Kesselrun Resources Announces Shareholder and Court Approval for Plan of Arrangement with Gold X2 Mining

Press Release

VANCOUVER, B.C., November 26, 2025: Gold X2 Mining Inc. (TSXV: AUXX / OTCQB: GSHRF / FWB: 8X00) (“Gold X2”) and Kesselrun Resources Ltd. (TSXV:KES; OTCQB: KSSRF) (“Kesselrun”) are pleased to announce that at the special meeting of shareholders of Kesselrun held on November 21, 2025 (the “Meeting”), Kesselrun shareholders (“Shareholders”) voted overwhelmingly in favour of the previously announced plan of arrangement (the “Arrangement”) between Gold X2 and Kesselrun.

Additionally, today, Kesselrun received a final order of the Supreme Court of British Columbia approving the Arrangement.

Under the Arrangement, Gold X2 will acquire all of the issued and outstanding Kesselrun shares. In consideration therefore, each one Kesselrun share will be exchanged for approximately 0.2152 of one common share (each whole common share, a “Gold X2 Share”) in the capital of Gold X2, and approximately $0.0213 in cash. Each outstanding stock option of Kesselrun will entitle the holder, upon exercise or settlement, to receive the number of Gold X2 Shares that such holder would have been entitled to receive pursuant to the Arrangement, had the security been exercised or settled immediately prior to the effective date of the Arrangement.

Shareholders holding a total of 55,219,208 Kesselrun shares were represented in person or by proxy at the Meeting, representing 58.70% of the 94,071,837 issued and outstanding shares entitled to vote as of October 15, 2025, the record date for the Meeting. The Arrangement required the approval of at least two-thirds (66⅔%) of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting. Of the votes cast at the Meeting, 99.89% of the votes cast by Shareholders were in favour of the Arrangement.

Completion of the Arrangement is subject to the satisfaction of customary closing conditions for a transaction of this nature, including receipt of approval of the TSX Venture Exchange (the “TSXV”). Subject to the satisfaction (or waiver) of the closing conditions, it is expected that the Arrangement will be completed shortly. In connection with completion of the Arrangement, it is expected that Kesselrun shares will be delisted from the TSXV.

About Kesselrun Resources Ltd.

Kesselrun Resources Ltd. is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun’s management team possesses strong geological and exploration expertise in Northwest Ontario. For more information about Kesselrun, please visit www.kesselrunresources.com.

Kesselrun holds a 100% interest in the Huronian Gold Project (the “Huronian Gold Project”), covering 293 contiguous unpatented mining claims plus four patented mining claims totalling approximately 5,160 hectares located in Moss Township, Thunder Bay Mining Division, Ontario and a 100% interest in the Bluffpoint Gold Project (the “Bluffpoint Gold Project”), comprising of 449 mining claims covering approximately 9,227 hectares located in Bluffpoint Lake Township, with portions extending into the townships of Lawrence Lake, Napanee Lake and Barker Bay in the Kenora Mining Division of Northwestern Ontario. The Huronian Gold Project is situated in the highly prolific Shebandowan Greenstone Belt located in the AbitibiWawa Subprovince of the Archean Superior Province and covers the southwest strike extension of the geology that hosts Gold X2’s Moss Gold Project.

About Gold X2 Mining

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. Gold X2’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. Gold X2 has invested over $75 million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 255,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au, contained within 38.96 million tonnes and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au., contained within 146.24 million tonnes. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle. Please see NI 43-101 technical report titled: “Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March 20, 2024 with an effective date of January 31, 2024 available under the Gold X2’s SEDAR+ profile at www.sedarplus.ca.  For more information, please visit SEDAR+ (www.sedarplus.com) and Gold X2’s website (www.Gold X2.com).

For More Information – Please Contact:

Gold X2 Mining Inc.

Michael Henrichsen
President, Chief Executive Officer and Director

E: mhenrichsen@goldx2.com
W: www.goldx2.com
T: 1-604-404-4335

Kesselrun Resources Ltd.

Michael Thompson
P.Geo., President & CEO

E: michaelt@kesselrunresources.com
W: www.kesselrunresources.com
T: 807.285.3323

Corporate Communications
1.866.416.7941
information@kesselrunresources.com

IBF4