Buchans Resources Limited (“Buchans” or the “Company”), a Canadian mineral exploration and development company, reports its financial results and results of operations for the three and six months ended June 30, 2026.

This news release should be read in conjunction with the Company’s condensed interim financial statements and the associated management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2026 which are available on the Company’s website at www.BuchansResources.com or under the Company’s profile at www.sedarplus.ca. 

COMPANY OVERVIEW

Buchans holds nickel, copper, cobalt and gold exploration properties in Labrador, and plans to advance exploration on these long-overlooked but promising critical mineral and gold assets over the next two years. Buchans’ South Voisey’s Bay Ni-Cu-Co Project has high-priority, drill-ready targets in a confirmed Voisey’s Bay deposit-style environment. Buchans’ Tasiuyak Gold Project covers gold mineralization hosted within an orogenic belt of similar age (approximately 1.8 billion years) and mineralization style to the former Homestake gold mine in South Dakota and other productive gold-bearing orogenic belts worldwide.

Buchans is seeking partners to joint venture or invest in its key Labrador nickel and gold projects. In Q1, the Company engaged two experienced consultant groups to compile and review remote sensing and geophysical data to assist with future exploration targeting.  This work includes processing of satellite spectral data as well as historical digital airborne geophysical data sets across approximately 2,000 km² including the Company’s gold and nickel properties.

Findings from these initiatives will be considered in advance of field activities or lead to further analyses of other historical data sets, including ground geophysical and geological data to enhance targeting in advance of future field programs.  Ultimately, it is the intention that these activities will lead to diamond drilling to test “drill-ready” targets as well as new targets within the Company’s Labrador properties.

At June 30, 2026, Buchans held 31,966,054 common shares of Canterra Minerals Corporation (“Canterra”) (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) with a total estimated value of $4,635,078, based on the quoted market price of Canterra shares at that date of $0.145 per share.  Buchans continues to hold 31,966,054 common shares of Canterra with a total estimated value of $4,475,248, based on the quoted market price of Canterra shares at this date of $0.14 per share.

At June 30, 2026, Buchans held 11,320,000 common shares of Royalties Inc. (CSE: RI) with a total estimated value of $1,132,000, based on the quoted market price at that date of $0.10 per share.  Buchans continues to hold 11,320,000 shares of Royalties Inc. with a total estimated value of $1,132,000, based on the quoted market price of Royalties Inc. shares at this date of $0.10 per share.

In addition to exploration properties in Labrador and equity interests in publicly traded companies, Buchans holds mineral exploration interests in Ireland through its shareholding in Minco Exploration PLC (“Minco”) as an investment in associate and not held for distribution.  In early 2026, Minco completed a €1.66 million financing with Irish Minerals Fund and a strategic investor to advance the Rapla Project. Buchans subscribed for 345,622 ordinary shares at €0.0868 per share on the same terms as other participants (Minco News Release dated February 5, 2026). Buchans continues to hold 11,573,501 ordinary shares of Minco, representing approximately a 9.4% interest.

CANTERRA MINERALS CORPORATION

At June 30, 2026, Buchans held 31,966,054 common shares of Canterra.

Since acquiring Buchans’ former central Newfoundland critical metals projects in 2023, Canterra Minerals has continued to report positive results from its expanded central Newfoundland property position that includes resources formerly held by Buchans as well as several other critical metal VMS deposits in the district already held by Canterra. In addition, Canterra has undertaken several phases of exploration at its Wilding Gold Project adjacent to Equinox Gold’s recently opened Valentine Gold mine, also located in central Newfoundland.

Highlights from Canterra’s work in central Newfoundland so far in 2026 include:

On July 8, 2026, Canterra announced having commenced an 8,000 metre Phase 2 diamond drill program to include resource infill and expansion drilling at its Lundberg deposit at Buchans as well as approximately 6,000 metres of exploration drilling across satellite deposits located south of Buchans within its Victoria Lake property holdings to test several high-priority copper-zinc targets including at the Lemarchant deposit and potentially at other satellite deposits (Canterra News Release dated July 8, 2026).

In May 2026, Canterra announced having completed an 8-hole, 2,386 m winter drilling program at Buchans testing the West Clementine and Two Level/Lundberg target areas (Canterra News Release dated May 12, 2026). Results were released in June (June 3, 2026 news release) and include the intersection of 1.65 m of 4.34% CuEq, further confirming continuity of high-grade semi-massive sulphides at the Two Level prospect as well as an intersection of 57.15 m of 0.57% CuEq, including 11 m of 1.32% CuEq, from infill near surface drilling at Lundberg. Results from the Lundberg infill-resource expansion drilling are expected to contribute to a new mineral resource estimate for the Lundberg deposit, targeted for Q4 2026.

