Waraba Gold Confirms In-Situ Gold Mineralisation at Fetiko Within a 1.9 Kilometre Gold-in-Saprolite Corridor, Tengrela Gold Project, Côte d'Ivoire

Continuous channel sampling of trenching returns 6.60 metres at 1.16 g/t Au from 10.20 metres; a 297-hole auger programme defines the corridor; maiden drill programme now being designed

Vancouver, British Columbia--(Newsfile Corp. - September 24, 2026) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE00) (OTC Pink: WARAF) ("Waraba" or the "Company") today reports the first trench channel-sampling results from the Fetiko target on its Tengrela Gold Project in northern Côte d'Ivoire, together with the auger geochemical programme undertaken to establish their extent.

Continuous channel sampling of trench TGTR-FT-001-EX at Fetiko returned 6.60 metres at 1.16 g/t Au from 10.20 metres, confirming in-situ gold mineralisation in weathered bedrock (saprolite) at the target. The trench was excavated orthogonal to the interpreted structural orientation; the dip of the mineralised structure is not yet known, and reported lengths are channel-sample lengths, which may not represent true widths. Selective grab samples of quartz vein material taken from within the same trench returned individual values of up to 13.8 g/t Au; those samples are selective by nature, are not representative of the width sampled, and are reported separately below.

A 445-hole auger geochemical programme was subsequently commenced over the same structure to establish the extent of the system. 297 holes have been completed to date and assay results have been received for all of them; they define a coherent zone of anomalous gold in saprolite extending over approximately 1.9 kilometres along a north-north-east trend of 020° to 025°, present on six consecutive auger traverse lines spaced 400 metres apart. Gold values range from below the 1 ppb detection limit to a maximum of 376 ppb Au, with a median of 4 ppb and a mean of 9.8 ppb. The trench result is located within the main part of this anomaly.

No reverse-circulation or diamond drilling has been undertaken at Tengrela by the Company. Infill auger drilling and a first-pass reverse circulation programme are being designed over the corridor.

Auger drilling samples the weathered saprolite profile and is a geochemical targeting method. It indicates where gold-bearing bedrock may be present. Values are reported in parts per billion and are not drill intersections.

Highlights

Trenching

• 6.60 m at 1.16 g/t Au from 10.20 m in continuous channel sampling of trench TGTR-FT-001-EX at Fetiko, with a peak single channel sample of 3.15 g/t Au over 1.80 m.

• Further channel intervals along the same trench of 1.00 m at 1.10 g/t Au from 48.10 m and 1.40 m at 0.30 g/t Au from 37.20 m, indicating more than one gold-bearing structure.

• Ten selective grab samples of quartz vein material from the same trench returned values from 0.05 to 13.8 g/t Au. Selective samples are taken from quartz vein material specifically and are not representative of the width or grade of the structure.

• Gold occurs in quartz carbonate veins with instances of coarse visible gold, hosted in coarse-grained metasedimentary rocks.

• Intervals are reported at a 0.30 g/t Au cut-off, with a maximum of 3 metres of internal waste and a minimum length of 1 metre. The trench was excavated orthogonal to the interpreted structural orientation. True widths are not currently known and reported lengths are channel-sample lengths.

• The adjoining 98.31 m trench TGTR-FT-001 returned no channel interval meeting those criteria, with a maximum single channel value of 0.15 g/t Au.

Auger geochemistry

• Gold-in-saprolite anomalism defined over approximately 1.9 km of 020°-025° strike at Fetiko, developed on six consecutive traverse lines at 400 m line spacing and between approximately 200 m and 400 m in across-strike width.

• 297 auger holes completed for 3,656 m; one composite sample from each hole, all 297 assayed. Maximum 376 ppb Au; mean 9.8 ppb; median 4 ppb. 51 samples (17%) returned 10 ppb Au or more, 24 samples (8%) returned 20 ppb Au or more, and 3 samples (1%) returned 100 ppb Au or more.

• The anomalous zone is coincident with a structural corridor expressed in the Company's magnetic imagery, and with pervasive sericitization and carbonate alteration mapped at surface.

• Auger drilling at Fetiko is currently paused and is scheduled to resume and complete during October 2026 upon completion of the rainy season, with 148 of the planned 445 holes remaining.

• Infill auger drilling on a 200 m × 25 m pattern and a first-pass reverse circulation drill programme are being designed over the anomalous zone. No drilling has previously been undertaken by the Company at Tengrela.

