Waraba Gold provides corporate update

Vancouver, British Columbia--(Newsfile Corp. - June 22, 2026) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE00) (OTC Pink: WARAF) (the " Company " or " Waraba "), is pleased to provide the following corporate updates. Management Agreements Pursuant to certain consulting agreements entered into between the Company and the Company's acting directors, officers and consultants (together, " Management "), the Company and Management have agreed that a portion of the aggregate quarterly management fee payment obligation in the amount of US$61,560 (each, a " Quarterly Payment ") will be settled in common shares in the capital of the Company (" Common Shares ") going forward, beginning on June 30, 2026. Each Quarterly Payment is to be satisfied through the issuance of Common Shares calculated using the U.S.-to-Canadian exchange rate as at the applicable quarter-end date as published by the Bank of Canada, and a deemed issue price per Common Share equal to the greater of: (i) the 10-day volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (" CSE ") ending on the applicable quarter-end date; (ii) the minimum price permitted under the policies of the CSE; and (iii) C$0.05.

The Common Shares will be subject to a four month and one day hold period pursuant to the policies of the CSE and applicable securities laws. In addition, it is anticipated that on June 30, 2026, alongside the initial Quarterly Payment debt settlement, the Company and Management will be settling accrued management fees, for the stub period beginning March 12, 2026 to March 31, 2026, in the amount of US$12,817.97 (the " Stub Payment "). The Stub Payment is to be satisfied through the issuance of Common Shares calculated using the U.S.-to-Canadian exchange rate as at the applicable quarter-end date as published by the Bank of Canada, and a deemed issue price per Common Share equal to the greater of: (i) the 10-day volume weighted average trading price of the Common Shares on the CSE ending on the applicable quarter-end date; (ii) the minimum price permitted under the policies of the CSE; and (iii) C$0.05.

The Common Shares will be subject to a four month and one day hold period pursuant to the policies of the CSE and applicable securities laws. The number of Common Shares issuable in respect of each Quarterly Payment and the Stub Payment, as applicable, will be determined on the applicable settlement date in accordance with the pricing formula described above. Option Grant The Company is also pleased to announce the grant of an aggregate of 2,000,000 stock options (each, an " Option ") to a consultant of the Company pursuant to the Company's omnibus equity incentive plan.

Each Option is exercisable to acquire one Common Share at an exercise price equal to the greater of: (a) C$0.05; (b) the closing market price of the Common Shares on the CSE on the trading day immediately preceding the date of this press release; and (c) the closing market price of the Common Shares on the CSE on the date of this press release (the " Options Issuance Date "). The Options expire on the five-year anniversary of the Options Issuance Date and vest immediately. The Options (and any Common Shares issuable upon their exercise) are subject to a four month and one day hold period pursuant to the policies of the CSE and applicable securities laws.

Related Party Transactions The initial Quarterly Payment debt settlement, Stub Payment debt settlement, along with each future Quarterly Payment debt settlement (together, the " Transactions "), constitutes a "related party transaction", as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions (" MI 61-101 ") due to the involvement of Management, and would require the Company to receive minority shareholder approval for, and obtain a formal valuation for the subject matter of, the Transactions in accordance with MI 61-101, prior to the completion of such Transactions. The Company expects that any such resulting related party transaction will be exempt from the formal valuation requirement and minority shareholder approval requirements of MI 61-101 based on the exemptions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the Common Shares being settled will not exceed 25% of the Company's market capitalization. About Waraba The Company is a resource exploration company that is acquiring and exploring mineral properties.

The Company is a reporting issuer in the provinces of British Columbia and Alberta. The Common Shares trade on the CSE under the trading symbol "WBGD" and on the Frankfurt Stock Exchange under the trading symbol "ZE00". For more information about the Company, please refer to the Company's profile available on SEDAR+ ( www.sedarplus.ca ).

On Behalf of the Board Carl Esprey Executive Chairman Telephone: +351 927954942 Email: cesprey@warabagold.com Forward-Looking Information and Cautionary Statements This press release contains forward-looking information or forward-looking statements under applicable Canadian securities laws (collectively, " forward-looking statements "). Forward-looking statements are based on management's reasonable assumptions, estimates and expectations as of the date of this press release and are often identified by words such as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will", "should", "could" and similar expressions. In this press release, forward-looking statements include, but are not limited to, statements regarding: (i) the Company's intention to settle all or a portion of management fees through the issuance of Common Shares beginning on June 30, 2026; (ii) the expected timing of the Quarterly Payment and Stub Payment settlements; (iii) the pricing mechanics and the number of Common Shares expected to be issued in connection with such settlements, which will be determined in accordance with the pricing formula described herein; and (iv) the Company's expectation that the Transactions will be exempt from the formal valuation and minority approval requirements of MI 61-101 and that the Company will obtain all required approvals, including CSE acceptance, if required.

These forward-looking statements are based on a number of assumptions, including, among others: that the applicable exchange rate and market price data will be available as anticipated on the applicable settlement dates; that the Company will continue to satisfy applicable regulatory and exchange requirements; that the Common Shares to be issued in settlement will be accepted by the CSE, if required; and that the fair market value of the Transactions will remain below the thresholds required for the exemptions relied upon under MI 61-101. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: the risk that required approvals, including CSE acceptance if required, are not obtained on a timely basis or on acceptable terms; changes in market prices and trading volumes of the Common Shares that affect the pricing and number of Common Shares issuable; changes in applicable foreign exchange rates; the risk that the fair market value of the Transactions exceeds the thresholds for the MI 61-101 exemptions relied upon; and other risks and uncertainties set out in the Company's continuous disclosure documents available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca. . Readers are cautioned not to place undue reliance on forward-looking statements.

Any forward-looking statement included in this press release is made as of the date of this press release, and the Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302434 Newsfile Corp. June 22, 2026 - 2:01 PM PDT News by QuoteMedia www.quotemedia.com