This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. 

NEW YORK, Oct. 19, 2026 /CNW/ -- On October 16, 2026, Electrum Global Holdings L.P. ("Electrum") acquired 19,954,648 units ("Units") in the capital of Gabriel Resources Ltd. (the "issuer") in connection with the issuer's private placement (the "Private Placement"). The Units were issued at a price of C$0.0825 per Unit. Each Unit consists of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles Electrum to purchase one Common Share at a price of C$0.11 per share for a period of five years. 

Upon completion of the Private Placement, Electrum and its joint actors (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) will own 78,059,099 Common Shares and 59,927,648 common share purchase warrants, which will represent approximately 23.25% of the issued and outstanding Common Shares or approximately 34.88% upon the exercise of the warrants (assuming the exercise of all of the warrants beneficially owned by Electrum and that no other securities including those convertible into, or exercisable for, the issuer's securities, are issued, converted or exercised).

As at the date of the filing of Electrum's last Form 62-103F1 relating to its securityholdings of the issuer, being September 15, 2025, Electrum and "joint actors" of Electrum owned 58,104,451 Common Shares and 39,973,000 common share purchase warrants, representing approximately 20.96% of the issued and outstanding Common Shares or approximately 30.92% upon the exercise of the warrants owned by Electrum (assuming the exercise of all of the warrants beneficially owned by Electrum and that no other securities including those convertible into, or exercisable for, the issuer's securities, are issued, converted or exercised).

The securities of the issuer noted above referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.

Electrum is an "accredited investor" (as such term is defined in National Instrument 45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators). 

The issuer is located at Suite 200-204 Lambert Street, Whitehorse, Yukon, Canada Y1A1Z4. Electrum is located at 600 Fifth Avenue, 24^th Floor, New York, NY, USA 10020. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR+ profile of the issuer at www.sedarplus.ca. 

SOURCE Electrum Global Holdings L.P.