• Initiated project scale geophysical surveys - High resolution airborne magnetic survey initiated at Treasure Island North, Airborne electromagnetic/magnetic survey initiated at Treasure Island South

• Advanced the 50,000m drill program with two active rigs, early visual mineralization at Moosehead, and initial testing of regional geophysical targets

• Receives two additional drilling permits for the Stony Lake target zone located 5km south of Moosehead at Treasure Island North and Crippleback Lake region at Treasure Island South

• Continued expansion of mineral licenses with acquisition of six additional claims in Treasure Island South covering 150 hectares

• Episode 5 of Pirate Gold Treasure Hunters now airing: https://youtu.be/werslXKZ6rs

St. John's, Newfoundland and Labrador--(Newsfile Corp. - February 13, 2026) - Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) ("Pirate Gold" or the "Company"), is pleased to announce that it has initiated two simultaneous project scale airborne geophysical surveys at its Treasure Island Project in central Newfoundland. The Treasure Island project covers over 90 km of strike along the Valentine Lake Fault Zone in Canada's newest gold district.

"Exploration is moving quickly on all fronts at the Treasure Island Project in 2026. Our drilling program at Moosehead continues to expand the known mineralized zones, with multiple holes intersecting visible gold and yielding new discoveries. Two project-scale airborne surveys are now underway, bringing enhanced geophysical resolution to Treasure Island. These surveys are designed to refine structural interpretation beneath the glacial till and generate new drill targets across the broader property."

"Additionally, the receipt of drill permits for both the Crippleback Lake and Stony Lake areas allows us to extend exploration beyond the immediate Moosehead footprint and systematically test high-priority regional targets along the Valentine Lake Fault Zone. We are advancing a comprehensive understanding of the district-scale potential at Treasure Island, and 2026 represents an important step forward for Pirate Gold," said Greg Matheson, VP Exploration, Pirate Gold.

Geophysical Programs

Treasure Island North

• Treasure Island North is underlain by weakly magnetic sedimentary sequences intruded by mafic dykes and volcanic units that generate strong magnetic responses in prior surveys

• A high-resolution airborne magnetic survey is underway on 50m line spacing, covering approximately 69,500 hectares

• Low-altitude, tight-spaced flight lines are designed to penetrate glacial till and generate a detailed magnetic dataset

• The strong contrast in bedrock magnetic properties and interpreted fault-related disturbances is expected to refine structural interpretation and enhance drill targeting

Treasure Island South

• Treasure Island South is dominated by the Crippleback Intrusive Suite ("CIS") comprised of quartz monzonite, gabbro and felsic volcanics which show strong magnetic contrasts based on localized historical survey results

• Large scale graphite bearing fault structures are present throughout the CIS and show very strong electromagnetic chargeability responses

• 2024 drilling identified broad clay alteration zones correlated with weak conductive signatures in historical EM data

• An electromagnetic/magnetic airborne survey is being flown along 100m line spacing covering approximately 54,500 hectares
  The survey is expected to improve mapping of lithological contacts, fault networks and alteration zones to support regional drill targeting

Fig. 1 - Map Showing the Approximate Areas to be Covered by the High-Resolution Magnetic Survey and Electromagnetic/Magnetic Survey

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/283828_f3494c4d64ada901_001full.jpg

Drilling Program Update

• Two diamond drills are currently active at the Treasure Island Project with a third drill anticipated to mobilize in 1-2 weeks

• Since the previous drilling update on Dec 18, 2025, two drills have been active at the Treasure Island North project focused on the expansion of the known mineralized zones at Moosehead and testing of regional geophysical targets

Initial visual observations from recently completed drill holes are summarized below:

Table 1 - Visual Observations of Drill Core from Hole PGC-25-009 through PGC-26-029 and Hole PGC-26-031 through PGC-26-033

The Company cautions that the presence of visible gold mineralization is not indicative of high gold assay grades and that drill core samples will or have been submitted to a certified laboratory for analysis of gold content. Assay values for the discussed intervals will be released when available. All intervals are downhole depths, and true widths are not known at this time.

