Omineca Signs MOU To Fully Fund Fraser Canyon, The Company's Second Placer Gold Recovery and Exploration Project

(TheNewswire)

Omineca Mining and Metals Ltd. - Saskatoon, SK – TheNewswire - March 9, 2026 (TSXV: OMM)(OTCQB: OMMSF) (“Omineca” or the “Company”) is pleased toannounce the signing of a Memorandum of Understanding (“MOU”) withPSI Group (“PSI”). As a strategic partner, PSI will fully fund allcosts associated with the exploration, development, engineering,mining, and operating capital and expenses of the Fraser CanyonProject, located 12 kilometers northwest of Quesnel, BC, in return fora 75% share of recovered metals from placer operations, with Ominecaretaining a 25% zero-cost carried interest.

The Fraser Canyon Property claims extend 11 kilometersalong the Fraser River encompassing a known, buried paleochannel thattrends south-southeast. Historically, up to 1986, the Canyon Mine (now“South Placer”) and the Tertiary Mine (now “North Placer”)collectively produced 1,482 oz of raw placer gold (please see“Property” below).

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

• Data review, engineering and a submission of a Noticeof Work (“NOW”) for permitting site preparation of South Placerand North Placer properties and an underground, 300 meter test miningbulk sample operation at South Placer. 

• Methodology for the North Placer mining operationsbased on knowledge gained at the South Placer trial mining program. 

• Framework for longer term operations to mine both theNorth and South placer areas concurrently and to develop a formal mineplan submission to the ministry. 

• A plan for investigating the underlying mineral claimsfor potential lode gold occurrences including groundwork, sampling,geophysics and exploration drilling. 

Property Details:*

The Fraser Canyon Project is a large group of placerand mineral claims that parallel the Fraser River 12 kilometers northof and upstream from the city of Quesnel, BC. The claims are locatedalong the known location of deeply buried unconsolidated to weaklycemented gold-enriched Miocene fluvial conglomerates of the FraserBend Formation. The auriferous conglomerates occupy a buriedpaleochannel that trends SSE and crosses beneath an easterly-flowingsection of the Fraser River called the Fraser Canyon. A 433-meterlong section of the paleochannel was explored and partially minedunderground at two locations on the north and south sides of theFraser Canyon called the Tertiary (1907-1917) and Canyon (1986) mines.The two mines collectively produced 1,482 oz of raw placer gold (892fineness). 

In 1986, underground development was conducted at theCanyon Mine using conventional drill-and-blast methods. A 772-footmain drift was advanced along the center of the gold-enrichedpaleochannel, with 13 alternating left and right crosscutseach 50–100 feet long. That operation produced10,804 loose cubic yards of pay gravels over a 100-day period. Thesurface wash plant operated for 51 of 100 days, processing 9,932 loosecubic yards of pay gravels recovering 421.634 troy ounces of refinedgold and 40.342 troy ounces of silver.

PSI’s placer gold recovery plans include applyingmodern technologies to shorten excavation time by using multipleroadheaders - advanced, self-propelled and extremely powerful rockcutting machines designed to tunnel, excavate and load substantiallyfaster than conventional drill and blast methods. A pre-sorting andgold recovery operation underground is planned to further expediteprocessing time and allow for continuous mining and processing allyear round.

Strategic Partnership:

Omineca has entered into a Memorandum of Understandingwith PSI Group, a Saskatoon, Saskatchewan based leader in advancedmining engineering and ground support technologies with over 20 yearsof proven success across North America and Europe.

This strategic partnership establishes a fully fundedframework for the engineering, design and operation of the FraserCanyon Project, to expedite the initiation of a trial mining andplacer gold recovery program in 2026.

Under the MOU, PSI assumes full responsibility for allCapex 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 theMinistry of Mining and Critical Minerals (MCM) with Ominecamaintaining oversight as the registered landowner. Timelines are aimedat a NOW submission in Q1 2026 with trial mining to begin by Q4 2026,subject to permitting and regulatory  approvals. In return, PSI willreceive a 75% share of recovered metals from placer operations, whileOmineca retains a 25% carried interest at zero cost.

The MOU also includes provisions for PSI’s ability toearn up to a 50% ownership interest in each of the three projectcomponents: South Placer, North Placer and Mineral Exploration throughperformance-based milestones and timelines. Omineca and PSI areworking towards a definitive agreement based on the terms of this MOUwhich will be announced once finalized.

“PSI Mining is pleased to have partnered with Ominecato recommence mining operations at Omineca’s historic Fraser Canyonproperty”, commented Dr. Curtis Bertholet, P.Eng., President and CEOof PSI Mining Inc.  PSI and Omineca are reuniting the original teamthat was responsible for the 1986 bulk sample at the Fraser CanyonProject and the geological and geophysical surveys and analysis thatfollowed. PSI will add its contemporary experience, engineeringtechnologies, equipment and systems specializing in Mine GroundControl, Real Time Backfill, and Low Carbon Footprint Mine OperationalServices with the goal of rapidly re-initiating the recovery of placergold from the underground paleochannel at Fraser Canyon.

*The historical placer recovery figures disclosed inthis news release are derived from past operator records, governmentfilings and technical reports that pre-date the implementation of NI43-101.

Qualified Person

All scientific and technical information in this newsrelease has been prepared by, or approved by Stephen Kocsis, P.Geo.Mr. Kocsis is an independent qualified person for the purposes ofNational Instrument 43-101 - Standards of Disclosure for MineralProjects.

About Omineca Mining and Metals Ltd.

Wingdam, BC

Omineca’s flagship Wingdam gold exploration andplacer recovery projects are located along the Barkerville Highway 45km east of the City of Quesnel. The Wingdam Property includes mineraltenures totaling over 61,392 hectares (613 square kms) and in excessof 15 linear kilometers of placer claims, both encompassing theLightning Creek valley where topographic conditions created thicklayers of overburden, which preserved a large portion of a buriedpaleochannel containing placer gold-bearing gravels. Omineca also hasan exploration and diamond drill program currently underway exploringfor the potential multiple hard rock sources of the placer gold atWingdam.

Fraser Canyon, BC

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

For further information, please contact:

Tom MacNeill

President and CEO

306-653-2692

Forward Looking Statements

This release includesforward-looking statements regarding Omineca and its business.  Suchstatements are based on the current expectations and views of futureevents of Omineca’s management.  In some cases, the forward-lookingstatements can be identified by words or phrases such as “may”,“will”, “expect”, “plan”, “anticipate”, “intend”,“potential”, “estimate”, “believe” or the negative ofthese terms, or other similar expressions intended to identifyforward-looking statements.  The forward-looking events andcircumstances discussed in this release may not occur and could differmaterially with other factors beyond the control of Omineca.  Noforward-looking statement can be guaranteed.  Forward-lookingstatements and information by their nature are based on assumptionsand involve known and unknown risks, uncertainties and other factorswhich may cause our actual results, performance or achievements, orindustry results, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking statement or information.  Accordingly, readersshould not place undue reliance on any forward-looking statements orinformation.  Forward-looking statements speak only as of the date onwhich they are made and Omineca undertakes no obligation to publiclyupdate or revise any forward-looking statement, whether as a result ofnew information, future events, or otherwise, except as required byapplicable securities laws.

Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release. 

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