Scottie Resources Completes over 10,000 M of Drilling on Its Scottie Gold Mine Project

Rhea-AI Summary

Scottie Resources (OTCQB: SCTSF) has completed over 10,000 m of drilling in 47 holes as part of a fully financed, 50,000 m 2026 program on its Scottie Gold Mine Project in British Columbia’s Golden Triangle, using seven drill rigs. The campaign targets resource expansion and upgrading at the Blueberry Contact Zone and Scottie Gold Mine, plus testing of multiple district targets. Scottie aims to complete a Feasibility Study and updated mineral resource estimate in H1 2027.

According to Scottie Resources, the current Scottie Gold Mine Project resource stands at 703,000 oz of gold at 6.1 g/t (Inferred). A recent PEA outlines a DSO case with after-tax NPV(5%) of $215.8–$668.3 million at US$2,600–4,200/oz gold, initial capex of $128.6 million, average annual production of ~65,400 oz over seven years and a 1.7-year payback. A toll-milling scenario (no agreement currently in place) increases after-tax NPV(5%) to $380.1–$831.7 million and shortens payback to 0.9 years at US$2,600/oz.

The company also granted 584,075 stock options, 300,000 RSUs, 226,625 PSUs and 187,500 DSUs under its long-term incentive plan, with detailed vesting schedules and a $2.11 option exercise price.

Positive

• Fully financed 50,000 m 2026 drill program with 10,000 m already completed
• PEA DSO case after-tax NPV(5%) $215.8–$668.3m at US$2,600–4,200/oz
• Toll-milling scenario after-tax NPV(5%) $380.1–$831.7m, payback 0.9 years at US$2,600/oz
• Current resource of 703,000 oz Au at 6.1 g/t (Inferred) supports project scale
• Targeted Feasibility Study and updated MRE completion in H1 2027

Negative

• Initial capital cost of $128.6m required for the DSO development case
• Toll-milling economics assume use of nearby mill with no agreement currently in place
• Equity-based awards granted: 584,075 options, 300,000 RSUs, 226,625 PSUs, 187,500 DSUs, adding potential dilution

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Vancouver, British Columbia--(Newsfile Corp. - July 23, 2026) - Scottie Resources Corp. (TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR80) ("Scottie" or the "Company") is pleased to report that it has already completed over 10,000 m of drilling in 47 holes, with 7 drill rigs now turning. The fully financed 50,000 m program is Scottie's largest to date and will ensure adequate drilling for resource conversion and exploration upside on the Scottie Gold Mine Project, located 35 kilometres north of Stewart in the Golden Triangle of British Columbia. Scottie is on track to complete a Feasibility Study with an updated MRE on the project in H1 of 2027.

Focussed on expanding and upgrading high-grade gold resources at the Blueberry Contact Zone and Scottie Gold Mine, the drill program also includes aggressive testing of multiple high-priority exploration targets across the district, including the Bend Vein, the C and D Zones, the Serac Vein and Lakebed area, and the Domino target.

Combined with ongoing development and technical initiatives, including geotechnical, hydrogeological and condemnation drilling to support future infrastructure planning, extensive geophysical and remote sensing surveys, and expanded environmental baseline studies now entering their second year,the 2026 exploration program represents a significant milestone in advancing the Scottie Gold Mine Project. Together, these integrated programs are expected to drive resource growth, de-risk future development, and further unlock the potential of Scottie's district-scale gold assets in British Columbia's prolific Golden Triangle.

"Having pushed into camp earlier than any of our previous programs, we are now well into our largest drill program to date," said Dr. Thomas Mumford, President & CEO. "Drilling commenced on the Blueberry Contact Zone, and we are now positioning drills on the Scottie Gold Mine and the Domino target, with assays pending on 47 holes. We look forward to providing regular updates and assay results as they come in."

QUALIFIED PERSON

Dr. Thomas Mumford, P.Geo., CEO of the Company, is non-independent and a qualified person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release on behalf of the Company.

Grant of Stock Options, RSUs, and DSUs

On July 22, 2026, Scottie granted 584,075 stock options ("Options") to certain directors, officers and consultants to the Company, 300,000 Restricted Share Units ("RSUs") and 226,625 Performance Share Units ("PSUs") to officers of the Company, and 187,500 Deferred Share Units ("DSUs") to directors of the Company in accordance with the Company's Long-Term Incentive Plan. The Options are exercisable into common shares of the Company at an exercise price of $2.11 per share, for a period of 5 years from the date of grant. The Options vest 1/3 one year from grant, and 1/3 annually thereafter. The RSUs to vest 50% on April 1^st, 2029, and 50% on April 1^st, 2030. PSUs will vest 1/3 one year from the grant date, and 1/3 annually thereafter. Settlement of the PSUs will be subject to successful completion of key performance indicator milestones as determined by the Company's compensation and corporate governance committee. The DSUs vest one year from the date of grant.

