Cambria Gold Mines Inc. (TSXV: CAMB; OTCQX: CAMVF) provided a status update of ongoing construction, development, permitting, Feasibility Study preparation and infill drilling progress from the Premier Gold Project (“PGP” or the “Premier Project“) and Red Mountain Gold Project (“Red Mountain“), located near Stewart in northwestern British Columbia, as well as additions to its engineering and operational team. The Company is targeting commissioning of the 2,500 tonne per day mill at PGP in Q4 of 2027 with continued ramp up through 2028.
Additionally, the Company is pleased to announce that over CA$45.9 million has been received through the exercise of outstanding warrants.
“Cambria continues to advance operational permitting, infill drilling, engineering and construction activities at PGP and Red Mountain, de-risking critical components to facilitate mining and processing in late 2027. Sufficient mineralization is accessible at PGP to commence mining, which would be subsequently augmented by Red Mountain once construction is complete,” said Robert McLeod, President and CEO of Cambria Gold Mines. “The Red Mountain Access Road construction is advancing very well and we are pushing to achieve access to Bromley Humps by the end of 2026.”
“As we complete additional development and prepare for operation readiness, our ability to attract exceptional engineers, such as: Ali Farah, Carla Romero, Brandon Chambers and Dinesh Devathasan, is driven by the quality of our gold projects and by our positive, supportive and determined team,” said Gord Doerksen, VP Projects of Cambria Gold Mines. “Our construction team has made strong headway in all facets, and our new engineering strength will set us up well for continued project development in 2027, with particular emphasis on planning and engineering, as well as water management and treatment and PGP.”
Red Mountain Access Road
The final Permit for the Red Mountain access road, a Fisheries Act Authorization (FAA), was received on September 21, 2026, allowing for in-stream construction work to be performed in Bitter Creek, rebuilding sections of a previous road that was washed away during a storm event in 2013. With the FFA in hand, Cambria’s construction team and road building contractor are advancing the road expeditiously and safely toward our goal of reaching the Bromley Humps area near the base of Red Mountain, roughly 12 km from Highway 37A.
The alpine portion of the road to access the Red Mountain deposit is anticipated to be built during the 2027 construction season. The Company’s objective is to truck mill feed material to the mill at PGP, a distance of approximately 50 km, through the communities of Stewart and Hyder.
Additionally, the Company is studying bulk material transport options: an aerial tramline or rope conveyor from the Red Mountain Deposit to the Bitter Creek valley, which would be installed after the road is completed, likely following the first year of operations. These aerial conveyance systems have historically been used extensively in the region and modern systems have proven very successful globally.
Figure 1. Red Mountain Access Road and Armouring adjacent to Bitter Creek
Red Mountain Access Road and Armouring adjacent to Bitter Creek
Resource Modelling and Infill Drilling
To inform the updated Feasibility Study, the Company has built a comprehensive geological and assay database, remodelling the geology and mineralized zones of the PGP deposits with the purpose of informing an updated Mineral Resource and Reserve Estimate. The current Resource and Reserve Estimate, last updated in 2021, was modelled using grade shells rather than following geological units. Starting from first principles, Cambria’s geological team has been remodelling the major and peripheral deposits at PGP, integrating both new and historical data from over 100 years of mining history from multiple epithermal deposits.
Both the Big Missouri and Silver Coin Deposits, previously mined by Cominco and Westmin/Tenajon Resources were wide breccia and vein stockwork structures mined using longhole underground techniques. Cambria has modelled these structures as well as post mineral faults and dykes with the objective of outlining bulk mineable areas; infill drilling has been ongoing at both areas to increase confidence in grade and structure. Emphasis has been on the Silver Coin deposit, which has higher grades than Big Missouri, can be mined using productive longhole mining methods, and will be the primary focus for the restart along with the high-grade Premier deposit.
