Fredonia Mining Appoints Global Mining Executive Gustavo Gomes as COO to Advance El Dorado–Monserrat Development

Former ArcelorMittal Global Mining COO and Las Bambas CEO brings over 40 years of international mining experience as Fredonia initiates PFS work targeting completion in H2 2027

TORONTO, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (TSXV: FRED; OTC:FREDF) (“Fredonia”, or the “Company”) announces the appointment of Gustavo “Gus” Gomes as Chief Operating Officer (“COO”), strengthening operational leadership as it begins technical work toward a Pre-Feasibility Study (“PFS”) for its El Dorado–Monserrat (“EDM”) gold-silver project in Santa Cruz, Argentina.

Gustavo Gomes – Global Mining Leadership

Mr. Gomes previously acted as a strategic advisor to Fredonia and brings more than 40 years of international mining experience to the table, including executive positions at ArcelorMittal, MMG, Vale, Rio Tinto and other major mining companies. Mr. Gomes served as Global Chief Operating Officer – Mining at ArcelorMittal, with responsibility for more than 20 mining operations across several continents. As CEO of Minera Las Bambas in Peru, he led the establishment of the operating organization and construction and commissioning of a major copper project, completed on time and on budget, with full ramp-up achieved in less than six months. He also served as CEO of the integrated Ambatovy nickel-cobalt operation in Madagascar, held senior operating leadership roles at Vale and spent nearly two decades in technical, project and operational leadership at Rio Tinto.

He holds an MBA from MIT Sloan Fellows, completed INSEAD’s International Directors Programme and holds a geology degree from the University of Rio de Janeiro. Mr. Gomes also currently acts as a director of Amapa Minerals, a precious metals mining company operating in Brazil listed on TSX.

“We are delighted to welcome Gus to the Company as Chief Operating Officer. Gus brings a strong track record in geology and mine development, together with the technical expertise and operational experience that will be critical as we transition from exploration to development. This appointment is an important step in strengthening our leadership team and ensuring we have the capabilities required to successfully advance our projects through the next stages of development,” commented Estanislao Auriemma, President and CEO of Fredonia Mining. “Gus’ experience will be instrumental in translating our exploration success into tangible development milestones, advancing our assets towards production, and unlocking their full potential. We are confident that Gus’ leadership will play a key role in delivering our strategic objectives, driving disciplined project execution, and creating sustainable long-term value for our shareholders.”

EDM Development Update – PFS Work Underway

Following its Preliminary Economic Assessment (“PEA”), Fredonia is initiating workstreams for the PFS, including metallurgical testing, mine planning optimization, engineering and related technical evaluations. The objective is to refine the proposed development configuration, strengthen the technical basis for subsequent decisions and continue progressing EDM toward potential future development. Fredonia is targeting completion of the PFS during the second half of calendar 2027, subject to technical results, schedules, funding and other project considerations.

In parallel, the Company continues exploration and resource-development activities across the EDM project. The PEA is preliminary in nature and does not establish mineral reserves or a production decision.

Stock Option Grant

The Company has granted a total of 3,600,000 stock options (the “Options”) of the Company to purchase an equivalent number of common shares at a price of $0.48 per common share. 2,835,000 of the Options were granted to directors and officers as identified in the table below, with the remainder granted to employees and consultants of the Company and its subsidiaries entitled to participate in the Company’s option plan.

Recipient	Number of Options Granted
Estanislao Auriemma – CEO	500,000
Ali Mahdavi – Chairman	450,000
Gustavo Gomes – COO	500,000
Constantine Karayannopoulos – Director	350,000
Ricardo Auriemma – Director	250,000
Michael Doolan – Director	250,000
Waldo Perez – Director	250,000
Carlos Espinosa – CFO	285,000

Each Option is exercisable for a period of five years and has been granted in accordance with the terms of the Company’s current stock option plan. The Options and the underlying common shares are subject to a four-month hold period beginning on the date of this news release.

Corporate Communications and Investor Relations Support

Fredonia has engaged Samson Levy, through SMG Capital Partners, a Toronto, Ontario-based corporate communications firm focused on the junior mining and resource sector, for an initial three-month term to support investor communications and digital awareness. Mr. Levy has experience in Canadian junior mining and capital markets, including several years with CEO.CA, a digital platform focused on resource companies and mining investors. The services will include management and development of the Company’s presence on X and LinkedIn, investor-focused digital content, graphics and short-form video, communication of project development milestones, and support for news-release distribution and shareholder outreach. All content and communications will be co-ordinated with Fredonia and subject to prior Company approval. The initial engagement is for three months at US$2,750 per month (US$8,250 in aggregate for the initial period), which will be paid from the Company’s available cash, with no stock options or other equity-based compensation granted or promised under the agreement. The parties intend to review the results of the engagement at the end of the initial period before determining whether to continue it or not. The arrangement is subject to acceptance by the TSX Venture Exchange (the “Exchange”). No services will commence, and no payment will be remitted, until Exchange acceptance has been obtained and all applicable regulatory steps have been completed. SMG and Mr. Levy are at arm’s length to Fredonia, other than with respect to the service agreement described herein. As at the date of this release, neither SMG nor Mr. Levy in his personal capacity own or control any securities of Fredonia.

About Fredonia Mining Inc.

Fredonia Mining Inc. is a Canadian mineral exploration and development company focused on advancing its El Dorado–Monserrat gold-silver project in Santa Cruz Province, Argentina. The Company is progressing exploration and technical studies aimed at evaluating the project’s development potential.

For further information: Please visit the Company's website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: estanislao.auriemma@gmail.com.

Forward-Looking Information

This news release contains forward-looking information, including. Such statements involve assumptions, risks and uncertainties, including technical outcomes, financing, permits, commodity markets and other factors described in the Company’s continuous disclosure. Actual outcomes may differ materially.

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the timing and scope of the PFS, anticipated technical work, exploration, development plans and expected benefits of executive appointments, the Company’s financial resources and ability to execute its plans, and any other information or statement herein that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management's view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the timing and results of testing required to complete the PFS, unforeseen expenditures and the ability to finance operations. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.