Mogul Mountain Advances Underground Exploration at Rays-West Dome, Reopens Historic Priest Tunnel

Vancouver, B.C. - October 2, 2026 - Mogul Mountain Ventures Corpora�on (TSX.V: MOGL; Frankfurt: 9HG0) (“Mogul” or the “Company”) is pleased to provide an explora�on update on its 100%-owned Rays-West Dome Gold-Silver Project (the “Project”) near Tonopah, Nevada, including the reopening of the historic Priest Tunnel, progress on underground explora�on at the AP Adit and con�nued work to advance high-priority drill targets across the Project.

Highlights

• Mogul reopens major historic underground working at Rays North - the approximately 1,500-foot Priest Tunnel was a significant underground development when constructed in the early 1900s. The tunnel provides direct access to the geology and mineralized structures of Rays North, an area that has seen li�le modern explora�on.
• Evidence of significant hydrothermal ac�vity at Priest - ini�al geological observa�ons include extensive calcite flooding, strongly altered limestone, breccia�on, mul�ple genera�ons of fracturing and mineral infill, together with a pebble dyke. These features indicate repeated and extensive hydrothermal fluid movement and suggest Priest may represent part of broader hydrothermal ac�vity, warran�ng systema�c explora�on.
• Historic Priest provides direct explora�on access - an underground inspec�on with an experienced mining contractor found the majority of the accessible Priest workings to be in good condi�on, with limited rehabilita�on an�cipated before detailed geological mapping and sampling can commence.
• AP Adit underground drill program advancing – a staged drill program is being implemented at the AP Adit along the Voodoo Shear, including underground site prepara�on, short probe holes from mul�ple orienta�ons and an�cipated deeper underground core drilling.
• Three high-priority drill target areas being advanced - Mogul has iden�fied three high-priority areas for drilling at Rays-West Dome: West Dome, the Rays Shear and underground at the AP Adit along the Voodoo Shear. The Company is advancing each of these targets, including prepara�ons for an ini�al surface drilling program at West Dome and staged underground drilling at AP.

Priest Tunnel - New Access to Rays North

The Priest Tunnel (Figure 1) is in the northern por�on of the Rays system and forms part of an extensive network of historic underground development from the early 1900s across Rays-West Dome. Historic mine development across the Project includes approximately 7,000 feet of underground workings, mul�ple adits and several major mine sha�s extending more than 500 feet ver�cally.

Following removal of collapsed material at the portal, Mogul’s technical team entered and inspected the historic Priest workings. The tunnel provides direct underground access to the geology of Rays North. The Company’s underground inspec�on found much of the accessible tunnel to be in good condi�on. Ini�al rehabilita�on is expected to include securing the portal and installing ground support where required.

Significant geological observa�ons include extensive calcite flooding, strongly altered limestone, breccia�on and mul�ple genera�ons of fracturing and mineral infill. A pebble dyke was also iden�fied within the workings. Collec�vely, these features indicate repeated hydrothermal fluid movement through the host rocks and provide evidence of significant hydrothermal ac�vity warran�ng systema�c modern explora�on.

The next phase at Priest will include detailed geological and structural mapping and systema�c sampling to be�er understand the altera�on, structures and poten�al controls on mineraliza�on.

These observa�ons are preliminary. Systema�c mapping, sampling and analysis are required, and no conclusions regarding grade or economic significance can be made from visual observa�ons alone.

Figure 1 – Rays-West Dome Project showing the Priest Tunnel and Mogul’s principal drill target areas at West Dome, Rays Shear and the AP Adit along the Voodoo Shear.

Underground Contractor Site Review

Mogul recently completed a site review at Rays with Nevada Rand Mining and Development LLC of Fallon, Nevada, an underground mining contractor, together with members of the Company’s technical and mine engineering team.

The review included the Priest Tunnel, AP Adit, Discovery area and the Voodoo shear and focused on underground access, rehabilita�on requirements, poten�al drill loca�ons and use of exis�ng historic workings to support modern explora�on.

The poten�al to safely re-access historic mine sha�s at Voodoo, Enterprise and Ibex is also being evaluated. Any rehabilita�on of these workings will be subject to further engineering and safety assessment, permi�ng and budget considera�ons.

