Mr. Stephen Goodman reports

BAHIA METALS ADVANCES INITIAL MINERAL RESOURCE ESTIMATE FOR SULPHIDE NICKEL COPPER COBALT PGM PROJECT

Bahia Metals Corp. is advancing preparation of an initial mineral resource estimate (MRE) for the company's flagship asset Mangueiros Main, a sulphide nickel-copper-cobalt-platinum group metals (PGM) project in Bahia state, Brazil. The MRE is being prepared by P&E Mining Consultants Inc., an independent geological and mine engineering firm, and will be contained in a technical report prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The MRE is the next technical milestone in the company's strategy to evaluate and advance Mangueiros Main from an exploration target to a development opportunity.

P&E is completing a review of the historical drilling, geological interpretation and modelling, assay database, and other supporting technical information in preparing the initial MRE for Mangueiros Main.

The company benefits from an extensive technical database and historical exploration program that has confirmed nickel-copper-cobalt sulphide mineralization associated with an ultramafic intrusive system at Mangueiros Main, providing a strong foundation for continuing resource evaluation and project advancement.

Once completed, the MRE is expected to provide a basis for the company to evaluate potential future technical and economic studies.

Stephen Goodman, chief executive officer and director of Bahia Metals, commented:

"Our focus is to advance the development opportunity that Mangueiros Main presents. Completing an independent initial mineral resource estimate is an important step in building a technical foundation for advancing the potential of Mangueiros Main as a development opportunity.

"If the targets outlined in the SRK technical report can be confirmed with an MRE, the potential for a low strip sulphide nickel-copper-cobalt development opportunity will provide a further basis for advancing independent technical studies."

The company's current independent technical report, prepared by SRK Consulting (U.S.) Inc., identifies an exploration target at Mangueiros Main ranging from 75 million to 200 million tonnes grading between 0.20 per cent and 0.25 per cent nickel in sulphide (NiS). The SRK exploration target provides an initial technical benchmark and starting point for P&E's independent review and MRE work.

There are currently no mineral resources or mineral reserves at Mangueiros Main, and there can be no assurance that the work under way will result in establishing an initial mineral resource.

Stephen Goodman, CEO and director of the company, further commented:

"The potential target size and nickel in sulphide grades as reported are compelling when assessing the nickel content as part of development potential of the asset. The MRE is expected to include copper and cobalt providing the potential to improve the characteristics for a potential development. We look forward to presenting the contributions that copper and cobalt mineralization will have in assessing the development opportunity."

As described in the SRK technical report, mineralization at Mangueiros Main extends approximately 1,800 metres northwest to southeast, 600 metres southwest to northeast and approximately 250 metres in thickness, and the target remains open in several directions.

The company believes that the substantial exploration target provides a credible basis to aggressively advance the asset through technical studies with a focus on evaluating the potential development opportunity. The company is focused on building the next sulphide nickel-copper-cobalt plus PGM (platinum group metals) mine in Bahia state, Brazil.

The sulphide nature of the mineralization is particularly important, as it is typically associated with conventional processing routes and lower carbon intensity relative to laterite deposits, reinforcing the project's alignment with environmental, social and governance (ESG) and downstream supply chain requirements.

Corporate objectives and advancement strategy

The company's objective is to build a sulphide nickel-copper-cobalt plus PGM mine and advance its asset portfolio to establish a new critical minerals district in Bahia state, Brazil.

The near-term strategy to achieve this objective is to:

• Complete the initial National Instrument 43-101 MRE (mineral resource estimate) for Mangueiros Main including evaluation of potential copper and cobalt mineralization;
• Following completion of the MRE, evaluate the appropriate scope and timing of further technical studies, including a potential preliminary economic assessment (PEA) and feasibility study (FS);
• Review the historical gravity data and other work completed across the company's broader portfolio, specifically Mangueiros West, located approximately one kilometre from Mangueiros Main to assess district-scale opportunity.

Recent Brazil site visit supports advancement planning for potential development

During a recent site visit and meetings with stakeholders including strategic shareholders in Brazil, management conducted field reviews, reviewed historical exploration information and assessed regional infrastructure relevant to assessing Mangueiros Main as a development opportunity.

The company also met with a renewable energy provider to better understand potential for a green power-supply to operate a mine. Any future mining or processing operation, including its power requirements and environmental attributes, would be subject to further technical studies, permitting and other approvals.

Qualified person and NI 43-101 disclosure

Unless otherwise indicated, the scientific and technical information in this news release is based on the independent technical report entitled "NI 43-101 Technical Report - Project Status Report Mangueiros Ni-Cu-Co Project, Bahia, Brazil," dated Jan. 6, 2026, with an effective date of Nov. 15, 2024, prepared by Douglas Reid, PEng, of SRK Consulting and available under the company's issuer profile on SEDAR+.

The scientific and technical information in this news release has been reviewed and approved by Paul Sarjeant, PGeo (Ontario), a qualified person as defined by NI 43-101. Mr. Sarjeant is an independent consultant to the company.

About Bahia Metals Corp.

Bahia Metals is a Canadian mineral exploration company focused on evaluating and advancing its flagship Mangueiros Main nickel-copper-cobalt-PGM sulphide project in Bahia state, Brazil.

The company completed its initial public offering in January, 2026, raising gross proceeds of $5.75-million, and acquired a 100-per-cent interest in Mangueiros Main and the company's regional exploration projects, which were previously advanced by parties affiliated with Appian Capital Advisory Ltd.

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