Ongwe Minerals updates Nguni prospect, Namibia

Highlights:

Initial 50m x 50m soil sampling grid across Nguni completed.

Results received include 50 soil samples above 300ppb Au, peaking at 1,310ppb Au (comparable with the Kokoseb soil anomaly).

6km strike length defined above 50ppb Au with the anomaly remaining open to the north, east and west.

Maiden 5,000m diamond drill program planned to start in August.

Farm access agreements for the immediate north, east and west extensions of Nguni are near finalization.

VANCOUVER, British Columbia, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ongwe Minerals Inc. ( TSXV: OGW ) (“ Ongwe ” or “ the Company ”) is pleased to provide an update on the accelerating exploration work program at its newly discovered Nguni gold prospect, situated 17 km from the Manga Gold discovery at its Omatjete Gold Project.

Nguni is a large, high-grade gold-in-soil anomaly discovered by Ongwe in May 2026 via a regional soil sampling program. The program targeted the regionally significant Okondeka Fault Zone (OFZ), which hosts both WIA Gold’s Kokoseb Gold Deposit and Ongwe’s Manga Gold Discovery. Situated 55 km east of Kokoseb and 17 km east of Manga, Nguni is being rapidly advanced through detailed surface work and drilling, with the goal of converting the target into a large-scale economic discovery.

Dave Underwood, Ongwe’s CEO commented: "The infill work on the Nguni prospect is now complete and it looks like a very robust target with scale potential. We are excited about initiating the first ever drill program at Nguni, and will be commencing with RC and diamond drilling in order to get detailed geological information in this area of very limited outcrop. We will start off with a single rig and ramp up once we understand the structure and geology a little better. This will also give us time to sample the neighbouring farms and delineate the rest of the anomaly and bring it into the drill program. At the same time, we will keep the regional field teams active, chasing the highly productive Okondeka Fault system to the east and see if there are any more nice surprises out there”.

Alongside our work at Nguni, progress continues at the Belmont prospect within the Khorixas Gold Project. Recent surface geochemistry, mapping and a structural re-interpretation guided a short RC drill program. Assay results from the RC program are pending but there are visual indications of quartz veining and sulphide mineralization which is very encouraging, and we expect to release results in the coming weeks.

Click here for additional comments from Ongwe’s President & Co-Founder, Carl Joone.

Figure 1: Regional map illustrating the Nguni gold anomaly relative to the Manga gold discovery and the Kokoseb Gold Deposit (54.2Mt at 1.04 g/t Indicated, 35Mt at 0.99 g/t Inferred, released 16 July 2026). The map highlights primary regional fault structures, emphasizing that a combined strike length of over 80 km of prospective fault zones remains unsampled.

Nguni Soil Sampling

Following the initial identification of the Nguni Gold Anomaly, the Company proceeded with an infill 50m x 50m soil sampling campaign - see Figure 2. This infill program has now been completed across the full extent of the Nguni anomaly currently accessible with 1,605 samples collected. Ongwe is in the final stages of securing land access for the two adjacent farms covering the northern, eastern, and western strike extensions, with formal granting expected imminently.

Detailed surface geological mapping, supported by trial pitting, indicates that the region is covered by alluvial scree ranging from 1 to 5 meters in thickness. Limited outcrop of schist and granite is confined to river cuttings, and it is our interpretation that aside from localized surface drainage movement, the gold in soil anomalies are largely in situ .

Fire assay results from the Nguni soil grid included 50 samples exceeding 300 ppb Au and established a continuous 6 km strike footprint above 50 ppb Au . This detailed sampling confirms that the gold mineralization is hosted by metasedimentary rocks adjacent to granitic contact zones, similar to the geological architecture observed at the Kokoseb gold deposit.

The highest grades are located in the northern and southern sectors of the current grid, both sectors truncated by the current extent of the sampling - see Figure 2. Significantly, in the northern section, radiometric data indicates the presence of a small leucogranite intrusion. The Company considers this leucogranite to be an integral component of the mineralizing system, making it a high-priority target for the next phase of sampling. Likewise, to the southeast, a prominent magnetic anomaly aligns directly with a leucogranite contact and gold grades trend upward towards the magnetic feature. This area also represents a high priority for the next phase.