Chief Executive's comment

"Fetiko has been our priority target on Tengrela, and this is the first time we have been able to show why. Trenching gave us gold in place, in weathered bedrock. The auger programme that followed it has outlined gold-in-saprolite anomalism along that structure over close to two kilometres, and the infill auger drilling we are now designing is intended to test continuity between the traverses. Our teams have worked through a difficult season to get this done, and what they have produced is a target that now justifies a drill programme — the first reverse circulation or diamond drilling the Company has undertaken at Tengrela." — Coulibaly Mamadou, Chief Executive Officer

About the Fetiko Target

The Fetiko target lies along an interpreted major splay structure off the main Syama shear corridor. The target is located along the sheared contact between metasediments and metavolcanic units and a large syn-kinematic granitic intrusion. The target is interpreted to be within a dilation zone formed in the pressure shadow of the granite intrusion.

Trenching at Fetiko

Two trenches have been excavated at the Fetiko target: TGTR-FT-001, 98.31 metres in length, and its south-east extension TGTR-FT-001-EX, 86.10 metres in length. The two trenches are joined into a single line, separated only by an undisturbed central road. Both were excavated on a bearing of 120°, orthogonal to the interpreted 025° structural orientation, and were continuously channel sampled over intervals averaging 1.4 metres.

Two types of sample were collected. Continuous channel samples were cut across the full width of the trench floor over the whole of its length, and are the basis for the intervals reported below. Selective grab samples were additionally taken from quartz vein material exposed within certain of those same intervals. Selective samples are collected from mineralised material specifically; they indicate the tenor of the vein but not the grade or width of the structure, and they are not combined with channel samples or reported as intervals.

On continuous channel sampling, trench TGTR-FT-001-EX returned 6.60 metres at 1.16 g/t Au from 10.20 metres, with a peak single channel sample of 3.15 g/t Au over 1.80 metres from 15.00 metres, together with two narrower intervals along its length. Trench TGTR-FT-001 returned no channel interval meeting the reporting criteria, with a maximum single channel value of 0.15 g/t Au. Results for every sampled interval in both trenches, with the sample type stated, are set out in Appendix B.

Table 1 — Fetiko trench results, continuous channel samples only. Intervals calculated at a 0.30 g/t Au cut-off with a maximum of 3 metres of internal waste and a minimum reported length of 1 metre. Lengths are channel-sample lengths measured along the trench floor, which was excavated orthogonal to the interpreted structural orientation. True widths are not currently known. Maximum single channel sample: 3.15 g/t Au over 1.80 m in TGTR-FT-001-EX; 0.15 g/t Au in TGTR-FT-001.

Selective samples

Ten selective grab samples of quartz vein material were collected from within trench TGTR-FT-001-EX and two from TGTR-FT-001. Individual values ranged from below detection to 13.8 g/t Au, the two highest being 13.8 g/t and 3.68 g/t Au, both taken from vein material within the 10.20 to 16.80 metre interval. These samples were selected from mineralised vein material and are not representative of the grade or width of the structure. They are reported here because they demonstrate the tenor the veins can carry; they are not included in the intervals in Table 1, and they should not be read as intersections.

How these results should be read

Gold at Fetiko occurs as coarse visible gold in brecciated quartz carbonate veining. Mineralisation of this style is characterised by high sample-to-sample variance, and the difference between the channel and selective results above is a direct measure of that: the veins are high grade, and the rock between them is not. The highest-grade selective sample has been re-submitted for screen fire assay on the coarse reject and the result will be reported when received. Trench channel sampling tests the near-surface weathered and transitional profile only and does not demonstrate continuity of grade at depth; drilling is required for that, and none has been undertaken.

Other trenching on the permit

Seven further excavations have been completed elsewhere on the Tengrela permit and were sampled as part of the same programme: trenches TGTR-SHR-001 and TGTR-SHR-002 at the Shear prospect, TGTR-MK-001, TGTR-MK-002 and TGTR-MK-002-Ex at the Meiko prospect, and two pits at Fetiko. No continuous channel sample from any of these returned a value above 0.09 g/t Au, and none returned an interval meeting the reporting criteria applied above. The highest single value from the group was 1.46 g/t Au in one of three grab samples from pit TG-FT-PT-001 at Fetiko.

