Karus Mining Announces Commencement of 2026 Exploration Program at South Caribou with 7,500 Metre Core Drilling Program

(via TheNewswire)

June 11, 2026 - TheNewswire - Vancouver, British Columbia – Karus Mining Inc. (“Karus” or the “Company”) announces that it has commenced exploration activities on the South Cariboo Gold District project in British Columbia. The work program includes mobilization of a drill rig to support a 7,500 m drill program targeting the further definition and expansion of the higher grade gold potential at the FG Gold Property (“FG Gold”). FG Gold is part of the Company’s 994.88 square kilometre (“km2”) South Cariboo Gold District in British Columbia (Figure 1). The 2026 Exploration Plan is intended to build on the success of prior programs following the combination of Karus Gold and Theia Gold Corp. Through this combination, the Company has strengthened its technical team and fully funded exploration activities.

Key 2026 Exploration Objectives

• Deliver a focused drill program to expand and further define the two higher-grade structurally controlled vein corridors discovered in 2020/21 at FG Gold (Figure 2). 

  • Both corridors extend 650 m along strike and are open along trend to the northwest. 

• Drill test highest priority targets to discover new vein corridors along trend for over 20 km to the northwest at FG Gold. 

  • Higher-grade structurally controlled vein corridors are repetitive. 

  • Targets defined by gold-in-soil and historical drill intercepts. 

• Currently planning initial 7,500 m of core drilling with option to expand program. 

• Evaluate additional vein corridors and advance these new targets to the drill stage. 

FG Gold – A Predictive Model

A detailed review by the Karus technical team of the most recent drill programs in 2020/21 has confirmed our understanding of the structural controls that focus higher-grade gold mineralization at FG Gold. The key features of these high-grade gold corridors are outlined below.

• A Known Deposit Type - Typical of sediment hosted orogenic gold deposits, high-grade gold mineralization is localized in zones of increased quartz veining related to deformation of the sedimentary rocks that host FG Gold. 

• Predictable Controls to Gold - The favourable stratigraphic unit that is the preferential host to gold mineralization at FG Gold is folded around a large-scale northwest trending synform called the Eureka Syncline shown in Figure 2.  Related to, and parallel to this synform are smaller-scale fold zones called parasitic folds.  These parasitic folds, or “hinge zones” effectively “thicken” gold bearing veins into the hinges, creating a series of regularly spaced zones containing a broad zone of low-grade gold mineralization cored by a higher-grade interval associated with increased quartz veining.  

• Predictable Orientation - These zones are roughly parallel to the axial plane of the Eureka Syncline and form elongate corridors oriented in a northwest/southeast direction. 

Given this enhanced understanding of the orientation of these higher-grade gold corridors, the Company believes that the intercepts below define two of these higher-grade gold corridors that will be the focus of the 2026 drill program. A plan map of the drill collars and traces is included in Figure 3, including the location of the cross sections in Figures 4 ad 5, which show the above-mentioned intercepts related to the development of high-grade gold corridors.

Table of Significant Drill Results from the 2020/21 Drilling that Outline Higher-Grade Gold Corridors

1. For drill results see the July 21, 2022 Technical Report titled “Technical Report on the South Cariboo

Property, British Columbia, Canada” on SEDAR.

2. Karus Mining has not been able to determine true width yet due to complexity of the vein structures within the mineralized zones. 3. Composites are calculated using a 0.3 g/t Au cutoff, incorporating no more than 7 m downhole dilution. Higher grade composite sections are calculated using a 1 g/t and 3g/t cutoff incorporating no more than 5 m downhole dilution.  Screen metallic assay data is present as it is more representative of the true sample grade due to the increased sample volume processed and the multiple size fractions analyzed.

Mineral Creek

The Company is currently in the process of incorporating the large volume of historical geological information for the Mineral Creek project located 11 kilometres south of Port Alberni, British Columbia into a modern database. Once complete, the Karus geological team plans to use this integrated model to define drill targets for a program to in the second half of 2026.

Grant of Incentive Stock Options

Effective June 11, 2026, the Board of Directors of the Company has approved the grant of an aggregate of 2,000,000 incentive stock options (the "Options") to certain directors, officers and advisors of the Company, in accordance with the terms of the Company's stock option plan.

The Options are exercisable at a price of C$0.85 per share (based on the most recent financing price) and will expire on June 11, 2031. Vesting of Options will occur in three equal parts on the following dates: June 11, 2026, June 11, 2027, and June 11, 2028.

About Karus

Karus is the 100% owner of 994.88 km2 mineral claims in the South Cariboo Gold District that includes the drill-stage FG Gold and Gold Creek projects in British Columbia, and also controls the Mineral Creek gold exploration project, which is centred 12 km southeast of Port Alberni, on Vancouver Island, British Columbia.

Karus was formed through the merger of Karus and Theia Gold Corp. in 2023.

ON BEHALF OF KARUS MINING INC.

Andrew Kaip

Interim Chief Executive Officer

For more information, please contact Karus Investor Relations at (888) 455-7620. Further information on Karus and its assets can be found at www.sedarplus.ca, or by contacting us as info@karusgold.com.

Qualified Person

Technical information with respect to the South Caribou Gold District contained in this news release has been reviewed and approved by Steven McMullan, P.Geo., an independent consultant, who is Karus Mining's Qualified Person under National Instrument 43-101 definition.

Cautionary Statement on Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are frequently identified by words such as "expects", "anticipates", "plans", "intends", "believes", "estimates", "may", "will", "potential", and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's exploration plans and activities, drilling programs, exploration objectives, the advancement of exploration targets, the interpretation of geological and drilling data, the potential extension of known mineralized corridors, and the potential for future exploration success.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of Karus based on information currently available to Karus. In connection with the forward-looking information contained in this news release, Karus has made assumptions about Karus’ ability to complete the planned exploration activities. Karus has also assumed that no significant events will occur outside of Karus’ normal course of business. Although Karus believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. Specifically, there is no assurance that Karus will be able to recruit or retain a new exploration team, complete the development of an exploration plan, raise the necessary capital to fund these activities, or confirm any additional mineralization within any of the Corporation’s mineral properties.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Karus disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

Figure 1. Location of the 1,000 square km South Cariboo Gold District

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Figure 2. View to the Northwest of the Eureka Syncline showing the Property-scale Potential to Expand Gold Mineralization Potential at FG Gold Click Image To View Full Size

Figure 3. Location of FG Gold High-Grade Gold Corridors and Section Lines

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Figure 4. Cross Section A to A’ (View to Northwest)

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Figure 5. Cross Section B to B’ (View to Northwest)

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