Maxus completes 2025 exploration program on Penny

Executive Summary

• Maxus Mining Inc. has completed its 2025 exploration program at the Penny Copper Project in southeastern British Columbia, executed by Resourceful Geoscience Solutions (RGS) and Expert Geophysics Ltd. on time and under budget.
• The program included a high-resolution airborne mobile magnetotellurics (MMT) survey covering the entire project and field/desk-based work by RGS, including soil sampling and prospecting.
• Exploration activities successfully identified new occurrences of copper mineralization not previously documented and expanded existing soil grids to delineate statistically significant copper anomalies.

Key Details

• Geophysics Survey: Expert Geophysics completed a high-resolution airborne mobile magnetotellurics (MMT) survey across the entirety of the project with 100-metre line spacing and 50-60 m height above ground to delineate variations in electrical resistivity related to mineralization or hydrothermal alteration.
• Survey Timeline: Interim results are anticipated within two weeks; complete survey results are expected within two months.
• Field Work: RGS conducted a two-week field program beginning Aug. 7, 2025, focusing on expanding 2024 soil grids in strategic areas to delineate statistically significant copper anomalies.
• Prospecting Results: New bedrock occurrences of copper mineralization were sampled in both the west block (historical Penny Man G) and east project area (historical Penny Man H).
• Laboratory Analysis: Samples were sent to Activation Laboratories (Actlabs) for multielement analysis (UT-1M with aqua regia partial digestion and ICP-MS finish), gold content determinations (1A2-ICP fire assay with ICP-OES finish), and comparative multielement analysis for till samples.
• Historical Context (Penny Man H): Underlain by siltstone of the Middle Proterozoic Creston formation. Historical samples included a 10-cm-wide fine-grained quartzite containing malachite on fractures, with sample TK17-12 grading 0.24% copper.
• Historical Context (Penny Man G): Historical 2017 work noted a one-metre-wide section of siltstone with disseminated bornite and molybdenite rosettes. Grab sample TK17-28 graded 0.18% copper, 6.7 g/t silver, and 19.1 ppb gold.
• Previous High-Grade Results: A newly discovered zone of buried outcrop returned assay results of up to 1,920 ppm Cu, 41 ppb Au, and 1,310 ppm Ba over an approximate strike length of 50 metres.
• Additional Historical Assays: Interbedded and thin lenses of quartzite containing visible bornite, chalcopyrite, and malachite returned copper values up to 1,046 ppm Cu (TK-17-149c), 1,808 ppm Cu (TK17-28), and 2,388 ppm Cu (TK17-12).
• Project Portfolio: Maxus holds approximately 14,355 hectares, including the Penny Copper Project (3,123 hectares), three antimony projects (8,178 hectares), and the Lotto tungsten project (3,054 hectares).

Notable Quotes

• "The completion of our 2025 exploration program at the Penny Copper project marks a pivotal step in unlocking this high-potential asset in British Columbia. With expanded anomalies and high-resolution geophysical data, we're laying a foundation for targeted follow-up to delineate the deposit." — Scott Walters, Chief Executive Officer