AXO Copper Provides Exploration Update and Initiates Drill Program at Recently Acquired San Antonio Project

NEWS RELEASE

AXO COPPER PROVIDES EXPLORATION UPDATE AND INITIATES DRILL PROGRAM AT RECENTLY

ACQUIRED SAN ANTONIO PROJECT

HALIFAX, NOVA SCOTIA – February 23, 2026 – Axo Copper Corp. (TSXV:AXO) ("Axo", “Axo Copper” or the

“Company”) is pleased to announce an update on go-forward exploration plans at both its recently

acquired San Antonio gold project in Sonora, and its La Huerta copper project in Jalisco.

“With the closing of our acquisition of San Antonio and subsequent financing, we are very excited for what

lies ahead of us for the remainder of 2026” says Jonathan Egilo, President & CEO. “Within the initial weeks

of taking control of the San Antonio project, our team has been formulating a drill plan and identifying

high-priority targets across the broader land package. Our approach to San Antonio will be two-pronged:

target upside through resource growth and new discoveries across the land package, in addition to

performing the necessary activities towards advancing the Sapuchi oxide resource into a production-ready

state.”

San Antonio Exploration Work Plan

Axo will be conducting the first drill program since Osisko Development Corp.’s 2021, 27,870 metre

resource definition drilling. The program is expected to be divided into two parts:

(i) infill and resource expansion drilling in and around existing resources; and

(ii) initial drilling on high -priority targets along strike of current resources, that have been

identified through mapping and sampling.

Resource definition drilling will initially focus on the Sapuchi deposit. Total resources at San Antonio stand

at 576koz Au and 1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au

and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category across all deposit types (oxide,

transition and sulphide) . All resources are pit -constrained. Axo is considering the Sapuchi deposit as a

favourable starter -pit due to its high -grade oxide resources, and highly favourable topography. Oxide

resources at Sapuchi sit at 53koz Au and 0.22moz Ag grading 0.85 g/t Au and 3.6 g/t Ag in the Indicated

category, and 75koz Au and 0.37moz Ag grading 0.74 g/t Au and 3.7 g/t Ag in the Inferred category. Axo

plans to fast track Sapuchi oxides into production by using the existing infrastructure at San Antonio

including a crusher and carbon-in-column plant already on site.

The goal of the Sapuchi drill program is to upgrade the resource confidence, in conjunction with adding

new ounces from drilling ‘gaps’ within the initial resource , and drilling around the peripherals of the

deposit. The initial Sapuchi drill plan is targeting 25,000 metres and is recently underway.

FIGURE 1: EXAMPLE OF INFILL TARGETS WITHIN UNDRILLED AREAS IN SAPUCHI BLOCK MODEL

Axo’s first target outside of the known resources at San Antonio is the El Tigre zone , along strike and

immediately west of the Golfo de Oro pit-constrained resource (which stands at 262koz Au and 0.46moz

Ag grading 1.44 g/t Au and 2.5 g/t Ag in the Indicated category, with 254koz Au and 0.52moz Ag grading

1.24 g/t Au and 2.5 g/t Ag in the Inferred category).

The zone is characterized by visual surface oxidation and cross-cutting structures that form a stockwork,

which match characteristics of known deposits nearby. Additionally, there are multiple examples of

historic workings from past small -scale mining. Prior exploration programs have seen very strong gold

grades through surface chip sampling, as seen in Figure 2 below, over a broad area that currently stands

at ~1,500 metres long by ~500 metres wide . Since Axo acquired San Antonio in late-January, crews have

been re-establishing roads to allow drilling access at the El Tigre zone , with first drilling anticipated to

begin in mid-March. The current drill plan to test the El Tigre zone and other targets that lie outside the

resource stands at 5,000 metres, however the company has funding to substantially upsize as required,

pending on drilling success.

FIGURE 2: NUMEROUS HIGH-GRADE SURFACE CHIP SAMPLE HIGHLIGHTS AT EL TIGRE TARGET

La Huerta Assay Results and Exploration Update

The latest assay results from La Huerta were highlighted by hole LHCC-25-043, recording an intercept of

2.26% Cu and 6.29gpt Ag over 11.4 metres, containing 3.69% Cu and 9.33gpt Ag over 4.2 metres. These

results represent a down dip extension of about 40 metres from hole LHCC-25-031, which was previously

reported as 1.64% Cu and 7.59gpt Ag over 12.4 metres.

Drilling at La Huerta is ongoing, with the current target testing the down -dip extension at Las Marias,

through a series of several planned holes ranging from approximately 350m to 450m in length. The

location of the current drillhole underway is shown in Figure 3 below.

