Mr. Aleem Fidai reports

CULLINAN METALS ANNOUNCE COMPLETION OF DEBT SETTLEMENT

Further to the news release dated May 14, 2026, Cullinan Metals Corp. has completed the shares-for-debt financing.

As previously announced, the company entered into debt settlement agreements to issue an aggregate of 1,486,090 common shares of the company at a deemed price of 34 cents per share to satisfy an aggregate amount of bona fide debt of up to $505,272 to certain creditors of the company.

Insiders of the company participated in the debt settlement in the amount of $187,678.

Such insiders are related parties of the company pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Related-party involvement in the debt settlement constitutes a related-party transaction. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a), respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the debt settlement, insofar as it involves interested parties, exceeds 25.0 per cent of the company's market capitalization.

The issuance of shares in connection with this debt settlement is subject to Canadian Securities Exchange approval, and the shares are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws.

The purpose of the debt settlement is to preserve the company's treasury.

About Cullinan Metals Corp.

Cullinan is a Canadian mining and exploration company focused on the evaluation and potential development of energy and critical metals. The company recently entered into an option agreement to acquire a 100-per-cent interest in two prospective projects in Canada.

The Oculus rare earth project, located in central Labrador, spans approximately 2,550 hectares within a recognized critical rare earth element district. Historical surface sampling has returned total rare earth oxide values of up to 5.67 per cent TREO, with a favourable heavy rare earth component. Despite these encouraging results, the project remains undrilled, presenting significant discovery potential.

The Burnt Pond project, located in central Newfoundland within the Tally Pond volcanic belt, covers approximately 975 hectares in a proven volcanic massive sulphide district. Historical drilling has returned high-grade polymetallic mineralization, including gold, silver, copper, zinc and lead. The system remains open along strike and at depth, offering strong potential for additional discoveries.

The company is focused on advancing these assets through disciplined exploration programs designed to unlock their underlying value.

We seek Safe Harbor.