Captivision Announces Assessment of Montana Tunnels Mine, Signals Growth Potential

Captivision Inc. ("Captivision" or the "Company") (NASDAQ:CAPT) today announced positive results from a comprehensive independent assessment produced by Colorado-based Hard Rock Consulting, LLC ("HRC"), reaffirming the gold and precious metals resources of Montana Tunnels Mining Inc. ("MTMI") and the Montana Tunnels Mine, a wholly owned subsidiary and asset of Montana Goldfields, Inc. ("MGLD" or "Montana Goldfields").

The HRC report has also identified significant additional opportunity to potentially expand the mining output of MTMI through exploration and broadening mining activity using currently available technology. As a result of these findings and following successful exploration, the projected mining life of MTMI may be extended considerably from the current estimate of 10 years. Following the acquisition of MTMI, the Company plans disclosures of mineral resources and reserves through a Regulation SK-1300 filing and identify potential upside to the current mine plan.

"The HRC report confirms the foundational quality of this asset - substantial reserves of gold, silver, and other precious metals with significant embedded growth potential including mining life," said Gary Garrabrant, Chairman and CEO of Captivision. "This positions Montana Gold Inc. as an early-stage diversified mining growth company with a clear and actionable operation plan. We are excited about the planned restarting of mining operations this year."

As previously announced, Captivision has executed a letter of intent (LOI) to acquire MTMI, with the transaction expected to close in the first quarter of 2026. The parties are currently negotiating an extension of the LOI's mutual exclusivity, and the acquisition is subject to completion of due diligence, board approval, and Nasdaq compliance. Upon completion of the acquisition, the Company intends to reposition as a diversified gold mining and related services business and will be renamed Montana Gold Inc. (NASDAQ:MGI).