The Fetiko auger programme

The auger programme was designed to establish whether the gold intersected in trenching at Fetiko forms part of a more extensive system. The Fetiko target was itself generated from historical regional soil geochemistry and from the Company's geological and structural interpretation of the Tengrela permit. The programme tested the saprolite profile beneath transported cover on a nominal 400 metre by 50 metre grid, with traverse lines oriented at 120° so as to cross the interpreted north-north-east structural trend at a high angle.

A total of 297 holes have been completed for 3,656 metres. Holes were planned to a depth of 15 metres or refusal, whichever was reached first; completed holes average 12.3 metres and range from 6 to 19 metres. A single composite sample of approximately 3 metres was collected from the base of each hole and submitted for gold analysis.

Results

The distribution of gold values in the Fetiko auger sample set is set out in Table 2.

Table 2 — Distribution of gold-in-saprolite values, Fetiko auger programme, all 297 samples. Values below the 1 ppb detection limit are reported as less than detection-limit entries in the Company's database.

The three highest values returned were 376, 221 and 180 ppb Au. Taken at a 20 ppb Au threshold, the anomalous samples define a zone approximately 1.9 kilometres in length on a bearing of 022°, developed on six consecutive traverse lines. Tenor is highest towards the south of the zone, where the 376 ppb and 81 ppb values occur, and decreases progressively towards the north-north-east.

The traverse lines immediately to the south-south-west and to the north-north-east of the anomalous zone returned maximum values of 9, 15 and 12 ppb Au respectively. On the results received to date the anomalous zone is therefore bracketed by lower-tenor traverses at both ends and is interpreted to be closed within this section of the structural corridor. Line spacing of 400 metres means that continuity between traverses is an interpretation and has not been demonstrated by the current sample spacing.

Table 3 — Fetiko auger programme status as at September 23, 2026.

Geological setting and interpretation

The Fetiko target lies along an interpreted major splay structure off the main Syama shear corridor. The target is located along the sheared contact between metasedimentary and metavolcanic units and a large syn-kinematic granitic intrusion, and is interpreted to sit within a dilation zone formed in the pressure shadow of that intrusion.

Anomalous gold at Fetiko is hosted in saprolite derived from coarse-grained metasedimentary rocks and quartz-feldspar porphyry. Field mapping by the Company's consulting geologists during August 2026 identified pervasive sericitization and carbonate alteration, with multiple generations of quartz veining developed throughout the target area. A clear spatial correlation is observed between sericitization and the presence of quartz veins. Kaolinite and smectite are interpreted as products of weathering rather than of hydrothermal alteration and are not used here as a vector.

The Company's consultants interpret the Fetiko system as the product of successive deformation in which early shear zones developed in metasedimentary rocks, facilitated the emplacement of mafic to felsic intrusions, and subsequently localised multiple generations of quartz veining under progressively more brittle conditions. Gold is interpreted to have been deposited under a reverse dextral transpressive regime, concentrated in quartz veins and along strike. The Fetiko structural corridor is clearly expressed in magnetic geophysical imagery over the permit.

Next steps

1. Complete the remaining 148 auger holes on the Fetiko grid, scheduled for October 2026, and report the balance of the results.

2. Design and execute infill auger drilling on a 200 metre by 25 metre pattern over the anomalous zone, to test continuity between the current 400 metre traverses.

3. Design a first-pass reverse circulation drill programme to test the anomalous zone in bedrock. This would be the first reverse circulation or diamond drilling undertaken by the Company at Tengrela.

4. Integrate the Fetiko results into the Company's Tengrela structural model and target ranking.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Benjamin Gelber, P.Geo, the Company's Technical Director, who is a practising Professional Geologist registered with Engineers & Geoscientists British Columbia (Licence No. 33258) and a "Qualified Person" as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Gelber is not independent of the Company within the meaning of section 1.5 of NI 43-101.

Data verification

Mr Gelber visited the Tengrela Gold Project in April 2026, during which he inspected the auger drilling operation, sample handling and storage procedures, and the Fetiko target area. Mr Gelber has reviewed the analytical results reported in this news release against the original laboratory certificates issued by SGS Côte d'Ivoire, and has reviewed the Company's quality assurance and quality control results for the sample stream. All 297 Fetiko auger values reported in this news release have been reconciled against those certificates, and the sample type of every trench sample has been validated against the field records. Mr Gelber is of the opinion that the data are adequate for the purposes of this disclosure. No mineral resources or mineral reserves are reported in this news release.

