Wednesday, October 21, 2026
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Wednesday, October 21, 2026 Admin

BZ.V ·

Benz Announces that Icon Delivers Shallow High-Grade Discovery as Large-Scale System Continues to Grow

Drill Results

HIGHLIGHTS:

Ultra high-grade shallow lens emerging at Icon through infill drilling:

13m at 29.0 g/t gold from 60m25GLR232

9m at 28.0g/t gold from 84m25GLR190

17m at 11.0g/t gold from 55m25GLR237

Icon drilling continues to demonstrate large-scale bulk mineralisation:

200m at 1.0/t gold from 76m25GLR062 (remaining assays now received)

71m at 0.8g/t gold from 202m25GLR050

60m at 1.0g/t gold from 240m25GLR054

53m at 1.0g/t gold from 424m25GLR091

Tuxedo drilling: significant broad step out drilling extends mineralisation 200m+ at depth beneath historical shallow drilling:

28m at 2.5g/t gold from 406m 25GLR115 (> 200m down-dip extension at depth)

35m at 1.0g/t gold from 296m25GLR133

Icon trend potential: with more than 3 km of strike identified and only ~30% tested to date, 2026 Q1 drilling will systematically step out along the Icon trend, targeting the definition of a single, large-scale open-pit system

Vancouver, British Columbia--(Newsfile Corp. - January 27, 2026) - Benz Mining Corp (TSXV: BZ) (ASX: BNZ) ("Benz" or the "Company") is pleased to report results from the Icon trend within the Glenburgh Gold Project in Western Australia.

Figure 1. Icon - Tuxedo cross section looking east. The section is displayed using a ±150 m clipping window to appropriately represent the folded and plunging geometry of the mineralised system. Previous results released on 6 November 2024, 4 August 2025 and 20 August 2025. Current release in black highlight.

Figure

Benz CEO, Mark Lynch-Staunton, commented:

"Results from the latest drilling at Icon and Tuxedo continue to reinforce our view that this is a large, coherent mineralised system with genuine scale.

"At Tuxedo, our first pass step-out drilling has successfully extended mineralisation by more than 200 metres down-dip. This broad-spaced drilling was designed to test the limits of the system, and the results clearly demonstrate that mineralisation continues well beyond historical drilling. With this extension now defined, we are well positioned to move into more focused infill drilling to further build continuity and confidence.

"At Icon, infill drilling is delivering exactly what we want to see - improved continuity, increasing confidence in the system, and the emergence of high-grade zones within a broad mineralised envelope. These results continue to demonstrate the quality and robustness of the mineralisation.

"When considered together, Icon and Tuxedo sit within the same mineralised footprint and are increasingly shaping up as a single, large open-pit style system. The combined corridor now extends up to 400 metres wide, underlining the scale of the opportunity we are developing.

"With more than 3 kilometres of strike already defined and less than 30% tested to date, we are still in the early stages of unlocking the full potential of this system. Upcoming drilling will focus on expanding the footprint along strike and at depth, while continuing to infill and upgrade the higher-grade zones.

"Glenburgh is rapidly emerging as a genuinely large gold system, and each round of drilling continues to build scale, confidence and long-term value for shareholders."

Figure 2. Icon trend plan map with reported collar locations.

Figure

Icon-Tuxedo: A Growing Mineralised System

Recent drilling at the Icon Camp continues to demonstrate the scale and continuity of mineralisation, reinforcing its potential to host a large, long-life open pit gold operation.

At Icon, broad zones of moderate-grade mineralisation have now been confirmed over significant strike and thickness, highlighted by a 200m intersection at 1 g/t Au, providing further evidence of a bulktonnage mineralised system. This standout intercept complements previously released intercepts:

134m at 1g/t gold from 66m including 44m at 2.2g/t gold (25GLR060)

117m at 0.7g/t gold from 107m including 38m at 1.1g/t gold (25GLR064)

142m at 0.95g/t gold from 227m within a broader 229m at 0.7g/t gold (25GLR048)

102m at 1.0g/t gold from 96m (25GLR058)

Tuxedo

At Tuxedo first pass step-out drilling has successfully extended mineralisation more than 200 metres down-dip, well beyond the limits of historical drilling, which had only tested to approximately 100 metres depth. Intersections of 28m at 2.52 g/t Au, 35m at 1.0 g/t Au, and 21m at 1.34 g/t Au demonstrate that mineralisation remains strong and continuous at depth.

Together, Icon and Tuxedo now form a mineralised corridor exceeding 400 metres in width, surrounded by a broad halo of lower-grade mineralisation.

High-Grade Zones Emerge with Infill Drilling

A representative 100 m × 100 m area of the Icon system was selected for close-spaced infill drilling to enhance geological understanding and support orebody characterisation. The closer-spaced drilling has revealed a significant high-grade component that was not apparent in the previous 40-80m spaced drill pattern (Figure 3).

The new closer spaced drilling shows that:

High-grade mineralisation occurs as curved, folded lenses, rather than simple planar zones.

These lenses were masked by wide drill spacing, and the potential to find more through

infill drilling is high.

Mineralisation geometry reflects the high-grade metamorphic environment at Glenburgh, where gold continuity is rarely linear.

Recent results include:

13m at 29.0 g/t gold from 60m (25GLR232)

9m at 28.0g/t gold from 84m (25GLR190)

17m at 11.0g/t gold from 55m (25GLR237)

These intersections define an ~100 m long high-grade lens within the broader Icon system, which remains open at depth and along strike.

The infill drilling has confirmed improved continuity of higher-grade mineralisation, which is considered positive for future resource refinement, subject to further drilling and formal estimation.

Figure 3. Long section looking northwest, with a +/- 10m clipping window, highlighting close spaced infill drilling test area. The closer-spaced drilling has revealed a significant high-grade component that was not apparent in the historical broader spaced drill pattern (black dots).

Figure

District-Scale Upside - The Icon Trend

The Company is now preparing to systematically test the full >3 km long Icon trend, throughout 2026 with drilling planned to depths of 300-500 metres (Figure 4).

This work will:

Step out along strike from current drilling

Test down-dip continuity beneath existing mineralisation

Assess the scale of the broader mineralised system

Evaluate the potential for a single large-scale open pit development

With multiple stacked mineralised zones, strong continuity, and emerging high-grade domains, Benz believes the Icon trend has the potential to evolve into a large, long-life gold system.

Figure 4. Icon trend long section with all historical and current drilling to date. Drill target area in light blue hash box. Systematically testing the full strike and depth potential of the icon trend.

Figure

Glenburgh - A New Frontier Gold District

The 100%-owned Glenburgh Gold Project is rapidly emerging as a new frontier gold district with multimillion-ounce potential. Located in Western Australia's Gascoyne region, Glenburgh hosts an 18-20 kilometre mineralised corridor anchored by the large-scale Icon-Apollo trend and the high-grade Zone 126 system.

Glenburgh's unique combination of thick, bulk-style gold mineralisation (Icon-Apollo) and multiple highgrade underground lenses (Zone 126) positions it as a rare opportunity in the Australian gold sector. With gold prices at record levels, the ability to develop both large-scale open pit and underground operations offers exceptional leverage and growth potential.

Figure 5. Geological overview of the Glenburgh Gold Project.

Figure

  • END -

This announcement has been approved for release by the Board of Benz Mining Corp.

For more information please contact:

Mark Lynch-Staunton

Chief Executive Officer Benz Mining Corp.

E: [email protected] T: +61 8 6143 6702

About Benz Mining Corp.

Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the TSX Venture Exchange and Australian Securities Exchange. The Company owns the Eastmain Gold Project in Quebec, and the recently acquired Glenburgh and Mt Egerton Gold Projects in Western Australia.

Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.

Figure

For more information, please visit: https://benzmining.com/.

Qualified Person's Statement (NI 43-101)

The disclosure of scientific or technical information in this news release is based on, and fairly represents, information compiled by Mr Mark Lynch-Staunton, who is a Qualified Person as defined by NI 43-101 and a Member of Australian Institute of Geoscientists (AIG) (Membership ID: 6918). Mr Lynch- Staunton has reviewed and approved the technical information in this news release. Mr Lynch-Staunton owns securities in Benz Mining Corp.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward looking statements" (collectively Forward-Looking Information) as such term is used in applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to, disclosure regarding the exploration potential of the Glenburgh Gold Project and the anticipated benefits thereof, planned exploration and related activities on the Glenburgh Gold Project. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipates", "complete", "become", "expects", "next steps", "commitments" and "potential", in relation to certain actions, events or results "could", "may", "will", "would", be achieved. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the accuracy and reliability of the Company's exploration thesis in respect of additional drilling at the Glenburgh Gold Project will be consistent with the Company's expectations based on available information; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Company's Projects (including Glenburgh and Mt Egerton Gold Projects) can be achieved; and the continuity of the price of gold and other metals, economic and political conditions, and operations.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the early stage nature of the Company's exploration of the Glenburgh Gold Project, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca and www.asx.com.au. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Forward-looking information in this news release is based on plans, expectations, and estimates of management at the date the information is provided and the Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

