Axcap Initiates Preliminary Economic Assessment on Converse Project, Targets Q2 2026 Completion

TORONTO, ON / ACCESS Newswire / October 23, 2025 / Axcap Ventures Inc. (CSE:AXCP) ("Axcap" or the "Company") is pleased to announce that it has initiated a Preliminary Economic Assessment ("PEA") for the Converse Gold Project located in the prolific Battle Mountain Trend of Nevada.

The PEA will be undertaken by Axcap's management in conjunction with leading industry consultants including SLR Consulting (Canada) Ltd ("SLR"), Kappes Cassidy & Associates ("KCA") and Sunstone Environmental ("Sunstone"). The principles of Axcap have worked extensively with SLR and KCA over a number of years and Sunstone has had a long association with the Converse Gold Project.

The PEA is scheduled for completion in Q2 2026, with workstreams already underway including:

• Commencing a 1,500-meter oriented core drilling program in late October to further refine the geology and oxide models and our understanding of structural controls to higher grade mineralization.

• Relogging and modelling of historic diamond drill core and RC chips for the purposes of better defining structural and stratigraphic controls to mineralization is underway at the Company's core storage facility in Lovelock Nevada.

• Review of extensive historical datasets to support the PEA.

• Re assaying selected samples via Cyanide Soluble assay to support the development of the updated redox model to better define the boundaries of oxide, transitional and sulphide mineralization.

In addition, the Company expects to be able to release results from the last two remaining deep drill holes before the end of the month.

"We are very excited to be underway with the PEA and to be working with such highly regarded industry specialists. Our preliminary review work, prior to joining Axcap, indicated that the Converse Gold Project has the potential to be a significant gold producer with substantial levels of production over many years. We look forward to being in a position to showcase this potential with a quality preliminary study based upon the work of an experienced and capable team. Following the recent addition of a cornerstone investor to the register, we are excited to be well funded to complete the PEA and commence the next phase of drilling and development activities at the Converse Gold Project" said John Dorward, Chief Executive Officer of the Company.