Gravity-Finish Re-Assay Confirms High-Grade Gold Mineralization at Vumba; Four of Five Previously Reported Overlimit Sample Return Greater Than 10 g/t Au
EIA Approval Received from Botswana’s Department of Environmental Protection for Maitengwe Exploration Project (PL 012/2018), Valid for Two Years
Toronto, Ontario – May 7, 2026 – One Bullion Ltd. (“One Bullion” or the “Company”) (TSXV: OBUL), a gold exploration company holding complete ownership of three highly prospective mining areas in Botswana, is pleased to report two portfolio advancement milestones: (i) receipt of gravity-finish re-assay results (ALS method Au-GRA21) for five samples from the Company’s recently completed geological mapping and sampling program at the Vumba Project, previously reported on April 27, 2026, and (ii) receipt of Environmental Impact Statement (EIS) approval from Botswana’s Department of Environmental Protection (DEP) for the Maitengwe Exploration Project (Prospecting License PL 012/2018), valid for two (2) years from April 20, 2026.
“These updates reflect meaningful progress across our Botswana portfolio on two fronts,” said One Bullion’s CEO, Adam Berk. “At Vumba, the gravity-finish results further support the presence of high-grade gold mineralization, with a top result of 30.8 g/t Au and three additional samples returning above 10 g/t Au. At Maitengwe, receipt of EIA approval is an important regulatory milestone that positions us to advance exploration activities at that project. Taken together, these announcements demonstrate that we are systematically de-risking and advancing all three of our Botswana projects, and we look forward to integrating these results with our upcoming geophysical survey program as we refine drill targets at Vumba and build toward our next phase of exploration at Maitengwe.”
Highlights
- Gravity-finish (Au-GRA21) assay results received for five (5) samples previously reported as >10 g/t Au by fire assay at the Vumba Project, as initially disclosed in the Company’s news release dated April 27, 2026
- Top result of 30.8 g/t Au returned by sample Z4608 (Smokey Quartz Vein, Artisanal Pit)
- Four of five samples confirm high-grade gold above 10 g/t Au on gravity-finish re-assay: Z4608 (30.8 g/t), Z4632 (22.2 g/t), Z4620 (17.55 g/t), and Z4639 (11.0 g/t)
- Results span multiple artisanal workings and lithological hosts across approximately 2.5 km of north-south strike at the Vumba License
- EIS Authorization granted by Botswana’s Department of Environmental Protection for the Maitengwe Exploration Project (PL 012/2018) on April 20, 2026
- EIA approval valid for two (2) years, granted in accordance with Section 12(1)(a) of Botswana’s Environmental Assessment (EA) Act (CAP.65:07)
- EIA approval advances exploration readiness at Maitengwe ahead of the Company’s planned high-resolution airborne geophysical survey
Figure 1: Property Geology with Artisanal Workings Samples
Gravity-Finish Assay Results – Vumba Project
As reported on April 27, 2026, One Bullion completed a targeted geological mapping and sampling program across seven identified artisanal workings within the Vumba Project, collecting a total of 39 rock samples. Five samples initially returned results greater than 10 g/t Au by fire assay with atomic absorption finish (Au-AA30), exceeding the reporting threshold of that method. In accordance with standard practice, these five samples were submitted to ALS Geochemistry (Johannesburg, South Africa) for additional analysis using the gravity-finish method (Au-GRA21). The Company is now reporting the quantified gravity-finish assay results for all five samples.
| Sample ID | Easting (mE) | Northing (mN) | Elev. (m) | Lithology | Sample Type | Au FA (g/t)* | Au GRA21 (g/t) |
| Z4608 | 535,294 | 7,711,735 | 1,162 | Smokey Quartz Vein | Artisanal Pit | >10 | 30.8 |
| Z4620 | 535,751 | 7,712,487 | 1,185 | Smokey Quartz Vein | Artisanal Stockpile | >10 | 17.55 |
| Z4628 | 535,755 | 7,712,608 | 1,206 | Amphibolite Schist | Artisanal Dumps | >10 | 8.48 |
| Z4632 | 535,517 | 7,714,369 | 1,250 | Banded Talc Schist | Artisanal Stockpile | >10 | 22.2 |
| Z4639 | 536,576 | 7,711,525 | 1,224 | Smokey Quartz Vein | Artisanal Pit | >10 | 11.0 |
Table 1: Gravity-Finish Re-Assay Results for Overlimit Samples – Vumba Project
*Au FA = fire assay with atomic absorption finish (Au-AA30, 30 g); results originally reported as overlimit (>10 g/t Au) in the Company’s April 27, 2026 news release. Au GRA21 = fire assay with gravity finish (30 g), reporting quantitative results up to 10,000 g/t Au. All samples are selective grab samples collected from historic artisanal dumps, stockpiles, and pits; grab samples are selective by nature and are not necessarily representative of the overall grade or tenor of mineralization on the property.
Geological Interpretation
The Company’s interpretation that gold mineralization at Vumba is structurally controlled and associated with quartz veining hosted within the broader greenstone belt, consistent with orogenic gold systems known to host significant gold deposits globally.
The quantified results, spanning multiple artisanal workings and lithologic hosts, including smokey quartz veins, amphibolite schist, and banded talc schist, across approximately 2.5 km of north-south strike reinforce the presence of an emerging high-grade mineralized corridor at the Vumba License. The spatial distribution of high-grade values across contrasting host rock types is consistent with a mineralizing system warranting follow-up evaluation through the Company’s planned geophysical survey and subsequent drill program.
