HM Exploration Reports Significant Polymetallic Mineralization at Lewis Pilley's Project with 23-Metre Copper-Zinc-Silver-Gold Intersection

Phase One Drilling Yields Multiple High-Grade Polymetallic Intersections

HM Exploration's Phase One drilling at the Clifford Jones (Bull Road) Zone has produced significant polymetallic assay results validating the company's VMS geological model. Twelve drill holes totaling approximately 2,700 metres were completed, with seven now assayed. Drill hole PI-26-007 provided the program’s highlight: a continuous 23-metre interval from 7.00 to 30.00 metres containing 1.21% copper, 1.67% zinc, 10.67 g/t silver, and 0.25 g/t gold. Within this, an 8.18-metre sub-interval from 16.00 to 24.18 metres grades 2.03% copper, 0.62% lead, 2.36% zinc, 16.35 g/t silver, and 0.38 g/t gold.

Drill hole PI-26-001 also returned promising results, intersecting 4.47 metres grading 1.49% copper, 1.04% lead, 5.05% zinc, 19.54 g/t silver, and 0.28 g/t gold from 12.09 to 16.56 metres, including a 0.60-metre sub-interval with 4.58% copper and 0.56 g/t gold. These results confirm multiple stacked sulphide mineralization horizons at the project, supporting the interpretation of a complex VMS system with both upper and lower lens mineralization. All reported intervals are drilled lengths; true widths await further surveying.

Upper and Lower Mineralized Zones Remain Open Along Strike and at Depth

The assay data confirm two distinct mineralized zones within the Clifford Jones (Bull Road) Zone, each with unique characteristics. The upper zone, consisting of semi-massive to massive sulphide fragments mixed with volcanic country rock, has been drill-tested over approximately 135 metres strike length. Significant mineralization is confirmed over about 60 metres strike through five drill holes (PI-26-001, PI-26-002, PI-26-005, PI-26-006, and PI-26-007), indicating potential for lateral extension.

The lower mineralized lens, intersected in drill hole PI-26-007, shows more coherent sulphide fragments with less rounding and fracturing, suggesting deposition closer to the original hydrothermal vent and minimal transport. The geological model suggests the upper zone mineralization may derive from a nearby stockwork vein feeder system, while the lower zone represents proximal massive sulphide. Both zones remain open along strike and down-dip, with ongoing evaluation of geological controls.

Geological Setting Comparable to the Renowned Buchans Camp in Newfoundland

Located within the Roberts Arm Group of the Buchans-Roberts Arm Belt, HM Exploration's Lewis Pilley's Project lies in a mature arc sequence hosting the historic Buchans mine. Covering about 60.25 square kilometres, the project includes multiple VMS systems and the historic Pilley's Island Mine, which produced roughly 450,000 tonnes of massive pyritic ore in the late 1800s. The geological setting, mineralization style, and host rock associations closely resemble the prolific Buchans camp, a key VMS district in Newfoundland.

The project area hosts three mineralization categories: lower-grade deposits at Spencer's Dock, medium-grade at Old Mines, and high-grade mineralization at the 3B-Zone and Clifford Jones areas. These represent sub-seafloor replacement and exhalative VMS deposit types, typically surrounded by chlorite, sericite, silica, K-feldspar, and epidote alteration zones characteristic of bimodal-felsic VMS systems. Historic drilling at the 3B-Zone returned notable intersections, including 16.77 metres of 1.84% copper and 3.05 metres of 5.03% zinc with 1.02 g/t gold. This framework supports the company’s view that multiple underexplored VMS systems remain on the property with strong discovery potential.

Electromagnetic Surveys to Inform Phase Two Drilling Strategy

Following Phase One assay completion, HM Exploration plans comprehensive geophysical surveys to guide Phase Two drilling. Upcoming surveys include downhole electromagnetic (EM), ground EM, optical televiewer, and acoustic televiewer methods. These will provide subsurface structural and conductivity data to identify mineralized system extensions at depth and along strike, enabling efficient prioritization of drill targets.

