Hercules Metals Closes $50 Million "Bought Deal" Private Placement, including Full Exercise of the Underwriters' Option; Barrick to Fully Exercise its Participation Right

Toronto, Ontario–(Newsfile Corp. – November 12, 2026) – Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (“Hercules” or the “Company“) is pleased to advise that it has closed its previously announced “bought deal” private placement (the “Bought Deal“). Pursuant to the Bought Deal, the Company issued 57,472,200 common shares of the Company (the “Common Shares“) at a price of $0.87 per Common Share, for aggregate gross proceeds of $50,000,814, including the full exercise of the underwriters’ option.

The Bought Deal was completed through a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets, and including Desjardins Securities, Raymond James, RBC Capital Markets, Scotiabank, Agentis Capital Markets, ATB Capital Markets, Haywood Securities, Paradigm Capital and SCP Resource Finance LP. In connection with the Bought Deal, the underwriters were paid a cash commission equal to 5.0% of the aggregate gross proceeds of the Bought Deal.

Additionally, Barrick Mining Corporation (“Barrick“) has delivered a notice indicating that it is exercising its participation right under the investor rights agreement between the Company and Barrick in full to maintain its 10.34% ownership of the Company. The Barrick private placement is expected to close on or about November 16, 2026, and is expected to provide additional gross proceeds to the Company of approximately $5,775,392, which together with the Bought Deal, will provide aggregate gross proceeds of $55,776,206.

The net proceeds of the Bought Deal will be used by the Company to advance exploration at the Hercules Project, as well as for working capital and general corporate purposes.

The Common Shares issued under the Bought Deal are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and the Bought Deal remains subject to the final acceptance of the TSX Venture Exchange (the “Exchange“).

About Hercules Metals Corp.

Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) is an exploration company focused on developing America’s newest porphyry copper district, in Idaho, U.S.A.

The 100% owned Hercules Project, located northwest of Cambridge, Idaho, hosts the Leviathan porphyry copper system, one of the most important new discoveries in the U.S.A. to date. The Company is well positioned for growth through continued drilling, supported by a strategic investment from Barrick Mining Corporation.

With the potential for significant scale, the Company’s management and board of directors aim to deliver value to shareholders through proven discovery success.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Cautionary Statements Regarding Forward-Looking Information

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements“) within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “aims”, “assumption”, “believe”, “developing”, “estimate”, “expectation”, “exploration”, “focused”, “forward”, “may”, “potential”, “positioned”, “project”, “subject to” and “will”, or variations of such words, and similar such words, expressions or statements that certain actions, events, conditions or results will, may, could, or should (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements in this press release may include statements regarding the Barrick private placement (including the expected timing for the closing of the Barrick private placement); the use of proceeds from, and final approval by the Exchange of, the Bought Deal; any growth through continued drilling and the Company’s potential for significant scale; and delivery of value to shareholders by the Company’s management and board of directors.

Although the Company believes the forward-looking statements contained in this press release are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations, information and opinions, which are considered reasonable and represent the Company’s best judgment based on available facts, as of the issuance of this press release. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions contained in this press release which may prove to be incorrect include those set forth in this press release, as well as those stated in the Company’s other public disclosure, including its Management’s Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2025 and the quarters already ended and reported in 2026 (collectively, “Company Disclosure“), available on the Company’s website at www.herculesmetals.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements, by their nature, are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the Company’s actual results, activity, performance, developments or achievements, or other future events, to be materially different from any future results, activity, performance, developments or achievements expressed or implied by such forward-looking statements. Examples of such assumptions, estimates, expectations, opinions, risks, uncertainties, contingencies and other factors include those identified herein as well as those set forth in other Company Disclosure, available on the Company’s website at www.herculesmetals.com and/or under its issuer profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the issuance of this press release (or as otherwise expressly specified) and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the cautionary statements and/or notes in other Company Disclosure.

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 adequacy or accuracy of this press release.

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