Benz Announces that Icon Delivers Shallow High-Grade Discovery as Large-Scale System Continues to Grow

HIGHLIGHTS:

• Ultra high-grade shallow lens emerging at Icon through infill drilling:

  • 13m at 29.0 g/t gold from 60m25GLR232

  • 9m at 28.0g/t gold from 84m25GLR190

  • 17m at 11.0g/t gold from 55m25GLR237

• Icon drilling continues to demonstrate large-scale bulk mineralisation:

  • 200m at 1.0/t gold from 76m25GLR062 (remaining assays now received)

  • 71m at 0.8g/t gold from 202m25GLR050

  • 60m at 1.0g/t gold from 240m25GLR054

  • 53m at 1.0g/t gold from 424m25GLR091

• Tuxedo drilling: significant broad step out drilling extends mineralisation 200m+ at depth beneath historical shallow drilling:

  • 28m at 2.5g/t gold from 406m 25GLR115 (> 200m down-dip extension at depth)

  • 35m at 1.0g/t gold from 296m25GLR133

• Icon trend potential: with more than 3 km of strike identified and only ~30% tested to date, 2026 Q1 drilling will systematically step out along the Icon trend, targeting the definition of a single, large-scale open-pit system

Vancouver, British Columbia--(Newsfile Corp. - January 27, 2026) - Benz Mining Corp (TSXV: BZ,OTC:BENZF) (ASX: BNZ) ("Benz" or the "Company") is pleased to report results from the Icon trend within the Glenburgh Gold Project in Western Australia.

Figure 1. Icon - Tuxedo cross section looking east. The section is displayed using a ±150 m clipping window to appropriately represent the folded and plunging geometry of the mineralised system. Previous results released on 6 November 2024, 4 August 2025 and 20 August 2025. Current release in black highlight. 

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Benz CEO, Mark Lynch-Staunton, commented:

"Results from the latest drilling at Icon and Tuxedo continue to reinforce our view that this is a large, coherent mineralised system with genuine scale.

"At Tuxedo, our first pass step-out drilling has successfully extended mineralisation by more than 200 metres down-dip. This broad-spaced drilling was designed to test the limits of the system, and the results clearly demonstrate that mineralisation continues well beyond historical drilling. With this extension now defined, we are well positioned to move into more focused infill drilling to further build continuity and confidence.

"At Icon, infill drilling is delivering exactly what we want to see - improved continuity, increasing confidence in the system, and the emergence of high-grade zones within a broad mineralised envelope. These results continue to demonstrate the quality and robustness of the mineralisation.

"When considered together, Icon and Tuxedo sit within the same mineralised footprint and are increasingly shaping up as a single, large open-pit style system. The combined corridor now extends up to 400 metres wide, underlining the scale of the opportunity we are developing.

"With more than 3 kilometres of strike already defined and less than 30% tested to date, we are still in the early stages of unlocking the full potential of this system. Upcoming drilling will focus on expanding the footprint along strike and at depth, while continuing to infill and upgrade the higher-grade zones.

"Glenburgh is rapidly emerging as a genuinely large gold system, and each round of drilling continues to build scale, confidence and long-term value for shareholders."

Figure 2. Icon trend plan map with reported collar locations.

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Icon-Tuxedo: A Growing Mineralised System

Recent drilling at the Icon Camp continues to demonstrate the scale and continuity of mineralisation, reinforcing its potential to host a large, long-life open pit gold operation.

At Icon, broad zones of moderate-grade mineralisation have now been confirmed over significant strike and thickness, highlighted by a 200m intersection at 1 g/t Au, providing further evidence of a bulk-tonnage mineralised system. This standout intercept complements previously released intercepts:

• 134m at 1g/t gold from 66m including 44m at 2.2g/t gold (25GLR060)

• 117m at 0.7g/t gold from 107m including 38m at 1.1g/t gold (25GLR064)

• 142m at 0.95g/t gold from 227m within a broader 229m at 0.7g/t gold (25GLR048)

• 102m at 1.0g/t gold from 96m (25GLR058)

Tuxedo

At Tuxedo first pass step-out drilling has successfully extended mineralisation more than 200 metres down-dip, well beyond the limits of historical drilling, which had only tested to approximately 100 metres depth. Intersections of 28m at 2.52 g/t Au, 35m at 1.0 g/t Au, and 21m at 1.34 g/t Au demonstrate that mineralisation remains strong and continuous at depth.

Together, Icon and Tuxedo now form a mineralised corridor exceeding 400 metres in width, surrounded by a broad halo of lower-grade mineralisation.

High-Grade Zones Emerge with Infill Drilling

A representative 100 m × 100 m area of the Icon system was selected for close-spaced infill drilling to enhance geological understanding and support orebody characterisation. The closer-spaced drilling has revealed a significant high-grade component that was not apparent in the previous 40-80m spaced drill pattern (Figure 3).

The new closer spaced drilling shows that:

• High-grade mineralisation occurs as curved, folded lenses, rather than simple planar zones.

