Benz Announces That Icon Continues Rapid Growth with Multiple Broad, High-Grade Gold Intercepts

HIGHLIGHTS:

• The remarkable scale of Icon is becoming increasingly apparent. Systematic 50 x 25 m drilling has now delineated a 100–200 m-wide mineralised system across the first 1 km of the known 3 km trend, with mineralisation defined to vertical depths exceeding 500 m.

• The system comprises multiple stacked high-grade gold lenses, with individual lenses averaging approximately 30-50 m in width, surrounded and interconnected by a substantial mineralised halo. Highlights include:

• Icon's remaining 2 km is poised to redefine the scale of the gold camp. Previous drilling has confirmed near-surface gold mineralisation along the remaining 2km trend, where the same favourable host rocks and controlling structures continue.
• Benz's structural modelling points to structurally controlled thickening of mineralisation down plunge, with repeating fold hinges providing compelling targets for further stacked high-grade gold lenses. This reinforces Benz's conviction that Icon has the potential to become a gold camp of exceptional scale.

Vancouver, British Columbia--(Newsfile Corp. - October 18, 2026) - Benz Mining Corp. (ASX: BNZ) (TSXV: BZ) is pleased to report results from 68 RC holes totalling 25,776 m at the Icon gold camp, part of its Glenburgh Gold Project in Western Australia.

Figure 1: Icon long-section looking north showing current release intercepts in thicker pink, with previously released in thinner pink. Red call outs labelling highlights (g/t Au). Systematic drilling progressing east.

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Benz Chief Executive Officer Mark Lynch-Staunton commented:

"Icon continues to exceed our expectations. What we are uncovering has the hallmarks of a truly world-class gold system, and we are increasingly convinced that we are only beginning to understand its full scale.

"The remarkable growth at Icon prompted us to strategically concentrate the majority of our drilling fleet on the camp. Our priority is to accelerate the systematic definition of this major gold camp ahead of our maiden Mineral Resource Estimate. With first-pass drilling across the remaining 2km trend nearing completion, today's announcement marks the first of what we expect to be a series of substantial drilling updates as the true scale of Icon continues to emerge.

"Drilling is not simply validating our Exploration Target; it is growing the mineralised system beyond the footprint on which the Exploration Target was based. Systematic infill drilling continues to reveal additional high-grade zones, while step-out drilling is delivering significant extensions.

"Importantly, Icon is only one part of the Glenburgh story. We are eager to apply the same systematic drilling approach at Hurricane and Thunderbolt, while our mapping team has already identified a compelling fourth exploration camp. The scale of the opportunity across the broader Glenburgh district is truly exceptional.

"In parallel, we are advancing early development studies, including geotechnical investigations, metallurgical testwork and infrastructure planning, supported by an already well-established permitting pathway. We are not simply focused on discovering more gold; we are actively laying the foundations for a major gold mining operation.

"We believe Australia's next great gold mine is taking shape at Glenburgh. With the scale of the system continuing to emerge and development activities gathering momentum, these are incredibly exciting times for Benz and our shareholders."

Icon Drilling Continues to Demonstrate Exceptional Scale

The significance of these results lies not in any single intercept, but in the remarkable consistency, scale and repetition of broad gold mineralisation and stacked high-grade lenses throughout the system.

Multiple holes returned substantial stacked gold intersections, including:

• 26CN129: 42 m at 3.0 g/t Au from 337 m and 39 m at 3.1 g/t Au from 388 m.

• 26CN125: 42 m at 1.6 g/t Au from 318 m and 62 m at 1.5 g/t Au from 427 m.

• 26CN130: 35 m at 2.4 g/t Au from 104 m and 73 m at 1.1 g/t Au from 355 m.

These results reinforce Benz's interpretation of multiple stacked high-grade lenses associated with fold hinges and controlling shear structures. The systematic 50 m x 25 m drilling pattern is progressively resolving these structures, including high-grade positions previously unrecognised at wider drill spacings.

Remaining 2 km of Icon Trend – Significant Growth Potential

With systematic drilling now defining the scale and continuity of mineralisation across the first kilometre at Icon, Benz sees exceptional growth potential along the remaining 2 km of the Icon trend.

Previous drilling has already confirmed near-surface gold mineralisation along this eastern corridor, while geological mapping and structural interpretation demonstrate the continuation of the same favourable host rocks and controlling structures responsible for Icon's high-grade mineralisation.

This geological continuity gives Benz high conviction that further stacked high-grade lenses and repeating fold hinges will be defined, with the potential to significantly increase the scale of the Icon gold camp.

First-pass drilling across the eastern 2 km is nearing completion, with further substantial drilling updates anticipated as results are received, validated and interpreted.