At the Premier Deposit, extensive infill drilling work on 12.5 metre spacing targeting high-grades within the Prew and 602 Zones has been prioritized. Once underground development has recommenced in Q4 2026, additional underground drilling will be completed to continue defining Measured Resources that could potentially convert to Proven Reserves and be accessed in the early years of the operation. This material would be blended with wide and continuous mineralization from Silver Coin and Big Missouri while the Red Mountain Deposit is developed.
Feasibility Study Update
Cambria continues to advance an updated Red Mountain-PGP Feasibility Study to capture the value of the combined project, with targeted completion in H1 2027. SLR Advisors, a global mining consultancy, has been engaged to be the primary author with support from QPs from other specialists in their respective fields.
As discussed in recent releases, the Feasibility Study work is informed by an extensive infill drilling program at PGP to provide robust resource confidence, as well as new metallurgical testing, mine plan optimization, and processing plant modifications to treat mineralized material from both projects. No additional infill drilling has been required at the Red Mountain Deposit.
Water Treatment Plant
At PGP, the priority work on the site has been water management and the water treatment plant. Since construction in 2024, the Water Treatment Plant (“WTP“) continually struggled with discharge compliance for zinc. Through a series of focused initiatives, expedited with urgency, the Company is advancing closer to compliance with results improving in the past two months. Extensive efforts have fixed many of the WTP’s operational problems, including taking over control of plant operations with in-house personnel (previously managed and operated by a contractor), engaging specialized water treatment consultants for guidance and activating better process controls. Cambria’s team completed extensive upgrades and additions to pumps, valves, pipes and various equipment that were in various stages of neglect. The Company also updated a water balance to better understand the entire water system and how best to manage and treat contact water.
Figure 2. New Upper Sediment Pond Liner at PGP Water Treatment Plant
New Upper Sediment Pond Liner at PGP Water Treatment Plant
Mining
Cambria is currently upgrading underground infrastructure at Premier-Northern Lights with brow support, power upgrades, a ventilation bulkhead, water management sumps and secondary egress. These improvements will be complete by the end of 2026 and will allow us to begin additional development for stope access for mining and additional platforms for further infill drilling. Underground work will be completed using Cambria’s newly purchased and commissioned fleet of mining equipment including LHDs, a twin-boom face jumbo, scissor deck and service vehicles. Additionally, underground development at the Silver Coin deposit will take place in the spring of 2027 to create development for operations. Accessing Silver Coin will be from the recently constructed underground workings at the Big Missouri deposit, 700 metres north of Silver Coin or from a new portal location closer to the mineralized zones, based on permitting considerations. Cambria’s remodelling of the Big Missouri Deposit has also identified the potential for several small open pit, that will be further evaluated as part of the Feasibility Study.
2026 geotechnical drilling at new Silver Coin and Red Mountain portal locations will assist in detailed portal design. All deposits benefit from previous underground development accelerating our development plan and reducing anticipated restart capital costs.
Premier Mill Upgrades
Detailed planning and budgeting of the Premier processing plant upgrades are underway with engineering, procurement and installation work. The mill operated as recently as 2025 and is in excellent condition. Based on past operating knowledge, the program includes some additional optimizations. These critical improvements include the installations of a new primary jaw crusher and feeder. The crusher building, covered crushed material stockpile and conveyor system, dating to the 1990’s operations are in excellent condition, with just the mechanical and electrical components required. Additional immediate upgrades will include converting an unused clarifier to a pre-leach thickener. Prior to introduction of material from Red Mountain, a fine grinding mill and second detox tank will be added. All required mill upgrades for restarting with Premier material will be completed in 2027.
Additions to Cambria’s Operating Team
To plan and execute on the Company’s re-start preparations, Cambria is pleased to announce the expansion of our project team with the addition of four exceptional people to the engineering team.
Ali Farah, P.Eng., a highly experienced Mechanical Engineer and Manager with over 35 years of experience, has joined Cambria as Director of Engineering responsible for all engineering activities for the Project. Ali will oversee all technical work done by consultants and in-house personnel to maintain high engineering standards, align all engineering work and ensure the greatest efficiency of design and execution. He will be a key piece of our strategic and tactical planning. Ali has a decade of experience in northwest BC mining in addition to +20-years of various technical and management roles in mining and other industries.
