Mr. Danny Matthews reports

EUREKA COMPLETES FIRST COMPREHENSIVE EXPLORATION PROGRAM AT CABIN LAKE WITH ASSAYS PENDING

Eureka Metals Corp. has completed its 2026 geological mapping, prospecting and soil sampling program at its 100-per-cent-optioned Cabin Lake silver-lead-zinc-gold project in central British Columbia.

The program has significantly advanced the company's understanding of the project's geological controls and epithermal mineralizing system. Field observations documented widespread epithermal-style veining, hydrothermal alteration and favourable structural settings across priority target areas, providing important information that will be integrated with pending laboratory results to refine future drill targets. Assay results, updated geological maps and a refined geological interpretation are expected following completion of laboratory analysis.

Highlights

• Completed the 2026 geological mapping, prospecting and systematic soil sampling across priority target areas;
• Collected 622 soil samples and 96 rock samples for laboratory analysis;
• Field observations documented widespread epithermal-style veining, hydrothermal alteration and favourable structural settings across the project;
• Geological observations have significantly advanced the company's understanding of the project's mineralizing system and will be integrated with pending assay results to prioritize future exploration;
• Assay results, updated geological maps and a refined geological interpretation are expected following completion of laboratory analysis.

Danny Matthews, chief executive officer of Eureka, commented:

"The completion of our first comprehensive exploration program at Cabin Lake marks an important milestone since acquiring the project. Beyond successfully executing the field program, the work has significantly advanced our understanding of the geological controls on mineralization and further supports the project's prospectivity. With assays now pending, we look forward to reporting the analytical results together with our updated geological interpretation and outlining the next phase of exploration."

2026 exploration program

The program was completed between July 3 and July 14, 2026, and consisted of detailed geological mapping, prospecting and systematic soil sampling across priority target areas in the western and northern portions of the project. A total of 622 soil samples and 96 rock samples were collected for laboratory analysis while significantly expanding geological coverage across the project.

Geological mapping documented multiple generations of epithermal quartz veining, widespread hydrothermal alteration and favourable structural controls in several areas of the project, including beyond historically recognized mineralized zones. The program also identified a variety of epithermal vein textures characteristic of epithermal mineralizing systems, providing important geological information that will be integrated with pending analytical results to refine the company's geological model and prioritize future exploration and drill targets.

Pending assays and next steps

All rock and soil samples have been submitted for laboratory analysis. Upon receipt of the analytical results, the company intends to provide a comprehensive exploration update including assay results, updated geological maps and the implications of the 2026 exploration program for future exploration at Cabin Lake. The company also intends to complete an induced polarization (IP) survey later this year, with the results expected to further refine drill target selection.

The company also clarifies that its news release dated July 16, 2026, announcing the option agreement for the KM98 project inadvertently omitted the initial issuance of 250,000 common shares payable upon execution of the option agreement. Those shares have now been issued. Accordingly, the aggregate share consideration required to earn the initial 50-pe-cent interest in the KM98 project is 1.75 million common shares.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ryan Versloot, PGeo, technical adviser to the company and a qualified person as defined under National Instrument 43-101.

About Eureka Metals Corp.

Eureka Metals is a Canadian mineral exploration company focused on the acquisition and advancement of exploration projects in Canada. The company holds a 100-per-cent interest in the Tyee titanium project in Quebec, prospective for titanium-vanadium-scandium mineralization, and an option to acquire a 100-per-cent interest in the Cabin Lake polymetallic project in British Columbia, prospective for silver-lead-zinc-gold mineralization.

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