Mr. Matt Filgate reports

GREENLIGHT METALS EXECUTES LONG-FORM DOCUMENTATION WITH BARRICK FOR STAGED EARN-IN JOINT VENTURE AT KALIUM CANYON PROJECT IN NEVADA'S WALKER LANE

Through Greenlight Metals Inc.'s wholly owned subsidiary, Green Light Wisconsin LLC, it has entered into a long-form exploration earn-in agreement dated Aug. 4, 2026, and related transaction documents (collectively, the long-form documentation) with Barrick Gold Exploration Inc., a wholly owned subsidiary of Barrick Mining Corp., providing for a staged earn-in and joint venture at Greenlight's Kalium Canyon gold project in Esmeralda county, Nevada. Kalium Canyon comprises 135 federal unpatented lode mining claims covering approximately 2,758 acres within Nevada's Walker Lane trend.

The long-form documentation supersedes the binding term sheet dated May 6, 2026, and implements the staged earn-in and joint venture framework previously announced by the company on May 7, 2026, on terms consistent in all material respects with those previously disclosed. Under the long-form documentation, Barrick may earn up to an aggregate 80-per-cent interest in Kalium Canyon in three stages by financing exploration and technical work at the property, making scheduled cash payments to Greenlight, and completing a prefeasibility study.

Barrick will make an initial cash payment of $250,000 (U.S.) to Greenlight within three business days following the effective date of the long-form documentation and will reimburse Greenlight for certain claim maintenance fees in respect of the property.

Matt Filgate, president and chief executive officer of Greenlight, commented: "We are excited to partner with Barrick, one of the world's largest gold producers, at Kalium Canyon. The staged earn-in gives Barrick a clear path to advance the project in stages, from exploration and technical work through to a potential prefeasibility study, with each stage it elects to pursue funded entirely by Barrick at no cost to Greenlight. Our shareholders retain meaningful exposure to the project while our own capital stays focused on advancing our Wisconsin portfolio. With the long-form documentation now complete, we look forward to supporting Barrick's team as planning begins for the first work programs."

Summary of long-form terms

The principal elements of the staged earn-in and joint venture include:

• Initial earn-in to 60 per cent: Barrick may earn an initial 60-per-cent interest in the project joint venture by completing aggregate work requirements of $7.5-million (U.S.) and making aggregate scheduled cash payments of $1.0-million (U.S.) to Greenlight over a six-year period. The scheduled cash payments comprise the initial $250,000 (U.S.) payment and six subsequent annual payments of $125,000 (U.S.), and annual work requirements increase from $750,000 (U.S.) in the first year to $1.75-million (U.S.) in the sixth year.
• Optional earn-in to 70 per cent: Following completion of the initial earn-in, Barrick may elect to earn an additional 10-per-cent interest by completing an additional $12.0-million (U.S.) of work requirements over a four-year period, including a minimum of $1.0-million (U.S.) of work in each year.
• Optional earn-in to 80 per cent: Following completion of the second-stage earn-in, Barrick may elect to earn a further 10-per-cent interest by completing a prefeasibility study on the property, at its sole cost, within 48 months.
• Joint venture formation and funding: Upon completion of the initial earn-in, the parties will form a project company to hold the property, with Barrick holding a 60-per-cent interest and Greenlight holding a 40-per-cent interest and with Barrick acting as manager and operator of the joint venture. If Barrick elects to pursue the additional earn-in stages, the associated work programs, budgets, studies and prefeasibility study costs will be financed solely by Barrick, and will not be chargeable to, recoverable from or dilutive of Greenlight. Pro rata joint venture funding will commence only after Barrick has vested its 80-per-cent interest or has ceased or elected not to pursue the additional earn-in stages after vesting a lesser interest.
• Drilling requirement: Barrick is required to commence drilling within 180 days following receipt of the first required drill permit, subject to extension to the next available field season where seasonal conditions reasonably prevent immediate mobilization.
• Postearn-in dilution and exit: Once pro rata joint venture funding commences, customary dilution provisions will apply. If Greenlight's interest is diluted below 10 per cent, its remaining interest will be automatically sold to Barrick at fair market value.

Additional background regarding the staged earn-in and Kalium Canyon is set out in the company's news release dated May 7, 2026, which is available under the company's profile on SEDAR+.

About Greenlight Metals Inc.

Greenlight is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean volcanic belt (one of North America's most prospective VMS (volcanogenic massive sulphide) districts) and the Kalium Canyon epithermal gold project in Nevada's Walker Lane, which is subject to a staged earn-in and joint venture arrangement with Barrick Mining Corp. In Wisconsin, Greenlight's portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulphide targets. Greenlight's flagship Bend project is posted on the United States federal permitting dashboard as a FAST-41 Transparency project, providing a public framework for tracking applicable federal review, and authorization milestones and co-ordinated support through the permitting council. Guided by a team with deep roots in the state, Greenlight is building a modern minerals company for Wisconsin, by Wisconsin, committed to responsible exploration, transparent engagement and creating durable local opportunities as it helps supply the critical metals that power the energy transition.

We seek Safe Harbor.