Company Announcements

VANCOUVER, BC , May 12, 2026 /PRNewswire/ - 1911 Gold Corporation("1911 Gold" or the "Company") (TSXV: AUMB) (OTCQX: AUMBF) (FRA: 2KY) is pleased to provide assay results from the underground resource expansion drill program at the Company's wholly-owned operational and fully permitted True North Gold Project ("True North"), located in southeast Manitoba, Canada.

The latest assay results represent twelve (12) drill holes for 3,608 metres ("m") from the underground resource expansion drill program on the L10 Zone ("L10"), in an area located adjacent to Level 16 (720 m below surface, updated as per the recent survey data), one of the main levels of the True North Mine. Drilling targeted the extensions of mineralized veins outside of the current mineral resources ("2024 MRE") (see press release dated November 20, 2024, "https://www.1911gold.com/news/press-releases/1911-gold-announces-mineral-resource-estimate-update-for-the-true-north-gold-project.

Drilling Highlights:

• Drilling on L10 intersected gold mineralization as extensions and outside of the 2024 MRE, on the V-1010, V-1012, V-1020, V-1030 and V-1040 veins and potentially linking L10 with the larger 710-711 Zone at depth (see Figure 1).
• Drill results completed to date have potentially extended the gold mineralization up to 160 m down-plunge and up to 80 m along strike, with the following highlighted results:
  • UG16-26-055: Intersected 5.48 grams per tonne gold ("g/t", "Au") over 9.20 m (at 195.50 m downhole depth), including 7.52 g/t Au over 4.10 m, including 12.00 g/t Au over 2.00 m, including 14.80 g/t Au over 1.00 m; and including 9.13 g/t Au over 0.60 m
  • UG16-26-055: Intersected 11.54 g/t Au over 3.70 m (at 224.10 m downhole depth), including 13.65 g/t Au over 2.30 m, and including 20.20 g/t Au over 0.70 m
  • UG16-25-002: Intersected 3.00 g/t Au over 7.20 m (at 163.70 m downhole depth), including 7.67 g/t Au over 0.50 m and 6.44 g/t Au over 0.80 m
  • UG16-26-055: Intersected 5.19 g/t Au over 0.90 m (at 133.50 downhole depth)
  • UG16-25-016: Intersected 6.89 g/t Au over 1.30 m (at 44.30 m downhole depth), 6.84 g/t Au over 0.70 m (at 48.90 m downhole depth), 22.10 g/t Au over 0.60 m (at 56.30 m downhole depth), and 9.26 g/t Au over 0.60 m (at 59.70 m downhole depth)
  • UG16-26-050: Intersected 8.10 g/t Au over 1.40 m (at 174.20 m downhole depth)
  • UG16-25-001: Intersected 9.78 g/t Au over 0.50 m (at 139.50 m downhole depth)      

Shaun Heinrichs, President and CEO, stated, "We are very excited with the early success of the resource expansion drilling at True North, with the latest results intersecting significant and continuous gold mineralization up to 160 m down-plunge of our 2024 mineral resource estimate. Drilling suggests the potential link of the L10 Zone with the 710-711 Zone (located over 200 m down-plunge), outlining a new area with potential to add meaningful resources adjacent to existing infrastructure. Our ongoing exploration programs continue to test the new targets and highlight areas that could significantly add to the resource growth at True North, potentially increasing production and extending the mine life.

We currently have two drill rigs underground, with a third to be mobilized in the coming weeks to support the ongoing drill program, which is focused on infill and delineation drilling on areas that are included in the first years of mining within the PEA mine plan, as well as exploration drilling on new targets and resource expansion opportunities. The exploration drilling results will support a global resource update expected later in the year, and we look forward to providing more updates as both drilling and development work continue to progress."

The ongoing underground exploration drill program is targeting the extensions of the 2024 MRE resource, and new near-mine targets, including the down-plunge extensions of gold mineralization of the San Antonio Mine West ("SAM W"), San Antonio Mine Southeast ("SAM SE"), and Shore ("Shore") targets, previously intersected from surface. This program is being conducted from existing drill bays located on Level 16 of the True North Mine. The 2026 underground drill program, including the infill and delineation drilling on areas anticipated for the early years of production within the PEA mine plan, anticipates upwards of 50,000 m of drilling.

