Mineral Road defines exploration targets at Bergslagen Tungsten

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2026) - Mineral Road Discovery Inc. (CSE: ROAD) ("Mineral Road" or the "Company") is pleased to announce that it is advancing development of its 100%-owned Bergslagen Tungsten Project in Sweden, initially focused on the two historical tailings repositories at the Yxsjöberg Mine, that have conceptual exploration targets totalling 4.8 million to 5.6 million tonnes of previously processed material with potential grade ranges of 0.15% to 0.25% WO₃. The Company is progressing permitting for systematic drilling and sampling targeting a commencement in November 2026. The program is intended to confirm the thickness, continuity, density, grade distribution, and mineralogy of the tailings that could provide the foundation for a Maiden NI 43-101 Mineral Resource Estimate.

Highlights

Tailings Repositories: Two historic Yxsjöberg tailings repositories, known as Smaltjärnen (southern tailings) and Morkulltjärnen (northern tailings), have a conceptual exploration target of 4.8 to 5.6 million tonnes of previously mined and processed material with a potential grade range of 0.15% to 0.25% WO₃. Included in the conceptual exploration target is a potentially significant fluorite (CaF₂) component within a targeted range of 4.0 to 6.00%, alongside copper values ranging from 0.15% to 0.20% Cu. Both repositories are fully included in the Company's current workplans and permitting scope.

Tailings Drilling and Sampling: Advancing permitting for systematic drilling and sampling across both the Smaltjärnen and Morkulltjärnen tailings repositories to support a Maiden NI 43-101 Mineral Resource Estimate, targeting commencement of drilling before the end of 2026.

Historical Metallurgical Context: A 2019 scientific article ("Characterization and Beneficiation Options for Tungsten Recovery from Yxsjöberg Historical Ore Tailings" by Jane Mulenshi, Pouria Khavari, Saeed Chehreh Chelgani, and Jan Rosenkranz, Luleå University of Technology) evaluated historical material, noting specific recovery characteristics using gravity and heavy concentration methods. This research is highly relevant as it provides independent academic validation that modern beneficiation techniques can successfully liberate fine-grained tungsten from the legacy tailings, de-risking the initial flowsheet design and supporting the Company's near-term development strategy.

Smaltjärnen: Modern Processing and Test Work: The Company proposes to collect a representative sample from Smaltjärnen for metallurgical test work and processing to evaluate modern recovery techniques and produce representative concentrate samples for potential customer discussions.

Morkulltjärnen: Sampling & Polymetallic Potential: Historical Swedish Geological Survey ("SGU") investigations, including drilling and surface sampling at Morkulltjärnen, returned individual tungsten values of 3,320 ppm W in drilling and 4,090 ppm W in surface sampling (equivalent to approximately 0.41% elemental W), alongside significant associated values across the broader polymetallic suite-including fluorite, beryllium, bismuth, copper, tin, and zinc.

Brownfield development strategy: The tailings represent a potential source of tungsten feedstock at a historical producing mine, offering a pathway to potentially fund production while addressing the environmental legacy of the historical operation.

The Company is progressing permitting for systematic drilling and sampling (including sonic and/or alternative methodologies) targeting a commencement as soon as possible. The program is intended to establish the thickness, continuity, density, grade distribution, and mineralogy of the tailings that could provide the foundation for a Maiden NI 43-101 Mineral Resource Estimate.

Mineral Road is pursuing a staged strategy to establish a commercially viable resource, beginning with the surface tailings and then progressing into the shallow and deeper hard-rock mineralization that underlies the historical mining district.

A Historical Tungsten Mine with a Large Surface Inventory

Mining and metal extraction in the broader Bergslagen region dates back over a millennium, establishing an ancient foundation of European industrial mining. Specifically within the Yxsjöberg district, the original deposit was discovered around 1728 and was initially mined for copper. As industrial demands evolved and the value of strategic metals became apparent, the district transitioned away from copper to become Sweden's premier historical tungsten producer. Under modern operations, Yxsjöberg supplied over 90% of Sweden's historical tungsten before operations ceased in 1989, leaving behind extensive legacy infrastructure, heavily mineralized tailings repositories, and a comprehensive database of historical work.

The Yxsjöberg mine (located in the Bergslagen district) operated as a major tungsten and polymetallic producer across active periods from the mid-1930s to 1989, yielding approximately 5.3 to 5.5 million tonnes of material at an average grade of 0.38% WO₃ and 0.16% Copper. Additional satellite deposits were also mined at Sandudden and Wigströmsgruvan, with their mineralization processed on-site at the central Yxsjöberg plant.

Mineral Road is assessing the potential to re-evaluate this historical district using existing infrastructure and access together with the remaining hard-rock mineralisation and historical tailings potential. Because the tailings material is already at surface and has previously been mined, crushed, and processed, the Company is examining its potential funding pathway to potentially fund the potential redevelopment of the previous underground operations.

Smaltjärnen - Historical Tungsten, Copper and Fluorite Potential

Smaltjärnen served as the primary surface tailings repository and processing residue site for the district, operating historically from 1897 to 1963. It represents the primary surface tailings repository at Yxsjöberg, with a conceptual exploration target indicating approximately 2.4 to 2.8 million tonnes of material, featuring a conceptual grade range of 0.15% to 0.25% WO₃, a fluorite (CaF₂) target range of 4.00% to 6.00%, and copper values ranging from 0.10% to 0.20% Cu.

Published studies of Smaltjärnen have identified historical tungsten grades of 1.00% W, while geometallurgical work on selected Smaltjärnen material has reported grades of 0.22% WO₃ and identified individual copper values of 0.36% Cu.

