Omineca Mining and PSI Group Partner on Fraser Canyon Project

Saskatoon, SK — March 9, 2026 — Leads & Copy — Omineca Mining and Metals Ltd. (TSXV: OMM) (OTCQB: OMMSF) has signed a Memorandum of Understanding (MOU) with PSI Group, a strategic partner that will fully fund all costs associated with the exploration, development, engineering, mining, and operating capital and expenses of the Fraser Canyon Project.

In return for its investment, PSI will receive a 75% share of recovered metals from placer operations, with Omineca retaining a 25% zero-cost carried interest.

The Fraser Canyon Project is located 12 kilometers northwest of Quesnel, BC. The property claims extend 11 kilometers along the Fraser River, encompassing a known, buried paleochannel that trends south-southeast. Historical production from the Canyon Mine (now South Placer) and the Tertiary Mine (now North Placer) totaled 1,482 ounces of raw placer gold up to 1986.

The Strategic Partnership program plans will be announced as they are finalized and include:

• Data review, engineering and a submission of a Notice of Work (“NOW”) for permitting site preparation of South Placer and North Placer properties and an underground, 300 meter test mining bulk sample operation at South Placer.
• Methodology for the North Placer mining operations based on knowledge gained at the South Placer trial mining program.
• Framework for longer term operations to mine both the North and South placer areas concurrently and to develop a formal mine plan submission to the ministry.
• A plan for investigating the underlying mineral claims for potential lode gold occurrences including groundwork, sampling, geophysics and exploration drilling.

The claims are located along the known location of deeply buried unconsolidated to weakly cemented gold-enriched Miocene fluvial conglomerates of the Fraser Bend Formation. The auriferous conglomerates occupy a buried paleochannel that trends SSE and crosses beneath an easterly-flowing section of the Fraser River called the Fraser Canyon. A 433-meter long section of the paleochannel was explored and partially mined underground at two locations on the north and south sides of the Fraser Canyon called the Tertiary (1907-1917) and Canyon (1986) mines.

Underground development was conducted at the Canyon Mine in 1986 using conventional drill-and-blast methods. A 772-foot main drift was advanced along the center of the gold-enriched paleochannel, with 13 alternating left and right crosscuts each 50–100 feet long. That operation produced 10,804 loose cubic yards of pay gravels over a 100-day period. The surface wash plant operated for 51 of 100 days, processing 9,932 loose cubic yards of pay gravels recovering 421.634 troy ounces of refined gold and 40.342 troy ounces of silver.

PSI’s placer gold recovery plans include applying modern technologies to shorten excavation time by using multiple roadheaders. A pre-sorting and gold recovery operation underground is planned to further expedite processing time and allow for continuous mining and processing all year round.

The strategic partnership establishes a fully funded framework for the engineering, design, and operation of the Fraser Canyon Project, to expedite the initiation of a trial mining and placer gold recovery program in 2026.

PSI assumes full responsibility for all Capex and Opex funding and executing all aspects of the project, including engineering, exploration, development, mining operations, and site reclamation. PSI will also lead interactions with the Ministry of Mining and Critical Minerals (MCM) with Omineca maintaining oversight as the registered landowner. Timelines are aimed at a NOW submission in Q1 2026 with trial mining to begin by Q4 2026, subject to permitting and regulatory approvals. In return, PSI will receive a 75% share of recovered metals from placer operations, while Omineca retains a 25% carried interest at zero cost.

The MOU also includes provisions for PSI’s ability to earn up to a 50% ownership interest in each of the three project components: South Placer, North Placer and Mineral Exploration through performance-based milestones and timelines. Omineca and PSI are working towards a definitive agreement based on the terms of this MOU which will be announced once finalized.

Dr. Curtis Bertholet, President and CEO of PSI Mining Inc., stated that PSI Mining is pleased to have partnered with Omineca to recommence mining operations at Omineca’s historic Fraser Canyon property. PSI and Omineca are reuniting the original team that was responsible for the 1986 bulk sample at the Fraser Canyon Project and the geological and geophysical surveys and analysis that followed. PSI will add its contemporary experience, engineering technologies, equipment and systems specializing in Mine Ground Control, Real Time Backfill, and Low Carbon Footprint Mine Operational Services with the goal of rapidly re-initiating the recovery of placer gold from the underground paleochannel at Fraser Canyon.

Stephen Kocsis, P.Geo., an independent qualified person for the purposes of National Instrument 43-101, has prepared or approved the scientific and technical information in this release.

Omineca’s flagship Wingdam gold exploration and placer recovery projects are located along the Barkerville Highway 45 km east of the City of Quesnel. The Wingdam Property includes mineral tenures totaling over 61,392 hectares (613 square kms) and in excess of 15 linear kilometers of placer claims, both encompassing the Lightning Creek valley where topographic conditions created thick layers of overburden, which preserved a large portion of a buried paleochannel containing placer gold-bearing gravels. Omineca also has an exploration and diamond drill program currently underway exploring for the potential multiple hard rock sources of the placer gold at Wingdam.

Part of Omineca’s original acquisitions in the Cariboo Mining District, the Fraser Canyon Project located 12 kilometers northwest of Quesnel, BC. is now slated to reinitiate the development of the underground paleochannel for the recovery of placer gold. Historically, two mines north and south of the Fraser River collectively produced 1,482 oz of raw placer gold.

Source: Omineca Mining and Metals Ltd.