Mr. Matthew Gollat reports

ERRINGTON METALS SIGNS DEFINITIVE AGREEMENT TO ACQUIRE ADDITIONAL SUDBURY BASIN MINERAL PROPERTIES

Further to its news release dated June 9, 2026, Errington Metals Corp.'s wholly owned subsidiary, Errington Metals Inc. (Subco), has entered into a purchase and sale agreement with Vale Canada Ltd., pursuant to which Subco will acquire 24 freehold parcels and four mining licences of occupation located in the Sudbury basin in Ontario.

Highlights:

• Definitive agreement signed with Vale Canada Ltd. to acquire 24 freehold parcels and four mining-licence-of-occupation properties (the Mid Zone property);
• Acquisition consolidates the Sudbury basin project, connecting the Vermilion and Errington properties, increasing the prospective strike length to over 20 kilometres;
• Mid Zone contains favourable Vermilion formation geology and known polymetallic mineralization;
• Vale to become a key shareholder, with Errington Metals now counting both Vale and Glencore among its shareholders;
• Reconnaissance fieldwork and geophysical surveys planned to connect existing project data sets and generate new drilling targets.

The acquisition consolidates the Errington and Vermilion properties and will add approximately 1,270 hectares of prospective ground to Errington's Sudbury basin project, increasing the company's total property position to approximately 9,000 hectares (excluding the Garson property). With the addition of this ground, Errington will control approximately 20 kilometres of continuous prospective strike length along the key favourable host rock sequences within the Sudbury basin project, adding to the potential for discovery of new polymetallic sulphide mineralized zones.

The Mid Zone property contains the same favourable host rock sequence associated with massive sulphide mineralization at Vermilion, Errington and Balfour. The Vermilion formation chert-carbonate unit, which is the immediate host to mineralization elsewhere within the Sudbury basin project, is exposed at surface on the property. Historical exploration completed more than 30 years ago intersected polymetallic mineralization close to surface; however, limited follow-up work has been conducted since that time.

Errington plans to complete reconnaissance fieldwork and geophysical surveys at Mid Zone as part of its broader strategy to integrate and connect existing data sets across the Sudbury basin project and generate new targets for drilling.

"This acquisition represents an important step in advancing the Sudbury basin project and expanding Errington's exposure to the favourable host rock sequences associated with our known mineralized zones," said Matthew Gollat, president and chief executive officer of Errington Metals. "We are also very pleased to welcome Vale as a new holder of Errington. With Glencore already holding a significant ownership position, Errington now counts the two leading operators in Sudbury as shareholders. We believe this acquisition strengthens the strategic relevance of our land position and provides further validation of the project's scale and potential."

Under the purchase agreement, the consideration payable for the property consists of the issuance by the company to Vale on the closing date of 2,336,472 common shares of the company, representing approximately 4.99 per cent of the company's outstanding common shares on a non-diluted basis as of April 22, 2026, being the date of the initial listing of the common shares on TSX Venture Exchange, and the grant by Subco of a 1.5-per-cent net smelter return royalty on the property.

If Subco has not incurred aggregate $2-million of exploration expenditures on the property within five years of the closing date of the acquisition, the royalty rate will be increased from 1.5 per cent to 2.5 per cent, subject to a maximum aggregate net smelter returns of 3 per cent, inclusive of existing royalties as of the closing date of the acquisition, in respect of any individual property, provided that Vale holds the consideration shares (or the equivalent number of common shares of the company) from the closing date to the date that the royalty rate is increased.

In addition, Subco has agreed to pay to Vale: (i) $5-million within 30 days of Subco achieving commercial production from the mining and processing of ore from a deposit on the property; and (ii) a further $5-million within 30 days of Subco producing and processing an aggregate of five million tonnes of run-of-mine ore from the property.

Completion of the acquisition is subject to a number of customary conditions, including the receipt of all required regulatory and third party approvals, including all necessary severance consents pursuant to the Planning Act (Ontario) and all required approvals from the TSX-V for the acquisition and the issuance of the consideration shares. The closing of the acquisition is expected to occur five business days following receipt of the required regulatory and governmental approvals and, in any event, no later than Oct. 20, 2026, subject to extension by three months from Oct. 20, 2026, to Jan. 20, 2027, in certain circumstances. The consideration shares will be subject to a four-month hold period under applicable Canadian securities laws from the closing date of the acquisition.

About Errington Metals Corp.

Errington Metals is a Canadian exploration and development company focused on critical and precious metals. The company is advancing its wholly owned Sudbury basin project, which hosts high-grade VMS-style (volcanogenic massive sulphide) mineralization in the world-renowned Sudbury mining district. Through systematic drilling, disciplined technical work and a planned initial mineral resource estimate, Errington Metals is positioning the Sudbury basin project as a high-quality exploration and development opportunity.

The company is advancing a planned 45,000-metre drill program designed to support an initial mineral resource estimate and test regional targets.

Qualified person

The scientific and technical information in this press release has been reviewed and approved by Dr. Frank Santaguida, PhD, PGeo. Dr. Santaguida is vice-president, exploration, for Errington Metals and is a qualified person under National Instrument 43-101.

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