Globex Purchases Underlying Royalties and Consolidates Value

ROUYN-NORANDA, Quebec, March 17, 2025 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has agreed to purchase three gold royalties from IAMGOLD Corporation. Each royalty is a one percent (1%) Net Smelter Royalty (NSR) applicable to the Porcupine West Gold, Eldrich Gold Mine and Rouyn-Merger Gold Mine properties, located in Quebec and all owned 100% by Globex. All three properties have significant historic intersections of gold mineralization. The purchase price is $349,999.65 in US dollars payable on May 7, 2025.

Jack Stoch, President, CEO and Chairman, commented: “We believe that by purchasing these royalties we have improved the value of these prospective properties by eliminating the royalties. All three properties have significant historical drill intersections of gold mineralization and historical gold resources and two of the properties have had historical production. We believe all three properties have significant gold mineralization prospectivity.”

The three gold properties were originally purchased from IAMGOLD with IAMGOLD retaining the royalties we are now purchasing. The Porcupine West Gold property covers over 14 kilometres of the Porcupine Destor gold localizing fault starting at the Ontario-Quebec border and extending uninterrupted eastward toward the town of Duparquet. Numerous occurrences of gold mineralization have been intersected in drill holes on the property with intersections including for example 6 g/t Au over 5.3 metres, 12.2 g/t Au over 1.5 metres and 1.85 g/t Au over 20.7 metres and 9.1 g/t Au over 2.8 metres. The property also has a historical non Ni43-101 resource of 195,298 tonnes grading 5.2 g/t Au. Globex has undertaken a detailed aeromagnetic survey over the property and completed a recompilation of all geological data to better define the geological context and distribution of the known gold mineralization.

The Eldrich Gold Mine property is centered on the formerly producing Eldrich Gold Mine located approximately 20 kilometres northwest of Rouyn-Noranda, Quebec. Globex has digitized over 3,000 surface and underground drill holes as well as underground workings and created a 3D model to see what potential remains within the mine workings, along strike, down dip and plunge. The work has demonstrated a significant number of exploration targets worthy of follow up drilling both within the mine workings and in extensions of gold zones previously mined or partially mined. The Eldrich property had historic production from 1955-1962 and 1988-1993 and has a historical non-NI 43-101 resource of 213,317 tonnes grading 5.38 g/t Au which is open to depth.

The Rouyn-Merger Gold Mine property is located east of Rouyn-Noranda, straddling over 4 kilometres of the gold localizing Cadillac Break. The property includes the former Rouyn-Merger Gold Mine and a number of gold occurrences both in drill holes and surface exposures. Globex has undertaken a detailed aeromag survey on the property, constructed a 3D model of the Rouyn-Merger Gold Mine and undertaken detailed modelling, mapping and surface sampling in several areas of historically indicated gold mineralization. This work has resulted in Globex identifying priority drill targets and a drill permit has been acquired. Historical production occurred on the property from 1936 and 1948-1949.

All three gold properties have small historical gold resource as well as numerous gold drill intersections as documented in Quebec government Sigeom files and previous claim holder company files as reported herein.

As usual, it is Globex’s business model to undertake work on our assets in order to advance their exploration potential and then, either option them to interested parties or explore them for our own account.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Forward-Looking Statements: Except for historical information, this news release may contain certain “forward-looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on .