Mr. Stephen Goodman reports

BAHIA METALS FILES NI 43-101 TECHNICAL REPORT FOR INITIAL 313 MILLION TONNE MANGUEIROS MAIN INFERRED MINERAL RESOURCE ESTIMATE

Bahia Metals Corp. has filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) supporting the initial mineral resource estimate for the company's Mangueiros Main nickel-copper-cobalt sulphide project in Bahia state, Brazil.

The report, titled "Mineral Resource Estimate of the Mangueiros Main Nickel-Copper-Cobalt Sulphide Project, Bahia State, Brazil," has an effective date of April 22, 2026, and is dated Sept. 24, 2026.

The technical report supports the initial MRE announced by the company on Aug. 10, 2026. There are no material differences between the MRE disclosed in that news release and the MRE contained in the technical report.

The technical report is available under the company's profile at SEDAR+.

Mineral resource highlights:

• Large initial mineral resource: 313 million tonnes of pit-constrained inferred mineral resources grading 0.18 per cent nickel sulphide, 0.22 per cent total nickel, 0.13 per cent copper and 0.015 per cent cobalt;
• Equivalent grades: 0.27 per cent nickel sulphide equivalent and 0.33 per cent nickel total equivalent;
• Significant copper and cobalt contribution across the entire resource: across the full 313-million-tonne mineral resource, copper and cobalt increase the grade from 0.22 per cent NiT to 0.33 per cent NiTEq; this is a 50-per-cent uplift over the total nickel grade, with copper and cobalt collectively contributing approximately one-third of the reported NiTEq grade;
• Substantial contained metal inventory: approximately 554,000 tonnes NiS, 675,000 tonnes NiT, 411,000 tonnes Cu and 46,000 tonnes Co;
• Pit-constrained mineral resource: the mineral resource is constrained within a conceptual open pit and reported at a 0.09-per-cent NiSEq cut-off grade;
• Low estimated strip ratio: the conceptual resource pit has an estimated strip ratio of well below 1 to 1 waste to mineralized material;
• Resource-growth potential: the MRE covers Mangueiros Main; mineralization remains open in multiple directions, and the company's additional district exploration targets are not included in the MRE;
• Clear next step: the size, continuity and polymetallic nickel-copper-cobalt character of the Mangueiros Main mineral resource provide an appropriate basis for Bahia to proceed with the preliminary economic assessment.

Chief executive officer commentary

Stephen Goodman, chief executive officer and director of Bahia, commented: "The filing of the technical report completes an important milestone for Bahia and provides the comprehensive technical support for the initial Mangueiros Main mineral resource estimate announced in August.

"The MRE confirms the development potential of this polymetallic deposit with uniform geology and a beneficial low strip ratio of less than 1 to 1.

"The benefits of copper and cobalt to the Mangueiros Main deposit is evident. When the estimated contribution of copper and cobalt is included in the mineral resource, the grade increases to 0.33 per cent NiTEq. Copper and cobalt therefore represent approximately one-third of the reported nickel equivalent grade. This highlights that Mangueiros Main is a large polymetallic nickel-copper-cobalt sulphide mineral resource. The potential economic contribution of all three metals will be evaluated."

Technical report

The technical report was prepared by P&E Mining Consultants Inc., with metallurgical input from Consultec Ltd., and was written by William Stone, PhD, PGeo; Yungang Wu, PGeo; Jarita Barry, PGeo; David Burga, PGeo; Antoine Yassa, PGeo; Chester de Leon, PEng; and Eugene Puritch, PEng, FEC, CET. Each author is a qualified person as defined by National Instrument 43-101.

The technical report provides the supporting technical information, assumptions, methodologies, data verification and conclusions relating to the MRE. The authors consider that the size, continuity and polymetallic nickel-copper-cobalt character of the Mangueiros Main mineral resource provide an appropriate basis for Bahia to proceed with the preliminary economic assessment.

Across the entire 313-million-tonne mineral resource, copper and cobalt increase the grade from 0.22 per cent NiT to 0.33 per cent NiTEq, a 50-per-cent uplift over the total nickel grade. Copper and cobalt collectively represent approximately one-third of the reported NiTEq grade and provide significant potential byproduct value. The potential contribution of these metals to project economics will be assessed in the PEA, including metallurgical recoveries, concentrate quality, payabilities and commercial terms.

Qualified person

The scientific and technical information disclosed in this news release has been reviewed and approved by Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants, an independent qualified person as defined by National Instrument 43-101.

The inferred mineral resource in this estimate has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

About Bahia Metals Corp.

Bahia Metals is a Canadian mineral exploration and development company focused on advancing Mangueiros Main, its flagship sulphide nickel-copper-cobalt-platinum-group-metal asset, and evaluating the district-scale potential of its broader asset portfolio in Bahia state, Brazil.

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

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