Gold X2 Appoints Chief Geologist and Provides Update on 2026 Technical and Corporate Objectives

Vancouver, British Columbia--(Newsfile Corp. - September 21, 2026) - Gold X2 Mining Inc. (NYSE American: AUXX) (TSXV: AUXX) (FSE: DF80) ("Gold X2" or the "Company") is pleased to announce the appointment of Steven Scott as Chief Geologist and provide an update on its ongoing technical program and previously announced corporate initiatives as a follow-up to its July 15, 2026 press release.

Appointment of Chief Geologist

The Company is pleased to announce the appointment of Mr. Steven Scott as Chief Geologist effective immediately. Steven Scott is a professional geologist and technical leader with more than 15 years of experience in gold exploration, geological modelling, resource growth, and project evaluation across Canada, the United States and Mexico. Prior to joining Gold X2 as Chief Geologist, Mr. Scott held a senior technical role with Orla Mining, where he contributed to near-mine and regional exploration success leading to resource growth. Mr. Scott has broad experience in structural interpretation, target generation, drill program design, QA/QC, and the integration of geological, geochemical, geophysical, and drilling datasets. In his role as Chief Geologist, he will provide technical leadership to the Exploration Team at Gold X2, with a focus on advancing geological models, developing and prioritizing high-quality exploration targets, and making potential new discoveries to support continued resource growth.

Corporate Objectives & Ongoing Capital Markets Efforts

Q2 Financials Reported: Gold X2 reported Q2/26 Financials on August 27th, 2026. The Company reported a C$105 million cash position and as of September 15th the company is well capitalized with approximately $85M of cash and cash equivalents.

VanEck GDXJ Index Inclusion: Gold X2 announced that it has been added to the VanEck Junior Gold Miners ETF ("GDXJ") pursuant to the GDXJ's semi-annual review and rebalancing announced on September 11, 2026, which became effective at market close on September 18, 2026.

Commencement of Trading on NYSE American: The Company has commenced trading on NYSE American under the symbol "AUXX", following completion of its previously announced 6:1 share consolidation.

Royalty Spin-Out On-Track: The Company continues to advance the structuring required in order to prepare the arrangement agreement related to the previously announced royalty spin-out (the "Arrangement"). Pursuant to the Arrangement, the Company intends to create, and subsequently spin-out, a 1.00% net smelter royalty on any potential future mineral production at the Moss Gold Project (the "NSR"). The NSR will initially be placed in a wholly-owned subsidiary ("SpinCo"). The intention is for the shares of SpinCo ("SpinCo Shares") to be distributed to the shareholders of the Company as of a record date (the "Record Date") on a pro rata basis. The Company expects to provide a further update on the Arrangement and Record Date in due course.

LOI with Bold Ventures: The Company has entered into a binding letter of intent with Bold Ventures Inc. ("Bold Ventures") whereby the Company would acquire certain mineral claims (the "Mineral Claims") from Bold Ventures in exchange for C$500,000 in cash, share consideration of 150,000 common shares of the Company and a 2.00% NSR royalty on rare earth elements derived from such Mineral Claims (the "Mineral Claims Acquisition"). The Mineral Claims Acquisition is subject to a number of conditions precedent including execution of definitive agreements and all necessary regulatory approvals including TSXV approvals. The parties have agreed to deal exclusively with each other in respect of the transaction until October 31, 2026. The Mineral Claims Acquisition may not be completed on that timeline, or at all. The Company expects to provide a further update on the Mineral Claims Acquisition in due course.

Conferences Schedule: The Company is pleased to announce that its executive team will participate in the 2026 Precious Metals Summit Beaver Creek, taking place September 22-25, 2026 in Beaver Creek, Colorado, and the National Bank Mining Conference, taking place November 23-24, 2026 in London, UK.

Equity Research Coverage: The Company is pleased to announce the recent initiation of equity research coverage by three leading investment dealers: Stifel, National Bank Financial Inc. and B. Riley Securities.

Michael Henrichsen, CEO and Director of Gold X2, commented: "We are providing this corporate update at an important time for Canadian resource investment. The federal government's recently announced Productivity Mega Deduction, together with permanent immediate expensing, further strengthens Canada's competitiveness as a destination for major mining investment. We believe Moss is well positioned within this increasingly supportive investment environment. We continue to advance the Project at pace, with our 160,000-meter drill program underway and an updated Mineral Resource Estimate targeted for late Q1 2027, followed by beginning the next economic study which we anticipate completing toward the end of 2027.

