Mr. Mark Saxon reports

T2 METALS COMMENCES FIRST-EVER SURFACE DIAMOND DRILL PROGRAM AT THE SHANGHAI PROJECT, YUKON, CANADA

Surface diamond drilling has commenced at T2 Metals Corp.'s Shanghai silver-gold project in central Yukon, Canada. This first-ever surface drill program at Shanghai marks a major operational milestone as the company continues to advance its exploration activities in the Yukon.

Project location

Shanghai is located in the Mayo mining district within the Tombstone gold belt, one of North America's most prolific silver and gold mining regions, and is surrounded by multimillion-ounce deposits (Table 1).

The project shares key geological characteristics with Hecla Mining's Keno Hill district, one of the world's highest-grade silver districts, located 6 km to the southeast. Shanghai also shares significant geological characteristics with Banyan Gold's AurMac project, one of Canada's largest unmined gold deposits, located six kilometres to the south, and the Eagle gold mine, the largest gold mine ever built in the territory, located 12 km to the northwest.

Two distinct styles of mineralization

The project holds potential for two distinct styles of mineralization: high-grade vein deposits rich in silver, lead and zinc, as well as a reduced intrusion-related gold system (RIRGS), a deposit style typically characterized by large-scale, bulk-tonnage gold. This geological setting is influenced by two major regional structures: the McQuesten antiform and the Robert service thrust fault system, which have played an important role in the distribution of mineralization across the Mayo mining district.

This first drill program will test high-priority targets that show analogous geological settings to Keno Hill and AurMac. These targets represent the two distinct styles of mineralization identified at Shanghai and are supported by extensive historical and recently completed exploration work.

Program highlights

Drilling at Shanghai will total approximately 1,500 m in 10 holes to test multiple targets, including:

• Shanghai silver mine prospect: Testing high-grade, Keno Hill-style Ag-Pb-Zn veins in the area of past development - a highly prospective area defined by soil geochemistry and historical surface assays up to 1.1 ounces/tonne Au (gold) and 790.5 oz/t Ag (silver), as well as historical underground sampling and drilling that intersected 1,182.8 g/t Ag, 8.2 per cent Pb (lead) and 7.2 per cent Zn (zinc) over 9.1 m (Yukon Minfile 105M 028).
• Shanghai NE prospect: Testing the strike extension of the Shanghai silver mine to the northeast, where prominent surface lineaments define a structural trend away from the mine, associated with high silver, lead and zinc values in soil sampling, typical of Keno Hill-style mineralization.
• Bella prospect: Testing AurMac-style targets (RIRGS) that are defined by strong gold, silver and pathfinder elements in soil sampling associated with the projection of the regional Robert service thrust fault.

Key project data and permitting milestones at Shanghai to date include:

• Drill targets that have been refined through the integration of historical work as well as T2 Metals' recent geological mapping, soil and rock sampling, lidar (light detection and ranging), and airborne magnetic and radiometric surveys;
• VLF-EM surveying that has defined a clear conductor/resistor corridor coincident with strong soil anomalies, providing high-priority structural targets;
• A Class 3 permit, which means the project is fully permitted for drilling, road construction and camp installation.

Mark Saxon, president and chief executive officer of T2 Metals, said:

"Getting a rig turning at a property that has never been drilled from surface is an exciting project milestone. From the first drill platform, we can see historic mines at Keno Hill and AurMac, which place us right in the heart of a proven, world-class district with significant discovery potential. The exceptional grades and significant intervals recorded in underground workings at the Shanghai silver mine provide a robust starting point for our drill program. Combining the systematic soil sampling by renowned Yukon explorer, Shawn Ryan, with our own mapping and sampling gives us real conviction in our targets. We look forward to seeing what drilling reveals and reporting results as they come to hand."

Geological context: Tombstone gold belt

Shanghai is situated within the northwest portion of the Yukon's Tombstone gold belt, a core component of the broader, highly endowed Tintina gold province that stretches from southwestern Alaska, U.S., to the border of the Northwest Territories, Canada.

The Tombstone gold belt is globally recognized for hosting prolific, intrusion-related mineral systems driven by mid-Cretaceous reduced felsic plutons, genetically associated with RIRGS. Shanghai's position on the McQuesten antiform and its proximity to the Robert service thrust provide a unique geological setting that creates a highly prospective metallogenic environment capable of generating two distinct styles of mineralization.