Figure 2: Gold-in-soil geochemical map over the Nguni gold anomaly, displaying sample distribution across the 50m x 50m grid. The sampling grid is currently bounded by farm borders; access to the extensions to the north, east, and west is in the final approval stage.

Nguni Exploration Plan

The Company is finalizing preparations to mobilize a diamond drill rig to the Nguni prospect, with drilling scheduled to commence towards the end of August. As Nguni is a greenfields discovery with limited bedrock exposure, diamond drilling is essential to maximize geological, structural, and stratigraphic information. The initial drill program comprises 5,000 meters and will target the core areas of the gold-in-soil anomaly - see Figure 3. Operations will commence with one diamond rig, with capacity to deploy additional rigs as structural control and mineralization patterns are clarified.

Upon execution of access agreements for the adjacent farms, field crews will be mobilized to extend the soil grid and delineate the full extent of the anomaly. The drill schedule is adaptable and we will incorporate high-grade targets as they are generated by the ongoing surface work.

In addition, field teams have been deployed to initiate systematic soil sampling along regional fault structures to the south and east of Nguni, where complete land access has already been secured - see Figure 1. The structural corridor linking the Manga and Nguni prospects falls under the pending land agreement and will also be prioritized for sampling immediately upon authorization. More than 80km of combined strike along prospective fault structures remain un-sampled within the Omatjete Gold Project.

Figure 3: Gold-in-soil geochemical heat map over the Nguni gold anomaly with the planned diamond drill fences. The map also highlights the priority areas for the next phase of soil sampling.

Exploration Update on other Prospects

Bedrock sampling to test the eastern extent of the Manga Gold Discovery is complete and results are pending. In house detectORE™ analysis suggests that the system remains open to the east and calcrete sampling is planned to trace the mineralization further eastwards.

At the Khorixas Gold Project shallow RC fencelines have been drilled across surface calcrete anomalies to test the BK2, BK7, BK12 and BK13 splay targets and assay results are pending. The Plains gold anomaly on the northern Damara boundary structure will be tested with diamond drilling later in the year.

Ongwe Minerals has three gold flagship projects in Namibia and a dominant land position in the emerging and highly prospective Northwest Damara Gold Belt.

Tenement update

The Exclusive Prospecting License (EPL) hosting the Nguni anomaly is currently advancing through the standard renewal process. Having submitted all documentation well ahead of schedule alongside proof of extensive ongoing work on the EPL, the Company fully expects a positive renewal outcome in the coming weeks

Assay Method

The Company initially utilized the detectORE™ analytical technique, designed to enable the measurement of trace gold concentrations in geological samples using a portable X-Ray Fluorescence (pXRF) instrument. This process overcomes the traditional limitations of gold analysis by pXRF including low gold concentrations and metal peak interference. The method involves leaching 250g of sieved material in a sealed pouch with 500ml of GLIX-20™ lixiviant and a Collector Device (CD). Following a 16-hour tumble in a Maxi Mixer barrel to dissolve the gold, the CD is removed, rinsed, and analyzed for 150 seconds using detectORE™ mode firmware. This partial analysis technique is managed through pLIMS™ software with strict QA/QC protocols to identify relative gold anomalism. An extensive orientation program was carried out before putting the detectORE™ methodology into production by comparing soil, calcrete and rock chip sample assays with Aqua Regia and FireICP. The detectORE™ system performed extremely well and identified the same anomalies as the laboratory techniques in all conditions. The detectORE™ gold technique is designed for rapid on-site assessment and is not used for the formal quantification of gold content or the estimation of Mineral Resources.

