“A critical metallurgical assessment is an important step forward at the KM98 project,” said Scott Sheldon, CEO of Go Metals. “Determining the types and quality of magnetite and ilmenite concentrates that the system can produce is essential information for potential end-users. Starting with metallurgy provides the company with a clearer picture of the project’s potential value.”

The company collected ten large samples, each weighing 10 to 15 kilograms, from outcrop and subcrop along a 240-metre section of the Roadside Occurrence. The samples include both massive and semi-massive oxide mineralization from a central portion of a 12-km magnetic anomaly.

Metallurgical testing will be carried out by IOS Géosciences in Chicoutimi, Québec. Initial work on a small set of samples will define processing parameters, which will then be applied to the full suite. The program will evaluate recovery and concentrate quality for magnetite, ilmenite, and vanadium, with additional data collected on nickel, cobalt, copper, and scandium. These results will provide the first reconciliation of mineralogy and chemistry at KM98 and establish baseline recovery data to support future economic studies. Preliminary results are expected in December 2025, followed by a comprehensive metallurgical report.

PTX is focused on advancing its two flagship projects, the W2 copper-nickel-platinum group elements property located in the Ring of Fire region of northern Ontario and the Shining Tree Gold project, which is situated near established gold mines in the Timmins, Ont., region.

The company recently announced plans to launch a work program at the W2 project that is expected to prepare the project for a directed-upcoming drill program.

In a press release on September 8, 2025, the company said it was planning to complete a non-brokered private placement of units priced at 10 cents, to raise aggregate gross proceeds of $1.5 million. It said each unit would consist of one common share and one half of one share purchase warrant, with each warrant entitling the holder to acquire one additional share for 16 cents for 36 months from the date of issuance.

It said the units to be issued under the offering would be offered to purchasers pursuant to the Lister Issuer Financing Exemption (the LIFE exemption) under Part 5A of National Instrument 45-106 – prospectus exemptions.

Concurrent with the offering, the company said it would complete a private placement (non-LIFE offering) consisting of (i) charity-flow through units (CFT units) priced at 15 cents each, raising gross proceeds of $1.5 million and (ii) flow through units (the FT Units) priced at 13.5 cents, to raise an additional $500,000.  Each CFT unit and FT unit shall consist of one common share and one half of one warrant.

In a subsequent press release on September 16, 2025, the company said it had increased the size of the offering (the LIFE offering) from $1.5 million to $3.5 million, with a minimum offering of $2.0 million worth of hard dollar units.

As part of the LIFE offering, PTX said it would issue up to $1.5 million worth of charity flow-through units at an offering price of 15 cents per CFT unit.

The company also said it was proposing to complete a non-brokered offering (the non-life offering) of (i) flow-through units (FT units) priced at 13.5 cents to raise gross proceeds of up to $1.0 million and (ii) CFT units priced at 15 cents to raise gross proceeds of $500,000.

In its latest press release (September 28, 2025) the company said the maximum size of the offering being completed under the LIFE Exemption has been raised to $5.5 million from $3.5 million, while keeping a minimum offering of $2.0 million of HD units. There remains no minimum on the size of the offering of “charity flow-through units.’’ (CFT units).

In addition, the company said the Non-LIFE Offering has been amended, resulting in the removal of the charity flow-through component of the offering and increasing the maximum size of the offering of flow-though units (FT Units) from $1.0 million to $1.5 million.

PTX shares eased 4.0% or $0.005 to 12 cents. The shares trade in a 52-week range of 17 cents and $0.6.

The property is under option to Eldorado Gold (Québec) Inc. which may earn a 70% interest in each of the Murdoch Creek, Claw Lake, Cook Lake and Perestroika properties, on the terms detailed below.

The 2025 diamond drilling program was budgeted at US$0.84 million. Drilling activities were conducted over the February to March period with follow-up detailed logging, sampling and data compilation work as the holes were logged and analytical results received. A total of 12 holes were completed (PE-25-009 to PE-25-020), for a cumulative sum of 5,004 metres drilled, utilizing two diamond drill rigs. Eldorado Gold is the project operator.

This is a Phase II diamond drilling program, intended to follow-up on promising gold values intercepted in the 2024 program.

The objectives of the 2025 drill program were as follows: to follow-up on DDH GPS-09-01 (3.05m at 20.69 g/t Au) and PE-24-004 (8.60m at 4.45 g/t Au (including 0.50m at 18.16 g/t Au and 0.90m at 12.33 g/t Au.); to define and delineate the existence of lithological and structural controls (i.e. plunge) on the previously intersected gold mineralized veins; and to test for additional shear zones and structures elsewhere the property.

The drilling results have expanded the mineralized footprint from the 2024 program to the southeast, northwest and south of GPS-09-01 and GPS-09-02, along strike and parallel to the mineralized trend.

Drillholes PE-25-14, PE-25-015, PE-25-019, and PE-25-020 followed up on the results of PE-24-008 (27.60 metres at 0.53 g/t Au from 240.70 m), over approximately 350 metres. Wide zones of lower-grade mineralization were intersected, such as 18.40 m at 1.28 g/t Au (145.60 m – 164.00 m) in PE-25-014, in addition to high-grade vein hosted mineralized zones such as 0.50 m at 107.50 g/t Au from 270.00 metres intersected in PE-25-019.

Immediately south of GPS-09-01 and GPS-09-02, PE-25-020 intersected 0.50 m at 73.20 g/t Au from 38.10 m and 2.20 m at 1.97 g/t Au from 56.5 m.

