Northern Discovery Metals Announces Agreement to Acquire the Cibola Copper-Gold Project in British Columbia

CALGARY, Alberta, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Northern Discovery Metals Inc. (CSE: NOR) (FSE: M1V0) (“Northern Discovery” or the “Company”) is pleased to announce that it has entered into a purchase agreement dated October 7, 2026 (the “Agreement”) with Orogen Royalties Inc. (“Orogen”) to acquire from Orogen a 100% interest in the Cibola copper-gold project (“Cibola” or the “Property”) in British Columbia, subject to a 2% net smelter returns royalty and the obligations described below (the “Acquisition”).

Cibola comprises approximately 3,567 hectares of road-accessible mineral claims approximately 90 kilometres south-southwest of Houston, British Columbia. The Property lies in a region hosting porphyry copper-molybdenum deposits associated with the Bulkley and Babine intrusive suites, including the past-producing Huckleberry Mine. Mineralization at nearby properties is not necessarily indicative of mineralization at Cibola.

Figure 1. Cibola Project location and claim boundary, showing road access and the approximate locations of the Main and Gold zones.

Previous exploration identified two exposed areas known as the Main Zone and Gold Zone within a property largely covered by glacial deposits. Historical geological and geophysical work identified extensive alteration and an approximately 2.0-kilometre by 1.4-kilometre induced polarization (“IP”) chargeability anomaly exceeding 40 mV/V at the Main Zone. These dimensions describe the geophysical anomaly, rather than a defined mineralized body. Subsequent IP work in 2019 and airborne electromagnetic and magnetic surveys in 2025 provided additional information supporting the porphyry exploration model. Orogen’s interpretation identifies conductivity and magnetic anomalies overlapping the IP chargeability anomaly, anomalous surface geochemistry and areas of historical shallow drilling. Together, these results support the interpretation of a potential copper-gold-molybdenum porphyry system.

The geological model interprets the combined information as potentially reflecting intrusive bodies beneath an alteration blanket. Historical percussion drilling at the Main Zone was predominantly shallow (average hole length approximately 60 metres) and intersected several anomalous intervals. Orogen considers the interpreted deeper porphyry target insufficiently tested. This interpretation provides a basis for further exploration; it does not establish the presence of an economic mineral deposit.

“Cibola broadens our exploration portfolio with a road-accessible copper-gold-molybdenum target supported by several generations of geological and geophysical work,” said Jared Suchan, Ph.D., P.Geo., Chief Executive Officer and Director of Northern Discovery. “Our priority is to integrate the existing information and refine the geological interpretation so that subsequent exploration can test the target systematically.”

Under the Agreement, the Company will pay $130,000 and issue 700,000 common shares (“Shares”) to Orogen as follows:

• $30,000 and 100,000 Shares at closing;
• $50,000 and 300,000 Shares on the earlier of receipt of a drilling permit for the Property and July 31, 2027; and
• $50,000 and 300,000 Shares on the earlier of six months after receipt of a drilling permit for the Property and December 31, 2027.
  

All amounts are in Canadian dollars. Shares will be subject to a statutory hold period of four months and one day from issuance. The Acquisition is arm’s length, and no finder’s fees are payable.

At closing, the Company will grant Orogen or its nominees a 2% net smelter returns royalty on the Property, reducible to 1.5% by written notice and payment of $5,000,000 no later than 90 days after completion of the earlier of: a pre-feasibility; or a feasibility study. The royalty also applies to additional mineral interests acquired within a one-kilometre area of interest, as provided in the royalty agreement.

If the Company has not completed 15,000 metres of drilling on the Property by August 12, 2030, annual payments of $20,000 to the underlying optionors will commence and continue until that threshold is met.

Completion of the Acquisition is subject to CSE approval and satisfaction or waiver of the other closing conditions in the Agreement. Closing is expected to occur two business days after those conditions are satisfied or waived, or on another date agreed by the parties. There can be no assurance that the Acquisition will be completed on the anticipated terms or timeline.

Qualified Person Statement

Jared Suchan, Ph.D., P.Geo. (EGBC #67668), Chief Executive Officer and Director of the Company, and a “Qualified Person” within the meaning of National Instrument 43-101 — Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical contents of this news release.

The technical discussion of Cibola is based on Dr. Suchan’s review of the existing technical information relating to the Property, including the exploration information and geological interpretations summarized by Orogen. Dr. Suchan’s data verification was limited to reviewing the available technical records. No new sampling or assay results, mineral resource estimates or mineral reserve estimates are reported in this release. Historical interpretations remain subject to confirmation through further exploration, and geophysical anomalies may have causes unrelated to economic mineralization. For a further discussion of the Company’s QA/QC and data verification processes and procedures, please see its most recently-filed technical report, a copy of which may be obtained under the Company’s profile at www.sedarplus.ca.

About Northern Discovery Metals Inc.

Northern Discovery Metals Inc. is a mineral exploration company focused on the acquisition, exploration and advancement of mineral properties in Canada. The Company is exploring for copper at its Vent Project on Vancouver Island, British Columbia, where it holds an option to acquire a 100% interest. Northern Discovery has also entered into an agreement to acquire the Cibola copper-gold project in British Columbia, subject to the closing conditions described in this release.

On Behalf of the Board of Directors

Dr. Jared Suchan
Chief Executive Officer and Director

Phone: (604) 294-3020
Email: info@northerndiscoverymetals.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws. These statements include statements concerning completion and timing of the Acquisition; satisfaction of closing conditions and receipt of CSE approval; future cash payments, share issuances and royalty obligations; the potential exercise of the royalty reduction right; receipt of drilling permits; the geological interpretation and exploration potential of Cibola; and the Company’s plans to evaluate and advance the Property.

Forward-looking statements are based on management’s current expectations and assumptions, including that the parties will perform their contractual obligations; required approvals and permits will be obtained; sufficient financing, personnel and contractors will be available; existing technical information will provide a reasonable basis for further evaluation; and access arrangements, field conditions and regulatory requirements will permit the contemplated activities.

Actual results may differ materially because of risks including failure to complete the Acquisition or obtain required approvals; financing constraints; permitting or access delays; uncertainties concerning mineral title and assumed liabilities; environmental and reclamation obligations; incomplete or unreliable historical information; changes in geological interpretations; unsuccessful exploration; adverse field conditions; increased costs; and changes in commodity prices, capital markets or government requirements. Exploration may not identify an economic mineral deposit. Additional risks are described in the Company’s continuous disclosure filings available on SEDAR+.

There can be no assurance that the Acquisition will close or that proposed exploration will proceed or achieve the anticipated results. Readers are cautioned against placing undue reliance on forward-looking statements, which speak as of the date of this release. The Company undertakes no obligation to update these statements except as required by applicable securities laws.

The CSE has neither approved nor disapproved the information contained herein.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2fe2b56c-ee78-4ded-b393-ca364f079641