Fredonia Mining Inc. Provides Corporate Update for Its El Dorado Monserrat Project

• Fredonia Mining Inc. has formally initiated work on a Preliminary Economic Assessment (PEA) for its flagship El Dorado–Monserrat (EDM) gold project in Argentina.
• The PEA is expected to be completed and reported during calendar Q3 2026.
• The study will evaluate the economic viability of a conceptual open-pit mining operation, including infrastructure, capital/operating costs, and processing routes.
• Consultant GeoInvestment SpA (Chile-based) has been engaged to lead the PEA.
• Current Mineral Resource Estimate stands at 81.3 million tonnes of Measured and Indicated resources at 0.86 g/t gold equivalent grade.
• Total Gold Equivalent content is approximately 2.25 million ounces, comprising 1.59 million ounces of gold and 49.1 million ounces of silver.
• The company is preparing to commence a new phase of drilling to support resource conversion and test opportunities for system expansion.

• Contextual Progression: This news follows a sequence of financing events in early 2026, including an oversubscribed C$7M private placement (Feb 4) and a warrant exercise incentive program completion (Feb 17). The PEA initiation validates the use of proceeds for project advancement.
• Expectation Alignment: The initiation is consistent with management's stated strategy to advance the EDM project through drilling, resource definition, and permitting. It does not introduce unexpected negative surprises or immediate production timelines.
• Market Reaction: The stock price has rallied significantly from a low of $0.31 in February 2026 to $0.70 by April 2026, suggesting the market may have already priced in this progression or general sentiment improvement following the financing.
• Materiality Level: While positive for long-term project viability, the initiation itself is a procedural step rather than a discovery of economic reserves. The actual material impact will depend on the Q3 2026 results. Therefore, it is classified as Routine - Positive.

• Company: Fredonia Mining Inc., an exploration-focused mining company owning 100% of mineral licence areas in Argentina’s Deseado Massif.
• Flagship Project: El Dorado–Monserrat (EDM) Project, located in Santa Cruz Province, Argentina.
• Project Status: Exploration / Development (advanced drilling phases).
• Mineralisation Type: Epithermal vein-style gold-silver mineralisation.
• Other Assets: Includes El Aguila, Hornía/Petrificados, and Anita projects with early-stage exploration potential.
• Resource Estimate: 81.3 million tonnes Measured and Indicated resources (0.86 g/t Au Eq).