Figure 2: High Grade Surface Samples
EIA Approval – Maitengwe Project (PL 012/2018)
One Bullion’s wholly-owned Botswana subsidiary, Premier Gold Resources (Pty) Ltd, has received approval of the Environmental Impact Statement (EIS) for the proposed Maitengwe Exploration Project (PL 012/2018) from Botswana’s Department of Environmental Protection, Ministry of Environment and Tourism. The Authorization (Ref: DEA/BOD/F/EXT/MNE 071 (8)) was granted on April 20, 2026, by Phillip Sandawana, District Environmental Coordinator, in accordance with Section 12(1)(a) of the Environmental Assessment (EA) Act (CAP.65:07), and is valid for a period of two (2) years. The EIS was prepared by independent environmental consultants Loci Environmental (Pty) Ltd.
The Authorization is subject to standard conditions including implementation of all mitigation measures and monitoring requirements outlined in the approved Statement, submission of bi-annual environmental monitoring reports to the DEP, and application for renewal in writing to the DEP three (3) months prior to the expiration of the two-year validity period. The Authorization does not constitute a license to implement the project; the Company holds all other relevant exploration licenses and permits required under Botswana law, including Prospecting License PL 012/2018.
| Issuing Authority | Department of Environmental Protection (DEP), Ministry of Environment and Tourism, Republic of Botswana |
| Reference No. | DEA/BOD/F/EXT/MNE 071 (8) |
| Date of Approval | April 20, 2026 |
| Authorization Type | Environmental Impact Statement (EIS) Approval – Section 12(1)(a) of the EA Act (CAP.65:07) |
| Project | Maitengwe Exploration Project |
| Prospecting License | PL 012/2018 |
| Developer | Premier Gold Resources (Pty) Ltd (wholly-owned subsidiary of One Bullion Ltd.) |
| Validity | Two (2) years from April 20, 2026; renewable upon application to the DEP three months prior to expiration |
Table 2: Summary of EIS Authorization – Maitengwe Exploration Project (PL 012/2018)
Next Steps
As previously announced, the Company is set to commence a high-resolution airborne geophysical survey across the Vumba License area, conducted by Xcalibur Smart Mapping, followed by a survey of the Maitengwe project. These surveys will deliver detailed structural and lithological insights to significantly enhance target definition at depth and along strike within the broader greenstone belt. The integration of geophysical data with the Company’s geological mapping, sampling, and assay results, including the gravity-finish results reported herein, will continue to facilitate refinement and prioritization of drill targets at Vumba. With EIA approval now in place at Maitengwe, the Company is also positioned to advance exploration activities at that project in a timely manner following completion of the geophysical survey program.
Quality Assurance / Quality Control
Rock samples were collected in the field by Company personnel and transported under chain-of-custody protocols to ALS Laboratories, an independent certified analytical laboratory. Sample preparation and analysis has been conducted using industry-standard procedures. Analytical testing was performed by ALS Geochemistry (Johannesburg, South Africa); the facility is ISO/IEC 17025:2017 accredited and ISO 9001:2015 Certified. The entire sample is crushed to 70% passing 2 mm mesh, with a 250-gram split pulverized to 85% passing minus 75 microns. A four-acid digest is performed on 0.4 g of sample to quantitatively dissolve most geological materials, tested using ICP-AES technique. An initial fire assay analysis is performed on 30 grams of sample with an atomic absorption finish (Au-AA30). For samples that returned results greater than 10 g/t Au by this method, an additional analysis was performed using ALS method Au-GRA21, in which 30 grams of sample material is fire assayed with a gravity finish, reporting quantitative results up to 10,000 g/t Au. All samples disclosed herein were selective grab samples collected from historic artisanal dumps, stockpiles, and pits. Grab samples are selective by nature and are not necessarily representative of the overall grade or tenor of mineralization on the property.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Rory Kutluoglu, P.Geo., a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, who is independent of One Bullion.
Notice of Share Issuances
In addition, the Company has issued a total of 200,000 common shares in the capital of the Company (the “Shares”) at a deemed price of $0.47 per Share (being the closing price of the Shares on May 4, 2026), to SLD Capital Corp. (“SLD”), a consultant of the Company, in consideration for consulting, legal and administrative services provided to the Company pursuant to the Consulting Agreement dated July 8, 2024
between SLD and the private company formerly named One Bullion Limited (“OBL PrivateCo”). In addition, the Company has issued a total of 66,000 Shares to Park Place Limited, an entity controlled by Sheldon Inwentash, a director of the Company, pursuant to the Consulting Agreement between Park Place Limited and OBL PrivateCo dated June 1, 2024 (the “Consulting Issuances”).
All the Shares issued in connection with the Consulting Issuances are subject to a statutory hold period of four months plus a day ending on September 5, 2026, in accordance with applicable securities legislation and policies of the TSX Venture Exchange.
About One Bullion
One Bullion Ltd. is a Toronto-based gold exploration company focused on advancing high-quality gold assets in Botswana, one of Africa’s most stable and mining-friendly jurisdictions. Established in 2018, the company controls approximately 8,004 km² of prospective land across three greenstone belt-hosted gold projects, including Vumba, Kraaipan, and Maitengwe. One Bullion’s strategy centers on disciplined, data-driven exploration — combining modern geological methods with advanced targeting to identify and test high-priority gold targets — while maintaining a commitment to environmental stewardship, community engagement, and long-term value creation for stakeholders.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur, including the effective date of trading of the post-Consolidation common shares. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
For further information, please contact:
Contact Information:
Adam Berk, Chief Executive Officer
T: 917-690-7556
Investor Contact:
KCSA Strategic Communications
Jack Perkins or Valter Pinto
T: 212-896-1254
OneBullion@kcsa.com
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