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 ACCURACY OR ADEQUACY OF THIS RELEASE.

Appendix 1: Collar Table. Coordinates system: GDA94/MGA Zone 50

Hole IDEastingNorthingElevationDipAzimuthEnd Depth
25GLR 036 _4097007191553296.765-60170582
25GLR 048 _4093777191503293.287-59161456
25GLR 050 _4095627191527298.376-59160360
25GLR 052 _4096337191562296.606-55161300
25GLR 054 _4096557191481298.722-65161300
25GLR 056 _4094827191417297.849-56161354
25GLR 058 _4095627191492299.126-55160402
25GLR 062 _4096087191486299.687-65160438
25GLR 064 _4095887191506300.007-60160366
25GLR 067 _4094277191595294.925-55163600
25GLR 074 _4095207191368298.92-55165552
25GLR 078 _4094777191463300.524-5516591
25GLR 079 _4095547191250299.7-55165558
25GLR 080 _4095917191158302.337-55165600
25GLR 083 _4097357191425302.089-55165600
25GLR 084 _4097797191328303.496-55167600
25GLR 085 _4098257191192301.927-55165446
25GLR 086 _4094007191698297.975-55165750
25GLR 088 _4093607191806297.644-55164528
25GLR 089 _4098547191479301.399-55165600
25GLR 091 _4098117191605301.019-56165598
25GLR 093 _4091767191431296.78-55165733
25GLR 095 _4094817190784303.114-55345600
25GLR 096 _4092097191044298.945-55165600
25GLR 098 _4102627191361300.97-55165570
25GLR 100 _4095567191051298.618-55165549
25GLR 101 _4103357191115301.043-55165450
25GLR 104 _4105097190786301.43-55340600
25GLR 105 _4088597191040296.439-54164492
25GLR 107 _4099697190976301.609-52168600
25GLR 110 _4091087190691295.219-55346504
25GLR 111 _4097987190914301.995-55165512
25GLR 112 _4089587191131294.31-55166492
25GLR 114 _4101647191043296.424-55165600
25GLR 115 _4093797191217296.383-55165600
25GLR 118 _4092707191531296.618-54164600
25GLR 119 _4094147191114297.843-55165600
Hole IDEastingNorthingElevationDipAzimuthEnd Depth
25GLR 121 _4093087191429298.875-54165312
25GLR 123 _4093787191569296.187-55165492
25GLR 126 _4094857191256299.31-53165600
25GLR 127 _4094127191463293.971-55165600
25GLR 133 _4095207191149303.463-55164600
25GLR 134 _4094487191358297.626-56164600
25GLR 139 _4091727191145296.965-51155402
25GLR 140 _4093117191083300.239-64167402
25GLR 143 _4097067191173302.463-58184300
25GLR 144 _4096277191184301.683-50165300
25GLR 146 _4097077191172302.288-50160252
25GLR 149 _4106657191753301.443-61165102
25GLR 150 _4108887191932303.305-58165330
25GLR 151 _4106527191795303.813-58165150
25GLR 153 _4107077191871301.198-58165204
25GLR 155 _4106817191904301.848-58165252
25GLR 157 _4108757191980303.759-5816566
25GLR 158 _4106557191952300.782-58165300
25GLR 159 _4108767191979304.376-5816572
25GLR 161 _4106127191940300.211-58165314
25GLR 162 _4108727192028303.326-58165450
25GLR 164 _4107547191838302.388-60164150
25GLR 165 _4107507191887300.926-59164204
25GLR 166 _4108437191913303.29-59166330
25GLR 167 _4107327191929300.754-58164252
25GLR 168 _4107007191968301.3-58165300
25GLR 172 _4107817191908303.325-58164222
25GLR 174 _4107817191946301.89-58164252
25GLR 177 _4107677191996303.058-58165300
25GLR 179 _4108167191966303.256-59164506
25GLR 185 _4105777191787302.75-55154204
25GLR 187 _4094527191423300.406-60155120
25GLR 188 _4094647191398300.717-60155120
25GLR 189 _4094737191375300.754-6015524
25GLR 190 _4094617191427300.777-75155114
25GLR 191 _4094647191419300.396-75155114
25GLR 192 _4094687191410299.054-75155114
25GLR 193 _4094727191401299.146-75155114
25GLR 194 _4094767191391299.262-7515560
25GLR 195 _4094717191431298.826-80155108
25GLR 196 _4094767191421298.951-75155114
25GLR 197 _4094807191413299.402-75155114
25GLR 199 _4094867191396299.698-6015542
25GLR 200 _4094797191432298.857-60155120
25GLR 201 _4094847191448299.214-60155120
25GLR 204 _4095167191447298.787-81155105
25GLR 211 _4094887191439299.2-60155120
25GLR 212 _4094937191429299.252-60155120
25GLR 213 _4094977191419299.36-6015590
25GLR 221 _4094967191445299.478-60155102
25GLR 222 _4095067191422299.329-6015590
Hole IDEastingNorthingElevationDipAzimuthEnd Depth
25GLR 223 _4095017191411299.324-6015560
25GLR 224 _4095067191402299.308-6015542
25GLR 225 _4095207191420299.104-80155108
25GLR 226 _4095167191428297.76-80155108
25GLR 227 _4095197191441298.733-80155105
25GLR 228 _4095237191432298.937-80155108
25GLR 229 _4095277191422299.095-80155105
25GLR 230 _4095327191414299.094-80156108
25GLR 231 _4095377191404299.093-8115484
25GLR 232 _4095127191437299.027-80155108
25GLR 233 _4095247191409298.8-81151108
25GLR 234 _4095487191404299.172-6015360
25GLR 235 _4095387191463295.071-60155108
25GLR 236 _4105117191811299.998-55155252
25GLR 237 _4095117191439299.216-80155108
25GLR 238 _4105577191831299.819-55155252