To the northwest along the mineralized corridor, PE-25-013 intersected 1.30 m at Perestroika from 29.70 m, located approximately 750 m northwest of GPS-09-01 and GPS-09-02.

Selected assays include drill hole PE-25-10 that returned 0.50 metres at 14.45 g/t Au from 65.50- 66.00 metres.

PE-25-012: 1.00 m at 5.51 g/t Au from 44.30 m – 45.30 m. PE-25-012: 6.20 m at 1.71 g/t Au from 87.80 m – 94.00 m. PE-25-012: 0.5 m at 6.44 g/t Au from 123.70 m – 124.20 m. PE-25-012: 0.5 m at 6.70 g/t Au from 126.00 m – 126.50 m.

PE-25-012: 16.30 m at 4.01 g/t Au from 127.50 m – 143.80 m, including 0.50 m at 66.30 g/t Au from 128.50 m – 129.00 m, including 0.50 m at 15.90 g/t Au from 137.20 m – 137.70 m, including 0.60 m at 10.60 g/t Au from 141.20 m – 141.80 m.

PE-25-012: 1.00 m at 15.75 g/t Au from 250.50 m – 251.50 m, including 0.50 m at 27.00 g/t Au from 251.00 m – 251.50 metres.

PE-25-013: 1.30 m at 46.39 g/t Au from 29.70 m – 31.00 metres, including 0.80 m at 39.20 g/t Au from 29.70 m – 30.50 m, including 0.50 m at 57.90 g/t Au from 30.50 m – 31.00 m. Refer to original press release for complete assays.

The mineralization intersected is characterized as mostly being hosted in flat extensional quartz-ankerite veins and veinlets. Gold mineralization is closely associated with fine disseminated pyrite with sericite (white mica) alteration.

The mineralized corridor is located between two third order shear zones and is closely associated with a swarm of felsic tonalitic to intermediate dioritic dykes.

The company, Eldorado Gold and Golden Valley Mines & Royalties Inc., as it then was, entered into an Assignment Agreement dated January 25, 2023, under which Golden Valley assigned to the company all its rights and obligations under an option agreement dated October 8, 2021 between Golden Valley and Eldorado. As the assignee under the option agreement, the Company has granted to Eldorado an option to acquire an additional 40% interest in the properties subject to the option agreement, one of which is the Perestroika Property in Québec. The company currently holds a 70% interest in the properties, and Eldorado currently holds a 30% interest.

In order to maintain and to exercise the Option, Eldorado must spend $10,500,000 by the fifth anniversary of the date of the conditions precedent under the option agreement being satisfied, as well as comply with its obligations under the terms of the option agreement to keep the properties. Prior to exercising the option, Eldorado will make an annual payment to the company of $50,000 per year. Upon the exercise of the option by Eldorado, it and the company will enter into a joint venture agreement on the terms set out in the Option Agreement.

Val-d’Or Mining is involved in acquiring and exploring its diverse mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Québec. The Company also holds several other properties in Northern Québec (Nunavik) covering different geological environments and commodities (Ni-Cu-PGE’s).

In a press release on September 25, 2025, the company said it was raising $3.5 million from a non-brokered private placement offering consisting of up to $2.3 million in non flow-through units priced at 22 cents each, and up to $1.2 million in flow-through units priced at 26 cents per FT unit. The company also said financier Eric Sprott has indicated his intention to subscribe for $2.0 million of the private placement. Sprott is currently the company’s largest shareholder, owning 23% of New Age.

In its latest update on Friday, the company said it will now increase the amount of FT units, to raise up to $1.7 million. “There is no increase to the non-flow-through unit private placement and all other terms described in the September 25 press release remain unchanged, subject to Exchange approval,” the company said in a press release, Friday.

Under the terms of the financing, each FT unit will consist of one common share that will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and one half of one common share purchase warrant. Each whole FT unit warrant will entitle the holder to purchase one common share at an exercise price of 40 cents at any time up to 36 months from the closing date. “In regards to [Thursday’s] announcement and the NFT units, all of those units are placed and that part of the financing has been spoken for,’’ the company said.

On Friday, New Age shares eased lower, falling 3.1% or $0.01 to 31 cents. The shares currently trade in a 52-week range of 34 cents and $0.07.

New Age Metals has three divisions: a platinum group element division, a lithium/Rare Element division and an Antimony-Gold Division as well as an investment in Metal Quest Mining Corp.’s [MQM-TSXV, MQMIF-OTC] high purity Lac Otelnuk Iron Ore Project.

The PGE Division includes the 100%-owned River Valley project, which ranks as one of North America’s largest undeveloped primary palladium projects.

It hosts a measured and indicated pit-constrained resource of 99.2 million tonnes of 0.52 g/t palladium, 0.20 g/t platinum, 0.009 g/t rhodium, 0.03 g/t gold, 0.06% copper, 0.02% nickel, 0.006% cobalt or 0.90 g/t palladium equivalent.

That adds up to a measured and indicated resource of almost 2.4 million ounces of platinum group metals or 2.87 million palladium equivalent ounces.

New Age said River Valley PGM has excellent infrastructure and is located within 100 kilometres of the Sudbury Metallurgical Complex. The project area is linked to Sudbury by a network of all-weather highways, roads, and rail beds and is accessible year-round with hydro grid and natural gas power nearby.

