Forte Minerals Commences First-Ever Drilling at the Pucarini High-Sulfidation Gold Project, Puno, Peru

Rhea-AI Summary

Forte Minerals (OTCQB: FOMNF) has started its first-ever diamond drilling campaign at the 100% owned Pucarini High-Sulfidation Gold Project in Puno, Peru. The Phase I program is 5 holes totaling 1,750 metres to test a large-scale high-sulfidation epithermal gold system over a 3.6 km by 1.8 km alteration footprint. Core processing and sampling from drill hole #1 is underway and the company expects assay results in early Q1 2026. Forte also disclosed two strategic investors who each invested C$5.7 million, strengthening the treasury for Pucarini and the Alto Ruri gold project.

Positive

• 1,750 m inaugural drill program underway
• Assays expected in early Q1 2026
• Two strategic investors funded C$11.4M combined

Negative

• Conflicting assay timeline: December comment vs early Q1 2026 stated elsewhere

News Market Reaction

+1.83%

1 alert

+1.83% News Effect

On the day this news was published, FOMNF gained 1.83%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Phase I drilling: 1,750 metres Drill holes: 5 diamond drill holes Strategic investment: C$5.7 million +5 more

8 metrics

Phase I drilling 1,750 metres Five-hole inaugural program at Pucarini High-Sulfidation Gold Project

Drill holes 5 diamond drill holes Phase I program testing high-sulfidation epithermal gold system

Strategic investment C$5.7 million Each of two new strategic investors over past four months

Project size 1,000 hectares 100% owned Pucarini Project area

Alteration footprint 3.6 km by 1.8 km Hydrothermal alteration footprint at Pucarini

Au anomaly size 1,200 m by 600 m Cohesive gold geochemical anomaly in rocks and soils

Options granted 2,750,000 options Director, officer and consultant options from Oct 14, 2025 update

Option exercise price C$0.78 Exercise price for 2,750,000 options, five-year term

Market Reality Check

Price: $1.02 Vol: Volume 3,604 is well belo...

low vol

$1.02 Last Close

Volume Volume 3,604 is well below the 20-day average of 18,930 (relative volume 0.19x). low

Technical Shares trade above the 200-day MA of 0.31 with price at 0.7739, near the 52-week low.

Peers on Argus

Peers show mixed moves: VIPRF +12.84%, EQMEF +25.18%, while CTMCF -4.93% and SSV...

Peers show mixed moves: VIPRF +12.84%, EQMEF +25.18%, while CTMCF -4.93% and SSVRF is flat. FOMNF’s modest +1.83% move appears more stock-specific than part of a uniform sector swing.

Historical Context

3 past events · Latest: Nov 26 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 26	Drilling commencement	Positive	+1.8%	First-ever 5-hole, 1,750m drill program and two C$5.7M investors.
Oct 14	Leadership change	Positive	-5.4%	Appointment of new independent chairman and issuance of 2,750,000 options.
Sep 16	Shareholder disposition	Negative	+5.5%	Large holder sold 1,428,000 shares, reducing stake from 9.59% to 7.42%.

Pattern Detected

Recent news has often seen price moves that diverge from the apparent tone of the announcements, with governance and ownership changes drawing sharper reactions than operational progress.

Recent Company History

This announcement continues a recent series of corporate and project developments. On Sep 16, 2025, a major shareholder reduced its stake, yet the stock rose. On Oct 14, 2025, a new non-executive chairman and option grants coincided with a price decline. Today’s Nov 26, 2025 news marks the first-ever drilling at Pucarini, a 1,750-metre, 5-hole program backed by two new strategic investors, each committing C$5.7 million.

Market Pulse Summary

This announcement marks the first-ever drilling at Pucarini, a 1,000-hectare project with a 1,750-me...

Analysis

This announcement marks the first-ever drilling at Pucarini, a 1,000-hectare project with a 1,750-metre, 5-hole Phase I program targeting a large high-sulphidation epithermal system. Two strategic investors, each committing C$5.7 million, bolster the treasury and support both Pucarini and Alto Ruri. Investors may watch upcoming assay results in early Q1 2026, progress on Alto Ruri permitting, and any further governance or ownership changes for additional signals.

