Forte Minerals Pivots to High-Grade Gold Project in Peru's Heartland

VANCOUVER, BC – March 27, 2026 – Forte Minerals Corp. has announced a significant strategic pivot, shifting its primary focus to the historically promising Alto Ruri gold project in Peru following the completion of a first-pass drill program at its Pucarini project that yielded inconclusive results.

Backed by a recently strengthened balance sheet from two new strategic investors, the company is now channeling its resources toward advancing Alto Ruri, a high-sulphidation epithermal gold system with compelling historical drill intercepts located in one of Peru's most prolific mining districts. The move signals a calculated decision to prioritize a project with known high-grade potential as the company navigates the complexities of exploration in the Andes.

A Calculated Shift After Pucarini Test

Forte recently concluded a five-hole, 1,530-meter exploration drilling campaign at its 100%-owned Pucarini project in southern Peru. While the program successfully confirmed the presence of the targeted hydrothermal system—a crucial first step in validating a geological model—assay results did not deliver the significant mineralization the company had hoped for. According to the company's announcement, one drill hole returned anomalous values of gold, copper, and molybdenum, while the other four did not intersect significant mineralization.

In mineral exploration, "anomalous" values indicate the presence of a mineralizing system but are typically below the concentrations required for economic viability. The results from Pucarini, which was previously a key exploration asset for Forte since its 2021 IPO, prompted a strategic re-evaluation.

“Pucarini presented a robust surface anomaly that warranted a first-pass test,” stated Patrick Elliott, President & CEO of Forte Minerals, in the company’s press release. “We are proud of our team’s ability to execute a safe, cost-effective program at Pucarini. Our primary strategic focus remains on advancing the historically discovered Alto Ruri high-sulphidation gold project.”

With equipment now being demobilized from Pucarini and environmental remediation work underway, Forte is turning its full attention to what it believes is a more compelling, near-term opportunity.

Unlocking a Project with a High-Grade Past

The Alto Ruri project is located in the Ancash department of Peru, a region with a rich mining history. Its strategic position, just 15 kilometers from Barrick Gold's past-producing Pierina Gold Mine, places it in a well-understood geological setting with the potential benefits of established regional infrastructure and a skilled local workforce.

The geological prize at Alto Ruri is a district-scale system featuring a 2-kilometer by 1.5-kilometer zone of advanced argillic alteration—a key indicator for high-sulphidation gold deposits. What makes the project particularly compelling is the historical data from a 1997 drill program conducted by a major Peruvian mining company, Compañía de Minas Buenaventura. That 12-hole program confirmed significant high-grade gold potential.

One hole from that campaign, Hole 001-97, returned a remarkable intercept of 131 meters grading 2.55 grams per tonne (g/t) gold, which included a higher-grade section of 54 meters at 5.39 g/t gold. These historical results suggest a robust mineralizing event that Forte Minerals believes has not been fully explored. The company plans to systematically test the large alteration zone with modern geophysical techniques and a new drilling campaign, something that has never been done on the project.

Further intrigue is added by historical geophysical data from a 2011 report, which identified several high-resistivity anomalies at depth. These are interpreted as potential untested targets of vuggy silica, a rock type often associated with high-grade gold in these types of systems. While Forte has noted it has not independently verified this 2011 data, it adds another layer of potential to be investigated with modern methods.

The Bedrock of Finance and Social License

Executing an ambitious exploration plan at Alto Ruri requires more than just promising geology; it demands significant capital and strong community relations. Forte Minerals appears well-prepared on both fronts.

The company’s financial position was significantly bolstered in the second half of 2025 through two separate strategic investments. The placements brought in over C$6.3 million from two strategic investors described as having significant in-country operational experience. Analysis of the company’s financials shows a strong balance sheet with over C$8 million in short-term assets, no debt, and a cash runway estimated to last more than three years at current expenditure rates. This financial stability provides the company with the flexibility and endurance needed for a long-term exploration and permitting timeline.

Equally critical to its success is securing the "Social License to Operate." In Peru, mining projects can face significant delays and opposition without the support of local communities. The permitting process itself is notoriously complex and lengthy, though recent government initiatives like the "Ventanilla Unica" (Single Window) aim to streamline procedures. Recognizing this, Forte is making community engagement a top priority at Alto Ruri. The company is actively working to secure a long-term community agreement, which is a fundamental prerequisite before any systematic exploration or drilling can begin. This proactive approach to building trust and partnership is essential for sustainable and responsible resource development in the region.

With its strategic focus now clear, its treasury full, and a clear plan for both geological and social advancement, Forte Minerals is positioning itself to unlock the potential of a project that has waited nearly three decades for a second look. The company's next steps at Alto Ruri, particularly the finalization of the community agreement, will be a key catalyst watched closely by the market as it seeks to turn historical promise into a modern discovery.