Mr. Gabi Kabazo reports

STARMET VENTURES ANNOUNCES CLOSING OF FINAL TRANCHE OF CONVERTIBLE DEBENTURE FINANCING

Starmet Ventures Inc., further to its March 25, 2026, and May 6, 2026, news releases, has closed the final tranche of its non-brokered private placement of unsecured convertible debentures of the company. The company issued $500,000 of principal amount of convertible debentures under the final tranche and a total of $2.75-million principal amount of convertible debentures under the offering.

The convertible debentures issued under the offering bear interest at a rate of 10 per cent per annum, calculated monthly and payable annually in cash or accrued for conversion at the conversion price (as defined below). The convertible debentures issued upon closing of the final tranche will mature on the earlier of: (a) May 25, 2028; or (b) the date the company's securities begin trading on the Nasdaq Stock Market. The company may elect to prepay all or a part of the principal amount and accrued interest without penalty if the company's securities begin trading on the Nasdaq, subject to the company providing 14 days of notice to the holders of the convertible debentures.

The outstanding principal amount owed under each convertible debenture may be converted into units of the company at a conversion price of 35 cents per unit by the holder thereof at any time on or before the maturity date. Each unit comprises one common share in the capital of the company and one unit share purchase warrant, exercisable at a price of 40 cents per unit share for a period of 24 months from the date of issuance. On the maturity date, the holders of the debentures may convert the outstanding principal amount, together with any accrued and unpaid interest thereon, into units at the conversion price. The company intends to use the proceeds from the offering for general working capital purposes.

In connection with the offering, the company paid an aggregate of $40,000 in finders' fees to certain qualified arm's-length parties. Also, upon conversion of the convertible debenture into units, the finders will also be entitled to be issued up to 178,571 common shares in the capital of the company.

All securities issued in connection with the offering, including any unit shares and unit warrant shares, are subject to a restricted period of four months and one day from closing of the offering.

About Starmet Ventures Inc.

Starmet Ventures' principal business activities include the exploration of mineral resource properties with an emphasis on the properties located in Esmeralda county, Nevada, and Ear Falls, Ont. Starmet's objective is to identify and develop economic mineral resource properties of merit and to conduct exploration programs thereon.

We seek Safe Harbor.