Cambria Gold Mines Inc. (TSXV: CAMB; OTCQX: CAMVF) announced that due to the opportunity to realize significant value for shareholders as a potential Tier 1 asset, the Company will retain its ownership in the Mt. Margaret copper and gold porphyry deposit located in Washington State (“Mt. Margaret“), deferring the proposed spinout. Based on ongoing discussions with strategic partners, feedback from Cambria’s investors and the strong fundamentals for copper, the Company believes significantly more value can be added by advancing Mt. Margaret as a significant asset within the portfolio, in addition to the Premier Gold Mine Complex and the Red Mountain Gold Deposit located in the Golden Triangle of British Columbia. Cambria will provide updates on the continued drilling, engineering and construction advancements at the Premier Mine Complex and the Red Mountain Gold Deposit in the near future.
To support Cambria’s new vision of advancing Mt. Margaret, the Company is pleased to announce the immediate addition of an exceptional US-based director to the Cambria board: Kim Colloton. Additionally, Cleve Rueckert, previously announced as Vice-President (USA), will assume the role of Vice-President of Corporate Development for Cambria. As previously announced, Asa East, Vice-President of Exploration (USA), David Thomas, Vice-President Projects (USA) and Orla Abrahams, Manager, Stakeholder Relations (USA) will continue in their current roles.
“We see the opportunity to build an exceptional growth-oriented company at Cambria, anchored by near-term gold production at the Premier Gold Mine Complex in Canada and a potential Tier 1 copper deposit at Mt. Margaret. With over one square kilometer of outcropping mineralization at surface, open for expansion in most directions and at depth below 500 meters, the Mt. Margaret deposit represents a unique opportunity in the United States. Through systematic goals including: permitting milestones, infill and exploration drilling, Mineral Resource Estimates and Economic Studies, we feel that we can add substantial value for our shareholders by keeping our portfolio together,” said Robert McLeod, CEO of Cambria Gold Mines. “Our Company will be supported by the highly accretive addition of US-based team members, including our new director Retired Major General Kim Colloton, as well as ex-Barrick Vice-President Cleve Rueckert.”
“I am excited about this expanded opportunity, working with an exceptional team focused on building something special,” said Cleve Rueckert. “We think there is substantial value embedded in Cambria’s portfolio of assets and I look forward to helping unlock that value for the benefit of our stakeholders, importantly the communities where we work, our employees and our shareholders.”
Cambria’s US-based management team continues to advance permit applications and environmental studies supporting additional exploration drilling at Mt. Margaret in the near future. The Company has also begun engagement with local communities and county, state, federal and Tribal representatives regarding Mt. Margaret. These early discussions are intended to establish open communication, understand stakeholder priorities, and inform the Company’s environmental, technical and socioeconomic work as the project is evaluated. Additionally, Cambria has completed relogging and geological modelling of available core from the deposit, reaffirming its view of Mt. Margaret as a unique and exceptional copper-gold porphyry deposit.
Board and Management Additions:
Major General (Retired) Kim Colloton, Director
Major General (Retired) Kim Colloton, a senior executive leader with over 30 years of distinguished service in the United States Army, has consistently delivered strategic and enterprise-wide impact across complex global organizations and high-stakes missions. Most recently, she served as the Deputy Chief of Engineers and Deputy Commanding General for the U.S. Army Corps of Engineers (USACE) in Washington, D.C. In this role, she provided strategic leadership and oversight for a $90-billion global portfolio and a workforce of 38,000 civilian and military professionals. She drove performance and accountability across resource management, contracting, engineering and construction, human capital, and network modernization, ensuring the effective and efficient delivery of critical capabilities.
Prior to her current role, Major General Colloton served as the Deputy Commanding General for Military and International Programs. In this capacity, she led the worldwide execution of U.S. military design and construction, real estate, environmental services, and foreign military sales programs that supported key partners and allies. She also advanced interagency engineering solutions for organizations such as the Department of Homeland Security and the Department of Veterans Affairs, thereby strengthening mission readiness across government.
Kim’s leadership experience spans multiple command positions, with her most prominent role being the Commanding General of the United States Army Corps of Engineers’ Transatlantic Division. In this capacity, she directed intricate expeditionary engineering operations to support the Department of Defense, U.S. Central Command, and U.S. Special Operations Command across the Middle East and Central Asia. Her operational experience also includes multiple extended deployments to Afghanistan and Iraq, where she led teams in dynamic and high-risk environments.
Additionally, Kim commanded the United States Army Corps of Engineers’ South Pacific Division, overseeing a ten-state region encompassing the Western and Southwestern United States. She collaborated closely with state and federal leaders to deliver mission-critical military construction, significant civil works initiatives such as coastal storm damage mitigation and flood risk reduction, water resource planning, environmental programs, and regional emergency preparedness and disaster response operations. Kim has also held key staff positions, including Chief of the Mission Assurance & Protection Division on the Joint Staff in Washington, D.C.
Kim holds a Bachelor of Architecture and Building Science from Rensselaer Polytechnic Institute, a Master of Science in Civil Engineering from Stanford University, and a Master of Science in National Resource Strategy with a concentration in strategic materials from the National Defense University’s Eisenhower School. She also completed a fellowship at the RAND Corporation’s Arroyo Center. Currently, she serves as a Non-Executive Director for Bayan Mining and Minerals Limited, an Australian Securities Exchange-listed company, and as a Corporate Advisory Board Member for Strategic Solutions Unlimited, located in Fayetteville, North Carolina.
