Fredonia Provides El Dorado Monserrat Project and Corporate Update

About this update from Fredonia Mining, Inc.

Company completes approximately 3,500 meters of drilling, begins receiving assay results from its infill-focused program, continues advancing the PEA and strengthens development capabilities with the appointment of internationally experienced mining executive Gustavo Gomes TORONTO, July 07, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. ("Fredonia" or the "Company") (TSXV: FRED) is pleased to provide an update on the continued advancement of its flagship El Dorado Monserrat ("EDM") Project in Santa Cruz Province, Argentina, where multiple technical and corporate initiatives are progressing in parallel as the Company advances the Project toward its next stage of evaluation. Over recent months, the Company has continued to execute several complementary technical and corporate initiatives designed to support the evaluation and advancement of EDM. These initiatives include the ongoing Preliminary Economic Assessment ("PEA"), the current diamond drilling campaign, which has now completed approximately 3,500 metres, geological modelling and resource refinement, and the strengthening of the Company's technical capabilities through the appointment of internationally experienced mining executive Gustavo ("Gus") Gomes as Strategic Advisor. Together, these initiatives continue to strengthen the Company's understanding of the Project and support informed technical and development decisions. In addition, the Company recently expanded the EDM Project through two strategic land acquisitions, increasing the Project's footprint to approximately 33,500 hectares and extending the Company's district-scale land position toward the Cerro Vanguardia mining district. While these newly acquired lands are not expected to impact the current PEA or ongoing drilling program, they significantly strengthen the Company's strategic land position surrounding EDM and provide additional long-term exploration and development opportunities across the broader district. The Company has initiated a systematic geological review of these properties with the objective of prioritizing future exploration targets and integrating the most prospective areas into the Company's longer-term exploration strategy, including the potential to expand exploration activities beyond the current 10,000-metre drilling program. "Our team remains focused on the disciplined execution of a series of complementary technical and corporate initiatives designed to systematically advance EDM while creating long-term value for our shareholders," stated Estanislao Auriemma, Chief Executive Officer of Fredonia. "The appointment of Gus reflects the continued evolution of EDM and our commitment to building the technical capabilities required for the Project's next stage of evaluation," added Mr. Auriemma. "As EDM continues to advance, we believe it is important to complement our exploration expertise with leadership that has successfully evaluated, developed, constructed and operated world-class mining projects. Gus brings a unique combination of geological, operational and executive experience, and his perspective will provide valuable guidance as we continue evaluating the Project's long-term development opportunities."

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