Appendix 2: Significant Intercepts Tables.

High Grade Intercepts: A nominal 0.8g/t Au lower cut off has been applied to results, no maximum internal dilution was applied unless stated otherwise. Some intercepts reported were previously disclosed based on partial assay results. Completion of outstanding assays has resulted in updated intercepts being reported

Hole IDFromToAu ppm _LengthComments
25GLR 050 _1631790.9616
25GLR 050 _2022730.871Updated intercept following receipt of remaining assays
25GLR 054 _2112142.253
25GLR 054 _240300160
25GLR 056 _6430.8137
25GLR 058 _962290.87133Updated intercept following receipt of remaining assays Includes: 16m at 2.16g/t and 7m at 2.85g/t
25GLR 058 _2632690.816
25GLR 062 _842841200Updated intercept following receipt of remaining assays Includes: 14m at 8.36g/t
25GLR 064 _2032300.8227Updated intercept following receipt of remaining assays
25GLR 064 _2332420.999
25GLR 064 _2773050.9928
25GLR 067 _3163211.065
25GLR 067 _4194251.156
25GLR 067 _4834891.46
25GLR 074 _40480.938
25GLR 074 _5265471.3421
25GLR 078 _78881.8710
25GLR 080 _1861980.9712
25GLR 080 _2832970.8214
25GLR 083 _5805831.623
25GLR 091 _1441470.913
25GLR 091 _2042120.918
25GLR 091 _3843941.0610
Hole IDFromToAu ppm _LengthComments
25GLR 091 _4244401.116
25GLR 091 _4574771.4820
25GLR 095 _3443571.1213
25GLR 095 _4844891.395
25GLR 110 _2342570.8423Includes: 6m at 2.72g/t
25GLR 115 _2572601.43
25GLR 115 _3063111.495
25GLR 115 _4064342.5228Includes: 8m at 5.56g/t and 11m at 2.06g/t
25GLR 119 _2672701.523
25GLR 121 _2762821.356
25GLR 123 _4144220.858
25GLR 127 _2522561.334
25GLR 133 _1461551.059
25GLR 133 _2973321.0435Includes: 3m at 3.01g/t
25GLR 139 _3213243.883
25GLR 143 _1992060.97
25GLR 144 _2052091.194
25GLR 144 _2892963.957
25GLR 146 _1982021.044
25GLR 150 _40461.566
25GLR 155 _1311380.87
25GLR 158 _2112240.8313
25GLR 164 _24270.953
25GLR 164 _29333.934
25GLR 165 _1641671.533
25GLR 167 _1391551.0216Includes: 4m at 3.03g/t
25GLR 168 _2332381.685
25GLR 172 _1121151.553
25GLR 174 _1291351.526
25GLR 177 _2542701.2416
25GLR 179 _1651690.824
25GLR 187 _56851.3629
25GLR 188 _15261.4411Includes: 4m at 2.55g/t
25GLR 188 _1051092.554
25GLR 189 _372.444
25GLR 190 _849327.949
25GLR 191 _61790.9418
25GLR 192 _42461.154
25GLR 192 _50531.183
25GLR 192 _65850.8620
25GLR 192 _951142.0219Includes: 7m at 3.81g/t
25GLR 193 _19491.1530Includes: 5m at 4.29g/t
25GLR 193 _81860.855