Mineralization style: Keno Hill (Ag-Pb-Zn)

The high-grade silver targets at Shanghai are polymetallic Keno Hill-style vein systems, similar to those developed at the Shanghai silver mine in the early 1960s. This style of mineralization consists of high-grade veins and structural breccias rich in silver, lead and zinc. Hydrothermal fluids preferentially migrated through complex fault splays along the northern limb of the McQuesten antiform, where regional folding fractured the brittle Keno Hill quartzite to create ideal dilation networks, analogous to mineralization found across the wider Keno Hill district.

Historical underground work at the Shanghai silver mine returned high-grade mineralization, including 1,182.8 g/t Ag, 8.2 per cent Pb and 7.2 per cent Zn over 9.1 m (Yukon Minfile 105M 028). Historical records indicate that mineralization extended from the underground adit level to surface, representing a vertical extent of up to 200 metres.

Mineralization style: AurMac (Au-Ag)

In addition to the high-grade silver veins, Shanghai shares the same geological signature as the multimillion-ounce RIRGS discoveries in the region, such as the AurMac deposit approximately six kilometres to the south.

The targets are spatially and structurally associated with the regional projection of the Robert service thrust, which acted as a deep-seated structural conduit for gold-bearing magmatic fluids from the Tombstone plutonic suite. These targets are typically characterized by large-scale, bulk-tonnage gold mineralization hosted within sheeted quartz vein arrays in deformed mica schist and phyllite.

Robust gold-in-soil geochemical anomalies across the property highlight the substantial scale potential of this target style, providing the project with strong dual-commodity upside.

2026 exploration program

T2 Metals commenced its 2026 exploration program at Shanghai in June (see news release dated June 30, 2026), building on the company's 2025 reconnaissance work and historical exploration data. The program included geological mapping, soil and rock sampling, lidar (light detection and ranging) surveying, VLF-EM surveying, and a helicopter-borne aeromagnetic and radiometric survey covering approximately 31 square km and 425 line km (see news release dated July 15, 2026). The airborne survey was designed to provide a district-scale view of the project and identify buried or blind Tombstone plutonic suite intrusions and associated alteration that may be related to gold and silver mineralization.

Results from the 2026 exploration program have been integrated with historical mining and mapping data and the company's existing soil and rock geochemistry to refine drill targets.

The current drill program is prioritizing targets at the Shanghai silver mine, Shanghai NE and Bella prospects, all located in the southern portion of the property. Shanghai silver mine and Shanghai NE targets are focused on the strike and depth continuity of the silver-mineralized structures identified in the mine and in surface trenches. Areas of very high-grade silver were identified for mining but not exploited in the early 1960s at Shanghai, while modern lidar, mapping and soil sampling has extended the prospective zone away from the mined area to the Shanghai NE prospect.

The Bella prospect sits on the projected trend of the regionally significant Robert service thrust fault, matching the setting of AurMac. The prospect has been prioritized on the basis of highly gold and silver anomalous soil samples with elevated pathfinder elements over an area of 300 m by 300 m.

Additional intrusion-related targets in the northern portion of the property will be evaluated in subsequent programs.

Project history

The Shanghai property was first discovered and staked in the early 1960s by renowned Yukon explorer Dr. Aaro E. Aho, and subsequently explored by Silver Titan Mines. Led by Dr. Aho, approximately 800 metres of underground development and underground drilling were completed at the historical Shanghai silver mine, which ultimately gave the project its modern-day name.

Although the project was being prepared for production, operations were halted in 1964 as exploration activities shifted to other parts of the territory. This work led to Aho's significant discovery of the Faro deposit in south-central Yukon, which became one of the world's largest open-pit lead-zinc mines five years later.

The Shanghai silver mine and surrounding ground remained dormant for several decades until Shawn Ryan staked the area in 2004. Applying his systematic soil sampling methodology, he established the potential for mineralization beyond the historic workings and recognized the importance of regional thrust faults in controlling mineralization.

T2 Metals acquired the option to earn a 100-per-cent interest in the project from Mr. Ryan in September, 2025, who has since joined the company's advisory board.

Qualified person

The qualified person (as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects) for the company's projects, Mark Saxon, the company's president and chief executive officer, a fellow of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this news release.

About T2 Metals Corp.

T2 Metals is an emerging precious and critical strategic metals company enhancing shareholder value through exploration and discovery. T2 Metals is committed to engaging with rights holders and stakeholders with the highest level of respect, ensuring that the company's exploration activities contribute positively to the communities in which the company operates.

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