Burchell Gold Copper Project: Mechanical stripping at the 111 Gold Zone and at seven additional target areas on the Burchell Property has progressed and is expected to be completed in the next two to three days. Washing and sampling of the exposed locations has begun.

A ground Very Low Frequency (VLF) electromagnetic survey has been completed in the Northwest claim area and across the area of the 111 Zone. The data is currently being processed and interpreted. The aim of these two geophysical surveys is to aid in delineating drill targets for Bold’s first phase of drilling in these prospective areas.

The Northwest Claim Area: This area represents the northeastern strike extension of the Moss Trend on the adjacent Moss Gold Property of Gold X2 Mining (formerly Goldshore Resources). A 2024-2025 MMI^TM survey across this area identified clusters of gold, copper and molybdenum anomalies.

Approximately 13 line-km of ground VLF (Very Low Frequency) geophysics were surveyed during the summer, which in conjunction with the soil anomalies will aid in generating drill targets. Data is currently being processed and interpreted.

The 111 Zone: The 111 Gold Zone was identified late in 2024, with one December grab sample returning 68 g/t Au. Gold mineralization occurs within the sheared contact zone between felsic and mafic metavolcanics. Limited hand-stripping and channel sampling during the summer identified an anomalous gold zone 4.5 to 6.5 metres plus wide, with one channel sample returning 2.1 g/t Au over 0.5 metres.

The zone has now been stripped by excavator and washed, with channel sampling to commence shortly. 7 additional target areas near the mafic-felsic contact zone, where gold anomalies have been identified in rock and soil samples, are in the process of being exposed by mechanical stripping, to be completed in 2-3 days.

Ring of Fire News: Bold Ventures’ Koper Lake Project is centrally located within the Ring of Fire discovery area.

Bold management is pleased to see the engagement effort put forth by the Provincial Government led by Premier Doug Ford and Minister Greg Rickford. Bold CEO David Graham commented that “Seeing Premier Ford and Minister Rickford personally involved is very encouraging. It signals the importance of this development that is situated in a very rich geological environment hosting critical minerals. Since our discoveries in 2007, while working with Noront Resources and my initial engagement with the local First Nations, we have seen an ongoing effort by First Nations leaders, Government and Industry to provide information surrounding the mining cycle, infrastructure development and environmental studies. Our hope is that the effort will result in multiple positive effects for the region including: economic development, improved access, education and a higher standard of living. We believe this is possible while respecting the culture and values of the affected Communities.”

Koper Lake Project in the Ring of Fire: The Black Horse is part of the Koper Lake Project where KWG is the Operator of the chromite exploration effort.

Bold owns a 10% carried interest (through to production) in the Black Horse Chromite NI 43-101 Inferred Resource of 85.9 Mt grading 34.5% Cr₂O₃ at a cut-off of 20% Cr₂O₃. Bold also owns a 40% working interest in all other metals found within the Koper Lake claims and has a Right of First Refusal on a 1% NSR covering all metals found within the claim group.

The Black Horse is contiguous with the Blackbird Chromite deposits owned by Ring of Fire Metals (formerly Noront Resources Inc.). The Koper Lake claims are located approximately 300 metres from their Eagle’s Nest Ni-Cu Massive Sulphide Deposit that is in the permit acquisition stage.

The environmental assessment process for all-weather road access to the Ring of Fire is being developed as three proposed road projects. The Northern Road link, the Marten Falls Community Access Road and the Webeque Supply Road.

Bold’s target commodities are comprised of: Copper, Nickel, Lead, Zinc, Gold, Silver, Platinum, Palladium and Chromium.

Highlights: The large, highly prospective, Advocate Nickel Property covers 86.25 km² and includes over 45 km strike length of serpentinized ultramafic rocks, the suitable host rock formation for awaruite mineralization.

Three sizeable zones of awaruite mineralization have been discovered to date at Advocate, with surface rock samples returning DTR nickel grades of up to 0.14% and remaining open in all directions.

JOGMEC and FPX have established a budget of $450,000 for Advocate exploration activities in 2025, with work expected to define drill targets at one or more zones through property-wide rock sampling and grid-based top-of-bedrock sampling in areas with limited outcrop.

“After reviewing over 50 targets in 10 jurisdictions worldwide, including 11 in Newfoundland, we have selected Advocate as the first Designated Project to be advanced by our FPX-JOGMEC Generative Alliance,” commented Keith Patterson, FPX’s Vice President, Exploration. “Geologically, we see many similarities between awaruite mineralization at Advocate and our Baptiste Project in British Columbia, which boasts Probable Mineral Reserves of 1,488 Mt averaging 0.13% DTR nickel (per the company’s 2023 preliminary feasibility study). We are excited to unearth the full potential at Advocate through high-quality, systematic exploration over the coming years in tandem with our partners.”

The Advocate Nickel Property is located in north-central Newfoundland, approximately 20 km southwest of the historic mining town of Baie Verte. The mineral licenses are 8,625 hectares in size, covering highly prospective, serpentinized ultramafic rocks and include over 45 km of strike length of the Advocate Complex ophiolite. Access to the Property is via a good quality network of logging roads, generally no more than 5 to 10 km from the Trans Canada Highway or Newfoundland highway 410. The property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the property.

Reconnaissance rock sampling to date, with over 200 samples collected to-date, has delineated three zones of high-grade awaruite mineralization, including the Wolverine Pond, Birchy Lake North, and Birchy Lake targets.