Carla Romero Robiero, P.Eng. joined as Cambria’s Environmental Manager, with a primary focus on water system compliance, monitoring and reporting. Carla has 20 years of experience and was most recently the Senior Lead, Water Integrated Planning with a major mining company. She integrates water balance, water quality, treatment, mine planning, and financial analysis to guide assets toward resilient, low-risk outcomes.
Brandon Chambers, P.Eng. recently joined as our new Manager of Engineering. Brandon is a Mining Engineer with a broad range of operational, planning and construction experience. Brandon is an accomplished problem solver, planner and leader and will be extremely valuable providing guidance and knowledge to the wide range of initiatives Cambria is pursuing as well as providing engineering controls for our improvement plans.
Dinesh Devathasan, P.Eng. recently joined as our Underground Manager, who will lead Cambria’s team as underground development is advanced that takes the Company to production. Dinesh has proven, relevant experience in taking underground mining projects into successful, producing mines. Dinesh’s experience spans technical and management roles giving him the holistic knowledge needed to ensure a successful restart of Cambria’s mining assets. Dinesh has many years of Golden Triangle operating experience including at the Brucejack Mine.
Permitting
The Company achieved a significant permitting milestone in 2026 with the receipt of all permits required for construction of the Red Mountain access road. In parallel, Cambria is advancing engineering and environmental programs to support submission of the proposed haul road permit application. Baseline environmental studies were also conducted throughout 2026 at both the Premier and Red Mountain projects to validate and supplement existing environmental baseline information, while supporting ongoing project planning and future permitting requirements.
Looking ahead, the Company’s permitting efforts will focus on advancing the major mine authorizations required for the construction and operation of both the Premier and Red Mountain projects. At Red Mountain, ongoing engineering, environmental, and technical studies are also supporting an amendment to the existing Environmental Assessment Certificate to reflect the current project design and development plan. The Company continues to work collaboratively with regulatory agencies, Indigenous interests, and local stakeholders to advance these permitting processes.
Issuance of Interest Shares to Nebari
Further to the Company’s December 30, 2025 press release, and in connection with the second amended and restated facility agreement with Nebari Natural Resources Credit Fund II, LP and Nebari Gold Fund 1 LP, as lenders (the “Lenders“), and Nebari Collateral Agent LLC, as collateral agent (the “Collateral Agent“, and, together with the Lenders, “Nebari“) dated December 30, 2025 (the “Convertible Facilities“) and the third amended and restated cost overrun agreement entered into with Nebari dated December 30, 2025 (the “COF“), the Company intends to settle quarterly interest for the period beginning July 1, 2026 and ending September 30, 2026 of $1,800,253.06 payable to Nebari through the issuance of an aggregate of 2,017,318 common shares at a deemed price rounded to $0.892 per share, subject to approval of the TSX Venture Exchange. The interest has been calculated in accordance with the rates specified in the COF and Convertible Facilities.
All amounts are shown in Canadian dollars and Nebari is an arm’s length creditor to the Company.
Qualified Person and Technical Information:
The scientific and technical information within this news release was reviewed and approved by Gord Doerksen, P.Eng., Vice President of Projects for Cambria Gold Mines Inc. Mr. Doerksen is a non-independent “Qualified Person” as defined under National Instrument 43-101.
About Cambria Gold Mines
Cambria Gold Mines is a Canadian mining company headquartered in Vancouver, British Columbia, and its shares trade on the TSX-V under the ticker CAMB and on the OTCQX Market with the ticker CAMVF. Cambria is the 100% owner of the Premier Project and Red Mountain Gold Project that are located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia, as well as the large Mt. Margaret copper-gold porphyry deposit located in Washington State. For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.cambriagold.com.
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