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Distributed on behalf of Blue Jay Gold

Weakness in gold is an opportunity, especially as global central banks continue to buy. In fact, according to the World Gold Council, central banks purchased an estimated 289 metric tonnes of gold during the second quarter of 2026. Poland and China were among the major buyers, reinforcing gold's appeal to countries looking to diversify their reserves. All of which is bullish for gold and related stocks, such as Blue Jay Gold (TSXV: JAY) (OTCQB: JAYGF), Newmont (NYSE: NEM), Franco-Nevada (NYSE: FNV) (TSX: FNV), Wheaton Precious Metals (NYSE: WPM) (TSX: WPM), and Iamgold Corp. (NYSE: IAG) (TSX: IMG).

Reported net purchases reached 39 tonnes in August. Preliminary September figures cited by the Financial Times put purchases at approximately 63 tonnes, the strongest monthly buying since November 2024. Those September numbers could still be revised, but they suggest central banks remain interested in adding gold.

In addition, Greenlight Capital founder David Einhorn has argued that persistent deficits and weak fiscal discipline strengthen gold's investment case. He has also said gold could outperform the Nasdaq over the next three to five years, potentially by a substantial margin. Even better, Goldman Sachs recently reiterated a $5,400 per ounce gold forecast by the close of 2027, even after the latest interest rate increase from the Federal Reserve. Analyst Lina Thomas expects for strong central bank buying to offset any slowdown impact from higher interest rates.

One of the Potential Beneficiaries is Blue Jay Gold (TSXV: JAY) (OTCQB: JAYGF)

Blue Jay Gold Corp. announced a materials purchase agreement with Ocean Partners UK Limited, an international trader of base and precious metal concentrates, in support of its Steller Gold Project, located 55 km south of Whitehorse, Yukon. The materials purchase agreement provides for the sale of the Company's remediation material and gives Ocean Partners exclusivity over the purchase of any further remediation stockpile and similar material from Steller during 2027.

The Remediation Material consists of surface stockpile material extracted by a previous operator during underground development at Skukum Creek. This material will be shipped to the Port of Skagway under the agreement with Ocean Partners.

Highlights

- Work that Should be Done: Removing this material reduces the historical legacy stockpiles at Steller and advances part of the Company's remediation program. Shipping it to Skagway makes the remediation work more sustainable, turning a remediation obligation into a source of non-dilutive capital.

- 2027 Exclusivity: Ocean Partners will have exclusivity over the purchase of any further remediation stockpile and similar material from Steller during 2027.

- PEA Planned: Blue Jay intends to complete a Preliminary Economic Assessment in the first half of 2027 evaluating a direct shipping ore option for the current Steller Mineral Resource under a life-of-mine scenario.

- Infrastructure Advantage: Steller is connected by road to both Whitehorse and the deep- water port of Skagway, Alaska. The Project is approximately 165 km by road from the point where the material will be delivered.

- Advance Payment on Delivery: Ocean Partners will pay 90% of the estimated value of each shipment shortly after loading, with the balance settled on final weights and assays.

"Projects with past operations often come with legacy stockpiles, and they create an opportunity to use progressive and novel approaches to rehabilitation. At Steller, geography gives us an elegant solution," said Geordie Mark, CEO of Blue Jay Gold. "Our approach also highlights a part of Steller that is easy to overlook. Many projects have no simple way to deal with stockpiles. At Steller, we can truck the material from site to a nearby port and load it onto a ship. Doing this with Ocean Partners means the work generates capital for the Company instead of consuming it, and an Agreement that extends through 2027 shows that Ocean Partners sees longer-term value in Steller. This work also gives us an early indication of whether a lower-impact direct shipping approach could work at Steller. That access is a real advantage for the Project, and it is why we intend to complete a PEA in the first half of 2027 that evaluates development options, including direct shipping. This shipment gives us a working test of the logistics that approach would rely on, while our exploration capital stays focused on drilling."

Brent Omland, CEO of Ocean Partners, added, "Direct shipping of remediation material is one of the products Ocean Partners trades, and Steller has the attributes, with its high-grade gold and silver mineralization, a past-producing mine and road access to a deep-water port, that make it a good fit. The remediation material gives us a practical place to start working together, and our exclusivity through 2027 reflects our confidence in the Project. We look forward to supporting Blue Jay as it advances Steller and considers the options available to bring its material to market."

Infrastructure and Logistics

Steller is accessed by an approximately 84 km road from Whitehorse and sits approximately 20 km north of the British Columbia border. The material will be collected and trucked by existing highway to Skagway, Alaska, an established port on the Pacific coast. Delivery would take place at Skagway and then shipped to Ocean Partners' facilities.

Materials Purchase Agreement

Under the Agreement, Ocean Partners will purchase 100% of stockpiled and similar material to the end of 2027. Material will be delivered free on board at Skagway, with payment based on a grade-based payability scale. Ocean Partners will advance 90% of the estimated value of each shipment shortly after loading, with the balance settled on final weights and assays.

Preliminary Economic Assessment

Blue Jay intends to complete a PEA in the first half of 2027 that evaluates a DSO option for the current Mineral Resource Estimate at Steller under a life-of-mine scenario. The Mineral Resource Estimate, prepared by P&E Mining Consultants Inc. with an effective date of October 31, 2025, includes Indicated Mineral Resources of 1,372,000 tonnes grading 9.06 g/t AuEq for 400,000 ounces AuEq and Inferred Mineral Resources of 2,166,000 tonnes grading 6.45 g/t uEq for 449,000 ounces AuEq, at a 3.0 g/t AuEq cut-off1. Practical experience from shipping the 2026 Remediation Material, including logistics, sampling and commercial terms, is expected to inform the PEA.

