Mr. Mike Stier reports

SAGA METALS ANNOUNCES EXPIRY OF WARRANT ACCELERATION PROGRAM AND RECEIPT OF C$3,422,888 IN WARRANT PROCEEDS SINCE JANUARY 1, 2026

Saga Metals Corp. has completed its now-expired warrant acceleration program of outstanding common share purchase warrants of the company issued in connection with a financing that closed in two tranches on May 23 and July 31, 2025, and a financing that closed on Oct. 10, 2025.

The company issued an aggregate of 6,637,667 warrants and 163,146 finders' warrants in connection with the May financing. The company also issued an aggregate of 555,750 finders' warrants in connection with the October financing. Saga is pleased to report the exercise of 6,755,142 warrants since Jan. 1, 2026, and through the acceleration, with total proceeds to the company of $3,422,888.

Mike Stier, chief executive officer and a director of Saga Metals, commented: "Thank you to all shareholders that exercised warrants during this acceleration period. We are thrilled to announce the success of this program bringing in $3,422,888 in additional funding to the company from the acceleration, as well as other in-the-money warrants. This influx of cash builds directly on the successful $9-million raised in Q4 2025, further bolstering our treasury and positioning the company in the strongest financial position in its history. With additional cash secured and drilling well under way to start 2026, we continue to execute our strategy and deliver significant and sustainable value to our shareholders."

Each warrant entitled the holder thereof to purchase one common share of the company at a price of 50 cents per share for a period of 24 months from the issue date. Pursuant to the terms of the warrants, the company accelerated the expiry date of the warrants on the TSX Venture Exchange on Jan. 22, 2026. The company provided notice of the acceleration period in accordance with the terms of the warrants. The acceleration period expired at 4 p.m. Vancouver time on Feb. 21, 2026. Any warrants remaining unexercised after the accelerated expiry date have expired, and are of no force and effect.

Coming event

Saga Metals will be attending the Prospectors & Developers Association of Canada Conference in Toronto, Ont., from March 1 to March 4, 2026.

Qualified person

Paul J. McGuigan, PGeo, is an independent qualified person as defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

About Saga Metals Corp.

Saga Metals is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar titanium-vanadium-iron project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 square kilometres on the surface near Cartwright, Labrador. Exploration to date, including 4,250 metres of drilling, has confirmed a large, mineralized layered mafic intrusion-hosting vanadiferous titanomagnetite and ilmenite mineralization with strong grades of titanium and vanadium.

The Double Mer uranium project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18-kilometre east-west trend, with a confirmed 14-kilometre section producing samples as high as 0.428 per cent triuranium octoxide. Uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer technical report).

Additionally, Saga owns the Legacy lithium property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault lithium project. Together, these properties cover 65,849 hectares, and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, Saga is strategically positioned to play an essential role in critical mineral security.

We seek Safe Harbor.