Mr. Grant Freeman reports

NVRO METALS ESTABLISHES THE NVRO METALS HUB, CREATING A PATHWAY TO CRITICAL MINERALS PRODUCTION AND ACCELERATING INDUSTRIAL DEPLOYMENT OF THE NVRO PROCESS™

NVRO Metals Ltd. has agreed to a proposed acquisition of Northern Territories Resources Pty. Ltd. Northern Territories Resources is an Australian exploration and mining company whose assets, on completion of the proposed acquisition, will become the NVRO Metals Hub, a critical minerals production platform utilizing the NVRO Process, located in Australia's Northern Territory.

The establishment of the NVRO Metals Hub represents an important milestone in the company's history. Pursuant to a creditor-approved deed of company arrangement in Australia (the DOCA) executed on June 8, 2026, the company's wholly owned subsidiary, NVRO Metals (Australia) Pty. Ltd., proposes to acquire all the issued and outstanding shares of Northern Territories Resources for total consideration of $27.9-million. The consideration comprises a specified contribution of $14.3-million payable within 75 days of execution of the DOCA, an environmental bond top-up of approximately $2.3-million earmarked for the Northern Territory government's environmental bond requirements, a payment of $10-million to the secured creditor and approximately $1.3-million for transaction costs including stamp duty.

Northern Territories Resources is an Australian Northern Territory (NT) exploration and mining company whose principal assets include 48 NT tenements, comprising mining and exploration licences, a fully constructed hydrometallurgical processing facility, associated infrastructure and a substantial polymetallic resource base. The installed plant, currently permitted as a hydrometallurgical plant, includes a tank leach plant and associated infrastructure required for the NVRO Process, with additional solvent extraction, electro winning, resin-in-pulp circuits capable of producing copper cathode and cobalt-nickel intermediate products in the near term. The acquisition will enable the company to accelerate its transition from a prerevenue mineral process technology developer into a vertically integrated precious and critical minerals processing, recovery, and production platform.

The original construction cost was $206-million (inflation-adjusted approximately $310-million).

Northern Territories Resources' assets also include a historic polymetallic oxide and sulphide mineral resource estimate containing copper, cobalt, silver, lead, zinc and nickel (based on a 2006 historic report under the JORC (Joint Ore Reserves Committee Code). The company is working to verify and restate the estimate as a current mineral resource in the National Instrument 43-101 technical report currently being prepared by the Measured Group.

Based on the engineering studies performed to date by PPM Global and the company, the acquisition provides the industrial-scale infrastructure capable of accelerating deployment of the NVRO Process and the foundation for the company's centralized critical minerals processing hub strategy. During due diligence, the company believed that a pathway to near-term copper, cobalt and nickel production, and operating cash flow could be achieved with the existing oxide resources and installed plant.

Pending resources statement and phase 1 development

The company's phase 1 development strategy is focused on near-term production of copper cathode and cobalt/nickel intermediate products by heap leach, solvent extraction, and electro winning (SX-EW) and precipitation of cobalt and nickel. Production is expected to commence by Q4 2027. The company expects that the Measured Group will release a National Instrument 43-101 report on the property, including both the oxide and sulphide resource within the next few weeks. The current mine management plan (MMP) is care and maintenance, and a variation to the MMP will be made to undertake the proposed oxide heap leaching.

A drilling campaign is being planned to obtain samples of both oxide and sulphide orebodies for further testing. The sulphide resource will undergo pilot scale testing through the micro NVRO pilot plant at the company's Western Australia facility in H2 2026. This will provide the inputs for future feasibility and engineering studies to advance the technology maturity of the NVRO Process toward technology readiness level 9, full industrial-scale commercial production.

Funding pathway advancing

The company has substantially advanced a funding strategy designed to support the acquisition, refurbishment, commissioning and initial operations of the NVRO Metals Hub. The proposed funding package comprises a combination of commodity-linked financing package, government funding and equity financing. Management expects the proposed funding structure to provide sufficient capital to support the acquisition and planned phase 1 development activities.

The company has received a number of term sheets from metal traders for off take agreements of the copper cathode and cobalt/nickel products which include prepayment debt facilities. The strong interest and advanced discussions with established metal traders reflects confidence in both the quality of the underlying asset and the company's development strategy.

The funding pathway for the NVRO Metals Hub acquisition and project development is advancing. The completion of the proposed financing package and the acquisition remains subject to a number of conditions, including completion of definitive documentation, satisfactory due diligence, receipt of all required regulatory and stock exchange approvals, including acceptance of the TSX Venture Exchange and other customary conditions. Any securities issuances in connection with the proposed financing or the acquisition will also be subject to acceptance of the TSX-V, as applicable. There can be no assurance that the proposed financing package or the acquisition will be completed on the terms currently contemplated or at all.

A platform for long-term growth

The establishment of the NVRO Metals Hub is a natural progression of the company's commercial developments and reflects the maturity of the NVRO Process. The proposed acquisition will advance the company's commercialization strategy and is intended to create a revenue-generating platform across the critical minerals value chain, including technology licensing and deployment, precious and critical minerals production of owned and third party feed sources, centralized processing infrastructure, commercial processing and recovery services, and environmental remediation.

"The establishment of the NVRO Metals Hub is a significant milestone in the company's history," said David Cam, executive chair. "For the first time, we have brought together proprietary technology, industrial-scale processing infrastructure and near-term production capability within a single platform. We believe this creates a powerful combination capable of generating operating cash flow while accelerating commercialization of the NVRO Process.

"Importantly, this acquisition does not change our technology-led licensing strategy. The NVRO Metals Hub provides the infrastructure required to accelerate global deployment of the NVRO Process and support multiple customer opportunities."

Grant Freeman, chief executive officer, added: "The NVRO Metals Hub provides a pathway to near-term cash flow and production and provides a foundation for sustainable growth.

"We believe the NVRO Metals Hub expands the company's commercial opportunities and positions us for critical minerals production from sulphide minerals."

About NVRO Metals Ltd.

NVRO Metals is a technology company focused on the recovery of precious and critical metals from mine waste, tailings and complex sulphidic materials. Through its proprietary NVRO Process, centralized processing infrastructure and commercial deployment strategy, the company is building a scalable critical minerals production, processing and recovery platform supporting global supply chain security.

We seek Safe Harbor.