Today's results represent the first intercepts from the current resource expansion drill program, successfully extending mineralization and identifying a number of areas for additional growth potential which will warrant follow-up drilling. Additional results from the surface and underground exploration programs will be released as they become available, as well as results from the ongoing infill and delineation drill program.

Discussion of Results – L10 Resource Expansion Drilling

The L10 Zone is located on the intersection of the Shoreline Basalt unit and the regional east-west steeply north-dipping L10 Shear Zone, with gold-bearing mineralization associated with veins developed as generally north-west trending extensional stockwork and breccia veins and east-west steeply north-dipping shear veins. Veining is predominantly comprised of white quartz with accessory Fe-carbonate and albite, with sericite-pyrite and chlorite as veinlets and pervasive alteration halos. Gold is associated with minor pyrite and as free native gold.

The L10 Shear Zone hosts a series of mineralized veins, including V-1010, V-1012, V-1020, V-1030 and V-1040, which are the primary targets of the current resource expansion program. The L10 Shear Zone also hosts the new SAM SE target, currently the focus of surface and underground exploration drilling within the San Antonio gabbro unit located approximately 500 m to the west.

L10 hosts a current indicated resource of 363,000 tonnes ("t") at 4.99 g/t Au for 67,000 ounces ("oz") and an inferred resource of 479,000 t at 3.96 g/t Au for 61,000 oz. 710-711 hosts a current indicated resource of 1,182,000 t at 5.21 g/t Au for 198,000 oz and an inferred resource of 938,000 t at 3.91 g/t Au for 118,000 oz. The L10 Zone is readily accessible via the main shaft along the Level 16 drift, and the L10 resource is open to approximately 200 m down-plunge to the NNE and over 200 m along strike to the NW towards the upper extent of 710-711 ("710-711") (see Figure 2), which appears to be the down-plunge extensions of L10, located in the same geological setting.

Eleven (11) of the twelve (12) drill holes reported today intercepted high-grade gold mineralization with the potential to expand the current resources and define new parallel veins, which represent targets for further evaluation.

Drill holes UG16-26-050 and UG16-26-055 tested the down-plunge extension of the V-1010 vein up to 60 m beyond the current 2024 MRE. Drill hole UG16-26-055 confirmed the extension of the V-1010 vein and intersected 5.48 g/t Au over 9.20 m (at 195.50 m downhole depth), including 7.52 g/t Au over 4.10 m, including 12.00 g/t Au over 2.00 m, including 14.80 g/t Au over 1.00 m, and including 9.13 g/t Au over 0.60 m. The current drilling confirmed gold mineralization over a strike length of over 100 m in this zone. This intercept occurs approximately 150 m above the 710-711 Zone and confirmed the potential connection of the L10 and 710-711 vein systems, which represent a robust target for resource expansion.

Drill holes UG16-26-050, UG16-26-051, UG16-26-053 and UG16-26-055 intersected the down-plunge extensions of the V-1020 vein from 55 m to 160 m below the 2024 MRE. Drill hole UG16-26-050 intersected 8.10 g/t Au over 1.40 m (at 174.20 m downhole depth), and UG16-26-051 intersected 3.61 g/t Au over 1.20 m (at 174.20 m downhole depth), and UG16-055 intersected 5.19 g/t Au over 0.90 m (at 133.50 m downhole depth), confirming the extension of the vein by 160 m. Drilling confirmed gold mineralization over a strike length of approximately 100 m.

The down-plunge extension of the V-1012 vein was confirmed 160 m below the MRE 2024 by drill hole UG-26-055 which intersected 11.54 g/t Au over 3.70 m (at 224.10 m downhole depth), including 13.65 g/t Au over 2.30 m, and including 20.20 g/t Au over 0.70 m.

Drill holes UG16-25-001, UG16-25-002, and UG16-25-003 confirmed the down-plunge extensions of the V-1030 vein over 35 m to 90 m, where UG16-25-001 intercepted the vein at 217.30 m downhole depth, with no significant results. UG16-25-002 intersected 3.00 g/t Au over 7.20 m (at 163.70 m downhole depth), including 7.67 g/t Au over 0.50 m, and 6.44 g/t Au over 0.80 m, with gold mineralization confirmed over a strike length of approximately 100 m.

Drill hole UG16-25-002 also intersected 6.04 g/t Au over 1.00 m (at 195.50 m downhole depth), and UG16-25-003 intersected 3.31 g/t Au over 0.50 m (at 223.80 m downhole depth), which could represent a new parallel vein that warrants follow-up.