Sampling and analytical procedures

Trench samples were collected as continuous channel samples over intervals averaging 1.4 metres, in accordance with the Company's written trenching procedure, by field assistants under the supervision of the Company's project geologists. Selective grab samples of quartz vein material were collected separately and are identified as such in the Company's database and in Appendix B. Gold was determined by fire assay on a 50 g charge (SGS method code FAA505) with a lower detection limit of 0.01 ppm Au, under SGS certificates YM26-004654 and YM26-004688, dated 5 and 14 May 2026. Copper was determined on the same samples by method AAS13B.

Auger samples were collected as a single composite of approximately 3 metres from the base of each hole. Samples were prepared and analysed by SGS Mineral Services Côte d'Ivoire SA, an independent, internationally recognized and certified commercial laboratory, at its geochemistry facility in Yamoussoukro, Côte d'Ivoire. Gold was determined by fire assay on a 50 g charge (SGS method code FAE505) and reported in parts per billion, with a lower detection limit of 1 ppb Au and an upper limit of 10,000 ppb Au. Sample preparation was monitored by sieve testing, with 21 tests returning a mean pass of 94.88% at 75 µm against a target of 95%, a minimum of 93.0% and a maximum of 97.2%. Results were reported under SGS certificates YM26-004916, YM26-004977, YM26-005014 and YM26-005131, dated between 13 July and 25 August 2026.

Quality assurance and quality control

The Company inserted certified reference materials, blanks and field duplicates into the auger sample stream at an overall rate of approximately one control sample in every 20 routine samples, equivalent to approximately 5% of the sample stream, rotating between the three control types so that each occurs approximately once in every 60 routine samples. The laboratory additionally ran its own internal control programme across the same sample batches, comprising blanks, preparation blanks, in-house standards and repeat and split analyses of routine samples. Results are summarised in Table 4.

Table 4 — Quality control results across the auger sample stream. Blanks include preparation blanks, which test for contamination introduced during crushing and pulverising.

No certified reference material result fell outside three standard deviations of its expected value, and no material bias was identified. All 24 laboratory blanks, including preparation blanks, returned values below the 1 ppb detection limit, indicating no detectable sample-to-sample contamination.

For the trench sample stream, five insertions of certified reference material OREAS 252C returned a mean of 0.840 ppm Au against an expected value of 0.82 ppm, a bias of +2.4% and a precision of 1.20%, with no result outside three standard deviations. Four insertions of OREAS 253b returned values between 1.20 and 1.25 ppm against an expected 1.24 ppm. Field duplicate pairs on the trench stream returned a correlation of 0.966.

Analytical repeatability for the auger stream was assessed from 42 repeat and split analyses run by the laboratory across the sample batches. Repeats covering anomalous samples reproduced closely: 59 ppb against repeats of 63 and 61 ppb; 47 against 45 ppb; 45 against 44 ppb; 39 against 39 ppb; 18 against 18 ppb; and 12 against 11 ppb. The Company's own field duplicate pairs all returned values between 1 and 6 ppb Au, at or close to the detection limit, and therefore contribute no information on repeatability at anomalous values. The Company intends to target its field duplicate inserts at anomalous intervals in the remaining Fetiko programme.

Tengrela Gold Project

The Tengrela exploration permit covers approximately 399 km² in the Tengrela Region of northern Côte d'Ivoire, within the Birimian-aged Boundiali greenstone belt between the Syama (Resolute Mining) and Sissingué (Perseus Mining) gold mines. Multiple north-west and north-north-east to north-east-trending structural systems are interpreted to control the distribution of gold on the permit, with the most prominent gold-in-soil anomalies coinciding with north-east-trending regional shear zones and interpreted fracture networks. A close spatial relationship is recognised between the interpreted mineralised structures and intrusive bodies, which are considered to provide rheological contrast, zones of dilation and deposition sites for hydrothermal fluids. Nine priority targets have been delineated from the integration of geological and structural interpretation, magnetic geophysical data, soil geochemistry, lithological sampling and evidence of artisanal workings. Fetiko is one of the three highest-ranked.

Historical information

The regional soil geochemistry from which the Fetiko target was generated was completed by Randgold Resources in 2015. This historical information has not been verified by the Company's Qualified Person, is not being treated as current, and should not be relied upon as an indication of mineralisation on the Company's properties. The Company is not aware of any record of historical reverse circulation or diamond drilling on the Tengrela permit.

Adjacent properties

Resource estimates for the Syama and Sissingué mines referred to in this news release are those of the respective mine operators, are sourced from publicly available information, and are provided for regional geological context only. They are not necessarily indicative of the mineralisation on the Company's properties, and the Company has no interest in or right to acquire any interest in those properties.

