Axcap Announces Closing of Upsized $9.2 Million Financing

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TORONTO, ON / ACCESS Newswire / October 22, 2025 / Axcap Ventures Inc. (CSE:AXCP) ("Axcap" or the "Company") is pleased to announce that it has completed its previously-announced upsized non-brokered private placement (the "Offering") for aggregate gross proceeds of $9,160,000. Originally agreed upon with a new incoming cornerstone investor, the Company increased the size of the Offering by an additional $1,000,000 due to strong investor interest. Under the Offering, the Company issued an aggregate of 53,882,353 common shares of the Company ("Common Shares"). The proceeds of the Offering will be used primarily for general corporate purposes, including the completion of a Preliminary Economic Assessment on the Converse Gold Project, as approved by management of the Company from time to time.

The Company paid a cash advisory fee to 3L Capital Inc., for its role as financial advisor to the Company in connection with the Offering. All Common Shares issued pursuant to the Offering are subject to a statutory hold period expiring on February 23, 2026.

About Axcap Venture Inc.

Axcap is focused on developing its flagship, Converse Gold Project, a large, underdeveloped gold deposit not owned by a major mining company in Nevada, USA. The Converse Gold Project is located within the prolific Battle Mountain trend containing 5.57Moz Au of Measured and Indicated Mineral Resources and 0.42Moz Au Inferred Mineral Resources (238mt at 0.539g/t Au for 4.13Moz Measured Mineral Resources; 92mt at 0.487g/t Au for 1.44Moz Indicated, 25mt at 0.528g/t Au for 0.42Moz Inferred Mineral Resources). With decades of expertise in Nevada and globally, our Board and management are focused on unlocking the potential of this project. For further details please refer to our technical report entitled "Amended and Restated NI 43-101 Technical Report and Mineral Resource Update, Converse Property, Humboldt County, Nevada, USA" dated effective February 13, 2025 which is available on our website at www.axcapventures.ca and on our SEDAR+ profile at www.sedarplus.ca.