Fredonia Mining Inc. Provides Corporate Update for Its El Dorado Monserrat Project

• Preliminary Economic Assessment work on track for completion during calendar Q3 2026
• Strong balance sheet to support Fredonia’s transition from exploration toward development-stage
  
  

TORONTO, April 14, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV: FRED) is pleased to announce continued technical advancement at its flagship El Dorado–Monserrat (“EDM”) gold project in the Deseado Massif, Santa Cruz Province, Argentina, including progress toward its maiden Preliminary Economic Assessment (“PEA”).

The Company has formally initiated work on a PEA for the EDM project, marking a key milestone in its transition from exploration toward development-stage evaluation.

The PEA will assess the potential economic viability of a conceptual open-pit gold mining operation and will include analysis of mining methods, processing routes, infrastructure requirements, capital and operating costs, and project economics.

The study will be based on the Company’s current mineral resource estimate, which outlines a large-scale gold-silver system within the Deseado Massif, including:

• 81.3 million tonnes of Measured and Indicated mineral resources
• 0.86 g/t gold equivalent grade*
• Containing approximately 2.25 million ounces of gold equivalent*, including:
  • 1.59 million ounces of gold
  • 49.1 million ounces of silver
    
    

* Gold equivalent grade (Au Eq) is derived using a gold price of US$1,800/oz, and silver metal price US$24/oz. Au Eq assumes Au and Ag recoveries of 90.0%. The limited metallurgical studies by Fredonia to date (selective Bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries higher than 90% for Au. Accordingly, the formula used for Au Eq is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) x (24/1,800) x (0.9/0.9)]

Importantly, the current mineral resource captures only a portion of the broader mineralized system, which remains open in multiple directions and continues to offer potential for further resource growth through additional drilling.

Fredonia has engaged GeoInvestment SpA, a Chile-based mining consulting firm, to lead the PEA. GeoInvestment SpA brings extensive experience in geology, geotechnics, and mining engineering across Latin America, supporting projects from early-stage development through to feasibility studies and capital markets disclosure.