Cadillac Mines Intersects 10.96 Grams Per Tonne Gold Over 4.4 Metres Approximately 75 Metres Down-Dip of Previous Drilling and Identifies a Third Shear at Galloway’s Moriss Zone

Cadillac Mines reports high-grade gold intercepts and strong drilling progress at Galloway.

What the company is saying

Cadillac Mines Corporation is presenting initial assay results from its first diamond drilling campaign at the Moriss Zone of the 100%-owned Galloway Project in Quebec, following its April 2026 acquisition of Fokus Mining. The company highlights the discovery of a new mineralized shear (Moriss-3) and confirms gold mineralization at depth in Moriss-1 and Moriss-2, with headline intercepts such as 10.96 g/t Au over 4.4 m and 8.02 g/t Au over 3.2 m in hole GAL26-003. The release emphasizes operational scale, noting 2,592 metres drilled at Moriss as part of a 27,500 metre program at Galloway and a total of 105,927 metres drilled company-wide by September 2026, which is 73% of the 145,000 metre annual target. Cadillac is operating 12 drill rigs and has allocated a $65 million budget for its 2026 exploration campaign. The company also details upcoming geophysical surveys and a contract with Geologic AI to scan over 40,000 metres of historic core. The tone is confident, focusing on technical achievement and systematic progress, with direct commentary from Senior Vice President, Exploration, Kerry Sparkes, and technical sign-off by Senior Project Manager, Clayton Pearson, P.Geo.

What the data suggests

The disclosed assay results from Moriss Zone are robust, with hole GAL26-003 returning 10.96 g/t Au over 4.4 m, 8.02 g/t Au over 3.2 m, and 6.81 g/t Au over 3.6 m, all reported as estimated true width. Additional intercepts include 11.26 g/t Au over 1.0 m and 4.53 g/t Au over 2.2 m in GAL26-004, and 1.63 g/t Au over 2.1 m in GAL26-006. These grades are well above typical economic cut-offs for gold exploration, and the presence of three distinct shears (Moriss-1, Moriss-2, Moriss-3) spaced 100–200 metres apart suggests a potentially scalable mineralized system. Operationally, Cadillac Mines has completed 105,927 metres of drilling by September 2026, achieving 73% of its 145,000 metre annual target, and is running 12 rigs across its portfolio. The exploration budget for 2026 is $65 million, indicating a high level of capital deployment. The company is also investing in property-wide geophysical surveys and advanced core scanning, further supporting systematic exploration. The technical disclosures are detailed, with clear QA/QC protocols and independent laboratory analysis. No resource estimate or economic study is provided at this stage, which is consistent with early-stage exploration.

Analysis

The announcement provides detailed, specific assay results from three drill holes at the Moriss Zone, with explicit grades, widths, and locations, as well as operational progress (metres drilled, rigs operating, budget spent). The tone is positive but proportionate to the realised technical results, and there is no evidence of narrative inflation or exaggerated claims about future value. The only forward-looking statements are routine (planned follow-up drilling and geophysical surveys), and these are clearly separated from the realised results. The $65 million exploration budget is significant, but this is normal for a large-scale exploration program and is paired with concrete, ongoing technical progress. As an exploration-stage company, the absence of revenue or profit metrics is not a deficiency. There is no hype or overstatement; the language is factual and supported by disclosed data.

Risk flags

• ●There is no compliant resource estimate or economic assessment for the Moriss Zone or the broader Galloway Project, so the commercial viability of these intercepts remains unproven and subject to future drilling and technical studies.
• ●The $65 million exploration budget for 2026 is substantial, and without a defined resource or economic study, there is risk that capital may not translate into shareholder value if subsequent results do not support a viable deposit.
• ●The company’s operational focus is spread across multiple projects and targets, which could dilute management attention and capital allocation, potentially slowing progress toward a maiden resource or development decision at any single asset.
• ●Follow-up drilling at Moriss, including testing of the newly identified Moriss-3 shear, is not scheduled until Q1 2027, introducing a multi-month execution gap and exposure to potential delays or changing market conditions.

Bottom line

Cadillac Mines has delivered strong initial gold assay results from the Moriss Zone at Galloway, with multiple high-grade intercepts and confirmation of a third mineralized shear, supporting the geological potential of the project. The company is executing an aggressive exploration campaign, having drilled 105,927 metres year-to-date at a $65 million budget, and is on track to meet its 145,000 metre annual target. While technical disclosures are detailed and operational progress is clear, the absence of a resource estimate or economic study means the investment case remains speculative and tied to future drilling success. The next key catalyst will be the follow-up drill program at Moriss in early 2027, as well as results from ongoing geophysical surveys and historic core analysis. Investors should focus on whether further drilling can demonstrate continuity, scale, and grade sufficient for a resource, as this will determine if the current technical success can translate into economic value.

Announcement summary

(TSX:CADY) Cadillac Mines Corporation announced assay results from exploration diamond drilling at the Moriss Zone on its 100%-owned Galloway Project, located approximately 30 kilometres west of Rouyn-Noranda, Quebec. The Moriss Zone is situated about 400 metres west of the main Galloway trend and consists of vein-hosted stringer to disseminated pyrite mineralization within moderately dipping shear zones. These results are from the company's inaugural Galloway diamond drill program following the April 2026 acquisition of Fokus Mining Corporation. The drilling confirms gold mineralization down-dip of previous drilling on the Moriss-1 and Moriss-2 shears and identifies a third mineralized shear, Moriss-3. Results are reported for three holes totaling 2,592 metres from the 2026 exploration drilling at Moriss, which is part of a 27,500 metre 2026 exploration program across the Galloway Property. Highlighted results include 10.96 g/t Au over 4.4 m ETW, 8.02 g/t Au over 3.2 m ETW, and 6.81 g/t Au over 3.6 m ETW in hole GAL26-003; 11.26 g/t Au over 1.0 m ETW and 4.53 g/t Au over 2.2 m ETW in hole GAL26-004. Moriss-1, Moriss-2, and Moriss-3 shears are spaced approximately 100 to 200 metres apart and are hosted in the Blake River volcanic sequence. Drilling started in June 2026 and was completed in early August. Hole GAL26-003 intersected Moriss-1 (8.02 g/t Au over 3.2 m ETW at 150 m below surface), Moriss-2 (10.96 g/t Au over 4.4 m ETW at 225 m below surface), and Moriss-3 (6.81 g/t Au over 3.6 m ETW). Hole GAL26-004 intersected Moriss-1 (1.31 g/t Au over 0.8 m ETW), Moriss-2 (4.53 g/t Au over 2.2 m ETW), and a near-surface interval of 11.26 g/t Au over 1.0 m. Hole GAL26-006 intersected Moriss-1 (1.63 g/t Au over 2.1 m ETW). Through the end of September 2026, Cadillac Mines completed 105,927 metres of drilling, representing 73% of the full-year target of over 145,000 metres, at a budgeted cost of approximately $65 million. The company is currently operating 12 diamond drill rigs, with four at Galloway, two at Kerr-Addison, five at Larder, and one at the Geminid Nickel target. Cadillac Mines will also conduct a property-wide airborne full tensor gradient magnetic survey and a ground-based deep penetrating MT geophysical survey in the fourth quarter. Geologic AI has been contracted to scan over 40,000 m of historic Galloway core, collecting continuous XRF chemistry and hyperspectral mineralogy. Cadillac Mines maintains an internal QA/QC program at Galloway, with samples analyzed at ALS Geochemistry laboratories. Mr. Clayton Pearson, P.Geo, Senior Project Manager, is the Qualified Person who approved the technical information in this release.

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