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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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CALGARY, Alberta, Oct. 16, 2026 (GLOBE NEWSWIRE) — San Lorenzo Gold Corp. (“San Lorenzo” or the “Company“) (TSXV: SLG; OTC: SNLGF) is pleased to announce that the Company has increased the size of its previously announced best-efforts private placement from up to 7,547,200 to up to 15,094,400 common shares of the Company (the “Offered Shares“) at a price of $5.30 per Offered Share (the “Issue Price“) for aggregate gross proceeds of up to $80,000,320 (the “Offering“). The Offering is led by SCP Resource Finance LP and National Bank Financial Inc. as lead agents (the “Lead Agents“), on behalf of a syndicate of agents (together with the Lead Agents, the “Agents“).

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The Offering will consist of:

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(a)   up to 9,433,900 Offered Shares (the “LIFE Shares“) for aggregate gross proceeds of up to $49,999,670 (the “LIFE Offering“), pursuant to the “listed issuer financing exemption” under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI
45-106”), as modified by Coordinated Blanket Order 45-935 (the “LIFE Exemption”); and

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(b)   up to 5,660,500 Offered Shares (the “Non-LIFE Shares“) for aggregate gross proceeds of up to $30,000,650 (the “Non-LIFE Offering“), to (i) purchasers in Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws, (ii) purchasers resident in the United States pursuant to one or more available exemptions from the registration requirements of the 1933 Act (as defined below), and (iii) purchasers outside of Canada and the United States on a basis which does not require the qualification or registration of any of the Company’s securities or subject the Company to any ongoing disclosure requirements under domestic or foreign securities laws.

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The Company intends to use the net proceeds raised from the Offering for exploration at the Salvadora Project and for general corporate and working capital purposes.

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Subject to compliance with applicable regulatory requirements and in accordance with the LIFE Exemption, the LIFE Shares sold pursuant to the LIFE Offering will be offered in all the Provinces of Canada except Québec. The LIFE Shares issuable pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an amended and restated offering document related to the LIFE Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company website at https://www.sanlorenzogold.ca/. Prospective investors should read this offering document before making an investment decision.

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Unless an exemption is available, the Non-LIFE Shares may be subject to a hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws.