydroelectric power infrastructure. Transaction highlights: Lux granted an option to acquire a 100-per-cent interest in the La Grande project, a high-grade gold project strategically situated in the James Bay region of Quebec; Notable historical drill results include: 83.8 metres at 7.95 grams per tonne gold (LGS97-98); 38.5 metres at 4.32 g/t Au (LGS98-125); 56.0 metres at 2.73 g/t Au (LGS97-83); 36.0 metres at 3.37 g/t Au (LGS97-103); 47.4 metres at 2.06 g/t Au (LGS01-170); 37.0 metres at 1.93 g/t Au (LGS12-224); Historical drilling has defined broad, continuous zones of gold mineralization beginning near surface and extending to depths of approximately 300 metres, demonstrating excellent continuity within the mineralized system; Gold mineralization is structurally controlled, predominantly associated with a regional eastern-northern shear zone that transects the property; The project spans 15,357 hectares across 40 kilometres of prospective Archean greenstone belt with historical drilling focused on only a two-kilometre portion of the trend, leaving significant upside potential along strike; Excellent infrastructure with year-round road access through the Transtaiga Road and proximity to hydroelectric power and service centres in Radisson and the La Grande-4 (LG-4) hydroelectric generating station. Carl Ginn, president and chief executive officer of Lux, stated: "La Grande represents a rare opportunity to secure a district-scale land package in a proven gold belt. With multiple mineralized zones and a fertile regional shear system extending across the property, the project offers significant discovery potential. Our exploration strategy will target high-grade zones both down plunge from historical drilling and along untested surface targets along the broader 40-kilometre gold trend." La Grande project highlights The La Grande project is notable for its large number of gold occurrences and the extent of past exploration. More than a dozen named showings have been documented, including Zone 32, Pari, Ugo, Breche, Vein zone, Mico, Milan, Orezone and Wogogoosh. These mineralized zones occur in varied geological contexts from broad shear-hosted quartz-carbonate systems several metres wide to narrow laminated quartz veins hosting exceptionally high gold grades. The Zone 32 system has been the most extensively drilled to date and demonstrates both wide, continuous zones of gold mineralization and discrete high-grade intercepts. The historical results indicate significant widths of mineralization from surface to depths of approximately 300 metres, with multiple holes ending in mineralization. While the majority of historical drilling targeted the Zone 32 system, many other showings remain largely untested by drilling despite strong surface results from trenching and channel sampling. From the mid-1990s through 2015, the La Grande project saw sustained exploration, including geological mapping, geophysics, geochemistry, trenching and drilling. Over this period, 253 diamond drill holes totalling 52,472 metres were completed, primarily on the Zone 32 system, alongside 235 trenches, 14,180 rock and channel samples, and 9,700 till samples. This work defined multiple mineralized trends, returned significant high-grade intercepts and established a large, well-documented exploration data set that provides a strong foundation for modern targeting. Geology The La Grande project is strategically located within a major, regionally extensive shear system developed along the contact between the La Grande tonalite and adjacent basaltic volcanic rocks. This structural corridor, which transects much of the project's 40-plus-kilometre strike length, is recognized as the principal control on gold mineralization in the region. The tonalite-basalt contact is a particularly favourable host environment as competency contrasts between lithologies create enhanced fracturing and permeability during deformation, allowing gold-bearing fluids to focus along these boundaries. Within the project area, these structures range from discrete high-strain zones only a few metres wide to broad shear corridors up to 30 metres in thickness. Alteration is typically dominated by sericite, carbonate and silica, with sulphide assemblages of pyrite, pyrrhotite, and lesser chalcopyrite and arsenopyrite. These features are consistent with orogenic gold systems across the Archean greenstone terranes of the Canadian Shield. Infrastructure The project has excellent year-round road access through the Transtaiga Road and is within close proximity to hydroelectric power and service centres in Radisson and LG-4. Quebec's James Bay region is consistently ranked among the top jurisdictions globally for mineral exploration and development, offering a stable regulatory framework, modern infrastructure, and strong community and logistical support. Next steps Recent work has transformed the La Grande project's vast historical data set into a modern, integrated exploration data set. All available geological, geochemical, geophysical and drilling data have been digitized, spatially validated and compiled into a single database capable of supporting advanced 3-D geological modelling. This includes high-resolution drone-based lidar and orthophotography, which provide excellent topographic and structural control, as well as recent airborne and ground geophysical surveys that refine the definition of prospective shear zones and associated alteration systems. This integrated database will allow Lux to rapidly generate and prioritize drill targets by combining historical results with modern structural interpretations, shortening the timeline from acquisition to targeted drilling and reducing duplicate early-stage work. All reported intervals are downhole core lengths; true widths are not known at this time. The drilling results in this news release are from work conducted by Virginia Gold Mines between 1995 and 2015. The data are considered historical in nature and have been compiled from public sources believed to be accurate. The company has not verified the historical drilling results, and, therefore, they should not be relied upon. Transaction terms Under the terms of the option agreement, the company can earn a 100-per-cent interest in the project, subject to underlying royalties of 4 per cent, by completing the following: A private placement of not less than $2-million; Following completion of the financing, issuing to La Pulga the number of common shares of the company equal to 19.9 per cent of the then outstanding shares following such issuance. In the event the company issues a technical report in accordance with National Instrument 43-101 by a qualified person (as defined in NI 43-101) over any or all of the project that demonstrates mineral resources (as defined in NI 43-101) of at least 500,000 ounces of gold equivalent mineralization, the company will issue to La Pulga four million shares. In the event the company issues a subsequent technical report in accordance with NI 43-101 that demonstrates additional mineral resources (as defined in NI 43-101) of at least two million ounces of gold equivalent mineralization, the company will issue to La Pulga an additional four million shares. Notwithstanding the foregoing, the company will not issue any shares to La Pulga to the extent that, after giving effect to such issuance, La Pulga will hold in excess of 19.99 per cent of the issued and outstanding shares; provided that, once the issuance of shares to La Pulga would not be in excess of 19.99 per cent, the company will issue such shares to La Pulga as soon as reasonably practicable. For so long as La Pulga holds at least 5 per cent of the issued and outstanding shares: La Pulga will have the right to designate one nominee for election or appointment to the board of directors of the company; If the company desires to sell, transfer or assign its rights in the project to a third party, La Pulga will have a right of first refusal to acquire such rights on the same terms and conditions which the company offers the same to a third party. La Pulga's first board nominee will be Jean-Felix Lepage, who was elected as a director of the company at the company's shareholder meeting held on Sept. 9, 2025. The transaction is subject to the final acceptance of the TSX Venture Exchange. The transaction is not an arm's-length transaction and therefore constitutes a reviewable transaction pursuant to TSX-V Policy 5.3 as Mr. Lepage, a director of the company, is the chief executive officer and a director of La Pulga. No finders' fees will be paid in connection with the transaction. La Pulga may unilaterally terminate the option agreement if the company fails to obtain the necessary TSX-V approvals within 60 days of the date of the option agreement or if the company does not exercise the option prior to the date that is 120 days from the date of TSX-V acceptance. Qualified person The technical content of this news release has been reviewed and approved by Jonathan Marleau, PGeo, senior geologist at Dahrouge Geological Consulting Ltd., an independent consultant of the company, and a qualified person pursuant to NI 43-101. We seek Safe Harbor.