The Wolverine Pond target covers an area of approximately 1,600m x 500m and remains open in several directions. Awaruite mineralization is currently defined by 28 rock samples which have returned up to 0.14% DTR nickel and show the following distribution of DTR nickel grades: >0.10% nickel: 4 samples; 0.08-0.10% Ni: 1 sample; 0.06%-0.08% Ni: 10 samples; 0.04-0.06% Ni: 11 samples; and >0.04% Ni: 2 samples.

Future planned work at the Wolverine Pond Zone includes additional rock sampling and top-of-bedrock sampling in areas of till cover to more precisely delineate awaruite mineralization. Successful results from these planned programs would be expected to lead to an inaugural drill program.

The Birchy Lake target is currently defined by sixteen surface rock samples covering a 500 x 400 metre area, with the zone remaining open in most directions. Of these sixteen rock samples, fifteen returned greater than 0.04% Davis Tube Recoverable (DTR) nickel, four returned greater than or equal to 0.08% DTR nickel, and the highest-grade sample returned 0.12% DTR nickel.

Next steps at the Birchy Lake Zone include additional rock sampling and top-of-bedrock sampling in areas of till cover. It is expected that this work will lead to the delineation of drill targets at Birchy Lake.

The Birchy Lake North target is defined by only five rock samples covering an approximately 500 m strike length. It remains open to the northeast and southwest. DTR nickel grades range from 0.07% to 0.13%. Significantly more rock sampling and top-of-bedrock sampling is warranted at this zone.

Mineralogical analysis in the form of QEMSCAN (Quantitative Evaluation of Minerals by Scanning Electron Microscopy) was performed on eleven sub-samples of the magnetic fraction of Advocate rock samples produced by DTR magnetic separation.

The presence of awaruite was confirmed in all eleven samples tested; higher-grade samples were determined to contain abundant coarse-grained awaruite. The presence of coarse-grained awaruite provides additional confidence that the awaruite at Advocate is likely to be recoverable using magnetic separation similar to that demonstrated in bench- and pilot-scale testing for Baptiste mineralization.

Total nickel values in ultramafic rock samples collected to date from the Advocate Property range from 0.18% to 0.29% and average 0.23%. These values are consistent with typical background nickel values from ultramafic rocks sampled globally and do not represent potentially recoverable nickel. The high DTR nickel values obtained from the Advocate zones indicate that the nickel in these target areas is primarily contained in awaruite with grain sizes sufficiently coarse to be recovered by magnetic separation.

After review of both geological and business considerations, JOGMEC has elected to accept the Advocate Nickel Property as the first new Designated Property to be advanced to project specific work within the broader FPX-JOGMEC Generative Alliance.

Going forward, JOGMEC will have the ability to obtain a 60% interest in Advocate and will fund 60% of expenditures; FPX will hold the remaining 40% interest in Advocate and will fund 40% of expenditures for the project.

A preliminary budget of $450,000 has been approved for Advocate for 2025, in addition to the $1.5 million budget for ongoing global generative activities. Ongoing exploration at Advocate includes property-wide rock sampling and excavator test pitting to allow for rock sampling in areas without outcrop due to till cover. The goal of the current program is to delineate drill targets at one or more zones by year-end.

The company has signed an option agreement to acquire up to 100% of the Advocate Nickel Property from Shoreline Exploration Inc. The agreement splits the option into a three-year first option which allows the company to acquire up to 80% of the Property, and an additional five-year option allowing the company to purchase the remaining 20%. An overview of the option terms is presented below.

First Option: Three-year term; staged cash payments totaling $225,000; staged work commitments totaling $2,500,000. The company to earn an 80% interest in the Advocate Nickel Property upon completion of the First Option work commitments and cash payments.

Second Option: Five-year term commencing on the completion of the First Option. Cash payment of $6,000,000 to purchase the remaining 20% of the Advocate Nickel Property for a total of 100% ownership

One- to two-kilogram rock samples were collected in the field from outcrop or locally sourced float in areas where outcrop was unavailable. Locations were documented using handheld GPS units. Once bagged, tagged, and sorted, samples were shipped to Activation Laboratories in Ancaster, Ontario.

FPX Nickel is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.

An important helicopter-borne electromagnetic VTEM plus time-domain system (VTEM) survey covering the Nemaska Belt properties was designed to provide data incremental to the high-resolution magnetic survey completed in 2021. These datasets aided the exploration team’s surface program targeting potentially economic mineralization, including high-grade nickel-copper-PGE and lithium-bearing spodumene.

Interest in high-grade nickel-copper-PGE mineralization in the region has increased with the exploration success of Power Metallic Mines Inc., formerly Chilean Metals Inc. Critical Elements optioned the Nisk property to Power Metallic in 2020. Following the exercise of the option agreement by Power Metallic on the property hosting the Ni-Cu-EGP Nisk deposit and the new polymetallic Lion discovery, Critical Elements retains a non-dilutive interest of 20% until a definitive feasibility study regarding extraction and production activities is completed on the Nisk property. Critical Elements also held just over 10 million shares of Power Metallic as of May 31, 2025.

During the 2025 summer exploration program, multiple mineralized zones were identified through rock sampling in areas coinciding with electromagnetic anomalies (VTEM conductors). The mineralization is dominated by pyrrhotite and pyrite (iron sulfide) with trace to 3-5% chalcopyrite (copper sulfide) and/or pentlandite (iron-nickel sulfide). Surface exploration confirmed historical showings and identified newly prospective areas.