• These lenses were masked by wide drill spacing, and the potential to find more through infill drilling is high.

• Mineralisation geometry reflects the high-grade metamorphic environment at Glenburgh, where gold continuity is rarely linear.

Recent results include:

• 13m at 29.0 g/t gold from 60m (25GLR232)

• 9m at 28.0g/t gold from 84m (25GLR190)

• 17m at 11.0g/t gold from 55m (25GLR237)

These intersections define an ~100 m long high-grade lens within the broader Icon system, which remains open at depth and along strike.

The infill drilling has confirmed improved continuity of higher-grade mineralisation, which is considered positive for future resource refinement, subject to further drilling and formal estimation.

Figure 3. Long section looking northwest, with a +/- 10m clipping window, highlighting close spaced infill drilling test area. The closer-spaced drilling has revealed a significant high-grade component that was not apparent in the historical broader spaced drill pattern (black dots). 

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District-Scale Upside - The Icon Trend

The Company is now preparing to systematically test the full >3 km long Icon trend, throughout 2026 with drilling planned to depths of 300-500 metres (Figure 4).

This work will:

• Step out along strike from current drilling

• Test down-dip continuity beneath existing mineralisation

• Assess the scale of the broader mineralised system

• Evaluate the potential for a single large-scale open pit development

With multiple stacked mineralised zones, strong continuity, and emerging high-grade domains, Benz believes the Icon trend has the potential to evolve into a large, long-life gold system.

Figure 4. Icon trend long section with all historical and current drilling to date. Drill target area in light blue hash box. Systematically testing the full strike and depth potential of the icon trend.

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Glenburgh - A New Frontier Gold District

The 100%-owned Glenburgh Gold Project is rapidly emerging as a new frontier gold district with multi-million-ounce potential. Located in Western Australia's Gascoyne region, Glenburgh hosts an 18-20 kilometre mineralised corridor anchored by the large-scale Icon-Apollo trend and the high-grade Zone 126 system.

Glenburgh's unique combination of thick, bulk-style gold mineralisation (Icon-Apollo) and multiple high-grade underground lenses (Zone 126) positions it as a rare opportunity in the Australian gold sector. With gold prices at record levels, the ability to develop both large-scale open pit and underground operations offers exceptional leverage and growth potential.

Figure 5. Geological overview of the Glenburgh Gold Project.

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- END -

This announcement has been approved for release by the Board of Benz Mining Corp.

For more information please contact:

About Benz Mining Corp.

Benz Mining Corp. (TSXV: BZ,OTC:BENZF) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the TSX Venture Exchange and Australian Securities Exchange. The Company owns the Eastmain Gold Project in Quebec, and the recently acquired Glenburgh and Mt Egerton Gold Projects in Western Australia.

Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.

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For more information, please visit: https://benzmining.com/.

Qualified Person's Statement (NI 43-101)

The disclosure of scientific or technical information in this news release is based on, and fairly represents, information compiled by Mr Mark Lynch-Staunton, who is a Qualified Person as defined by NI 43-101 and a Member of Australian Institute of Geoscientists (AIG) (Membership ID: 6918). Mr Lynch-Staunton has reviewed and approved the technical information in this news release. Mr Lynch-Staunton owns securities in Benz Mining Corp.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward looking statements" (collectively Forward-Looking Information) as such term is used in applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to, disclosure regarding the exploration potential of the Glenburgh Gold Project and the anticipated benefits thereof, planned exploration and related activities on the Glenburgh Gold Project. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipates", "complete", "become", "expects", "next steps", "commitments" and "potential", in relation to certain actions, events or results "could", "may", "will", "would", be achieved. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the accuracy and reliability of the Company's exploration thesis in respect of additional drilling at the Glenburgh Gold Project will be consistent with the Company's expectations based on available information; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Company's Projects (including Glenburgh and Mt Egerton Gold Projects) can be achieved; and the continuity of the price of gold and other metals, economic and political conditions, and operations.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the early stage nature of the Company's exploration of the Glenburgh Gold Project, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca and www.asx.com.au. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Forward-looking information in this news release is based on plans, expectations, and estimates of management at the date the information is provided and the Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

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 ACCURACY OR ADEQUACY OF THIS RELEASE.

Appendix 1: Collar Table. Coordinates system: GDA94/MGA Zone 50

Appendix 2: Significant Intercepts Tables.

High Grade Intercepts: A nominal 0.8g/t Au lower cut off has been applied to results, no maximum internal dilution was applied unless stated otherwise. Some intercepts reported were previously disclosed based on partial assay results. Completion of outstanding assays has resulted in updated intercepts being reported

Bulk Low Grade Intercepts: A nominal 0.3g/t Au lower cut off has been applied to results, no maximum internal dilution was applied unless stated otherwise. Some intercepts reported were previously disclosed based on partial assay results. Completion of outstanding assays has resulted in updated intercepts being reported

Appendix 3: JORC Tables
JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

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