Gelum closes non-brokered private placement, retains geophysics consultant

Vancouver, British Columbia--(Newsfile Corp. - June 23, 2026) - Gelum Resources Ltd.  (CSE: GMR) (OTCQB: GMRCF)  (the " Company " or " Gelum ") reports that, pursuant to their news release dated May 19, 2026, the non-brokered private placement (the "Offering") has closed. On June 22, 2026, the Company issued 11,602,961 units (each a "Unit") for gross proceeds of $4,293,095.57. Each Unit was issued at $0.37 per Unit and consists of one common share of the Company and one-half of one common share purchase warrant (each whole, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share of the Company at a price of $0.52 per share for a period of 24 months from the closing of the Private Placement.

Insider participation included Chad Williams, a director of the Company for 500,000 Units, which constituted a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101, pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization. Finder's fees were paid to Canaccord Genuity Corp. ($34,848.45 cash and 94,185 finder's warrants) and Haywood Securities Inc ($7,122.50 cash and 19,250 finder's warrants).

Finder's warrants are non-transferable, otherwise they have the same terms as the Warrants. All securities issued in connection with the Offering have a four-month and one day hold period in Canada from closing. Gross proceeds of the Offering will be used for working capital and exploration work at the Las Tinajas Project, Chile.

None of the foregoing securities have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Gelum Retains Southern Rock Geophysics for Property-wide Survey The Company further reports that they have retained Southern Rock Geophysics of Santiago, Chile, to complete a Magnetotellurics (MT) and Vector Induced Polarization (VIP) Surveying at Las Tinajas starting in mid-July.

The accepted work proposal includes data acquisition, processing, modelling and final reporting. The primary objective of the survey is to characterise the distribution of resistivity across the entire the project area, from near-surface levels down to depths of nominally 3000 metres or greater for the MT survey, and to approximately 800 metres for the VIP survey chargeability and resistivity parameters. The initial phase of MT-VIP data acquisition will cover the full survey area on a grid of 500 metre spaced sites with the primary target being porphyry copper-gold mineralization, a primary target in the region (see Figure 1).