In total, 1,091 rock samples and 73 till samples (0.5kg C-horizon) were collected during the summer campaign, of which 452 rock samples assays are still pending. The exploration program was designed to maximize geochemical coverage and assist in defining targets for future drill testing.

Of these samples: 25 grab samples grading above 0.1% nickel, with values up to 0.76% nickel; 17 grab samples grading above 0.1% copper, with values up to 2.00% copper; 9 grab samples grading 0.1 g/t or above palladium, with values up to 0.62 g/t palladium; 1 grab sample assaying 3.38 g/t platinum; 6 grab samples grading over 0.025% cobalt, with values up to 0.07% cobalt; 35 grab samples grading above 1.0 g/t silver, with values up to 13.6 g/t silver and 2 grab samples assaying 0.32% and 0.22% molybdenum.

Critical Elements’ 100%-owned Nemaska Belt properties consist of 1,052 Exclusive Exploration Right across 10 different property blocks, covering a total of 540 km². The portfolio spans over 100 km of the Nisk structure and its associated volcano-sedimentary belt. This east-northeast-oriented belt features recognized potential for lithium-associated pegmatite dykes and copper, nickel, and PGE mineralization associated with ultramafic rocks.

The company expects to receive final assay results from the 2025 summer exploration program over the next few weeks. All the results from this surface program and previous geophysical surveys will be incorporated to refine its planned 2026 winter drill program. This drill program will test the newly generated high-grade nickel-copper-PGE and lithium-bearing spodumene drill targets.

The program will also seek to expand the mineralized footprint of the Rose West Discovery. Rose West lies within the 395 km Rose Lithium-Tantalum and Rose South property blocks and is located less than 10 km west of the Corporation’s flagship Rose Lithium-Tantalum Project. The Rose Lithium-Tantalum Project Feasibility Study published in August 2023 returned an after-tax NPV_8% of US$2.2 billion and an after-tax IRR of 65.7%.

Management continues to be engaged in assembling the funding required to make a final investment decision on the Rose project. These efforts build on the $20 million conditional funding from Natural Resources Canada’s Critical Minerals Infrastructure Fund and the support letter from a leading Canadian financial institution stating its interest in providing long term debt financing of up to US$115 million (approximately C$150 million) of project debt.

Critical Elements aspires to become a large, responsible supplier of lithium to the electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the company’s first lithium project to be advanced within a land portfolio of over 1,050 km². On August 29, 2023, the corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate.

The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity.

The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

The private placement offering will consist of 18.7 million common shares priced at $2.40 per share, in a move that is expected to raise $45 million. The company said it has offered the agents the option to sell an additional 2.3 million shares at the offering price, potentially generating additional proceeds of $4.99 million. That option can be exercised for up to 48 hours prior to closing, which is expected to occur by September 19, 2025.

On Friday, Magna eased 4.1% or 11 cents to $2.57. The shares trade in a 52-week range of $2.70 and 77 cents.

Earlier this year, Magna reached a deal with a subsidiary of KGHM international Ltd. to acquire a portfolio of base metal assets in the Sudbury Basin in Ontario.

Magna agreed to acquire the producing McCreedy West Copper mine, the past-producing Levack mine, the Podolsky mine, and Kirkwood mine as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration assets.

As a result, Magna said it would immediately become a copper and nickel mining company with an extensive portfolio of development and exploration assets in the premier critical mining district in Canada,

The company’s flagship assets are the Shakespeare and Crean Hill mines. Shakespeare is a feasibility-stage project which has major permits for construction of a 4,500 tonne-per-day open pit mine, processing plant and tailings storage facility. Crean Hill is a past-producing nickel, copper .and PGM mine.

April to June, 2025, was the first full quarter of production from the McCreedy West copper mine under Magna’s operation. Total ore processed in the second quarter was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Interman Nickel Zone for a combined total of 70,045 tons. The combined ore grade for the quarter was 3.26% copper equivalent (CuEq).

McCreedy West produced 3.05 million pounds of CuEq in the quarter.

In a press release on August 29, Magna said it had intersected 29.2% copper, 0.9% nickel, 53.0 g/t platinum-palladium and gold over 1.0 metres, 140 metres down dip of a previous intersection below the No 3 Zone at the Levack Mine in Sudbury, Ontario.

“Prior to acquiring the Levack Mine in the first quarter of this year, we believed there remained the potential to discover another high-grade copper, nickel and precious metal deposit in the footwall environment of the property,” said Dave King, Magna’s Senior Vice-President, Exploration and Geoscience. He said the latest drill results appear to confirm the company’s belief that the prospective exploration environment at Levack remains under-explored.

Misty Urbatsch, Chief Executive Officer, President, and Director of Core Nickel, commented, “Our recent geophysical work at the Mel, Hunter, and Odei River projects highlights the strong correlation between nickel sulphide mineralization and geophysical responses, while also pointing to exciting new targets along strike and at depth. At Mel, the VTEM data reinforces the strength of the existing deposit and outlines clear opportunities for expansion, particularly to the south and west where mineralization remains open and underexplored. At Hunter and Odei River, the survey has mapped multiple kilometre-scale magnetic and conductive trends with limited drilling. These results provide us with a robust pipeline of high-priority targets to advance as we continue to move the Company’s northern land package forward.”