The 2026 Remediation Material is not a mineral resource or mineral reserve under National Instrument 43-101 ("NI 43-101"). The Company has not based any decision on a feasibility study of mineral reserves demonstrating economic and technical viability, and there is increased uncertainty and economic and technical risk associated with the bulk sample program.

1. 2026 Technical Report. TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE OF THE STELLER GOLD PROJECT, WHITEHORSE MINING DISTRICT, YUKON TERRITORY, CANADA. P&E Mining Consultants Inc. Effective Date: Oct. 31, 2025. Cut-off: 3.0 g/t AuEq. Au: US$2,850/oz. Ag: US$34.20/oz. AuEq ratio = Au:Ag 85.6:1

Next Steps

Blue Jay expects to ship the Remediation Material in the near term. The Company will engage a consultant and begin work on the PEA this quarter. Blue Jay will continue to evaluate further remediation pathways in consultation with its partners and stakeholders. Proceeds from the sale of the 2026 Remediation Material will be used to fund exploration at Steller and for general working capital.

Other related developments from around the markets include:

Newmont and Barrick reached an agreement under which excluded properties, including Barrick's Fourmile and Newmont's Fiberline and Mike developments, will be contributed into the Nevada Gold Mines (NGM) joint venture. The agreement concludes all outstanding disputes between the parties related to the NGM joint venture. With the resolution of all outstanding disputes and contribution of excluded properties, Newmont has provided its consent to Barrick's proposed IPO of its North American gold assets. The agreement includes enhanced governance provisions under a modernized joint venture agreement and provides for consideration of $1.95 billion from Newmont to Barrick to reflect the contribution of excluded properties into the joint venture. This agreement positions both parties to maximize the value of the joint venture. Newmont and Barrick will continue working together to improve NGM's safety and performance, unlock the full value these assets are capable of delivering, and ensure the long-term success of the joint venture for the benefit of all stakeholders.

Franco-Nevada, through a wholly-owned Australian subsidiary, it has entered into an agreement to acquire a A$170 million (approximately $122 million) gross royalty from Minerals 260 Limited to further support its development of the Bullabulling Gold Project. Additionally, Franco-Nevada has agreed to subscribe for A$30 million (approximately $22 million) of Minerals 260's ordinary shares as a lead order in a future equity raise. The Royalty acquisition will be in addition to Franco-Nevada's Australian subsidiary's existing 2.45% gross royalty interest over the Project, increasing its interest to a 3.90% gross royalty over Bullabulling, plus an expanded area of interest and enhanced Royalty profile. The investment in Minerals 260 Shares will build upon Franco-Nevada's existing ownership of Minerals 260 Shares. This financing package increases Franco-Nevada's support for Minerals 260 to develop Bullabulling to an aggregate A$420 million (approximately $300 million) and follows the A$220 million (approximately $155 million) financing package that Franco-Nevada provided Minerals 260 in February 2026 which has supported considerable resource growth and development progress at Bullabulling and significant appreciation of Minerals 260's Share price since this time. Paul Brink, President & CEO of Franco-Nevada said: "Both the team at Minerals 260 and the Bullabulling orebody continue to surpass our expectations. Minerals 260 is ahead of schedule on project development and financing and has rapidly grown its resource endowment. We are delighted to take this next step in building our partnership with the company and firmly believe that our financial backing can play a lynchpin role in generating value for Minerals 260 shareholders."

Wheaton Precious Metals "delivered another strong quarter, with solid production across the portfolio driving record year-to-date production, sales volumes, revenue, earnings and cash flow," said Haytham Hodaly, President and Chief Executive Officer of Wheaton Precious Metals. "In an environment marked by commodity price volatility and cost pressures, our robust margins and cash flow generation underscore the strength of the streaming model. Our financial position provides significant flexibility to pursue accretive streaming opportunities while continuing to advance one of the strongest growth profiles in the industry. Backed by a diversified portfolio of high-quality assets and a compelling pipeline of growth, we believe we are well positioned to deliver long-term value for all stakeholders." The company reported record $929 million in revenue, $543 million in net earnings and $650 million in operating cash flow. A record $1.8 billion in revenue, record $1.1 billion in net earnings and record $1.4 billion in operating cash flow. It declared a quarterly dividend¹ of $0.195 per common share and made two quarterly dividend payments totaling $177 million. It also reported a cash balance of $100 million and debt outstanding totaling $2.0 billion, resulting in total net debt of $1.9 billion.

Iamgold Corp. reported its financial and operating results for the second quarter ended June 30, 2026. "IAMGOLD delivered another strong and safe quarter, producing 188,100 ounces of gold and generating $507.3 million of adjusted EBITDA, keeping us firmly on track to achieve our full-year guidance of 720,000 to 820,000 ounces," said Renaud Adams, President and CEO. "At Côté Gold, the replacement of the conveyor belt in May and the commissioning of our second cone crusher allowed the plant to operate at near full capacity in June, and with contracted crushing now behind us, we expect production to increase and unit costs to decline through the second half of the year. Westwood and Essakane again delivered solid results. Our balance sheet has never been stronger, with a net cash position and $1.3 billion in liquidity, while returning nearly $150 million to shareholders in the quarter through our buyback program." The company added, "Beyond this near-term progress, the scale of Côté's long-term potential continues to grow. As we advanced our technical work this year, the consolidation of the Côté and Gosselin Mineral Resources, now exceeding 20 million ounces of Measured and Indicated, materially expanded the opportunity set in front of us - and we have chosen to take the time to thoroughly evaluate rather than constrain it to a single scenario."

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