Announcement • Jun 24
Melkior Resources Inc. Completes Winter Drill Program and Launches Field Mapping and Prospecting Campaign At the Carscallen Gold Property in Timmins, Ontario Melkior Resources Inc. has provided an exploration update from its Carscallen Gold Project, located approximately 25 kilometres west of Timmins, Ontario. The company has successfully completed a 10-hole diamond drilling program totaling over 3,136 metres, marking a key milestone in advancing the project. The drilling program targeted high-grade mineralized structures and lateral and down /up dip extensions of known gold mineralization. All ten holes were completed as planned, with excellent core recovery reported. Drill core processing is ongoing at a facility in Quebec, including detailed geological logging and sampling, with submissions to an accredited assay laboratory. Multiple strongly mineralized core intersections were intersected in most of the planned drill holes which is consistent with the historical gold showings. Assay results are anticipated sometime in August 2026, representing a significant near-term catalyst for the company. Building on the momentum from the winter drilling campaign, Melkior has also initiated a fully funded, field program which is expected to run for approximately two to three months this field season being executed by Melkior’s in-house geological team. The field program will focus on detailed geological – structural mapping, systematic surface sampling, and targeted gold prospecting across key target areas of the property. The aim is to expand the lateral extents of known gold zones and define the structural controls associated with the gold mineralization. Results from this work are expected to generate additional drill targets and support the next phase of exploration. The company’s 100%-owned Carscallen Gold Property covers approximately 47 km² in the Abitibi Greenstone Belt, just 25 km west of Timmins, Ontario. It features structurally controlled orogenic gold mineralization along NNW-SSE trending shear corridors, hosted in quartz-sulphide veins with strong silica-sericite-carbonate alteration. The system shows excellent geologic potential between the high-grade gold, structure-controlled magnetics, IP chargeability/resistivity anomalies, and alteration — classic signatures for discovering additional high-grade ore shoots. Multiple mineralized corridors (Zamzam-Jowsey-Shenkman greater than 1.5 km strike with 400 m+ depth continuity; 1010 Corridor greater than 500 m strike with northern extension potential) remain open in strike and depth, with proven continuity and repeating high-grade plunging structures typical of the Timmins camp. Standout technical attributes include bonanza-grade intercepts such as 77.4 g/t Au over 6.9 m (including 445 g/t Au over 1.2 m) at 1010 South — the project’s highest metal factor to date — plus dozens of historical hits greater than 25 g/t Au. Preliminary metallurgy shows approximately 95% gold recovery. The property benefits from low-cost exploration upside via in-house teams, strong geophysical targeting, and proximity to major infrastructure and neighboring producers, making it well-positioned for resource growth through targeted drilling and surface work. This positions Carscallen as a high-grade exploration asset with district-scale potential in a Tier-1 jurisdiction. All technical information in this press release has been reviewed and approved by Martin Ethier, P.Geo. Mr. Ethier is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101. Announcement • Apr 21
Melkior Resources Inc., Annual General Meeting, Jun 25, 2026 Melkior Resources Inc., Annual General Meeting, Jun 25, 2026. New Risk • Feb 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 31% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.89m market cap, or US$3.59m). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). 
