Auriginal Reports Updated NI 43-101 Mineral Resource Estimate at Roger: Nearly 1.40 Million Ounces of Gold Inferred at 0.54 g/t Gold - Zone Open to Resource Expansion

Auriginal Mining reports an 8.8-fold increase in Inferred gold resources at Roger Project.

What the company is saying

Auriginal Mining Corp. is announcing a major update to its Roger Project in Quebec, reporting an Inferred Mineral Resource of 1,394,000 ounces of gold, 1,046,000 ounces of silver, and 70,630,000 pounds of copper at a 0.22 g/t Au cut-off. The company frames this as a near 1.4-million-ounce gold resource, emphasizing that this represents a substantial increase from the 2018 historical estimate, which had only 297,000 ounces Indicated and 159,000 ounces Inferred. Management attributes the increase to a revised 3D interpretation, a modern drill database, a lower cut-off grade, and higher metal prices (US$3,750/oz gold versus US$1,240/oz in 2018). CEO Peter Cashin highlights that all 2026 drilling, totaling 14,875 metres, sits outside the current resource model and will be incorporated in a further update targeted for end of Q2 2027. The company stresses its strategic position in a consolidating district, proximity to infrastructure, and the fact that the resource is entirely Inferred, with further drilling planned. The tone is confident, focusing on growth potential and the technical credibility of the estimate, while acknowledging that the current resource does not capture recent high-grade intersections or the full extent of mineralization.

What the data suggests

The updated resource estimate is based on 335 drill holes and 49,195 samples, with 11,862 composites generated, and excludes all 2026 drilling by Auriginal. At a 0.22 g/t Au cut-off, the Roger Zone hosts 80.5 million tonnes grading 0.54 g/t Au, 0.40 g/t Ag, and 0.04% Cu, containing 1,394,000 oz gold, 1,046,000 oz silver, and 70,630,000 lbs copper. This represents an 8.8-fold increase in Inferred gold ounces compared to the 2018 estimate (159,000 oz), but all previously Indicated resources (297,000 oz) have been reclassified as Inferred. The increase is driven by a larger mineralized envelope, lower cut-off grade, and higher gold price assumption (US$3,750/oz vs US$1,240/oz). Drilling in 2026 (14,875 m) extended mineralization to at least 1.4 km of strike and over 150 m deeper, but these results are not yet included in the resource. The resource remains entirely Inferred, with no Indicated or Measured material, and no economic study is presented. The technical disclosure is detailed, but the economic viability of the project is not addressed at this stage.

Analysis

The announcement presents a substantial increase in the Inferred Mineral Resource at the Roger Project, supported by detailed technical data (tonnage, grades, contained metals, drill meters, and sample counts). The tone is positive and emphasizes the scale of the new estimate versus the 2018 historical figure. However, the resource is entirely Inferred, with no Indicated or Measured resources, and no economic studies (PEA, PFS, or FS) or production timelines are disclosed. The majority of the claims are realised (resource estimate, drilling completed), but some forward-looking statements (planned Phase 3 drilling, future resource updates, potential for resource upgrade) are present. The benefits of this update (potential mine development or economic value) are long-term and highly uncertain, as the project remains at an early exploration/resource definition stage. The language is somewhat promotional in framing the resource as a 'new baseline' and highlighting 'significant increase,' but these are proportionate to the technical results. No large capital outlay or immediate earnings impact is disclosed, so capital intensity is not flagged.

Risk flags

• ●All reported resources are Inferred, which carries a high level of geological uncertainty and does not demonstrate economic viability. Upgrading to Indicated or Measured status will require substantial additional drilling and technical work.
• ●The large increase in contained gold is partly due to a lower cut-off grade and a much higher gold price assumption (US$3,750/oz), which may not be sustainable if market conditions change. This introduces sensitivity to future gold price movements and could reduce the resource size under less favorable pricing.
• ●None of the 2026 drilling (14,875 m) is included in the current resource, so the estimate does not reflect the most recent high-grade intersections or full strike and depth extensions. There is execution risk in converting these results into additional resources and in confirming continuity.
• ●No Preliminary Economic Assessment, Pre-Feasibility Study, or Feasibility Study is disclosed, so there is no information on potential project economics, capital requirements, or permitting status. This leaves major uncertainties about the project's path to development.
• ●All previously Indicated resources have been downgraded to Inferred, reflecting a more conservative modeling approach but also reducing confidence in the resource base compared to the prior estimate.