Mel and Odei River 2025 Airborne Electromagnetic Survey

Helicopter-borne geophysical surveys, including time domain electromagnetics (VTEM) and horizontal magnetic gradiometer, were completed between January and February 2025 by Geotech Ltd. using the VTEM Plus geophysical system. The surveys covered the Mel Project (289 line-km) and Odei River Project (1,547 line-km) with a 100-metre line spacing, to obtain new coverage and refine historical EM survey results. The geophysical interpretation and integration to assist in the prioritization of drill targets was completed by Balch Exploration Consulting Inc.

The Mel and Odei VTEM surveys build on an 882 line-km VTEM Plus survey flown in 2022 by CanAlaska Uranium Ltd. over the Hunter Project. For Core Nickel’s 2025 work, Balch Exploration Consulting reinterpreted the Hunter dataset alongside the new Mel and Odei River results, producing a single integrated geophysical product across the Company’s northern land package. As illustrated in Figures 1 & 2, this uniform dataset provides contiguous electromagnetic coverage across the Mel, Hunter, and Odei River properties, establishing a consistent foundation for target ranking and drill planning within Core Nickel’s Thompson Nickel Belt portfolio.

Figure 1. Mel, Hunter, and Odei River Projects Electromagnetics Map

Figure 2. Mel, Hunter, and Odei River Projects Total Magnetic Intensity Map

Mel Project Geophysical Interpretation

Mel Deposit

EM and magnetic signatures from the VTEM survey over the Mel Deposit (Figure 3) highlight the strong correlation between nickel sulphide mineralization and geophysical responses, while also pointing to new exploration opportunities along strike and at depth. The Mel Deposit consists of a series of south-striking (189┬░), east-dipping (70-75┬░) nickel sulphide intersections, with narrow high-grade zones contained within broader lower-grade mineralization. The deposit extends for approximately 1.6 kilometres of strike and can be imaged from the VTEM survey from flight line L1270 in the north to flight line L1430 in the south.

Airborne electromagnetic (EM) data closely reflects the structural and lithological controls on mineralization. To the north, conductor profiles indicate a thin, steeply east-dipping body, which transitions into a thicker, moderately dipping response over the central portion of the deposit before reverting to a thin, steep conductor toward the south. These changing EM signatures mirror the interpreted shallowing of mineralization at depth, consistent with structural controls along a south-plunging feature. Importantly, the strongest EM and magnetic responses are spatially associated with the known mineralized zones, supporting the reliability of geophysical targeting at Mel.

Drill data and geophysical interpretation suggest that mineralization is fault-controlled, plunging approximately 40┬░ to the south beneath a constraining structure. While the northern part of the deposit is shallow and well defined by drilling, the deeper southern and footwall portions remain underexplored. Intersections below the plunging structure warrant re-examination, as they may represent a second, parallel mineralized system that has not been adequately tested.

Figure 3. Mel Project Total Magnetic Intensity Map

Mel South – Target Area A

Geophysical and historical drill data south of the Mel Deposit indicate that the mineralized contact continues beyond the currently defined resource area, offering strong potential for additional nickel sulphide lenses. Mineralization at Mel appears to end near flight line L1430; however, further south along the trend, limited and incomplete historical drilling provides encouragement for expansion. A historical drillhole (DDH 22513) into the magnetic contact south of the Mel deposit intersected a broad 47.6 m zone of mineralization from 77.6-125.1 m, including six narrow higher-grade intervals up to 2.00% Ni. In addition, even further grid south, a drill hole (DDH 22549) intersected 0.52% Ni over 6.74 m, including a narrow interval of 2.75% Ni, demonstrating that mineralization along the magnetic contact extends several hundred metres beyond the southern limit of Mel.

Information from historical drillholes DDH 22513 and DDH 22549 referenced herein was sourced from a digital database provided to Core Nickel by Victory Nickel, who in turn received the data from Inco Ltd. Core Nickel has not independently verified the accuracy of this historical data, and it should not be relied upon as current. Further drilling will be required to confirm the presence and grade of any mineralization.

West Mel Limb – Target Area B

Geophysics has outlined a prospective ultramafic unit west of the Mel Deposit on the west Mel limb. Along the western limb, initial flight lines show weaker, rapidly decaying responses, but conductance strengthens and becomes better defined to the south. By flight lines L1170 and L1180, the EM signatures are of comparable amplitude and decay to those observed on the eastern limb of the fold where the Mel deposit is hosted. Importantly, the response on line L1170 is a clear, well-defined anomaly and is recommended for drill testing.

Farther south, conductor strength continues to increase, culminating in a strong EM response on flight line L1390. This anomaly is interpreted as a thin, steeply west-dipping conductor, consistent with the structural setting of the Mel system.

Notably, only four historical drillholes have tested the entire 5 km strike length of the western limb, leaving the west-side conductive trend effectively untested. The strengthening EM responses to the south highlight the untapped potential of the western extension, with multiple targets warranting near-term follow-up.

Hunter & Odei River Properties – Target Areas C and D

There are two prominent magnetic trends crossing the Hunter block that have associated with EM trends and that represent potential nickel sulphide systems: Hunter North (Target Area C) and Hunter Central (Target Area D). The Hunter North trend is characterized by a 9.5 km long magnetic trend, striking west-southwest and dipping steeply to the north. This feature is closed off to the east at the Mel survey boundary and extends westward onto the Odei River block, where it also terminates. Multiple associated EM anomalies are present along this magnetic trend, with select anomalies showing discrete footprints consistent with potential nickel sulphide mineralization. Hunter Central is a 12 km, strongly magnetic trend that runs approximately parallel to Hunter North with multiple EM anomalies. The combined magnetic and EM responses suggest the presence of highly serpentinized ultramafic rocks. Overall, the VTEM survey defined a robust, laterally extensive target corridor, with high-priority conductors warranting drill testing.