Elsewhere at Buchans, in the West Clementine area, drilling tested several deep 3D Array IP anomalies identified by surveys completed in 2025 and explained the features as being associated with weakly altered and mineralized rocks as well as a large fault structure (Canterra News Release dated June 3, 2026). A third anomaly remains untested after drilling stopped short of the target due to early spring thaw conditions. Drill casing was left in place to allow future completion of this hole during favourable winter access conditions.

On January 20, 2026, Canterra announced results from a fall 2025, 18-hole (1,243 m) drilling program at its Wilding Gold Project in central Newfoundland. Results included an intersection of 10.89 g/t Au over 31.5 m (core length, drilled at a shallow angle to the known vein) confirming the mineralized vein system at the Elm prospect as well as drilling additional multi-gram per tonne gold intercepts in and around several known prospects (Canterra News Release dated January 20, 2026).

On February 18, 2026, Canterra announced having commenced a basal till and top of bedrock sampling drill program over the Wilding gold prospects and surrounding area and intends to use results of this work to determine drilling targets for a ~5,000 metre drilling program to be undertaken later in 2026 (Canterra News Release dated February 18, 2026). Canterra’s Wilding Gold Project is located adjacent and along strike of Equinox Gold Corp.’s Valentine Mine and covers a 55-kilometre extension of the same structural corridor that hosts the Valentine mine. Results of this program are expected in Q3 of 2026.

MINCO EXPLORATION PLC

At June 30, 2026 and the date hereof, Buchans held 11,573,501 shares of Minco Exploration PLC, representing 9.4% interest as an investment in associate and not held for distribution.

Minco is a mineral exploration company which holds interests in Prospecting Licences in Ireland which are considered highly prospective for the discovery of zinc-lead mineralisation. Minco has interests in four projects located within the Irish Midlands Orefield that are operated by Minco’s wholly owned subsidiaries, either alone or in joint venture with Boliden Tara Mines DAC (“Boliden”).

Minco’s primary focus is its 100% owned Rapla Project, in County Laois, where exploration has identified high-grade zinc-lead-copper-silver mineralisation. The Rapla Project is located approximately 5 km and 15 km northeast of the past producing Galmoy Mine (10.9Mt @ 12.4% Zn, 1.6% Pb) and Lisheen Mine (22 Mt @ 11.5% Zn, 1.9% Pb), respectively. The Rapla Project lies along the Rathdowney Trend, a highly prospective segment of the greater Galmoy / Lisheen mineralising system.

During 2025, Minco reported significant drilling results from its Rapla Project.  Drilling intersected high-grade Irish-type zinc-lead mineralization, including 16.5 metres grading 10.99% Zn, 3.12% Pb, 1.39% Cu and 294 g/t Ag in drillhole 3312-82, which included a high-grade interval of 4.5 metres grading 19.45% Zn, 8.18% Pb, 5.05% Cu and 1,028 g/t Ag. The mineralized intercept occurs at the base of the Waulsortian limestone and is interpreted to be associated with a fault structure considered to be a key control on mineralization within the district.

Minco Completes €1.66 Million Financing with Irish Minerals Fund and Strategic Investor

In February 2026, Minco completed a further €1.66 million non-brokered financing, comprising €1.375 million of new equity financing from Irish Minerals Fund LP and the Strategic Investor, together with the completion of €155,000 under the Strategic Investor’s previously granted investment option, and a €130,000 corporate working capital financing. The proceeds are expected to be used to advance and expedite exploration at Minco’s Rapla Project and for general working capital purposes.

The Irish Minerals Fund LP is an Irish limited partnership sponsored by Lionhead Resources and anchored with a €30 million commitment from the Ireland Strategic Investment Fund to make minority investments in value-creating, ESG-responsible, high-quality metals and mining projects in Ireland. The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency, is Ireland’s sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland.

As part of the financing, Buchans subscribed €30,000 for 345,622 Ordinary Shares at €0.0868 per share on the same terms as other participants.  The funds from the placement to Buchans were used to settle an outstanding liability to Buchans in the same amount.

Expedited Exploration Plan Underway

Following the completion of financings Minco accelerated exploration activities at its 100% owned Rapla Project in County Laois, Ireland. Initial drilling commenced in mid-August 2025 with two drill rigs mobilized to undertake an aggressive drill testing program focused on high-priority targets along the Rathdowney Trend.

The initial phase of drilling comprised approximately 4,200 metres in 10 drill holes. Four holes (2,400 metres) were designed to follow up historical drill hole 3312-71, which previously intersected 14.59% Zn+Pb over 7.4 metres.