ABOUT SCOTTIE RESOURCES CORP.

Scottie Resources holds 100% interest in the Scottie Gold Mine Property, which includes the high-grade, past-producing Scottie Gold Mine and the adjacent Blueberry Contact Zone. The Company also owns a 100% interest in the Georgia Project, host to the past-producing Georgia River Mine, as well as the Cambria, Sulu, and Tide North properties. In total, Scottie controls approximately 58,500 hectares of highly prospective mineral claims within the Stewart Mining Camp in British Columbia's Golden Triangle-one of the world's most prolific mineralized districts.

Scottie's current resource estimate on the Scottie Gold Mine Project includes a total of 703,000 gold ounces at an average grade of 6.1 g/t (Inferred category) in 3.6 million tonnes, highlighting the development potential for a significant near-surface, high-grade deposit. The Company's strategy is to continue expanding this resource and to define additional mineralization around past-producing mines through systematic drilling and surface exploration.

The Company has recently completed a PEA for the Scottie Gold Mine. The PEA outlines a robust Direct-Ship Ore (DSO) development scenario with strong economics and significant upside through a potential toll-milling option utilizing excess capacity at the nearby Premier mill. The base case DSO project delivers an after-tax NPV(5%) of $215.8-$668.3 million at gold prices of US$2,600-$4,200/oz, respectively. Under the toll-milling scenario, project economics improve substantially, with an after-tax NPV(5%) of $380.1-$831.7 million (no agreement currently in place). The PEA estimates initial capital costs of $128.6 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years for the after-tax DSO case-reduced to just 0.9 years under the toll-milling opportunity at US$2,600/oz.

Additional Information

Brad Rourke
Executive Chairman
+1 250 877 9902
brad@scottieresources.com

Forward-Looking Statements
This news release may contain forward‐looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306196

FAQ

What drilling progress has Scottie Resources (SCTSF) reported on the Scottie Gold Mine Project in 2026?

Scottie Resources reports over 10,000 m of drilling in 47 holes completed in 2026, within a fully financed 50,000 m program. According to Scottie Resources, seven drill rigs are currently operating, targeting resource growth and exploration across multiple zones on the project.

When will Scottie Resources (SCTSF) complete the Feasibility Study and updated resource estimate?

Scottie Resources plans to complete a Feasibility Study with an updated mineral resource estimate for the Scottie Gold Mine Project in H1 2027. According to Scottie Resources, the 2026 drilling, technical work and baseline studies are designed to support this timeline.

What are the key PEA economics for Scottie Resources’ Scottie Gold Mine (SCTSF)?

The PEA DSO case shows after-tax NPV(5%) of $215.8–$668.3m at US$2,600–4,200/oz gold. According to Scottie Resources, this assumes $128.6m initial capex, average annual production of ~65,400 oz over seven years and a 1.7-year after-tax payback.

How many gold ounces are currently estimated at Scottie Resources’ Scottie Gold Mine Project (SCTSF)?

Scottie Resources reports a current resource of 703,000 ounces of gold at an average grade of 6.1 g/t in the Inferred category. According to Scottie Resources, this near-surface, high-grade resource underpins the project’s development potential.

What is the toll-milling opportunity for Scottie Resources (SCTSF) and is an agreement in place?

The PEA models a toll-milling scenario using excess capacity at the nearby Premier mill, raising after-tax NPV(5%) to $380.1–$831.7m. According to Scottie Resources, this is an upside opportunity only, with no toll-milling agreement currently in place.

What equity incentives did Scottie Resources (SCTSF) grant in July 2026 and at what price?

On July 22, 2026, Scottie Resources granted 584,075 stock options at $2.11 per share, plus 300,000 RSUs, 226,625 PSUs and 187,500 DSUs. According to Scottie Resources, these awards vest over several years under its long-term incentive plan.

What is Scottie Resources’ (SCTSF) development strategy for the Scottie Gold Mine and surrounding properties?

Scottie Resources aims to expand and upgrade high-grade resources at the Scottie Gold Mine and Blueberry Contact Zone while testing district targets. According to Scottie Resources, systematic drilling, technical studies and a planned Feasibility Study support advancing a high-grade, near-surface gold project.