Drill hole UG-25-001 intersected 9.78 g/t Au over 0.50 m (at 139.50 m downhole depth), and UG-25-002 had two intercepts downhole, 3.62 g/t Au over 1.00 m (at 183.90 m downhole depth) and 6.04 g/t Au over 1.00 m (at 195.50 m downhole depth), which could represent new parallel veins that warrant follow-up.

A number of new veins parallel to the V-1030 vein were also intersected in drill hole UG16-25-016, which returned 6.84 g/t Au over 0.70 m (at 48.90 m downhole depth), 22.10 g/t Au over 0.60 m (at 56.30 m downhole depth), and 9.30 g/t Au over 0.60 m (at 59.70 m downhole depth).

Drill holes UG16-25-019, UG16-25-024, UG16-25-029 and UG16-26-033 intercepted new veins parallel to the V-1030 and V-1040 veins that also warrant follow-up, to define the vein geometry and potential continuity.

Drilling on the deeper section of drill holes UG16-25-016, UG16-25-019, UG16-25-024, UG16-25-029 and UG16-26-033, tested the extensions of the Shore target. Results from these drill holes will be released once drilling is complete and all assays are received.

Next Steps

With the encouraging results received to date, which intersected significant gold mineralization in the down-plunge extensions of L10, and confirmed the potential link between L10 and 710-711, additional drill holes are planned within this target area and will also test the interpreted continuity of the new parallel mineralized veins. Resource expansion drilling is also being carried out on the Hinge Zone and 007 Zone, from Level 16.

Two (2) underground drill rigs are active on Level 16, currently focused on resource expansion drilling and testing the down-plunge extensions of the new targets. A third underground drill rig is expected in the coming weeks to support the ongoing infill and delineation drill program on areas anticipated for the early years of production within the PEA mine plan. A fourth drill rig will be mobilized once Level 26 is fully rehabilitated.

The surface exploration program on the SAM W, SAM SE and Shore targets, commenced in February 2026 and is now being completed. Results from this drill program will be incorporated into the project database to support the global resource update planned for later this year.

Additional underground and surface drill results will be released upon receipt of final assay results.

Qualified Person Statement

The scientific and technical information in this news release has been reviewed and approved by Mr. Michele Della Libera, P.Geo, Vice-President Exploration of 1911 Gold Corporation, who is a "Qualified Person" as defined under NI 43-101.

Quality Assurance/Quality Controls (QA/QC)

Core samples are collected by sawing the drill core in half along the axis, with one-half sampled, placed in plastic sample bags, labelled, sealed, and the other half retained for future reference. Batches are shipped to Activation Laboratories Ltd. (Actlabs), in Thunder Bay, Ontario, for sample preparation and analysis. Samples are dried, crushed to 2mm and a 1 kg split is pulverized to -200 mesh. Gold analysis is completed by fire-assay with an atomic absorption finish on 50 grams of prepared pulp. Samples returning values equal or greater to 10.00 g/t are reanalysed by fire assay with a gravimetric finish. Total gold analysis (Screen Metallic Sieve) is conducted on highly mineralized samples or the presence of visible gold. Certified gold reference material samples are inserted every 20 samples and blank samples at intervals of one in every 50 samples, with additional blanks inserted after samples hosting visible gold. Repeat third-party gold analyses for 5% of all submitted sample pulps are analyzed at ALS-Chemex Laboratory, North Vancouver, Canada.

About 1911 Gold Corporation

1911 Gold is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project in the Archean Rice Lake Greenstone Belt in Manitoba, Canada. The Company controls a large, highly prospective ~62,000-hectare land package with numerous past-producing gold operations within trucking distance of the fully built and permitted True North mine and mill complex. 1911 Gold is positioning itself to restart operations in 2027 and offers a unique, near-term production opportunity with significant exploration upside. The strategy is to build a district-scale gold mining operation around a central, and readily expandable infrastructure complex to support a socially and environmentally responsible, long-term mining operation with little development risk and a growing mineral resource base.

1911 Gold's True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, the Company's current business plans, including the ongoing underground and surface drill programs, and the timing and results thereof, including success of expanding mineral resources and the timing around a global resource update; development programs and the planned test mining and bulk sample program, leading towards a potential mine restart in 2027 (and the actual results and timing of these planned events); and generally, the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

In addition, readers are directed to review the detailed risk discussion in the Company's Annual Management's Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.