Axcap starts work on PEA for Converse project

Mr. John Dorward reports AXCAP INITIATES PRELIMINARY ECONOMIC ASSESSMENT ON CONVERSE PROJECT, TARGETS Q2 2026 COMPLETION Axcap Ventures Inc. has initiated a preliminary economic assessment (PEA) for the Converse gold project located in the prolific Battle Mountain trend of Nevada. The PEA will be undertaken by Axcap's management in conjunction with leading industry consultants including SLR Consulting (Canada) Ltd., Kappes Cassidy & Associates (KCA) and Sunstone Environmental. The principles of Axcap have worked extensively with SLR and KCA over a number of years and Sunstone has had a long association with the Converse gold project. The PEA is scheduled for completion in Q2 2026, with workstreams already under way including: Commencing a 1,500-metre oriented core drilling program in late October to further refine the geology and oxide models and the company's understanding of structural controls to higher-grade mineralization; Relogging and modelling of historic diamond drill core and RC chips for the purposes of better defining structural and stratigraphic controls to mineralization is under way at the company's core storage facility in Lovelock, Nev.; Review of extensive historical data sets to support the PEA; Reassaying selected samples via cyanide soluble assay to support the development of the updated redox model to better define the boundaries of oxide, transitional and sulphide mineralization. In addition, the company expects to be able to release results from the last two remaining deep drill holes before the end of the month. "We are very excited to be under way with the PEA and to be working with such highly regarded industry specialists. Our preliminary review work, prior to joining Axcap, indicated that the Converse gold project has the potential to be a significant gold producer with substantial levels of production over many years. We look forward to being in a position to showcase this potential with a quality preliminary study based upon the work of an experienced and capable team. Following the recent addition of a cornerstone investor to the register, we are excited to be well funded to complete the PEA and commence the next phase of drilling and development activities at the Converse gold project," said John Dorward, chief executive officer of the company. About Axcap Venture Inc. Axcap is focused on developing its flagship, Converse gold project, a large, underdeveloped gold deposit not owned by a major mining company in Nevada, United States. The Converse gold project is located within the prolific Battle Mountain trend containing 5.57 million ounces Au (gold) of measured and indicated mineral resources and 420,000 Moz Au inferred mineral resources (238 mt at 0.539 g/t Au for 4.13 Moz measured mineral resources; 92 mt at 0.487 g/t Au for 1.44 Moz indicated, 25 mt at 0.528 g/t Au for 420,000 oz inferred mineral resources). With decades of expertise in Nevada and globally, the company's board and management are focused on unlocking the potential of this project. For further details please refer to the company's technical report entitled "Amended and Restated NI 43-101 Technical Report and Mineral Resource Update, Converse Property, Humboldt County, Nevada, USA," dated effective Feb. 13, 2025, which is available on the company's website and on its SEDAR+ profile. Qualified person Blake Mclaughlin, PGeo, registered with the Professional Geoscientists Ontario, executive vice-president of development, is considered a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Axcap. We seek Safe Harbor.