Elcora Advanced Materials Executes Binding Agreement for Proposed Acquisition of the Eldorado Gold Mine in South Africa’s Barberton Greenstone Belt

About this update from Elcora Advanced Materials Corp.

TRANSACTION HIGHLIGHTS Elcora has signed a binding range of terms (BROT) with Elmaic Trading CC to acquire 100% of the Eldorado Gold Mine and associated tailings operations on Portion 1 of the Farm Louieville 325 JU, Ehlanzeni District, Mpumalanga, South Africa The aggregate consideration is US$2,000,000 in cash and 20,000,000 common shares of Elcora, structured across milestone-based tranches linked to permitting, production, and resource validation designed to align stakeholder interests with project advancement The Eldorado property is situated within the Barberton Greenstone Belt, in proximity to the operating Fairview Mine (Pan African Resources) and Lily Mine (Vantage Goldfields) Elcora engaged a Qualified Person to conduct an independent site assessment as the next step in the due diligence and resource evaluation process The initial phase (Phase 0) operations — processing of on-site surface tailings — require no new mining permit and is designed to generate sufficient cash flow to partially fund subsequent mine development phases An initial interest-free loan of US$61,500 will be advanced within 7 business days of BROT execution for Prospecting Right renewal, with the Longstop Date for Transaction completion set at 15 July 2026 HALIFAX, Nova Scotia, May 28, 2026 (GLOBE NEWSWIRE) -- Elcora Advanced Materials Corp. (TSX.V: ERA) (the “Company” or “Elcora”) is pleased to announce that it has executed a binding range of terms dated May 27, 2026 (the “BROT”) with Elmaic Trading CC (Registration No. 2008/001476/23) (the “Vendor”), an arm’s length party, in respect of the proposed acquisition by Elcora of 100% of the Eldorado gold property and associated surface tailings stockpile located on Portion 1 of the Farm Louieville 325 JU, Ehlanzeni District, Mpumalanga Province, South Africa (the “Eldorado Property” or the “Project”) (the “Transaction”). Completion of the Transaction represents a significant strategic development for Elcora, establishing the Company’s direct entry into gold asset ownership in one of the world’s most recognized and historically productive gold-mining jurisdictions. The BROT sets out the principal terms and conditions agreed in principle by the parties as the basis for negotiating and executing a definitive agreement. The proposed Transaction contemplates Elcora acquiring 100% of the issued and outstanding shares of the Vendor fol...

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