Medaro Mining Identifies Multiple Strongly Defined Magnetic Targets at Bastnäs Project, Sweden

Medaro reports high-grade rare earth, gold, and copper assays from Bastnäs magnetic survey.

What the company is saying

Medaro Mining Corp. (CSE:MEDA, OTCID:MEDAF, FSE:1ZY) is highlighting the completion of a high-resolution drone magnetic survey at its Bastnäs Project in central Sweden, positioning this as a key technical milestone in its 2026 exploration program. The company emphasizes the discovery of multiple magnetic high structures correlating with historic iron ore mines and the identification of six principal areas of interest for further exploration. Management frames the integration of geophysical survey data with 218 rock chip samples—returning up to 32.99% total rare earth oxide (TREO), 16.5 g/t gold, and 23.7% copper—as evidence of significant mineral potential. The announcement is forward-leaning, stressing the intention to refine targets for follow-up drilling and the planned Phase 2 drone survey in 2027. Mark Carruthers, President and CEO, is quoted to reinforce confidence in the technical approach and the prioritization of new targets. The company also discloses that three mineral exploration permits are currently held on trust by McKnight Resources AB and Explora Mineral AB, with the intent to transfer 100% ownership to Medaro pending regulatory approval.

What the data suggests

The survey covered the central section of Bastnäs and identified multiple magnetic high structures, with lineaments trending northeast-southwest and a structural overprint disrupting these trends. The company collected 218 rock chip samples from both new outcrops and historic workings, with previously reported assays reaching up to 32.99% TREO, 16.5 g/t gold, and 23.7% copper. These grades are high for early-stage surface sampling and suggest the presence of significant mineralization, though the data is limited to select samples and does not establish continuity or economic viability. Six principal areas of interest have been delineated based on the combined geophysical and geochemical results. The current survey has gaps due to terrain and operational constraints, which Medaro plans to address in a Phase 2 survey scheduled for 2027. Permit ownership is not yet finalized, with 100% transfer to Medaro contingent on regulatory approval. No resource estimates, drilling results, or economic studies are disclosed at this stage. The technical information has been reviewed by a Qualified Person, Amanda Scott, but historical and third-party data are used for context only.

Analysis

The announcement provides a factual and detailed update on the completion of a drone magnetic survey and the integration of these results with prior surface sampling at the Bastnäs Project in Sweden. The language is generally proportionate to the operational progress: the company reports specific technical milestones (survey completion, sample counts, assay results) and identifies six principal areas of interest based on combined data. Forward-looking statements are present but limited, mainly relating to planned Phase 2 survey work in 2027, ongoing data integration, and the pending transfer of exploration permits. There is no evidence of exaggerated claims about imminent production, resource size, or economic value, nor is there any mention of large capital outlays or near-term financial impact. The tone is positive but not promotional, and the technical information is reviewed by a Qualified Person. The gap between narrative and evidence is minimal, with most claims supported by disclosed facts.

Risk flags

• ●Permit transfer risk is material, as all three Bastnäs Project exploration permits are currently held on trust and require regulatory approval for 100% transfer to Medaro. Failure to secure these approvals would prevent the company from advancing the project under its own control.
• ●Operational risk remains high because the current magnetic survey has gaps due to terrain and environmental constraints, requiring a follow-up Phase 2 survey in 2027. Delays or incomplete coverage could hinder target definition and slow the exploration timeline.
• ●Exploration risk is significant: while surface samples show high grades (up to 32.99% TREO, 16.5 g/t gold, 23.7% copper), these results are from select rock chips and do not guarantee continuity, grade, or economic mineralization at depth. Further drilling and geological work are required to validate the project's potential.
• ●Execution risk is present in integrating geophysical, geological, and historical data to define drill targets. Misinterpretation or overreliance on indirect geophysical anomalies could result in ineffective or costly follow-up exploration.

Bottom line

Medaro's announcement demonstrates technical progress at the Bastnäs Project, with high-grade rare earth, gold, and copper assays from surface sampling and a completed drone magnetic survey that has generated new exploration targets. The disclosed grades are strong for early-stage work, but the data is limited to surface rock chips and does not yet support resource definition or economic assessment. The company does not yet control the project outright, as permit transfers remain subject to regulatory approval. The next key milestones are the completion of the Phase 2 magnetic survey in 2027 and the advancement to drilling, both of which are prerequisites for demonstrating project scale and value. Investors should recognize that while the technical groundwork is promising, the timeline to any resource estimate or economic study is long and contingent on successful permitting and further exploration. The most important takeaway is that Bastnäs remains a high-potential but early-stage project, with significant technical and regulatory hurdles still ahead.

Announcement summary

(CSE: MEDA) (OTCID: MEDAF) (FSE: 1ZY) Medaro Mining Corp. announced the results of a high resolution, low elevation drone magnetic survey completed at the Bastnäs Project in central Sweden as part of its 2026 exploration program. The survey covered the central section of the Bastnäs Project and was designed to provide detailed information on magnetic characteristics, geological structure, and distribution of prospective mineralized zones. Multiple magnetic high structures were discovered, correlating with historical iron ore mines, and strongly defined magnetic high lineaments trending NE-SW were identified across the project area. The survey revealed a structural fabric overprint that breaks up the magnetic high lineaments. Certain areas within the current magnetic survey contain gaps in coverage due to terrain, environmental, and operational constraints, which are planned to be infilled during Phase 2 in 2027. The magnetic response is significant at Bastnäs due to extensive historical mining of magnetite and the known occurrence of copper, gold, and rare earth element mineralization within iron-rich magnetite horizons. The survey results are being integrated with the company's 2026 surface sampling results, which included 218 rock chip samples collected from new outcrops and historic workings. Previously reported results from these samples included up to 32.99% total rare earth oxide (TREO), 16.5 g/t gold, and 23.7% copper. Six principal areas of interest have been identified based on combined geological, geochemical, and geophysical results. Medaro will continue to integrate geophysical results with geological, geochemical, and historical mining data to identify priority targets for follow-up exploration and drilling. The technical information in the release was reviewed and approved by Amanda Scott, a consultant of the company and a Qualified Person as defined under National Instrument 43-101. The Bastnäs Project comprises two mineral exploration permits, Bastnäs 100 and Bastnäs 200, currently held on trust by McKnight Resources AB, and one permit, Bäckegruvan nr 1, held on trust by Explora Mineral AB. Pending applicable regulatory approvals, the permits are intended to be transferred 100% to Medaro. The Bastnäs Project is located in central Sweden and is prospective for rare earth mineralization, precious metals, and base metals. Mark Carruthers is President and CEO of Medaro Mining Corp. The company is focused on the acquisition and advancement of high-quality mineral projects in Ontario, Quebec, and Sweden.

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