Morkulltjärnen - A Second Multi-Million Tonne Polymetallic Potential

The second major repository, Morkulltjärnen (active 1973-1989), with a conceptual exploration target indicating approximately 2.4 to 2.8 million tonnes of material, featuring a conceptual grade range of 0.15% to 0.25% WO₃, a fluorite (CaF₂) target range of 4.00% to 6.00%, and copper values ranging from 0.10% to 0.20% Cu.

Historical Swedish Geological Survey ("SGU") investigations included drilling across five boreholes and sampling of the tailings.

Historical SGU investigations included drilling and surface sampling at Morkulltjärnen, returning individual tungsten values of 3,320 ppm W in drilling and of 4,090 ppm W in surface sampling, equivalent to approximately 0.41% elemental W.

The historical work also identified a broad suite of other potentially by-product elements associated with the tungsten mineralization.

Near-Term Drilling & Sampling - First Major Development Catalyst

Subject to final permitting, Mineral Road plans to commence systematic drilling and sampling across both the Smaltjärnen and Morkulltjärnen repositories before the end of 2026.

Drilling (including sonic and/or alternative methodologies) will provide continuous samples through the tailings profile to establish:

Tailings thickness and true width continuity

Density and tonnage parameters

Tungsten grade distribution

Copper and other potential by-products

Mineralogy and liberation characteristics

A robust database of grade distribution for tungsten (WO₃), alongside co-product elements including fluorite, beryllium, and copper

Comprehensive metallurgical testwork to determine metallurgical recoveries and define whether the inventory can support a commercially viable, long-term reprocessing operation

The resulting data is intended to support the preparation of the Company's Maiden NI 43-101 Mineral Resource Estimate.

Phase 1: Tailings Development Catalysts

Note: The timeline above is forward-looking information; see "Cautionary Statement Regarding Forward-Looking Information" below.

Tungsten Recovery is the First Priority - Polymetallic Credits Provide Potential Economics

The Company's immediate objective is to test the conceptual exploration target and metallurgy as the first step in advancing the Bergslagen Tungsten Project.

If successful, the potential recovery of copper, tin, bismuth, beryllium, and fluorite could provide contributions to any mineral resource, should one be established by further exploration.

The combination of a multi-million tonne surface targets across both repositories, historical tungsten recovery, significant copper and fluorite mineralization, existing infrastructure, and multiple potential by-products provides Mineral Road with a strong technical platform from which to explore the remaining historical mineralization.

From Tailings to Hard Rock

While the tailings provide an initial surface focus, they represent the first stage of Mineral Road's broader Bergslagen strategy. The Company believes this approach provides the potential to work toward a maiden mineral resource while retaining significant longer-term exploration upside with underground potential.

The Yxsjöberg district contains historical hard-rock tungsten mineralization associated with the Kvarnåsen and other mineralized zones. Historical underground workings extend to approximately 600 metres depth, though the extent and continuity of any remaining mineralisation has yet to be fully established.

Based on the tailings and historical workings, the Company believes that there is strong potential for future growth and development.

The staged technical approach is as follows:

Tailings → Shallow Hard Rock → Deeper Underground

To support this technical evaluation, the Company has engaged GeoPool as independent geological consultants. GeoPool has advised that the Geological Survey of Sweden (SGU) holds substantial supporting data, historical information, and drill core relating to the Bergslagen project. The Company has instructed GeoPool to obtain this comprehensive information and incorporate it directly into their ongoing technical work.

Furthermore, historical data compilation benefits from prior digitisation work which compiled numerous detailed technical reports and approximately 15,373 metres of drilling.

Management Commentary

Damien Reynolds, Executive Chairman and Interim CEO of Mineral Road, commented:

"Bergslagen gives us the opportunity to examine material that has already been mined, crushed, and processed historically.

"Our next step is to apply modern drilling and processing technology to that historical baseline. Our upcoming drilling and sampling program is intended to establish the scale, grade, and continuity of the tailings across both Smaltjärnen and Morkulltjärnen and seek to provide the basis for a potential maiden NI 43-101 resource.

"We also see potential in the polymetallic nature of the material, including historical indications of copper, tin, bismuth, beryllium, and fluorite alongside tungsten.

"The 4,090 ppm tungsten result from Morkulltjärnen, equivalent to approximately 0.41% W, demonstrates the localized grades present within our northern tailings repository.

"The tailings serve as an initial stage. Our longer-term objective is to use this framework to evaluate the broader hard-rock tungsten system at Yxsjöberg."

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking information and forward-looking statements under applicable Canadian securities legislation, including statements regarding the timing of drilling, metallurgical testing, and the delivery of a Maiden NI 43-101 Resource Estimate. These statements are subject to risks and uncertainties, including permit approvals, contractor availability, and variations from historical results.

Conceptual Exploration Target(s): The Company believes that the property has the potential for the conceptual exploration targets described above. This is based on previous exploration on the property, academic studies and historical data. The grade and tonnage ranges given in the exploration target is determined with consideration to the drill results within the modelled exploration target area and consideration of the geological setting in an established mining camp. The potential tonnages and grades are conceptual in nature and are based on historical mining and previous results. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is a risk further exploration will not result in the delineation of a current mineral resource.

Adjacent Mineralization: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.

Qualified Person and Historical Estimate Disclosure

The technical information contained in this news release has been reviewed and approved by Derrick Strickland, an independent Qualified Person as defined by National Instrument 43-101.

FOR FURTHER INFORMATION CONTACT:

Damien Reynolds Executive Chairman & Interim CEO

Mineral Road Discovery Inc. Telephone: 778 819 1870

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315626

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September 23, 2026 - 6:00 AM PDT

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