We have also achieved two important capital markets milestones with our NYSE American listing and inclusion in the GDXJ, materially expanding Gold X2's visibility and accessibility to U.S. and global investors.

Finally, I am pleased to welcome Steven Scott as Chief Geologist. Steve's extensive experience in orogenic gold systems and resource development strengthens our technical team as we continue to expand and de-risk Moss."

Technical Program Updates

Exploration: Gold X2 embarked on a 160,000-meter drill program earlier this year, commencing with the three long-term-secured drill rigs and expanding to six rigs in July. The Company is currently looking to add an additional three rigs when they become available from our selected contractors. This will lift our drilling rate to 20,000 to 25,000 meters per month.

The Company has completed 223 holes (99,257 meters), as of September 15, 2026. The primary focus is on:

• Resource Expansion (101 holes, 51,575 meters) - Targeting extensions below and adjacent the current RPEEE pit shell, with a focus at QES Deeps. Highlight:
  • 173.0m of 0.89 g/t Au from 685.0m in MQD-26-474

• Resource Development (109 holes, 42,303 meters) - Infill drilling to upgrade Inferred resource blocks to Indicated plus geotechnical drilling to define pit slope parameters for open pit design work. Highlights:
  • 26.65m of 4.22 g/t Au from 197.7m in MMD-26-415 - Main Zone
  • 86.0m of 1.37 g/t Au from 314.0m in MQD-26-366 - QES Zone
  • A comparison between drill holes and the current MRE is showing positive reconciliation suggesting a significant addition of unmodelled, medium-grade, secondary shears

• Exploration (13 holes, 5,379 meters) - Targeting brownfields prospects near the Moss Deposit, focussing on Span. Highlight:
  • 40.4m of 2.05 g/t Au from 343.6m in MSD-26-404

• Target Generation - Expanding the systematic coverage of IP gradient array geophysics and bedrock chemistry to the ground acquired from Kesselrun Resources in 2025 with a view to generating scout drilling targets on the extensions of the known mineralized trends.
  • Geochemical surveys have also commenced at Star Lake.
  • All programs will be completed before winter.

Next Steps: Complete the remaining 60,000 meters ahead of a December 31 cutoff for resource modelling. The Company intends to deliver an updated Mineral Resource Estimate for the Moss Gold Project in Q1 2027, which will be followed by a mine optimisation program in Q2 2027 to define the optimum pit size, mining rate, mining schedule and mill throughput. This will form the basis of a Technical Study, a formal Project Description, and pave the way toward a Feasibility Study and formal permitting process in Q1 2028. Drilling in 2027 will prioritise infill drilling to upgrade Inferred resource blocks to Indicated and commence scout drilling of new targets.

Project Development: Gold X2 has been progressing several pre-feasibility studies to support the next Technical Study planned for 2027. These studies include:

• Evaluating tailings disposal options, as well as potential tailings and waste management sites with SRK Consulting
• Geotechnical drilling to define pit slope parameters for open pit design work with Knight Piésold
• Evaluating route options for the power spur to site with Warrior Engineering and N-Sci and, importantly, submitting the application to IESO as part of an initiative to secure power from the Waasigan Line
• Completed an evaluation of metallurgical process flow sheet options and tailoring of the pre-feasibility level test program with Woods Process Services. Sampling is underway and test work will commence in October.
• Commenced the claims to lease process with Tulloch to ensure surface and mining rights over the mine area.

Additional studies will be commissioned in 2027, including a water management and diversion options studies.

Environmental Baseline: The Company has been progressing its existing conditions studies (baseline), which will form the basis of future monitoring studies, over the main Project area with CSL Geotechnical and Environmental and its subsidiaries. ERM Consulting was brought on board to complete a gap analysis of the existing conditions work in preparation for the Impact Assessment Process. Gold X2 has been working to implement ERM's recommendations, some of which will continue into Spring 2027, including:

• Terrestrial biology studies will be completed Q4 2026
• Hydrogeological studies and evaluation of major lake boundaries, culminating in a numerical water model, should be completed in Q1 2027
• Aquatic biology studies will complete Q2 2027
• Socio-economic baseline was completed Q3 2026. Further refinement will be required based on engagement with Indigenous communities in 2027.
• Air quality monitoring stations were installed Q3 2026. Monitoring will continue into Q3 2027.

Additional existing conditions studies are being planned for the proposed power line corridor, potential sites of tailings management facility and mined rock. These programs will run throughout 2027 and into 2028. Hydrology sampling and weather monitoring, which commenced in 2021, will continue for the life of the Project.

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