Vancouver, British Columbia--(Newsfile Corp. - July 22, 2026) - Further to its news release dated May 1, 2026, NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) ("NovaRed" or the "Company") announces that it has entered into a property option amending agreement dated July 17, 2026, and executed July 20, 2026, whereby it may acquire a 70% interest in an additional five mineral tenures comprising approximately 4,573.82 hectares, known collectively as the Trojan-Condor Corridor. These additional claims are adjacent to the nine claims that comprise NovaRed's existing Wilmac Copper-Gold Project (the "Property" or the "Project") and expand the project size to a total of 16,077.76 hectares.

Under the amended terms of the option agreement, to acquire a 70% interest in the Trojan-Condor Corridor claims, the Company must issue 3,000,000 units (the "Units") in its capital to the optionor upon Canadian Securities Exchange ("CSE") acceptance for filing of the amending agreement. Each Unit will consist of one common share and a two-year transferable share purchase warrant entitling the optionor to acquire an additional common share of the Company for C$1.80. The Units, when issued, will be subject to a hold period of four months and one day from issuance.

The Company must also pay $100,000 to the optionor by August 31, 2026 and an additional $150,000 by March 31, 2027, as well as fund $8,500,000 in exploration expenditures on the claims, including $400,000 by October 1, 2026 and $2,000,000 in 2027, in order to exercise the option. The 70% interest in the claims that NovaRed may acquire pursuant to the option is subject to a 2% net smelter returns royalty (the "NSR"). The Company may purchase one-half of the NSR (i.e., 1%) for a one-time payment of $2,000,000. Upon the exercise of the option, the Company must pay the optionor an annual advance royalty payment of $100,000 per year so long as the Company retains its interest in the Property.

Stock Option Grant

The Company further announces that that it has granted incentive stock options to consultants whereby they can purchase up to an aggregate of 80,000 common shares of the Company pursuant to its incentive share option plan. The options are exercisable for a period of two years at a price of C$0.60 per share. The options, and any underlying common shares issued upon exercise, will have a hold period expiring November 21, 2026, in accordance with the policies of the Canadian Securities Exchange.

About NovaRed Mining Inc.

NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) is a mineral exploration company focused on the identification, acquisition, exploration and development of copper-gold porphyry projects in British Columbia, leveraging an artificial intelligence-enhanced geospatial technology platform that it developed to identify and evaluate prospective mineral properties. The Company's optioned Wilmac copper-gold project comprises 16,078 hectares located within the Quesnel porphyry belt in the Similkameen Mining Division, southwest of Princeton and approximately 10 kilometres west of Hudbay Minerals Inc.'s producing Copper Mountain Mine. For more information, visit novaredmining.com.

Readers are cautioned that the discussion of mineralization on adjacent or similar properties, including the Copper Mountain Mine, is not necessarily indicative of the mineralization or potential of the Wilmac copper-gold project. The Company has no interest in, or right to acquire any interest in, any such adjacent properties.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the receipt of CSE acceptance for filing of the amended option agreement; the Company's intention and ability to satisfy the cash payment, share issuance, and exploration expenditure milestones required to exercise the option and earn a 70% interest in the Trojan-Condor Corridor.

Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such assumptions include, without limitation, the availability of adequate funding in order to exercise the option agreements respecting the Wilmac Copper-Gold Project and complete the proposed exploration programs; receipt of all necessary permits and authorizations for planned exploration; the availability of qualified personnel and geophysical contractors; favourable weather and field conditions; access to the Project area; the accuracy of current geological interpretations; and the continued cooperation of the optionor under the terms of the option agreement.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important risk factors include, but are not limited to: the continued availability of capital and financing; the ability to satisfy option earn-in requirements on the timelines contemplated; adverse weather or terrain conditions that may delay or prevent fieldwork; risks inherent in mineral exploration activities; tenure grant, renewal and permitting outcomes, including under British Columbia's revised mineral tenure system; Indigenous and community consultation requirements; changes in applicable laws and regulations; the ability to retain key personnel and contractors; litigation; failure of counterparties to perform their contractual obligations; and general economic, market or business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306153

Source: NovaRed Mining Inc.