Key Terms

high-sulphidation epithermal, epithermal gold, porphyry copper - molybdenum, magnetic susceptibility, +4 more

8 terms

high-sulphidation epithermal technical

"Testing for potential large-scale high-sulphidation epithermal gold system"

A high-sulphidation epithermal deposit is a type of near-surface mineral system where hot fluids have left abundant sulphide minerals (often carrying gold, copper or other metals) in and around fractured rock. For investors, it matters because this geological style can host high-grade, concentrated mineralization that may produce valuable ore but can also pose processing or environmental challenges; think of pockets of metal-rich rock formed like streaks of filling in a pastry.

epithermal gold technical

"hosts numerous epithermal gold (“Au”) and porphyry copper - molybdenum"

Epithermal gold describes gold deposited by hot, mineral-rich fluids in the upper crust, typically within a few hundred meters of the surface, forming veins and porous zones similar to mineral traces left around hot springs. For investors, it matters because these near-surface deposits are often cheaper and quicker to explore and mine than deep deposits, but their size, grade and sensitivity to water and surface disturbance influence project value, costs and regulatory or environmental risks.

porphyry copper - molybdenum technical

"epithermal gold (“Au”) and porphyry copper - molybdenum (“Cu-Mo”) deposits"

A porphyry copper–molybdenum deposit is a large, low-grade concentration of copper and molybdenum minerals spread through a mass of cooled igneous rock formed by past molten intrusions. For investors, these deposits matter because they can support long-lived, large-scale mining operations where the economics depend on bulk production, capital costs, and the value of both copper and molybdenum—think of a loaf of bread with valuable "chips" dispersed throughout rather than a single nugget.

magnetic susceptibility technical

"Ground Magnetic Susceptibility 3D Model and Proposed Drilling"

Magnetic susceptibility measures how easily a material becomes magnetized when placed in a magnetic field, like how readily a sponge soaks up water. For investors, it matters because that property affects the value and usefulness of materials and products—impacting yields in mining, suitability of metals and composites for electronics or energy applications, performance of medical imaging agents, and related manufacturing costs and market demand.

chargeability technical

"high chargeability anomaly that potentially outlines a Au-Cu-Mo porphyry system"

Chargeability is the extent to which a cost, expense or staff time can be assigned and billed to a specific project, customer or account. For investors, higher chargeability usually means more revenue and clearer paths to recover costs, which improves profitability and cash flow; low chargeability can signal idle capacity or costs that must be absorbed by the company. Think of it as the percentage of work time you can put on an invoice versus time you must cover yourself.

diamond drilling technical

"diamond drilling has commenced at its 100%-owned Pucarini"

Diamond drilling is a method that uses a rotating drill with industrial diamonds on the bit to cut and retrieve cylindrical rock samples (cores) that preserve the sequence of underground layers. For investors, these cores act like a geological “biopsy,” providing direct, verifiable information about mineral presence, grade and continuity—data that underpins resource estimates, project valuation, drilling risk and financing decisions.

qualified person regulatory

"Qualified Person (“Qualified Person”) as defined by National Instrument 43-101"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

national instrument 43-101 regulatory

"as defined by National Instrument 43-101. He has reviewed and approved"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

• Five-hole 1,750m drill program underway
• Testing for potential large-scale high-sulphidation epithermal gold system
• Assay results expected early Q1 2026
  

VANCOUVER, British Columbia, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Forte Minerals Corp. (“Forte” or the “Company”) (CSE: CUAU) (OTCQB: FOMNF) (Frankfurt: 2OA) is pleased to announce that diamond drilling has commenced at its 100%-owned Pucarini High-Sulfidation Gold Project (“Pucarini” or the “Project”) in southern Peru. This marks the first-ever drill program on the Project and represents a significant milestone following several years of geological work, community engagement, and environmental permitting.

