Grizzly Discoveries Inc. press release

Grizzly Closes Private Placement and Completes Midway-Beaverdell Option

2026-10-16

TSXV - TSX Venture Exchange · Gold · Copper · Silver · Zinc · Lead · Platinum · Palladium · Cobalt · Canada · Financing

Edmonton, Alberta--(Newsfile Corp. - October 16, 2026) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company")announces that it closed on a private placement originally announced on September 15, 2026 (the "Offering") by the issuance of 1,000,000 Units, 325,000 FT Units, and 4,866,668 CMFT Units for gross proceeds of $359,875. The Company also completed the Midway-Beaverdell Option entered into on October 10, 2023.

PRIVATE PLACEMENT

Each Unit, priced at $0.05 per Unit, consisted of one common share of the Company ("Common Share") and one Common Share purchase warrant entitling the warrant holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 24 months (2 years) from the date of issuance ("Warrant"). Each FT Unit, priced at $0.055 per FT Unit, consisted of one Common Share and one half of one Warrant, each issued as a "flow through share" for the purposes of the _Income Tax Act_(Canada). Each CMFT Unit, priced at $0.06 per CMFT Unit, consisted of one Common Share and one half of one Warrant, each issued as a "flow through share" for the purposes of the _Income Tax Act_(Canada).

The Offering was offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company in its discretion determined, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation. The Offering is now closed.

The Company intends to use the proceeds of the sale of the Units for mineral property exploration and general working capital the proceeds from the sale of FT Units for mineral property exploration, and the proceeds from the sale of the CMFT Units for mineral property exploration specifically targeting Critical Minerals (as defined in the _Income Tax Act_(Canada).

In connection with the sale of 325,000 FT Units and 4,866,668 CMFT Units, the Company paid cash finders fees totaling $21,692 amongst Canaccord Genuity Corp, Hampton Securities Limited, GloRes Securities Inc., and Mr. Jean-Pierre Colin. The Company also issued a total of 328,416 non-transferrable Finder Warrants (with each Finder Warrant having the same terms as the Warrants included in the Units) amongst Canaccord Genuity Corp. among Canaccord Genuity Corp, Hampton Securities Limited, and GloRes Securities Inc. in connection with the sale of 325,000 FT units and 4,366,668 CMFT Units.

Following closing of the Offering, the Company has 240,313,037 common shares issued and outstanding. The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants are subject to restrictions on trading for four months from the date of issuance, expiring on February 17, 2027. The Offering is subject to final acceptance of the TSX Venture Exchange.

COMPLETION OF MIDWAY-BEAVERDELL OPTION

On October 13, 2026, the Company paid $5,000 and issued 100,000 common shares of the Company to Mr. Daniel Hurd of Peachland, British Columbia to complete the Midway-Beaverdell Option Agreement entered into on October 10, 2023. The Company is now the 100% owner of the Midway-Beaverdell mineral rights covering 761.25 hectares (approx. 1,881 acres) in the Greenwood Mining District of British Columbia. Mr. Hurd retains a 1% NSR Royalty and the right to any quarriable rocks.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President

Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4 Email : info@grizzlydiscoveries.com

For further information, please visit our website at www.grizzlydiscoveries.comor contact:

Nancy Massicotte Corporate Development Tel: 604-507-3377 Email: nancy@grizzlydiscoveries.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution concerning forward-looking information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

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