NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) -- San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) announces that, further to its news release dated October 16, 2026 entitled "San Lorenzo Announces Upsize of Private Placement to up to $80 Million" (the "Upsize News Release"), it has filed a Second Amended and Restated Offering Document (as defined below) in connection with its best-efforts private placement of up to 15,094,400 common shares of the Company (the "Offered Shares") at a price of $5.30 per Offered Share for aggregate gross proceeds of up to $80,000,320 (the "Offering"). The Offered Shares include up to 9,433,900 Offered Shares (the "LIFE Shares") for aggregate gross proceeds of up to $49,999,670 (the "LIFE Offering"), being issued pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935 (the "LIFE Exemption").

The Second Amended and Restated Offering Document has been filed to provide that, in addition to being offered to purchasers resident in all the Provinces of Canada (except Québec) pursuant to the LIFE Exemption, the LIFE Shares may now also be offered: (i) in the United States (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "1933 Act")) by way of private placement pursuant to available exemptions from the registration requirements of the 1933 Act and applicable state securities laws, and (ii) to purchasers outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

For further details of the Offering, the terms of which otherwise remain unchanged, please refer to the Upsize News Release and to the Second Amended and Restated Offering Document.

There is a second amended and restated offering document dated October 29, 2026 (the "Second Amended and Restated Offering Document") related to the LIFE Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company website at https://www.sanlorenzogold.ca/. Prospective investors should read this offering document before making an investment decision.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About San Lorenzo

San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region, approximately 15 kilometres from Codelco’s El Salvador copper-gold mine. Salvadora hosts multiple gold and copper-gold discoveries and mineralized centres identified through drilling, geophysics and surface exploration across the property.

San Lorenzo is focused on expanding known mineralized systems, testing a growing pipeline of exploration targets and systematically defining the scale and potential of Salvadora’s broader mineralized systems.

For further information, please contact:

San Lorenzo Gold Corp.
Brandon Gaspar, Chief Executive Officer
Email: info@slgold.com
Investor Relations: Acuity Advisory Corp.
Telephone: +1-604-837-5440

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact are forward-looking information. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offering, including the offering of the LIFE Shares in the United States as well as to purchasers outside of Canada and the United States; the successful closing of the Offering and the total proceeds from the Offering; the timing to close the Offering; and obtaining any required approvals. Such forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

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 news release.