Pucarini is located within the Southern Peru Miocene Mineral Belt, which hosts numerous epithermal gold (“Au”) and porphyry copper - molybdenum (“Cu-Mo”) deposits. The Project exhibits a large-scale hydrothermal alteration footprint with high-sulphidation epithermal Au type mineralization, similar to those of neighbouring and regional deposits in the Puno region of Southern Peru.

Figure 1 - Key Mineral Belts of Southern Peru, INGEMMET, 2020.

Figure 2 – Pucarini Au Geochemistry - IP Chargeability-Resistivity 3D Model - Ground Magnetic Susceptibility 3D Model and Proposed Drilling

Over the past several years, Forte has carried out detailed mapping, geochemistry, multispectral mineralogical analysis, and ground geophysics, while also building strong, long-term relationships with local communities. The Company secured its DIA drilling permit in August 2023 (refer to news release – September 29, 2023) and entered into a renewed one-year Community Agreement on March 1, 2025, ensuring local support for the 2025–2026 exploration drilling program.

Inaugural Drill Program

The Phase I program consists of:

• 5 diamond drill holes
• 1,750 metres total (~350 m per hole)
• Testing a potential large-scale high-sulfidation epithermal gold system.
  
  

The drill targets were prioritized based on coincident gold geochemistry, high-sulfidation alteration zones, and high resistivity geophysical anomalies, creating a potential cohesive exploration model.

Figure 3 – Pucarini Au in Rock and Soil Geochemistry - Ground High Magnetic Susceptibility and Proposed Drill Hole Locations (1,750 m Proposed)

Figure 4 – Pucarini Diamond Drill Hole #1 in Cross section – Shallow IP High Chargeability/High Resistivity Anomaly with Deeper IP High Chargeability/Low Resistivity Anomaly.

Figure 5 – Pucarini Diamond Drill Hole #2 in Cross section - IP High Chargeability/ Low Resistivity Anomalies Coincident with a High Magnetic Susceptibility Anomaly

Figure 6 – Pucarini Diamond Drill Hole #3 in Cross section - IP High Chargeability/ Low Resistivity Anomaly and Deeper High Magnetic Susceptibility Anomaly

The 1,000-hectare 100% owned Pucarini Project contains multiple advanced argillic alteration zones within a 3.6 km by 1.8 km hydrothermal alteration footprint. These zones are characterized by massive and granular silica ledges, vuggy silica, and high-sulfidation alteration textures, all consistent with high-sulfidation epithermal Au alteration and mineralization on surface.

Forte has identified a cohesive Au geochemical anomaly in rocks and soils that spans 1,200 m by 600m, supported by a large 1,500 m by 600 m high chargeability anomaly. This is also coincident with a deep-rooted high magnetic susceptibility anomaly that potentially outlines a Au-Cu-Mo porphyry system at depth. Lower levels of anomalous Cu and Mo geochemistry in rocks and soils dominate the main target zone lending more conviction to a potential deeper porphyry target. Together, these datasets outline a robust, untested high-sulphidation epithermal Au target overprinting a potential porphyry Au-Cu-Mo target at greater depth.

With drilling now underway, the Company is positioned to unlock the first subsurface information ever collected from this extensive system. Core processing and sampling from the first drill hole is now underway, and the Company anticipates delivering first assay results to the market in early Q1 2026.

Figure 7 - Pucarini Project high sulfidation epithermal alteration with anomalous Au in surface rock geochemistry

For more details on the geology, targeting methodology, and exploration model at Pucarini, please visit the project page: https://forteminerals.com/projects/pucarini/

Forte’s President & CEO Statement, Patrick Elliott commented:

“The start of drilling at Pucarini is a major milestone for Forte. After years of geological groundwork, permitting progress, and meaningful collaboration with local communities, we are finally able to test what we believe is one of the most compelling untested high-sulfidation gold exploration targets in southern Peru.

The scale of the alteration system, the strength of the geophysics, and the consistency of the gold anomaly make this a highly attractive first-pass discovery opportunity. With drilling underway, we look forward to sharing initial results with the market in December.”

Strengthened Balance Sheet and Strategic Alignment

Over the past four months, Forte has welcomed two new strategic investors, each investing C$5.7 million, bolstering the Company’s treasury and aligning long-term development plans across all projects. These investors bring significant in-country operational experience and will play an important role in unlocking value not only at Pucarini, but also at the Company’s second Au asset, the Alto Ruri Au Project.

