HALIFAX, NS / ACCESS Newswire / September 14, 2026 / Axo Metals Corp. (TSXV:AXO) ("Axo", "Axo Metals" or the "Company") is pleased to announce a series of drilling results from its San Antonio project in Sonora, Mexico. The drilling contained within the release represents the first significant step-out drill results from outside the resource, in conjunction with drill results within and around the Sapuchi deposit.

"While the drilling in and around Sapuchi continues to report very strong results, we are excited to announce the initial assays from step out holes well outside the resource boundary" says Jonathan Egilo, President & CEO. "We are excited to follow up on these initial results at the new Luz del Cobre target. Ongoing drilling is being done both in and around the Luz del Cobre historical pit, in addition to testing the wide gap zone that sits between Luz del Cobre and Sapuchi."

San Antonio Drill Results

The Company is reporting the results of 29 holes, which represents approximately 5,000 metres of drilling. Today's results are from the first resource growth and step out drilling performed by Axo since its acquisition of the San Antonio project earlier this year. The step out drilling is in the Luz del Cobre area and has seen strong gold mineralization directly from surface. Standout hole SOSAP-26-048, which returned 46.5 metres grading 1.43gpt Au of oxide mineralization directly from surface, was collared approximately 750 metres outside the Sapuchi resource boundary, to the east.

The Company is also reporting additional drilling from within and around the Sapuchi resource. Axo is considering Sapuchi as a potential starter-pit due to its high-grade oxide resources, and favourable topography. The goal of the Sapuchi drill program is to target opportunities to convert areas within the block model that were previously considered as waste, in addition to upgrading resource confidence. There are currently three drill rigs operating at San Antonio.

Highlights from the results include:

• Hole SOSAP-26-028 which assayed 1.20g/t Au over 49.7 metres from 79 metres down the hole at Sapuchi.

FIGURE 1: NEW DRILLHOLE LOCATIONS ACROSS THE SAPUCHI DEPOSIT AND LUZ DEL COBRE TARGET

Figure 2 below shows a cross section through the Luz del Cobre pit, and the gap area separating Luz del Cobre and the Sapuchi resource pit. The Luz del Cobre historical pit was operated from 2011 to 2018 and solely focused on the mining of copper oxide, with 2.8Mt of copper oxide ore mined in that time period. Axo developed a thesis that the Luz del Cobre area had a gold mineralizing event, separate from the copper mineralizing event, and began drilling the area to test for gold prospectivity. Initial results are highly encouraging. All drilling in the Luz del Cobre area and the gap zone between Luz del Cobre and Sapuchi is outside current resources and provides resource upside.

FIGURE 2: SECTION VIEW ACROSS LUZ DEL COBRE HIGHLIGHTED BY HOLE SOSAP-26-048

At the base of the historical Luz del Cobre pit, results are highlighted by hole SOSAP-26-048, which returned 46.5 metres grading 1.43gpt Au from surface. The Company has since been drilling up the Luz del Cobre highwall, stepping closer towards Sapuchi. Hole SOSAP-26-080 was collared roughly 380 metres west of hole SOSAP-26-048. While assays remain outstanding, the Company notes that hole SOSAP-26-080 has intercepted hydrothermal breccia, consistent with the rock type that hosts gold mineralization at Luz del Cobre. Mineralized hydrothermal breccia has also been observed in trenches that the Company has made in the west highwall of the Luz del Cobre pit. Trenching results have been strong, highlighted by 20.7m grading 1.08gpt Au.

The Company's field sampling exploration work has been able to benefit from an on-site laboratory which was originally installed when San Antonio was in production. This has allowed for target generation work including grab samples and trench samples to be processed on site, while all drilling will continue to be assayed by a third-party lab. Thus, trenching results are indicative but preliminary, and have not yet been verified by an independent, certified commercial laboratory. See QAQC section for more details.

Axo is continuing with subsequent drilling in the base of the historical Luz del Cobre pit, as well as within the Sapuchi-Luz del Cobre gap.

Table 1: San Antonio Assay Results