Toronto, Ontario--(Newsfile Corp. - May 12, 2026) - Buchans Resources Limited ("Buchans" or the "Company"), a Canadian mineral exploration and development company, is issuing this news release to correct disclosure previously provided in its news release dated May 7, 2026 (the "Original Disclosure").

The Original Disclosure stated that the Company has elected to adopt semi-annual financial reporting relying on Coordinated Blanket Order 51-933 - Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the "Blanket Order").

The Company is a "venture issuer", as defined under National Instrument 51-102, and management assumed that the Company meets the eligibility criteria under the Blanket Order, as the Company does not have revenue of more than $10 million.

Following discussions with staff of the Nova Scotia Securities Commission, the Company determined that it does not satisfy the exchange-listing condition under the Blanket Order.

The Company clarifies that, although it satisfies all the other conditions, it does not satisfy the condition of having "exchange listed securities" as required under subsection 5(c) of the Blanket Order.

Accordingly, the Company's proposed adoption of semi-annual financial reporting in reliance on the Blanket Order is withdrawn and the Company will continue to comply with its existing quarterly interim financial reporting obligations.

The Company will continue filing unaudited interim financial statements and related management's discussion and analysis for the three-month period ended March 31, 2026, and all subsequent interim periods, in accordance with National Instrument 51-102 - Continuous Disclosure Obligations.

ABOUT BUCHANS RESOURCES

Buchans Resources holds interests in nickel, copper, cobalt, and gold properties in Labrador; and, indirectly, through its investment in Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB), in base and precious metals projects in Newfoundland, including the Buchans base metals district, and, through its investment in Royalties Inc. (CSE: RI), base metal and silver projects in Mexico and, through its investment in Minco Exploration PLC, base metal exploration licences in Ireland.

Buchans sold its Buchans base metals district properties to Canterra in December 2023 in exchange for Canterra shares and exchangeable warrants. Most of this holding was distributed to Buchans shareholders in June 2024, though Buchans continues to hold 31,966,054 Canterra shares valued at approximately $6.4 million, and all Buchans shareholders are now shareholders in Canterra.

Additional information available at www.BuchansResources.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297147

Source: Buchans Resources Limited