The highlight of 2025 was the announcement of significant high-grade drill results from Rapla, featuring 16.5 metres grading 10.99% zinc, 3.12% lead, 1.39% copper and 294 g/t silver, including 4.5 metres grading 19.45% zinc, 8.18% lead, 5.05% copper and 1,028 g/t silver in drill hole 3312-82. This is one of the highest-grade holes drilled in Ireland in decades.

Follow-up drilling has demonstrated continuity of Irish-type zinc-lead mineralization within the primary target horizon, while deeper drilling has also intersected zinc-lead mineralization within the Lisduff Oolite horizon approximately 200 metres below the Waulsortian limestone target, supporting Minco’s interpretation that multiple prospective mineralized horizons may be present within the project area.

As of June 2026, Minco had completed 19 drill holes totalling 10,728 metres, with a further four holes in progress, as part of a 70-hole exploration program permitted by Ireland’s Geoscience Regulation Office. The majority of the holes drilled to date targeted Minco’s priority target area in the Aghmacart and Addergoole townlands west of Cullohil (Minco News Release dated 18 August 2026).

Minco is also extending its drilling campaign to follow up on positive historic drilling results and has identified several additional targets for testing in the remainder of 2026 and into 2027. Minco has indicated it plans to undertake an in-fill drilling program in the second half of 2026, with the goal of establishing a foundation for a mineral resource estimate and an assessment of the Rapla Project’s economic viability in the medium term (Minco News Release dated 18 August 2026).

FINANCIAL RESULTS

Buchans recorded no revenue in the three or six months ended June 30, 2026 or June 30, 2025.

For the three months ended June 30, 2026, the Company recorded a loss of $1,217,081. The loss included a loss in fair value of marketable securities of $1,176,912. During the three months ended June 30, 2025, the Company recorded a gain of $599,617. The gain included a gain in fair value of marketable securities of $659,511 and a loss on disposal of $10,000.

For the six months ended June 30, 2026, the Company recorded a loss of $2,501,589. The loss included a fair value adjustment of marketable securities of $2,813,434 and a gain on disposal of $415,736. During the six months ended June 30, 2025, the Company recorded a loss of $218,052. The loss included a fair value adjustment of marketable securities of $56,510 and a loss on disposal of $54,800.

During the six months ended June 30, 2026, Buchans invested $128,886 (2025 – $41,761) on exploration expenditures on its mineral properties.

• The loss for the quarter ended September 30, 2024 included a reduction in fair value of marketable securities of $138,000.
• The gain for the quarter ended December 31, 2024 included a gain in fair value of marketable securities of $2,194,553.
• The loss for the quarter ended March 31, 2025 included a loss in fair value of marketable securities of $716,021 and a loss on disposal of $44,800.
• The gain for the quarter ended June 30, 2025 included a gain in fair value of marketable securities of $659,511 and a loss on disposal of $10,000.
• The gain for the quarter ended September 30, 2025 included a gain in fair value of marketable securities of $2,131,063.
• The gain for the quarter ended December 31, 2025 included a gain in fair value of marketable securities of $2,762,574.
• The loss for the quarter ended March 31, 2026 included a loss in fair value of marketable securities of $1,636,522 and a gain on disposal of marketable securities of $423,010.
• The loss for the quarter ended June 30, 2026 included a loss in fair value of marketable securities of $1,176,912.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2026, Buchans held $359,375 (December 31, 2025 – $26,686) in cash and $5,774,078 in marketable securities, and had a working capital surplus of $6,133,061, compared to a working capital surplus of $8,796,354 at December 31, 2025.

At June 30, 2026, Buchans held 31,966,054 common shares of Canterra Minerals Corporation (December 31, 2025 – 35,501,054), with a total estimated value of $4,635,078, based on the quoted market price of Canterra shares at that date of $0.145 per share.  Buchans continues to hold 31,966,054 common shares of Canterra with a total estimated value of $4,475,248, based on the quoted market price of Canterra shares at this date of $0.14 per share.

At June 30, 2026, and at the date hereof, Buchans held 11,320,000 shares of Royalties Inc. (December 31, 2025 – 11,620,003) with a total estimated value of $1,132,000 (December 31, 2025 – $1,045,800), based on the quoted market price of Royalties Inc. shares at that date of $0.10 per share.

At June 30, 2026, and at the date hereof, Buchans held 11,573,501 shares of Minco Exploration (December 31, 2025 – 11,227,879) with a total estimated value of $1,580,405 (€1,004,580), based on the most recent price at which Minco issued shares to an arm’s length party of €0.0868 per share.

Qualified Person

Paul Moore M.Sc., P.Geo. (NL), Vice President Exploration of Buchans Resources Limited and a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release.