Fox Tungsten Closes Bought Deal Private Placement for Gross Proceeds of C$12.7M

Toronto, Ontario – TheNewswire - April 23, 2026 – Fox Tungsten Ltd. (“Fox Tungsten” or the “Company”) (TSXV: FOXT) is pleased to announce that it has completed its previously announced “bought deal” private placement offering consisting of an aggregate of (i) 6,100,000 hard dollar units of the Company (the “Hard Dollar Units”) at a price of C$0.165 per Hard Dollar Unit (the “Hard Dollar Unit Issue Price”) and, (ii) 48,875,000 charity flow-through units of the Company (the “Charity FT Units”) at a price of C$0.24 per Charity FT Unit (the “Charity FT Unit Issue Price”), including partial exercise of the underwriter's over-allotment option of 6,875,000 Charity FT Units, for aggregate gross proceeds of C$12,736,500 (the “Offering”). The Hard Dollar Units and the Charity FT Units will be referred to herein as the “Offered Securities”.   The Offering was conducted by Stifel Canada as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including PowerOne Capital Markets Limited and Canaccord Genuity Corp. (collectively, the “Underwriters”). In consideration for the services provided by the Underwriters, the Company paid the Underwriters an aggregate cash commission of C$823,845.91. As additional consideration for their services, the Underwriters were also issued an aggregate of 3,566,128 broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable into one common share of the Company at a price of C$0.165 per share until April 23, 2029.