Bathurst Metals Assigns Peerless Property to Big Bear Gold

Bathurst Metals Corp. has concluded a strategic review and announced significant changes to its mineral property portfolio. The company has agreed to assign its option on the Peerless Property to Big Bear Gold Corp. (TSXV: BEAR) in exchange for 3,555,000 BEAR common shares. This divestment is part of a broader strategy to focus on the company’s flagship Turner Lake property, a 125 km² gold project in Nunavut, Canada.

Under the terms of the assignment and assumption of property option agreement dated September 25, 2026, Bathurst will sell and assign to BEAR, and BEAR will acquire and assume, all of Bathurst's rights and interests in, and obligations under, the property option agreement between Bathurst and the Owner. This agreement, originally dated January 30, 2023, and amended on October 10, 2025, and February 18, 2026, is now set to comply with National Instrument 43-101. In consideration, BEAR will issue 3,555,000 BEAR common shares to Bathurst.

Bathurst and BEAR will share equally the cost of an independent technical report on the Peerless Property that complies with National Instrument 43-101. Additionally, Bathurst has agreed to pay the Owner $25,000, which will be applied against, and reduce, the outstanding cash payments due under the Option Agreement. After Bathurst's payment to the Owner, the following obligations remain for BEAR to acquire a 100% interest in the Peerless Property. On completion of the assignment, Bathurst will have no further obligations under the Option Agreement.

The Peerless Property is subject to a 2.5% net smelter returns royalty in favour of the Owner. As optionee, BEAR will have the right to buy back 1.0% of that royalty for $1,000,000 within six months of the start of commercial production. All shares issued in connection with the transaction will be subject to a hold period expiring four months and one day from their date of issuance. Closing of the transaction depends on two conditions: BEAR completing satisfactory due diligence on the Peerless Property within 90 days, and approval from the TSX Venture Exchange.

With the divestment of the Peerless Property, Bathurst has cancelled its previously announced financing, as the intended use of proceeds would change materially. The company will now focus its efforts on advancing Turner Lake, its flagship property. Turner Lake lies in a prospective greenstone belt setting similar to the one that hosts two of Nunavut's major gold districts: Agnico Eagle Mines Limited's Hope Bay project, with Proven/Probable Reserves of 16.178mt @ 6.53 g/tonne for 3.396 m Oz Au, and Measures and Indicated: 14.946 mt @ 4.61g/tonne for 2.217 m oz Au, Inferred: 16.868 @ 5.98 g/tonne for 3.246 m oz Au (2025 Annual Report), and B2Gold Corp.'s Goose Mine and Back River District, with Proven/Probable Reserves of 10.900mt @ 6.79 g/tonne for 2.380 m oz Au, Indicated Resources 17.560 mt @7.45 g/tonne for 4.210 m oz Au, and Inferred Resources 13.500mt @8.05 g/tonne for 3.490 m oz Au (B2gold Website).

Despite this setting, Turner Lake remains under-explored. Historical drilling complete in 2008 and 2009 returned several significant gold intercepts, including core length results that are not true width. Bathurst will continue to evaluate additional projects that could complement Turner Lake and create value for shareholders, although there is no assurance that this evaluation will result in any acquisition or other transaction.

Daryn Gordon will join the company as Chief Financial Officer (CFO) with effect from October 1, 2026. Mr. Gordon is a Chartered Professional Accountant (CPA, CA) with over two decades of finance and accounting experience, having started his career at global auditing firms Grant Thornton LLP and PwC Canada. For the last fourteen years, Mr. Gordon has continued to expand his expertise and knowledge by providing CFO services to Canadian companies across a variety of industries. He holds a Bachelor of Accounting degree from the University of Lethbridge.