As part of the current exploration program, all soil samples undergo initial multi-element analysis utilizing the Company’s in-house pXRF. All trace element anomalies, including base metal and arsenic anomalies are then analyzed through the Company’s detectORE™ system. Any area returning a value equal to or greater than 10 detectable Units (dU) are prioritized for follow-up soil sampling. All follow-up soil samples are analyzed via Fire Assay at the MSALAB facility in Omaruru, Namibia. The fire assay procedure starts by drying the <212u and +-250g soil sample. The sample is then pulverized to 85% passing 75 microns, from which a final 50g aliquot is taken for fire assay with an Atomic Absorption (AA) finish.

QA/QC

All of Ongwe’s sample assay results have been independently monitored through a quality assurance and quality control ("QA/QC") program including the insertion of blind standards, blanks, and field duplicate samples. The Company maintains rigorous monitoring for both in-house and laboratory analyses to ensure data reliability. For the detectORE™ process, which provides rapid on-site assessment of gold anomalism, a Certified Reference Material (CRM) sample is inserted every 15 samples to monitor the performance of the pXRF instrument and the leaching efficiency. For the formal fire assay verification conducted at MSALABS, a CRM is inserted every 30 samples. This laboratory procedure involves precise pulverization and a 50g fire assay with an Atomic Absorption (AA) finish to provide formal quantification for prioritized bedrock samples.

Data Verification

Carl Joone, BSc. (Hons), the President and Co-Founder of Ongwe Minerals Inc., and a Qualified Person for the purposes of National Instrument 43-101, has verified all the data disclosed, including a review of the sampling procedures, chain of custody, and assay results underlying the disclosure, by plotting and verifying against raw data received. Mr. Joone noted no errors or omissions during the data verification process.

Qualified Person

Carl Joone, BSc. (Hons) is the President and Co-Founder of Ongwe Minerals Inc. and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 172695) and a Qualified Person for the purposes of National Instrument 43-101. Mr. Joone has reviewed and approved the scientific and technical information in this news release.

About Ongwe Minerals Inc.

Ongwe Minerals Inc. is a Canadian listed gold exploration company focused on the discovery and advancement of new gold systems in Namibia. The Ongwe team, previously with Osino Resources (sold to Shanjin International for CAD$368M), has a history of making and advancing gold discoveries in Namibia, including Osino’s Twin Hills (currently in construction) and Eureka deposits, and the advancement and sale of Auryx Gold’s Otjikoto gold deposit (in production, sold to B2Gold for CAD$180M).

The Company’s current focus is on three promising gold projects in the emerging Northwest Damara gold belt in Namibia, with a focus on the Omatjete and Khorixas Gold Projects.

The Omatjete Gold Project is strategically located along the regional Okondeka Fault Zone, which also hosts the Kokoseb gold deposit (WIA Gold). Early surface work by Ongwe led to the discovery of the Manga Gold Prospect which has a 4.5km x 1km footprint of gold in soil and early scout drilling indicating gold in bedrock. Recent regional sampling in 2026 has led to the discovery of the large scale, high tenor Nguni anomaly 17km east of Manga. Nguni currently has a strike length of 6km and is open to the west, north and east. The Omatjete Project still has significant growth potential and work is ongoing to define further anomalies along the Okondeka Fault system.

The Khorixas Gold Project is situated just 60km west of Osino's Eureka gold project, adjacent to the northern margin of the Damara Orogenic Belt. Khorixas hosts two large-scale surface discoveries called Belmont and K17. The Belmont prospect has a surface gold footprint of approximately 12 × 6km and lies between the regional scale, basin margin, Khorixas Fault and the Belmont Thrust Zone. Calcrete and grab sampling to date have indicated eighteen target areas.

ON BEHALF OF THE BOARD OF DIRECTORS “Dave Underwood” Chief Executive Officer

CONTACT INFORMATION Ongwe Minerals Inc. Ongwe Minerals Inc. Dave Underwood, Chief Executive Officer Carl Joone, President & Co-Founder Email: dave@ongweminerals.com Email: carl@ongweminerals.com

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 press release.

Cautionary Statements Regarding Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for discovery of mineral resources or the results of future exploration programs. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Photos accompanying this announcement are available at

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Globe Newswire

August 6, 2026 - 4:00 AM PDT

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