Table 2 - Drill Hole Information for PGC-25-009 through PGC-26-029 and Hole PGC-26-031 through PGC-26-033

Fig. 2 - Map Showing the Moosehead Mineralized Zones, Structural Corridor, Interpreted Faults and Regional Structural Drill Targets

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/283828_f3494c4d64ada901_002full.jpg

Pirate Gold Treasure Hunters Season 1 Episode 5 - Shots Fired

Episode 5 of Pirate Gold Treasure Hunters captures a turning point in the 2026 drill campaign, underscoring the persistence required in orogenic gold systems and the breakthroughs that follow. The episode features:

• Ongoing diamond drilling across regional targets and the launch of two high-resolution airborne magnetic and electromagnetic surveys

• Step out drilling on the Moosehead Western Trend intersecting a new system, including visible gold in multiple holes

• Identification of a potential linkage structure between the Moosehead Eastern and Western Trends, expanding the target corridor along strike and at depth

• Receipt of drill permits for Crippleback, located along the same regional structure as Moosehead and the Valentine Lake Mine

Cannot view this video? Visit:
https://www.youtube.com/watch?v=werslXKZ6rs

Viewers are encouraged to join the hunt by subscribing to the Pirate Gold YouTube channel: https://www.youtube.com/@PirateGoldCorp

Drill Core Featured in the Pirate Gold Treasure Hunters Video Series

Fig. 3 - Image of Drill Core from PGC-26-028 Showing Unnamed Newly Discovered Vein at Moosehead Located Between the Western and Eastern Trend Structures

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6079/283828_f3494c4d64ada901_003full.jpg

Mineral Claims Addition

• One additional mineral license purchase agreement has been executed to acquire 6 mineral claims covering 150 hectares

Pirate Gold has entered into an agreement with Newfoundland Gold Retriever Corp. ("NGRC"), to acquire a 100% interest in and to one mineral licence. In consideration the Company will, subject to TSX Venture Exchange ("TSXV") approval, make a one-time cash payment of $7,500 to NGRC and issue 150,000 common shares and grant a 1.0% NSR royalty, one-half of which may be repurchased by Pirate Gold for $500,000.

Drilling Permit Updates

On February 10^th, the Company received an exploration approval for the Crippleback Lake area which under the Company is permitted to drill up to 50 holes. The Company anticipates the initial phase of the Crippleback Lake drilling program to start in late February with plans to follow up on its 2024 drilling program which outlined large areas of clay alteration and broad zones of copper-gold mineralization. Also on February 10^th, the Company received an exploration approval for the Stony Lake area, 5 km south of Moosehead under which the Company is permitted to drill up to 40 holes. The Company anticipates it will begin drill testing the Stony Lake targets in Q1 2026.

Advertising & Sponsorship Agreement

The Company has entered into a one-year advertising and sponsorship agreement dated February 12, 2026, with Allan Barry Laboucan (Rocks & Stocks News), an independent media content creator. Pursuant to the agreement, the Company will pay total cash consideration of $160,000, for a one-year term. The engagement is for advertising, branding and independent media coverage purposes only and does not constitute investor relations or market-making services. The Company does not have editorial control over content produced by the contractor. The agreement may be terminated in accordance with its terms. The contractor is arm's length to the Company.

Qualified Person

Greg Matheson, P.Geo., VP Exploration for Pirate Gold, a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Pirate Gold Corp.

Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) is led by an experienced management team and is the dominant explorer along the Valentine Lake Fault Zone in Newfoundland, Canada's newest gold district. The Company's primary focus is its 100% owned district-scale Treasure Island Gold Project, along with a portfolio of gold projects, including the district-scale Fleur de Lys Project.

Website: www.pirategold.ca
Twitter: @PirateGoldCorp
Facebook: @PirateGoldCorp
LinkedIn: @PirateGoldCorp

Neither the 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.

Investors are cautioned that trading in the securities of the Company should be considered highly speculative. This news release contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation that are based on expectations, estimates, assumptions, geological theories, and projections as at the date of this news release. The information in this news release about any information herein that is not a historical fact may be "forward-looking statements." Actual results may differ materially. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (which may, but not always, include phrases such as "anticipates", "plans", "scheduled", "believed" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) including statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other matters are not statements of historical fact and may be forward-looking statements and are intended to identify forward-looking statements. Factors that may cause results to vary include delays in obtaining necessary approvals, changes in the market for the Company's securities, results of exploration, loss of title to properties, delays in obtaining permits or access to mineral properties, including as a result of adverse weather, fire or flood, changes to the Tax Act, rejection of expenditures as Qualifying Expenditures, and factors included in the documents filed from time to time with the Canadian securities regulatory authorities by Pirate Gold Corp. Pirate Gold Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283828

Source: Pirate Gold Corp.