FIGURE 3: CURRENT PLANNED HOLE UNDERWAY AT LA HUERTA

Table 1: La Huerta Assay Results

Hole ID Comment From To Length(1) Copper Silver Copper

Eq.1

m m m % gpt %

LHCC-25-037 La Huerta Trend 81.9 85.6 3.7 2.03 21.06 2.29

LHCC-25-038 La Huerta Trend 47.6 49.3 1.7 1.14 1.4 1.16

LHCC-25-039 La Huerta Trend 1.5 6.7 5.2 0.20 0.33 0.21

LHCC-25-042 La Huerta Trend 151.7 153.3 1.6 1.77 8.11 1.87

LHCC-25-043 La Huerta Trend 178.8 190.2 11.4 2.26 6.29 2.34

Including 180.3 184.5 4.15 3.69 9.33 3.81

1CuEq calculated using metals prices of US$9,650/tonne copper and US$37.50/oz silver and 100% recoveries

Table 2: La Huerta drillhole coordinates

Hole ID

EASTING NORTHING ELEV DEPTH AZ DIP

m m m m ° °

LHCC-25-037 580392 2146959 706 152 335 -82

LHCC-25-038 580410 2146968 713 150 335 -63

LHCC-25-039 580354 2147131 671 65 335 -45

LHCC-25-042 580383 2146900 701 167 340 -70

LHCC-25-043 580293 2146818 675 224 335 -65

Stock Option Grant

On February 23, 2026, the Company granted 3,975,000 stock options at an exercise price of $0.92 with a

term of 10 years and vesting over 3 years.

About Axo

Axo Copper Corp. is a Canadian mineral exploration company engaged in the exploration and

development in Mexico. The company holds two projects. The San Antonio project is located in the state

of Sonora, and is in advanced development. Total resources at San Antonio stand at 576koz Au and

1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au and 1.76moz Ag

grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category across all deposit types (oxide, transiti on and

sulphide). Axo’s second project is the La Huerta property, a new copper discovery in Jalisco, Mexico. Initial

exploration has yielded high -grade copper both at surface through sampling programs, and at depth

through initial drilling. The Company is focused on continuing to define near-surface mineralization along

the La Huerta Trend, expanding mineralization at depth, and targeting new discoveries in an

underexplored district.

Additional information can be found at the Company's website: www.axocopper.com.

Procedure, Quality Assurance / Quality Control and Data Verification

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the

sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one

half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill

core trays for storage and/or for metallurgical test work.

The sealed and tagged drill core sample bags are transported to the ALS Chemex facility in Querétaro and

Zacatecas, Mexico. ALS Chemex crushes the samples and prepares 200-300 gram pulp samples with ninety

percent passing Tyler 150 mesh (106 μm). Copper and multi -element analysis is completed using total

digestion (Code ME-ICP61 Total Digestion ICP). Over limits greater than 10,000 grams per tonne copper

are assayed using Cu-OG62.

Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples

and includes the systematic insertion and monitoring of appropriate reference materials (certified

reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the

QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results

stated in this announcement have passed AXO’s QA/QC protocols.

Qualified Person

Charles Spath, P. Geo., is the Qualified Person for Axo Copper Corp., as defined under National Instrument

43-101, and is non -independent. Mr. Spath has reviewed and approved the scientific and technical

information in this press release.

For inquiries, please contact:

Jonathan Egilo, President and CEO

Via email: [email protected]

Forward looking information:

Neither 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 includes certain “forward-looking statements”. All statements other than statements of

historical fact included in this release, including, without limitation, statements regarding the Offering, the

Company’s plans in respect of the La Hu erta property and receipt of all necessary regulatory approvals,

are forward-looking statements that involve various risks and uncertainties. Forward -looking statements

are frequently characterized by words such as “will”, “propose”, “may”, “is expected to ”, “subject to”,

“anticipates”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective”,

“focus” and “outlook” and other similar words. Forward-looking information in this news release is based

on the opinions and assumptions of management considered reasonable as of the date hereof, including,

but not limited to, general business and economic conditions will not change in a materially adverse

manner; the potential of high grade copper mineralization at the Company’s properties; the results (if any)

of further exploration work to define and expand mineral resources; the ability of exploration work

(including drilling) to accurately predict mineralization; and the ability to generate additional drill targets.

Although the Company believes the expectations expressed in such forward -looking statements are based

on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and

actual results and future events could differ materially from those anticipated in such statements. Important

factors that could cause actual results to differ materially from the Company’s expectations include

environmental risks, limitations on insurance coverage, risks and uncertainties related to exploration,

development, operations, commodity prices and global financial volatility including as a result of tariffs,

risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time

to time in the filings made by the Company with securities regulators. The Company disclaims any intention

or obligation to update or revise any forward -looking information, other than as required by applicable

securities laws.

Cautionary statement: by their nature, surface or chip samples are selective samples and may not represent

true underlying mineralization