First assays from the 10,000-metre drill program confirm broad mineralization at Herradura Hill, strengthening EDM’s second growth opportunity ahead of the Preliminary Economic Assessment

TORONTO, July 14, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV: FRED, OTC: FREDF) is pleased to report the first assay results from its ongoing 10,000-metre diamond drill program at the El Dorado-Monserrat (“EDM”) Project in Santa Cruz Province, Argentina.

The results from drill hole HDDH051 at Herradura Hill continue to demonstrate the significant growth potential of the Company’s South Deposit, confirming existing resources and expanding zones of gold and silver mineralization that reinforce a second pathway for resource expansion alongside the larger and more advanced EDM North Deposit.

Approximately 4,000 metres of the planned 10,000-metre program have been completed, and a substantial number of drill core samples are currently awaiting laboratory analysis results.

Highlights

70.75 metres grading 1.29 g/t gold equivalent (“Au Eq”) (0.97 g/t Au and 21.64 g/t Ag) from 145.25 metres, including 6.5 metres grading 4.39 g/t Au Eq (3.95 g/t Au and 29.33 g/t Ag).
A separate near-surface interval returned 10.5 metres grading 2.78 g/t Au Eq (0.99 g/t Au and 120.20 g/t Ag), highlighting strong silver enrichment.
Additional high-grade intercepts of 0.8 metres grading 3.85 g/t Au Eq (3.05 Au g/t and 53.65 Ag g/t) and 0.9 metres grading 3.51 g/t Au Eq (3.37 Au g/t and 9.18 Ag g/t) demonstrate mineralization continues below the principal zone.
Mineralization at Herradura Hill remains open along strike and at depth, providing further resource expansion potential.
Results support continued growth of the South Deposit while complementing ongoing infill drilling at the North Deposit, with both areas contributing to the Company’s PEA.

Reported interval length are down hole widths and not true widths.

Au Eq is calculated using metal prices of US$ 4000 /oz for Au and US$ 60/oz for Ag. The equation used is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) × (US$60/oz Ag ÷ US$4,000/oz Au)]. Au Eq assumes Au recovery of 90%. The limited metallurgical studies by Fredonia (selective bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries in the high 90% for Au.

“The North Deposit remains the foundation of EDM and continues to provide tremendous value,” said Estanislao Auriemma, Chief Executive Officer of Fredonia. “What makes these results particularly exciting is that they demonstrate the South Deposit has the potential to become another meaningful contributor to the project. Herradura Hill has seen only a fraction of the drilling completed at the North, yet HDDH051 intersected broad zones of strong gold and silver mineralization that reinforce our confidence in the opportunity ahead.”

“With only the first assays from the current program now in hand and thousands of metres still to report, we believe this drilling campaign has the potential to further strengthen the scale and quality of EDM further confirming the upgraded mineral resources that are being calculated for the PEA in the short term.”

Unlocking Additional Resource Growth

Herradura Hill forms the core of EDM’s South Deposit and was included in the Company’s Maiden Mineral Resource Estimate announced in November 2024. While the North Deposit remains the project’s largest and best-defined mineralized area, the South has received considerably less drilling to date, creating a compelling opportunity to expand the overall resource base.

The North Deposit has been tested by 164 drill holes totaling 27,504 metres, compared with 55 holes totaling 12,968 metres at the South Deposit. HDDH051 is one of a planned series of infill and step-out holes designed to better define and expand mineralization at Herradura Hill.

The broad mineralized interval intersected in HDDH051, together with several higher-grade zones and additional mineralization below the main intercept, supports the Company’s geological model and reinforces the potential for further growth as drilling continues.