25GLR 194 _6121.746
25GLR 196 _321142.1882Includes: 4m at 17.7g/t and 34m at 2.56g/t
25GLR 197 _24880.964Includes: 3m at 2.48g/t
25GLR 197 _1081120.934
25GLR 201 _391021.0563Includes: 14m at 2.08g/t
25GLR 204 _889221.444
25GLR 211 _36680.8632
25GLR 211 _1081121.14
Hole IDFromToAu ppm _LengthComments
25GLR 212 _21372.0616Includes: 13m at 2.37g/t
25GLR 213 _14400.9126Includes: 6m at 2.98g/t
25GLR 221 _42771.4735Includes: 13m at 2.42g/t
25GLR 222 _17231.156
25GLR 223 _180.857
25GLR 225 _20281.048
25GLR 225 _901061.1216
25GLR 226 _231081.385Includes: 16m at 2.14g/t
25GLR 227 _611022.5641Includes: 22m at 2.81g/t and 15m at 2.74g/t
25GLR 228 _741051.4831
25GLR 229 _24271.343
25GLR 229 _43501.47
25GLR 229 _90940.854
25GLR 229 _961051.119
25GLR 230 _253.473
25GLR 232 _131084.2995Includes: 13m at 29.11g/t
25GLR 233 _50600.8510
25GLR 235 _77881.7711
25GLR 236 _75782.053
25GLR 237 _551025.147Includes: 17m at 11.73 g/t and 12m at 2.9g/t
25GLR 238 _1581643.86

Bulk Low Grade Intercepts: A nominal 0.3g/t Au lower cut off has been applied to results, no maximum internal dilution was applied unless stated otherwise. Some intercepts reported were previously disclosed based on partial assay results. Completion of outstanding assays has resulted in updated intercepts being reported

Hole IDFromToAu ppm _LengthComments
25GLR 036 _1945540.39360Updated intercept following receipt of remaining assays. Includes: 6m at 4.18g/t
25GLR 048 _1994420.67243Updated intercept following receipt of remaining assays Includes: 21m at 2.74g/t and 7m at 2.7g/t
25GLR 050 _1483510.5203Updated intercept following receipt of remaining assays
25GLR 052 _1351380.353
25GLR 052 _1611740.4613
25GLR 052 _2042200.416
25GLR 052 _2342450.3211
25GLR 054 _1193000.64181Updated intercept following receipt of remaining assays Includes: 3m at 2.25g/t
25GLR 056 _62420.38236Updated intercept following receipt of remaining assays Includes: 17m at 2.18g/t
25GLR 058 _813630.49282Updated intercept following receipt of remaining assays Includes: 7m at 2.85g/t and 16m at 2.16g/t
25GLR 062 _763620.72286Updated intercept following receipt of remaining assays Includes: 14m at 8.36g/t
25GLR 064 _633500.48287Updated intercept following receipt of remaining assays Includes: 4m at 3.38g/t and 8m at 2.22g/t
25GLR 067 _2862910.365
25GLR 067 _3083450.3937
25GLR 067 _4184530.3835
25GLR 067 _4745340.3160
25GLR 067 _5365470.3111