Armory Mining plans scoping study for Candella II

Mr. Alex Klenman reports ARMORY MINING PROVIDES UPDATE ON THE CANDELA II LITHIUM BRINE PROJECT, INCAHUASI SALAR, ARGENTINA Armory Mining Corp. has provided an update on its Candela II lithium brine project located in the Incahuasi salar in Salta province, Argentina. The company is planning to pursue a scoping study, which will enhance development of the Candela II project. The goal of a scoping study is to evaluate both technical viability and economic potential of the deposit. The project has been advanced by the company with exploration drilling and has an inferred resource of 457,000 tonnes of lithium carbonate in situ. This resource estimate was completed by WSP Australia Pty. Ltd. The current lithium carbonate price is $13,401 per ton for 99.5-per-cent battery grade, as of Nov. 17, 2025. The study will assist in providing a preliminary estimate of technical and economic factors, including potential production, resource expansion, capital costs and operating costs, in addition to risk factors and the assessment of both current market conditions and future commodity projections. The study also addresses environmental impacts and legal/regulatory requirements. The location of the project is within what is referred to as the Lithium Triangle, a section of South America that stretches among Bolivia, Chile and Argentina. Ganfeng Lithium, China's largest producer of the battery metal, has the adjacent concession to Candela II and a production well approximately 9.8 kilometres away. Rio Tinto and Power Minerals are also located nearby. Note: The Candela II lithium brine project contains a National Instrument 43-101 mineral resource estimate (MRE) completed by WSP Australia (see Spey Resources Corp.'s news release dated Sept. 26, 2023). Technical information in this news release has been previously published and was reviewed and approved at the time by Phillip Thomas, BSc (geology), MBM, FAusIMM (CPVal), MAIG, who is a qualified person under the definitions established by the National Instrument 43-101. About Armory Mining Corp. Armory Mining is a Canadian exploration company focused on minerals critical to the energy, security and defence sectors. The company controls a 100-per-cent interest in the Ammo antimony-gold project located in Nova Scotia; an 80-per-cent interest in the Candela II lithium brine project located in the Incahuasi salar in Salta province, Argentina; and an option to acquire a 100-per-cent interest in the Riley Creek antimony-gold project located in Haida Gwaii, British Columbia. We seek Safe Harbor.