Fourth Exploration Camp Identified East of Hurricane

Regional geological mapping has delineated a fourth major exploration camp east of Hurricane, extending over approximately 3–4 km and comparable in scale to Glenburgh's other established gold camps.

The new camp exhibits the same favourable host rocks, controlling shear structures and magnetite alteration characteristic of the existing gold camps, reinforcing Benz's interpretation of a much larger district-scale mineralising system.

Maiden drill testing is anticipated in the near term, providing another exciting opportunity to unlock further growth across the broader Glenburgh district.

Figure 2: Geology map showing location of newly delineate fourth major exploration camp.

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Early Development Studies Advancing

In parallel with exploration, Benz is progressing early development studies, including geotechnical investigations, metallurgical testwork, water exploration, power demand modelling and infrastructure planning.

Processing studies are evaluating conceptual throughput scenarios, while investigations into gas supply and associated infrastructure are progressing.

With granted mining tenure and an established permitting pathway, these programmes aim to advance Glenburgh's development readiness alongside resource definition.

Exceptional Geological Continuity Supported by Multiple Independent Datasets

A critical distinction in Benz's approach to understanding the Glenburgh gold system is that the geological model is not constructed from gold assay intercepts alone.

In structurally complex, high-grade metamorphic gold systems such as Glenburgh, interpreting mineralisation solely from gold assays on successive drill sections will not accurately represent the true geometry, controls or continuity of the mineralisation.

High-grade mineralisation associated with folded geological sequences, fold hinges and shear structures may change position, orientation and thickness between sections, making individual gold intercepts appear disconnected when viewed without their broader geological context.

Benz has overcome this challenge through the integration of more than 20,000 structural measurements with an extensive lithogeochemical database comprising multi-element analysis of every metre of drill sample, alongside systematic gold assay results.

These three complementary datasets allow Benz to identify and correlate the same favourable host lithologies, structural orientations, fold geometries and mineralisation controls across successive drill sections. Importantly, lithogeochemical signatures provide a means of tracing geological units independently of gold grade, while structural measurements constrain how those units have been folded, displaced and repeated throughout the system.

This integrated geological interpretation demonstrates strong continuity of the favourable host rocks and mineralisation-controlling structures between sections, providing a robust geological framework for interpreting the distribution and continuity of the stacked high-grade gold lenses.

This level of geological resolution is fundamental to Benz's systematic 50 m by 25 m drilling strategy and provides an important foundation for the forthcoming maiden Mineral Resource Estimate.

Next Steps

Plan Ahead: Completing the Baseline Drill-Out Across Glenburgh

The next phase of drilling will focus on completing Benz's baseline 50 m by 25 m drilling pattern across all three principal camps at Glenburgh: Hurricane, Icon and Thunderbolt.

The objective is to ensure that the high-grade NE-plunging hinge zones are systematically identified, properly resolved and incorporated into the geological model. These hinge positions can make a significant contribution to contained gold but may not be adequately defined by wider-spaced drilling.

Benz has already observed this effect through closer-spaced drilling within the Icon data cube. As geological resolution increased, additional high-grade mineralisation and structural positions emerged that were not apparent from the earlier drilling pattern, as reported in the Company's announcement dated 28 January 2026.

This experience has reinforced the importance of completing the baseline drilling pattern across each of Glenburgh's major camps before the broader geological and mineralisation models are finalised.

The program is designed to ensure that high-grade hinge zones are not left behind simply because the drilling was too widely spaced to identify or connect them.

At the same time, the 50 m by 25 m drill lines will continue to extend beyond the currently interpreted mineralised trends, providing opportunities to identify additional folds, hinge zones and previously unrecognised mineralisation.

Glenburgh continues to demonstrate a compelling characteristic: the more systematically Benz drills the system, the more gold it defines.

The repeated emergence of high-grade hinge zones within broad mineralised envelopes reinforces Benz's view that Glenburgh is a phenomenally well-endowed gold system with substantial potential for continued ounce growth.

Systematic drilling across all three Glenburgh gold camps: Icon, Hurricane and Thunderbolt, is feeding directly into the maiden Mineral Resource Estimate, targeted for Q1 2027, establishing the initial gold resource base for this rapidly emerging district-scale gold system.

Figure 3: Collar map of holes included in this release.

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– END –

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

About Benz Mining Corp.

Benz Mining Corp. (TSXV: BZ) (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 2a: High Grade Intercepts: A nominal 0.5g/t Au lower cut off has been applied to results including up to a 5m limit on internal dilution unless otherwise stated. A minimum composite length of 2m is applied.

Appendix 2b: Bulk Intercepts: A nominal 0.3g/t Au lower cut off has been applied to results including up to a 10m limit on internal dilution unless otherwise stated. Short high-grade composites > 1.5 gram metres are included, otherwise a minimum composite length of 2m is applied.

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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