San Lorenzo Announces Upsize of Private Placement to Up to $80 Million

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, Oct. 16, 2026 (GLOBE NEWSWIRE) — San Lorenzo Gold Corp. (“San Lorenzo” or the “Company“) (TSXV: SLG; OTC: SNLGF) is pleased to announce that the Company has increased the size of its previously announced best-efforts private placement from up to 7,547,200 to up to 15,094,400 common shares of the Company (the “Offered Shares“) at a price of $5.30 per Offered Share (the “Issue Price“) for aggregate gross proceeds of up to $80,000,320 (the “Offering“). The Offering is led by SCP Resource Finance LP and National Bank Financial Inc. as lead agents (the “Lead Agents“), on behalf of a syndicate of agents (together with the Lead Agents, the “Agents“).

The Offering will consist of:

(a)   up to 9,433,900 Offered Shares (the “LIFE Shares“) for aggregate gross proceeds of up to $49,999,670 (the “LIFE Offering“), pursuant to the “listed issuer financing exemption” under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI
45-106”), as modified by Coordinated Blanket Order 45-935 (the “LIFE Exemption”); and

(b)   up to 5,660,500 Offered Shares (the “Non-LIFE Shares“) for aggregate gross proceeds of up to $30,000,650 (the “Non-LIFE Offering“), to (i) purchasers in Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws, (ii) purchasers resident in the United States pursuant to one or more available exemptions from the registration requirements of the 1933 Act (as defined below), and (iii) purchasers outside of Canada and the United States on a basis which does not require the qualification or registration of any of the Company’s securities or subject the Company to any ongoing disclosure requirements under domestic or foreign securities laws.

The Company intends to use the net proceeds raised from the Offering for exploration at the Salvadora Project and for general corporate and working capital purposes.

Subject to compliance with applicable regulatory requirements and in accordance with the LIFE Exemption, the LIFE Shares sold pursuant to the LIFE Offering will be offered in all the Provinces of Canada except Québec. The LIFE Shares issuable pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an amended and restated offering document related to the LIFE Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company website at https://www.sanlorenzogold.ca/. Prospective investors should read this offering document before making an investment decision.

Unless an exemption is available, the Non-LIFE Shares may be subject to a hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws.

It is expected that closing of the Offering will take place on or about November 10, 2026 (the “Closing Date“). Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

As consideration for their services, the Agents will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the Offering, reduced to 3.0% in respect of the first $5,000,000 of gross proceeds received from purchasers on a “president’s list” provided by the Company.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About San Lorenzo

San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region, approximately 15 kilometres from Codelco’s El Salvador copper-gold mine. Salvadora hosts multiple gold and copper-gold discoveries and mineralized centres identified through drilling, geophysics and surface exploration across the property.

San Lorenzo is focused on expanding known mineralized systems, testing a growing pipeline of exploration targets and systematically defining the scale and potential of Salvadora’s broader mineralized systems.

For further information, please contact:

San Lorenzo Gold Corp.
Brandon Gaspar, Chief Executive Officer
Email: info@slgold.com
Investor Relations: Acuity Advisory Corp.
Telephone: +1-604-837-5440

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact are forward-looking information.
Forward-looking statements in this news release include, but are not limited to, statements regarding: the successful closing of the Offering and the total proceeds from the Offering; the timing to close the Offering; obtaining any required approvals; and the Company’s anticipated use of proceeds from the Offering. Such forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

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