Phase Two drilling is expected to begin in fall 2026 after geophysical surveys and target planning conclude. Assay results from the final five Phase One drill holes (PI-26-008 through PI-26-012) are pending. Previous company disclosures from June 29 and July 7, 2026, noted significant mineralization from visual logging, with laboratory confirmation awaited. Pending assay data combined with geophysical results will shape the spatial distribution, orientation, and size of Phase Two drill targets.

Strategic Project Location and Infrastructure Support Ongoing Exploration

The Lewis Pilley's Project is situated about 25 kilometres east of Springdale, Newfoundland, with road access that lowers logistics costs and supports efficient drilling. It lies approximately 55 kilometres southeast of Firefly Metals' Green Bay Project and roughly 150 kilometres from the Pine Cove Mill and Port via major roads. This accessibility and proximity to regional mining infrastructure offer operational advantages for an early-stage exploration company advancing mineral discovery.

Located within a historically productive VMS district in central Newfoundland, the project benefits from established mineral exploration expertise, technical services, and supply chains. The company’s systematic evaluation of historically underexplored showings using modern exploration techniques—including drilling, geophysics, and lithogeochemistry—reflects a methodical approach to de-risking the property's VMS potential. Most historic showings have not undergone systematic modern exploration, and many historic drill holes were shallow and vertical, limiting understanding of subsurface extensions.

Sampling, Preparation, and Quality Assurance Protocols

All Phase One drill samples were sent to Eastern Analytical Ltd., an ISO/IEC 17025 accredited independent laboratory in Springdale, Newfoundland. Drill collars were located using hand-held GPS (NAD83 - Zone 21N), and rigs aligned with a Reflex TN-14 Gyrocompass for accuracy. Analytical methods included ICP-OES multi-element analysis (34 elements) with four-acid digestion, gold fire assay (30-gram sample) with atomic absorption finish, and ore-grade multi-element assays with atomic absorption finish.

Quality assurance and control involved systematic insertion of standard reference materials, blanks, and duplicates within the sample stream. Samples were uniquely identified and shipped with documented chain of custody. Nicholas Rodway, P. Geo (License #46541, Permit to Practice #1000359), served as the qualified person per National Instrument 43-101, supervising technical content preparation, reviewing drill logs, sample tags, chain of custody, and analytical protocols. No limitations were identified during verification.

Devil's Den Project in British Columbia Adds Secondary Exploration Asset

Beyond the Lewis Pilley's Project, HM Exploration holds 100% interest in the Devil's Den Project, an early-stage property comprising two contiguous mineral licences totaling about 3,200 hectares west of Port Alberni on Vancouver Island, British Columbia. Exploration in 2022 established four geochemical grids identifying potential buried mineralization and multiple high-grade copper occurrences. Phase One exploration in 2025 included high-resolution UAV magnetic surveying and lithogeochemical programs that identified new structural targets and zones with elevated copper, zinc, and nickel geochemistry.

The Devil's Den property features multiple historic adits with high-grade surface copper occurrences that remain undrilled. The company believes the lack of modern exploration leaves significant discovery potential. Devil's Den serves as a secondary exploration opportunity complementing HM Exploration’s primary focus on the advanced Lewis Pilley's VMS project. The company is committed to applying modern techniques across its portfolio to unlock value in historically underexplored Canadian mining districts.

Pending Assays and Upcoming Catalysts Expected in Second Half of 2026

Assay results for five Phase One drill holes (PI-26-008 through PI-26-012) remain outstanding. Previous company releases dated June 29 and July 7, 2026, reported visual logging indicating significant mineralization, with assay confirmation pending. These upcoming results will provide further insight into the continuity of both upper and lower mineralized zones and guide Phase Two drilling planned for fall 2026.

Investors may anticipate key developments including assay releases from the pending holes, results of electromagnetic and structural surveys, announcements of Phase Two drill targets and timing, and the start of Phase Two drilling in fall 2026. CEO Nicholas Rodway emphasized, "These assay results confirm that the Lewis Pilley's Project hosts a polymetallic VMS system with excellent potential for expansion," underscoring management’s confidence in the geological model and plans to systematically test mineralized system extensions. The immediate impact on share price remains unclear based on available information.