Management Update

Core Nickel announces that Caitlin Glew has resigned as Vice President, Exploration, effective August 31, 2025. The Company thanks Ms. Glew for her significant contributions to advancing work on its properties and enhancing the technical understanding of Core Nickel’s project portfolio. During her tenure, she was instrumental in shaping exploration strategies, guiding the integration of new geophysical data, and supporting the development of drill targets across the Company’s exploration properties. Her leadership and technical insight have laid important groundwork for the Company’s future exploration efforts. The Company has begun reviewing applicants to fill the role of Vice President, Exploration, and will provide an update in due course.

Misty Urbatsch, Chief Executive Officer, President, and Director of Core Nickel, commented “On behalf of the Board and our team, I want to thank Caitlin for her dedication and leadership. She played an important role in advancing our technical programs and in building out the framework for future exploration across our properties. Her contributions to Core Nickel’s growth and to the development of drill targets have been invaluable, and we wish her every success in her next chapter.”

About Core Nickel

Core Nickel Corp. is a junior nickel exploration company that controls 100% of five projects in the Thompson Nickel Belt (TNB), a prolific nickel district located in Northern Manitoba, Canada (Figure 4). The five projects consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, including highways, railways, major hydroelectric transmission lines, and operating mills.

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 15-20 km from the City of Thompson. Core Nickel’s northern TNB land package consists of three projects: Mel, Hunter, and Odei River. The Mel project encompasses the Mel deposit, which is characterized by a historical mineral resource consisting of an indicated resource of 4,279,000 tons grading 0.875% Ni, plus an inferred resource of 1,010,000 tons grading 0.839% Ni, at a cut-off of 0.5% Ni¹. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River projects and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected anomalous nickel.

The Company also holds two projects in the central TNB near the community of Wabowden: Halfway Lake and Resting Lake. Both projects host the target Pipe Formation associated with known elevated nickel mineralization and are proximal to existing nickel deposits, mills, and other infrastructure.

Figure 4. Core Nickel Project Location Map

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Misty Urbatsch, P. Geo., Chief Executive Officer for Core Nickel Corp., who has reviewed and approved its contents.

References

¹ “Technical Report on the Mel Deposit, Northern Manitoba” prepared for Victory Nickel Inc, Shane Naccashian (P. Geo.) of Wardrop Engineering Inc., March 9, 2007

Mel Historical Mineral Resource

The Core Nickel is not treating the estimate as current. The Company is treating the 2007 Mineral Resource Estimate (MRE) prepared for Victory Nickel Inc. by Shane Naccashian (P. Geo.) of Wardrop Engineering Inc. as a “historical mineral resource” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the reader is cautioned not to treat it, or any part of it, as a current mineral resource. The Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource.

The historical MRE summarized above has been included simply to demonstrate the mineral potential of the Mel deposit and the Mel project. Core Nickel considers the 2007 MRE to be relevant to the further development of the project; however, is not treating the historical estimate as a current mineral resource. The historical MRE was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).

To upgrade or verify the 2007 historical estimate as current, Core Nickel will need to complete a thorough review of all the 2007 historical MRE information and drill data, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical MRE subsequent to the publication of the resource. Additionally, a full review of the economic parameters utilized to determine current Reasonable Prospectus for Eventual Economic Extraction (RPEEE) would be required in order to produce a current MRE for the Property. Any future mineral resource will need to evaluate the open pit and/or underground potential taking into consideration the current cost and pricing conditions or constraints, along with continuity of the resource blocks.

Technical Disclosure

The historical results contained within this news release have been captured from Manitoba Integrated Mining and Quarrying System (“iMaQs”) as available and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject projects.

Historical Data Disclosure

The Company cautions that historical drill data cited in this release were obtained from a database acquired from Victory Nickel, which is believed to have originated from work completed by Inco Ltd. Core Nickel has not verified this data to current standards, and such results are considered historical in nature.

On behalf of the Board of Directors

“Misty Urbatsch”

Misty Urbatsch

CEO, President and Director

Core Nickel Corp.

Contacts:

Misty Urbatsch, CEO and President
General Enquiry
Tel: 306-668-6927
Email: murbatsch@corenickel.com
Email: info@corenickel.com

Also find us online:

www.corenickel.com

https://x.com/CoreNickel

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Highlights: Drilling completed pursuant to the receipt of multi-year area-based permit from the province of British Columbia which covers all anticipated Baptiste field activities required for the feasibility study (FS).

Approximately 1,935 metres of geomechanical, hydrogeological, and condemnation drilling was completed around the project site with most of the meterage focused within the open-pit footprint, tangibly achieving the objectives of the program with focus on long-lead data collection for the EA and FS.

Over 75% of fieldwork expenditures was disbursed under the terms of contracts awarded to First Nations-owned or -affiliated businesses operating in central British Columbia.

“The 2025 field program achieved all objectives in building a robust dataset for Baptiste to support both the feasibility study and the commencement of the environmental assessment process,” said Martin Turenne, FPX’s President and CEO. “We are particularly pleased with the deepening of our relationships with the multiple First Nations communities connected to the project, in particular through helping to ensure that those communities maximize their current and future economic participation in the company’s work programs.”