Alto Ruri Gold Project (15 km from Barrick’s Pierina Mine)

While drilling progresses at Pucarini, Forte remains committed to advancing its second Au project, Alto Ruri, located approximately 15 km from the past-producing Pierina Mine, one of Barrick’s former cornerstone operations. Alto Ruri hosts shallow historical drilling, high-resistivity geophysical anomalies, and district-scale epithermal signatures, underscoring its potential for a near-surface Au discovery (refer to the news release dated March 4^th, 2024).

With the support of two new strategic investors with deep operational experience in Peru, advancing environmental permitting at Alto Ruri is a key priority as the Company prepares the project for future drilling.

Qualified Person and NI 43-101 Disclosure

Richard Osmond, P.Geo., an Independent Director, is the Company’s Qualified Person (“Qualified Person”) as defined by National Instrument 43-101. He has reviewed and approved the technical information contained in this news release.

The information contained in this press release can also be viewed in the NI 43-101 Technical Report on the Pucarini Property, filed on SEDAR+ in November 2021.

About Forte Minerals

Forte Minerals Corp. is a well-funded exploration company with a strong portfolio of high-quality copper and gold assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C., the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.

On behalf of Forte Minerals Corp.

(signed) “Patrick Elliott”
Patrick Elliott, MSc, MBA, PGeo
President & Chief Executive Officer
Forte Minerals Corp.
T: (604) 983-8847

Investor Inquiries	Media Contact
Kevin Guichon, IR & Capital Markets	Anna Dalaire, VP Corporate Development
E: kguichon@forteminerals.com	E: adalaire@forteminerals.com
C: (604) 612-9976	T: (604) 983-8847
	info@forteminerals.com
	www.forteminerals.com

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Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Images accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/52e7d639-603f-4d4a-b7de-3dd04fa2bc2d

https://www.globenewswire.com/NewsRoom/AttachmentNg/edea04da-ac6b-4f7a-a72b-60babaf95040

https://www.globenewswire.com/NewsRoom/AttachmentNg/d31dd674-76a5-4a7b-a6e1-96aa007d99be

https://www.globenewswire.com/NewsRoom/AttachmentNg/68ed58ee-1d7f-465c-974b-4842b64a4e93

https://www.globenewswire.com/NewsRoom/AttachmentNg/386f7ccf-a5c2-4890-8484-c2159ea9b24a

https://www.globenewswire.com/NewsRoom/AttachmentNg/36a4fcbb-8a28-43ee-ae62-ca35dbb5b2b2

https://www.globenewswire.com/NewsRoom/AttachmentNg/769d6ed9-ceb9-4402-846e-a017e0362e8c

https://www.globenewswire.com/NewsRoom/AttachmentNg/c372199d-8780-49ea-9dfc-43d0c6018805

FAQ

What is the scope of Forte Minerals' Pucarini drill program (FOMNF) started on Nov 26, 2025?

Phase I comprises 5 diamond holes totaling 1,750 metres to test a high-sulfidation gold system.

When does Forte expect to release Pucarini assay results for FOMNF?

The company anticipates first assay results in early Q1 2026 (core processing from hole #1 is underway).

How much funding did Forte secure to support Pucarini drilling (FOMNF)?

Forte announced two strategic investors, each investing C$5.7 million, totalling C$11.4 million.

What targets are Forte testing with the Pucarini drilling program (FOMNF)?

Drilling targets a high-sulfidation epithermal gold anomaly overprinting a potential deeper Au-Cu-Mo porphyry target.

Does Forte (FOMNF) have community and permitting in place for Pucarini drilling?

Yes; Forte secured a DIA drilling permit in August 2023 and renewed a one-year Community Agreement on March 1, 2025.

How large is the Pucarini alteration footprint being drilled by Forte (FOMNF)?

The alteration footprint covers about 3.6 km by 1.8 km, with rock-and-soil gold anomalies spanning 1,200 m by 600 m.