Bottom line

Auriginal Mining's updated resource estimate for the Roger Project shows a dramatic increase in Inferred gold, silver, and copper resources, driven by a lower cut-off grade, higher gold price, and a revised geological model. While the technical disclosure is detailed and the scale of the resource is now substantial, all material is classified as Inferred, meaning there is significant uncertainty and no demonstrated economic viability. The exclusion of 2026 drilling from the current estimate means further upside is possible, but also that the current resource does not capture the latest results. The company plans a further update by the end of Q2 2027, but investors should recognize that the project remains early-stage and high-risk, with no economic study or development timeline. The most important takeaway is that this is a large, early-stage resource with potential, but substantial de-risking and technical work remain before any path to production or economic value can be established.

Announcement summary

(TSXV:AUME) Auriginal Mining Corp. announced an updated National Instrument 43-101 Mineral Resource Estimate for the Roger gold-copper porphyry deposit (the Roger Zone) at its 100%-owned Roger Project in the Chibougamau mining district of Quebec. The estimate was prepared by PLR Resources Inc. and Evomine Consulting Inc., with an effective date of September 13, 2026. At a 0.22 g/t Au cut-off, the Roger Zone now hosts an Inferred Mineral Resource of 80.5 million tonnes grading 0.54 g/t Au, 0.40 g/t Ag, and 0.04% Cu, containing 1,394,000 ounces of gold, 1,046,000 ounces of silver, and 70,630,000 pounds of copper. This is a significant increase from the 2018 historical estimate, which reported 297,000 ounces of gold Indicated and 159,000 ounces of gold Inferred. The increase is attributed to a revised three-dimensional interpretation, a modern compiled drill database, a lower cut-off grade, and current metal prices. Phase 1 (10 holes, 7,325 m) and Phase 2 (15 holes, 7,550 m) drilling programs have extended the mineralized system to at least 1.4 km of strike length and more than 150 m below previous drilling, with all new drilling outside the current resource model. These results, along with a planned Phase 3 program in 2027, will be incorporated into a further resource update targeted for the end of Q2 2027. The updated estimate is considered a new baseline for the Roger Project. The resource estimate is based on 335 drill holes and 49,195 samples, with a cut-off date for the drill hole database of September 13, 2026, and excludes all drilling completed by Auriginal in 2026. A total of 11,862 composites were generated for the estimate. The pit-constrained Mineral Resources for the base case are reported at a lower cut-off grade of 0.22 g/t Au, using a gold price of US$3,750/oz and a CAD:USD exchange rate of 1.38. At various cut-off grades, the Inferred gold resource ranges from 1,722,000 ounces at 0.15 g/t Au cut-off to 889,000 ounces at 0.50 g/t Au cut-off. The 2018 historical estimate used a higher cut-off (0.45 g/t AuEq) and a gold price of US$1,240/oz. All material previously classified as Indicated is now classified as Inferred. The Roger Project covers 987 hectares, is located 5 km from the town of Chibougamau, and has all-season road access and nearby grid power. The Chibougamau-Chapais camp has produced an estimated 4.0 million ounces of gold and 2.7 billion pounds of copper historically. The 2026 drilling programs have added approximately 14,875 metres of drilling outside the current model, including some of the highest-grade intersections ever returned on the property. Assays from remaining Phase 2 holes are pending, and a Phase 3 geophysical and diamond drilling program is planned for 2027 to expand the deposit and test new targets. The technical report supporting the estimate will be filed on SEDAR+ within 45 days of this release.

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