Cleveland Rueckert, Vice-President of Corporate Development
Cleveland Rueckert is a seasoned finance professional with twenty years of capital markets experience spanning investment management, equity research and investor relations. Cleve most recently served as Vice President, Head of Investor Relations at Barrick Mining Corporation, one of the world’s leading gold producers, where he helped the investment community understand the value of the world-class Fourmile project. Prior to joining Barrick, Cleve had many years of progressively senior roles at investment banks, primarily in equity research at UBS, concluding as an Executive Director covering the Metals & Mining and Paper & Packaging sectors in both North and South America. He began his career working at Birinyi Associates with the legendary investment strategist and Salomon Brothers alumnus, Laszlo Birinyi.
Cleve holds an MBA from the NYU Stern School of Business and a BA from the University of Vermont. He brings a rare combination of analytical rigor, media fluency, and relationship-building to his work. Beyond his professional life, Cleve serves on the Board of Directors of the YMCA of Greater New York, as Vice Chair of the Finance Committee and as a Director and member of the Investment Committee of the Cleveland H. Dodge Foundation.
Termination of Arrangement with ECC Ventures
The Company is terminating the binding term sheet with ECC Ventures 4 Corp. (TSXV: ECCF.P) (“ECC4“) and cancelling the proposed spin-out transaction with ECC4 and concurrent financing, previously announced on July 7, 2026.
Equity Grant
Cambria further announces the granting of incentive stock options (“Options“) to purchase an aggregate of 2,800,000 common shares of the Company (a “Common Share“) to new directors, officers, employees and consultants of the Company in accordance with the Company’s Stock Option Plan, which was approved by the shareholders of the Company at its annual meeting of shareholders held on June 29, 2026. Each Option is exercisable into one Common Share at an exercise price of $0.90. The Options vest over eighteen months, with 25% vesting on the date of grant and an additional 25% vesting every six months thereafter, expiring September 16, 2031.
In addition, the Company has granted 700,000 restricted share units (“RSUs“) and 180,000 deferred share units (“DSUs“) to new directors, officers, employees and consultants of the Company. Each of the RSUs and DSUs will vest equally over three years, with the first vesting date occurring September 16, 2027. Upon vesting, each RSU and DSU represents the right to receive one Common Share in accordance with the Restricted Share Unit Plan / Deferred Share Unit Plan, which was approved by the shareholders of the Company at its annual meeting of shareholders held on June 29, 2026.
About the Mt. Margaret Copper-Gold Deposit
The Mt. Margaret deposit is a calc-alkaline porphyry deposit hosting high-grade copper, gold, and molybdenum mineralization located approximately 22 km southwest of Randle, Washington State. The Mt. Margaret Project is primarily located on patented federal mineral claims that are held by Cambria and the United States Federal Government Bureau of Land Management (“BLM“) and located on Forest Service land. Through its US entity, Ascot USA Inc. (“Ascot US“), Cambria controls 50% mineral rights of select patented claims centered over the deposit with the Federal Government controlling the remaining 50%, as well as other patents in the area. Cambria also controls 100% interest in 184 lode claims surrounding the property. The Company has been advancing discussions with various US Federal Government Departments, including the BLM, regarding future direction for the deposit.
This porphyry system was discovered and actively explored by Duval Corporation (“Duval“) from 1971-1980, completing a total of 20,729m over 105 diamond drill holes (Taylor, 1980)1. In 2010, Cambria’s predecessor, Ascot Resources Ltd., completed 4,880m of infill diamond drilling over 10 holes, which confirmed and expanded the mineralized zones defined by Duval’s drilling (See Cambria’s News Releases dated October 13, November 3, November 23, and December 1, 2010 and January 12, 2011).
A historical mineral resource was completed by Duval for the Mt. Margaret deposit, totaling 577Mt grading 0.36% Cu, 0.24 g/t Au, 0.011% Mo, and 1.58 g/t Ag (Taylor, 1980)1. This historic estimate predates the implementation of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“) guidelines and is not compliant with currently accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy, August 20, 2000 (CIM Guidelines) or the United States Securities and Exchange Commission’s Regulation Subpart 1300 of Regulation S-K (“S-K 1300“). Furthermore, uncertainty regarding cut-off grade, metal prices, modelling methodology, or other parameters and assumptions used in the Duval work could impact the reliability of the historic estimation. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. Further work including quality assurance / quality control procedures, geological modelling, and assay certificate and collar validation by a Qualified Person would be required to produce a NI-43-101 or an S-K 1300 compliant resource. There are no guarantees that this additional work would confirm the historical resource estimate defined by Duval.
Qualified Person
The scientific and technical information within this news release has been reviewed and approved by Asa East, CPG, Vice President Exploration (USA) for Cambria Gold Mines Inc. and a non-independent Qualified Person as defined by National Instrument 43-101. Mr. East is a Certified Professional Geologist in good standing with the American Institute of Professional Geologists (AIPG).
About Cambria Gold Mines
Cambria Gold Mines is a Canadian mining company headquartered in Vancouver, British Columbia, and its shares trade on the TSXV under the ticker CAMB and on the OTCQX Market with the ticker CAMVF. Cambria is the 100% owner of the Premier Gold mine and Red Mountain Gold Project that are located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. 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.