AP Adit - Advancing Mogul’s Third Drill Target Area

The AP Adit represents one of Mogul’s three principal high-priority drill target areas, together with West Dome and the Rays Shear. Located along the Voodoo Shear, exis�ng underground workings provide an opportunity to inves�gate geological structures from underground and to establish drill loca�ons significantly closer to explora�on targets than possible from surface. Mogul is now advancing a staged underground drilling program at AP designed to make use of the exis�ng workings while minimizing the amount of rehabilita�on required.

The ini�al program is expected to include approximately 40-foot rotary-percussive probe holes from mul�ple underground orienta�ons. These ini�al holes are intended to provide geological informa�on around exis�ng workings, including evalua�ng the poten�al presence of parallel vein structures and helping characterize the nature of gold mineraliza�on.

Mogul is also evalua�ng addi�onal drill loca�ons near the historic stope area in the AP Adit for an�cipated underground core drilling, including use of a compact underground core drill capable of drilling approximately 300-foot holes. Exis�ng access at AP is an important component of Mogul’s third principal drill target and provides an opportunity to advance drilling of the Voodoo Shear and mineralized structures from underground.

West Dome Drilling

In parallel with its underground explora�on ac�vi�es at Priest and AP, Mogul is preparing for an ini�al surface drilling program at West Dome, one of the Company’s three high-priority drill target areas.

The Company has iden�fied individual drill targets at West Dome based on its geological, structural, geochemical and geophysical work, together with historic drilling informa�on. These targets provide mul�ple opportuni�es to test the West Dome system using modern drilling and explora�on techniques.

Mogul is currently engaged with various drilling contractors regarding the proposed ini�al program and will provide further informa�on on the scope, contractor and �ming of drilling as plans are finalized.

Management Commentary

“Reopening Priest gives us direct access to an important part of the Rays system that has seen very li�le modern explora�on,” said Mike Kobler, President and Director of Mogul. “The Priest Tunnel was a significant underground development undertaking when constructed in the early 1900s, driven into the mountain to provide access to the geology and mineralized structures at Rays North. More than a century later, it provides Mogul with direct underground access to systema�cally evaluate this geology using modern explora�on techniques. The extent of hydrothermal altera�on we have observed is encouraging, and the overall condi�on of the tunnel should allow our geological team to begin detailed mapping and sampling with rela�vely limited rehabilita�on.”

“Rays-West Dome is a target-rich gold-silver explora�on environment, and we are advancing our priority drill targets. We have iden�fied three principal areas for drilling - West Dome, the Rays Shear and underground at the AP Adit along the Voodoo Shear. The work underway at AP is an important step in advancing that drill target, while we are working with drill contractors on our ini�al program at West Dome.”

About Mogul Mountain Ventures Corpora�on

Mogul Mountain Ventures Corpora�on is advancing the 100%-owned Rays-West Dome Gold-Silver Project, a district-scale land package comprising more than 5,300 acres near Tonopah, Nevada, on the prolific Walker Lane trend.

Mogul has consolidated several historic mining areas and past-producing mines from the early 1900s that have seen limited modern explora�on. Rays-West Dome hosts both orogenic and low-sulfida�on epithermal gold-silver mineraliza�on, providing mul�ple explora�on targets across the property. Mogul is applying modern explora�on techniques to systema�cally evaluate and drill test these targets.

Qualified Person

David Flint, CPG, is a Qualified Person as defined by Na�onal Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Technical Advisor to Mogul. Mr. Flint has reviewed and approved the scien�fic and technical informa�on contained in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS Andy Edelmeier

Chief Executive Officer Mogul Mountain Ventures Corporation [email protected]

Investor Relations

Kin Communications 604-684-6730 [email protected]

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

Forward-Looking Informa�on

This news release contains forward-looking informa�on within the meaning of applicable Canadian securi�es legisla�on, including statements regarding the Company’s explora�on and investor outreach ac�vi�es, par�cipa�on in future conferences and the an�cipated benefits of the Frankfurt lis�ng. Forward-looking informa�on is subject to risks and uncertain�es that may cause actual results to differ materially from those expressed or implied. Readers are cau�oned not to place undue reliance on such informa�on. Except as required by applicable securi�es laws, the Company undertakes no obliga�on to update forward-looking informa�on.