Crescent Lake Project Reacquired and Director Change

• Crescent Lake Project Reacquisition (April 17, 2026): Antler Gold Inc. reacquired the Crescent Lake project from Midex Resources Ltd. following the termination of a previously announced transaction dated May 9, 2023. The property consists of 4,908 hectares near Armstrong in northwest Ontario. Management is currently reviewing technical information and will provide an update upon completion.
• Board Changes: Jim Megann appointed as Director (Managing Director of Numus Financial Inc., extensive capital markets experience). Nicole Maske resigned as Director.
• Erongo Gold Project Update (March 16, 2026): Antler terminated the definitive asset purchase and sale agreement for the Erongo Central Gold Project in Namibia with Fortress Asset Management LLC. Ownership transfers to Antler Gold Namibia. The project comprises five contiguous licenses covering 185 km² adjacent to the Twin Hills deposit (3.1 Moz).
• Strategic Context: The company is shifting from an optioning model to direct ownership of key assets, specifically retaining Erongo and reacquiring Crescent Lake Lithium.

• Asset Control vs. Liquidity: Reacquiring Crescent Lake and retaining Erongo increases management's control over the portfolio but removes potential upfront cash flow that would have come from selling or optioning these assets to partners (Fortress/Midex). This is a capital-intensive strategy for a company with no disclosed revenue.
• Governance Improvement: The appointment of Jim Megann adds significant capital markets expertise, which may facilitate future financing rounds. However, this does not immediately resolve the lack of operating cash flow.
• Valuation Impact: Given the market cap of ~$4.5M and share price stability ($0.06-$0.10), these asset shuffles are incremental. There is no immediate valuation re-rating catalyst (e.g., drill results, major financing) attached to the news releases provided.
• Risk Profile: The termination of the Erongo deal suggests potential friction with partners or a strategic decision to hold assets despite lack of buyer interest at previous terms. This increases execution risk on exploration funding.

• Strategy: Project generation model focusing on acquiring early-stage mineral prospects (Gold, Copper, REE) in Africa and Canada, optioning them to partners while retaining royalties.
• Flagship Projects:
  • Erongo Gold Project (Namibia): 185 km², adjacent to Twin Hills deposit. Status: Retained by Antler after deal termination.
  • Crescent Lake Lithium Project (Ontario): 4,908 hectares. Status: Reacquired, technical review ongoing.
• Other Assets: Onkoshi Gold, Paresis Gold, Ziggy Cu, Kesya REE. Portfolio covers ~704,482 ha in Namibia & Zambia.
• Production Status: No production guidance disclosed; all assets are in exploration or early-stage application phases.