Mr. Carl Ginn reports

LUX METALS UPSIZES PRIVATE PLACEMENT TO $3,500,000

Further to the news release dated Dec. 10, 2025, due to strong investor demand, Lux Metals Corp. has increased the size of its previously announced private placement from up to 12.5 million units of the company to up to 17.5 million units at a price of 20 cents per unit for total gross proceeds of up to $3.5-million.

Each unit will consist of one common share and one transferable share purchase warrant, each warrant exercisable into one additional share for a period of two years from the date of issue at a price of 40 cents per share. If, after all regulatory holds on the warrants expire and the shares trade on the TSX Venture Exchange at a price of 60 cents or more for 10 consecutive trading days at any time, then the warrants will expire, subject to the company's discretion, on the earlier of the expiry date and 4:30 p.m. Vancouver time on the date which is 30 calendar days after the company provides notice by way of news release to the holders of the warrants that the acceleration event has occurred.

The gross proceeds from the issuance of the units will be used for exploration costs and general working capital.

The company may pay finders' fees composed of cash and/or non-transferable warrants in connection with the placement, pursuant to the policies of the TSX-V and applicable securities laws. The company anticipates closing of the placement (in one or more tranches) as soon as practicable subject to receipt of all necessary regulatory approvals, including the approval of the TSX-V. All securities issued under the placement will be subject to applicable regulatory holds expiring four months and one day from the date of issue.

We seek Safe Harbor.