Feasibility Study Field Work Investigations: In connection with the environmental and cultural baseline study works ongoing at Baptiste since 2022, FPX has completed the first phase of FS engineering field work investigations. This year’s program was focused on long-lead data collection that will tangibly support the EA process, as well as improved engineering definition within the open-pit footprint.

Approximately 1,935 metres of geomechanical drilling, hydrogeological drilling, and condemnation drilling was completed around the project site during this year’s program, with most of the meterage focused within the open-pit footprint. This meterage strategically achieved the program objectives of initial FS engineering information gathering and will inform the next phase of the field investigation.

The next phase of the FS engineering field investigation program will include resource in-fill drilling, further geomechanical drilling, further hydrogeological drilling, and ex-pit geotechnical drilling. Following the completion of the second phase of engineering field investigations, the FS is expected to be completed in 2027.

Cultural and environmental baseline studies have been ongoing for the Baptiste Nickel Project since early 2022 and include surface water hydrology and water quality, wildlife, vegetation, fisheries and aquatics, and archeology programs. Ongoing and expanded programs have been completed in 2024 and 2025 in preparation for the EA process, including ongoing wildlife, vegetation, geochemistry, climate, hydrology, water quality, and hydrogeology work.

The cultural and environmental studies for the project are being conducted by local First Nations-owned and -affiliated businesses. This approach targets the integration of First Nations perspectives into the scoping and execution of these studies and provides a strong collaborative basis for the EA process, which the Company plans to initiate in the fourth quarter of 2025.

The company’s Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni₃Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high-grade product that does not require any intermediate smelting or complex refining.

The Baptiste mineral claims cover an area of 453 km² west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders. In 2024, the Province of British Columbia identified the Baptiste Nickel Project as the first project to be included in the province’s new Critical Minerals Office (CMO) concierge service initiative, a provincial strategy action to enable the prioritization of critical minerals projects in B.C.

West Zone Soil Sampling: A soil sampling program will test the Beaver West zone, located at the western border of the property adjacent to the Gibraltar Mine, to establish the presence of nickel or potentially copper and define drill targets. The West zone is the largest new exploration area at the Beaver property covering an airborne magnetic high anomaly approximately 4 km x 3 km in size.

The 2025 exploration program is being undertaken in collaboration with Sumitomo Metal Mining Canada Ltd. which is funding the exploration. Sumitomo is earning into the Project through an earn-in and joint venture agreement with Inomin. Inomin is the operator of the Project.

John Gomez, President of Inomin, stated, “It’s exciting to see exploration at Beaver progress towards inaugural resource delineation and to test significant new targets. The South, North, and West zones are representative of the many substantial exploration areas we’ve outlined at Beaver-Lynx. Collectively the discoveries, which are typically coincident with high magnetic anomalies – and even insignificant mag signatures – illustrate the widespread nature of mineralization at Beaver-Lynx. We look forward to working with Sumitomo to evaluate Beaver-Lynx’s district-scale mineral potential.”

The Beaver-Lynx property comprises approximately 28,000 hectares and is ideally located in south-central British Columbia, 50 km from the city of Williams Lake and adjacent to the Gibraltar mine property, the second largest open-pit copper mine in Canada. Beaver-Lynx is easily accessible by good all-season roads, and is close to hydro-electric power, as well as active railway lines.

Exploration, including drilling, has demonstrated the Project may host large volumes of nickel and magnesium. Drilling has also intersected copper, chromium, cobalt, silver, and gold. Given positive initial drilling and metallurgical test results – as well as multiple, large-scale, mineral zones – the Beaver-Lynx project has the potential to be a major source of nickel and other critical minerals.

The company has granted the agent an increased option, exercisable in whole or in part to sell up to an additional 675,000 units at the offering price for additional gross proceeds of $495,000.

It said the additional funds will allow the company to increase and accelerate its drilling program at the Green Monster polymetallic property which is located about 60 kilometres southwest of Las Vegas, Nevada. Proceeds will also be used for trenching at the Wild Horse property, which is located in Mineral County, Nevada, where four grab samples were collected from the Coca Cola Zone located on the west-central portion of the property. Those samples have returned copper values of 1.6%, 5.3%, 2.3% and 5.1% along with an average of 21.6 ppm silver. Samples were also anomalous in bismuth and tungsten.

On Thursday, Glenstar shares eased 5.06% or $0.04 to 75 cents. The shares trade in a 52-week range of $1.01 and 15.5 cents.

Glenstar recently said the intersection of a polymetallic zone at Green Monster property in position 150 metres from the main target zone, resulting in a change of focus for exploration on the property.

The Green Monster Property is located on the western edge of the Goodsprings Mining District, an area that has been a centre for base metal production since the late 1800s. The company said this historically rich district, known for its production of zinc, nickel and copper, is undergoing a renaissance as moder exploration techniques open new possibilities.

The property, spanning roughly 700 acres across 35 federal lode claims, is part of a 30-kilometre-long fault zone, which the company said is already noted for zinc-rich mineralization and anomalous nickel-cobalt and copper occurrences.

The property lode claims are attached to patented mining claims covering the underground historic workings of the Green Monster Mine. Patented claims were historically only given to properties that had significant production. The mine produced 2.0 million pounds of zinc along with lesser quantities of copper, silver, lead and uranium.

Due to an error in the original offering document, the company has amended the price of compensation options, previously announced on August 18, 2025, to be adjusted from $0.85 per compensation option to $0.68, to make the price consistent with the offering price. Each compensation option will entitle the holder to acquire one common share for $0.68 per common share for 24 months after the offering closes.