Table 1: Significant Drill Intercepts, Hole HDDH051, Herradura Hill Sector, South Deposit

Hole ID	From (m)	To (m)	Interval (m)*	Au Eq g/t**	Au g/t	Ag g/t
HDDH051	52.5	63.0	10.5	2.78	0.99	120.20
HDDH051	111.0	112.85	1.85	0.38	0.32	4.28
HDDH051	120.5	134.0	13.5	0.35	0.23	8.05
HDDH051	145.25	216.0	70.75	1.29	0.97	21.64
including	172.0	178.4	6.4	2.16	1.68	32.11
and	193.5	195.9	2.4	2.38	1.46	61.62
and	197.7	200.8	3.1	2.73	2.34	26.34
and	201.5	204.0	2.5	2.06	0.86	80.68
and	208.5	215.0	6.5	4.39	3.95	29.33
HDDH051	219.0	219.8	0.8	3.85	3.05	53.65
HDDH051	229.5	232.7	3.2	1.04	0.71	21.89
HDDH051	247.0	247.9	0.9	3.51	3.37	9.18

(*) Reported interval length are down hole widths and not true widths.

(**) Gold equivalent (“Au Eq”) is calculated using metal prices of US$ 4000 /oz for Au and US$ 60/oz for Ag. The equation used is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) × (US$60/oz Ag ÷ US$4,000/oz Au)]. Au Eq assumes Au recovery of 90%. The limited metallurgical studies by Fredonia (selective Bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries in the high 90% for Au.

Disclosure with respect to exploration and sampling information above can be found in the Company’s technical report titled “Maiden Mineral Resource Estimate on the El Dorado Monserrat Property, Gold and Silver Project, Santa Cruz Province, Argentina, NI 43-101 Technical Report” dated November 14, 2024 and prepared by Mario Alfaro, P. Geo., and Fernando Ganem, P. Geo. The technical report is available on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Advancing the PEA

The current drilling campaign is designed to support both near-term resource growth and longer-term project development. Results from Herradura Hill will be incorporated into the geological and resource models supporting the Company’s Preliminary Economic Assessment, while ongoing infill drilling at the North Deposit continues to improve confidence in the existing resource.

As additional assay results are received, Fredonia expects to continue refining its understanding of the South Deposit and its contribution to the overall development potential of the EDM Project.

Strong Pipeline of Catalysts

With approximately 40% of the current drill program completed and numerous assays still pending, Fredonia expects a steady flow of news over the coming months, including:

Additional drill results from Herradura Hill and the North Deposit.
Completion of the Preliminary Economic Assessment, targeted for the end of August 2026.
Continued refinement of the South Deposit geological model.
Ongoing engineering and technical work supporting future development studies across the EDM Project.

Management remains encouraged by the pace of advancement across the Project and looks forward to updating shareholders as these initiatives progress.

About Fredonia

Fredonia holds gold and silver license areas totaling approximately 64,000 ha. in the Deseado Massif region of Santa Cruz Province, Argentina, including its flagship El Dorado-Monserrat (“EDM”) project (approx. 33,500 ha.), located close to AngloGold Ashanti’s approximately 200,000 oz./yr Au-Ag Cerro Vanguardia mine, the El Aguila project (approx. 9,100 ha.), and the Hornia project (approx. 21,500 ha.). The Company is advancing a Preliminary Economic Assessment in parallel with an active 10,000-metre drill program aimed at resource growth and infill drilling across both deposits.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mario Alfaro Cortes, registration number 262, and Sergio Alvarado Casas, registration number 004, both Qualified Persons of the Chilean Mining Commission as defined by NI 43-101. Mr. Cortes and Mr Alvarado are independent of the Company.

For further information: Please visit the Company’s website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: estanislao.auriemma@gmail.com.

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

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the prospectivity of the EDM Project, and in particular the South Deposit thereon for mineralization based on drilling results to date and proximity to existing known systems in the Deseado Massif, timing for delivery of a PEA in August 2026 and for assay results, the Company’s financial resources and ability to execute its plans, planned drilling and district consolidation programs, and any other information herein that is not a historical fact, may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward -looking information. Such factors include, among others, the actual results of drilling and other exploration work, and of engineering and metallurgical tests conducted in the course of the Company’s activities, unforeseen expenditures and the ability to finance operations, volatility in the trading price of the Common Shares, risks relating to the ability of the Company to obtain required approvals, the global economic climate, new and ongoing wars, and metal prices. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Fredonia Mining Expands Growth Potential at El Dorado-Monserrat with 70.75 Metres of 1.29 G/T Au Eq at Herradura Hill