About Waraba Gold Limited

Waraba Gold Limited (CSE: WBGD) (FSE: ZE00) (OTC Pink: WARAF) is a Canadian junior mining company focused on gold exploration in Côte d'Ivoire, West Africa. The Company holds earn-in interests in two flagship exploration licences: the Tengrela gold licence (399 km²) in the Tengrela Region of northern Côte d'Ivoire, situated within the Birimian-aged Boundiali greenstone belt between the Syama and Sissingué gold mines; and the Sirasso gold licence (369 km²) in the Sirasso Region. The Company's strategy is to consolidate a significant land position along the Birimian gold belt and to advance its properties through systematic exploration towards drill-ready targets and beyond.

Cautionary note regarding forward-looking statements

This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on management's reasonable assumptions, estimates and expectations as at the date of this release and are frequently identified by words such as "expect", "anticipate", "intend", "plan", "believe", "estimate", "scheduled", "may", "will", "could" and similar expressions. Forward-looking information in this news release includes statements concerning: the anticipated resumption, timing and completion of the Company's remaining auger programme at Fetiko; the timing of receipt and reporting of additional assay and screen-fire-assay results; the design, timing and execution of proposed infill auger drilling and a potential first-pass reverse circulation drilling programme; the Company's interpretation of the Fetiko gold-in-saprolite anomaly, including its interpreted dimensions, orientation and relationship to underlying bedrock mineralization; the potential continuity of anomalous gold values between currently spaced traverse lines; the integration of the results into the Company's geological and structural models and target ranking; and the Company's future exploration activities at the Tengrela Gold Project.

Forward-looking information is based on management's reasonable assumptions as at the date of this news release, including assumptions that: the reported assay and survey data have been accurately recorded and interpreted; the Company's geological interpretations are reasonable; seasonal and site-access conditions will permit field activities to resume as anticipated; required personnel, contractors, equipment, funding, permits and authorizations will be available when required; and planned exploration activities can be completed substantially in accordance with the Company's current plans and schedules.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied. These include the risks that: gold-in-saprolite anomalism does not correspond to continuous or economically significant bedrock mineralization; trench and selective-sample results are not representative of mineralization elsewhere on the property or at depth; the orientation, width and continuity of mineralized structures differ from current interpretations; additional or check assays differ materially from the results reported; current sample spacing is insufficient to establish continuity between traverse lines; planned exploration activities are delayed, modified, curtailed or cancelled due to weather, access, security, community, permitting, regulatory, contractor, equipment, financing or other conditions; required permits or authorizations are delayed or not obtained; the Company's geological interpretations change as additional data become available; and additional risk factors relating to the Company and its business are described in the Company's continuous disclosure documents available under its profile on SEDAR+ at www.sedarplus.ca. Exploration results are inherently uncertain, and there can be no assurance that further exploration will result in the discovery or delineation of a mineral resource.

Readers are cautioned not to place undue reliance on forward-looking information. Actual results and future events may differ materially from those anticipated. The Company undertakes no obligation to update forward-looking information except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Appendix A — Fetiko auger collar coordinates and gold results

All 297 auger holes completed at the Fetiko target to date, with collar coordinates, sample interval and gold result. Coordinates are WGS84 / UTM Zone 29N, confirmed from the survey record. RL is metres above sea level. Values reported as "<1" were below the 1 ppb Au lower detection limit. Every value below has been reconciled against SGS certificates YM26-004916, YM26-004977, YM26-005014 and YM26-005131.

Table A1 — Fetiko auger collar and assay data, 297 holes. Holes were drilled to 15 metres or refusal, whichever was reached first; a single composite sample of approximately 3 metres was collected from the base of each hole.

Appendix B — Fetiko trench channel sample results

All sampled intervals in trenches TGTR-FT-001 and TGTR-FT-001-EX. Collars: TGTR-FT-001 at 786509E / 1150975N, RL 352 m, azimuth 120°, length 98.31 m; TGTR-FT-001-EX at 786611E / 1150933N, RL 357 m, azimuth 120°, length 86.10 m. Coordinates WGS84 / UTM Zone 29N. Values reported as "<0.01" were below detection.

Table B1 — Fetiko trench sample results: all 154 samples submitted from the two trenches, including the eight quality control inserts. Control samples carry no downhole interval and are shown at their position in the sample sequence. Only samples marked "Channel" contribute to the intervals reported in Table 1.