Mackay Gold & Silver Kicks-off Inaugural 20,000 Metre Program with Drilling Now Underway at the Comstock District, Nevada

About this update from Mackay Gold & Silver Corp.

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - Mackay Gold & Silver Corp. (TSXV: MACK) (OTCQB: MKGSF) ("Mackay" or the "Company") is pleased to announce that the first drill rig has been mobilized to site and the Company's initial 20,000-metre drill program has commenced at its 100%-owned Comstock District property in Nevada. The Phase 1 drill program marks a significant milestone for Mackay, the start of the first ever large-scale, systematic exploration drilling along the Occidental-Brunswick Lode, a multi-kilometre vein system running parallel to the historic Comstock Lode (Figure 1). Plans for this Phase 1 program include: "Seeing rigs turning on the ground is what this has all been building toward. After assembling the largest consolidated land package in the district's history, we are launching the first modern systematic exploration effort this historic district has seen," stated Darwin Green, CEO and Director. "Our initial focus is the Occidental-Brunswick Lode, a compelling highly underexplored target that's been hiding in plain site for over a century. The Occidental-Brunswick Lode is a 3-mile-long mineralized structure, with the same strike, dip, and overall geological setting and character as the neighboring Comstock Lode that was mined to depths of over 3000 feet. We interpret post-mineral faulting to have down-dropped the Occidental-Brunswick relative to the Comstock, placing the richest portions of the lode at depth. The current drill program targets both near-surface oxide mineralization, which is low-grade by historical Comstock standards but high-grade in comparison to modern oxide gold deposits, and the deeper parts of the lode for the kind of very high-grade mineralization the historic Comstock District is best known for." Phase 1 Program Details The Phase 1 program consists of approximately 15,000 metres of Reverse Circulation ("RC") drilling and 5,000 metres diamond core drilling. The RC drill rig arrived on site June 17th, and drilling is now underway. The core drill rig is scheduled to arrive in early August. Assays will be reported as they are received, compiled, and verified, with reporting of first assay results currently projected for late summer. The Company looks forward to providing results and ongoing updates as the program advances.

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