Mr. Chris Morrison reports

ANTEROS SIGNS MOU WITH PETRODEXIA TO TEST STIMULATED HYDROGEN AT SEAGULL PROJECT

Anteros Metals Inc., Rift Minerals Inc. and PetroDexia LLC have signed a memorandum of understanding to evaluate whether representative rocks from the Seagull project in Ontario can generate hydrogen under controlled, stimulated laboratory conditions.

The proposed first phase will combine laboratory reaction experiments on Seagull core and fluid samples with PetroDexia's analysis of available project data. The planned sample suite includes representative material from drill holes RM26-01, WM00-05EXT and WM08-27EXT, covering olivine-rich rocks, serpentinized and magnetite-bearing intervals, basement rocks, and formation fluids. The program remains subject to the conditions set out in the MoU (memorandum of understanding); no test results are currently available.

The program is designed to measure hydrogen generated during the laboratory reactions, alongside other gases, and to characterize changes in mineralogy, iron oxidation state, and fluid chemistry before and after reaction. A change in iron oxidation state alone would not establish hydrogen generation; hydrogen produced in the experiments will therefore be measured directly. Any subsequent field pilot would evaluate in situ stimulated hydrogen generation separately, as described under potential follow-on work.

PetroDexia will also evaluate available Seagull geological, geophysical, petrophysical, and geochemical data to assess relevant rock and subsurface conditions. This work is intended to complement the exploration program recommended in the Seagull project's National Instrument 43-101 technical report.

The Seagull project's NI 43-101 technical report describes a thick sequence of olivine-rich cumulate rocks, including dunite and peridotite, overlain by gabbroic rocks, with serpentinization near surface and largely unaltered olivine at depth. It also describes saline brine within porosity in altered olivine cumulates. The presence of a geomagnetic anomaly over the intrusion may indicate magnetite, which commonly forms during serpentinization and also occurs in gabbroic rocks, although this has not been confirmed by direct mineralogical analysis. These observations provide geological context for the test program; they do not establish hydrogen generation or commercial potential.

PetroDexia is developing proprietary technology for stimulated hydrogen production from suitable geological formations. Details of the technology remain confidential under the parties' arrangements.

Potential follow-on work

The MoU establishes a phased evaluation. No field pilot has been approved. Under the MoU, proceeding to a pilot depends on a positive test outcome and a detailed analysis and feasibility study indicating that potentially profitable stimulated hydrogen production could be carried out at Seagull. The project owners reserve the right to have the feasibility study validated by a qualified third party engineering consultant. A pilot would also require sufficient funding for an approved budget, required permits and approvals, consultation with first nation and Metis communities with interests in the area, confirmation of title and project rights, agreement on royalty treatment, and definitive agreements among the parties.

Anteros cautions that the test program is exploratory. Laboratory results would not, on their own, establish sustained hydrogen production, a hydrogen resource or reserve, commercial viability or the ability to produce hydrogen at field scale. The feasibility study would be a separate future assessment and would not guarantee that a pilot or commercial operation proceeds.

Seagull project context

Separately, as previously reported on May 27, 2026, laboratory analysis detected hydrogen in gas samples from the Seagull project at concentrations of up to 6,500 parts per million (0.65 per cent). Gas concentration is not a measure of flow rate or recoverable volume, and these results do not establish a commercial accumulation. The MoU test program is designed to measure hydrogen generated during controlled laboratory experiments.

Under its option agreement with Rift, Anteros may earn up to a 49-per-cent interest in the Seagull project.

Management commentary

"This program is designed to answer a focused technical question: do representative Seagull rocks generate measurable hydrogen under controlled conditions, and how do the rocks respond? Measuring the gas alongside changes in the minerals and fluids gives us a clearer basis for deciding what, if anything, should happen next," said Trumbull Fisher, chief executive officer.

Property acquisition

In addition, further to its press release of Oct. 23, 2026, the company has acquired several mineral claims located in the Province of Newfoundland and Labrador from an arm's-length vendor. The acquisition was carried out pursuant to the terms of a mining claims acquisition agreement dated Oct. 23, 2026, between the company and the vendor.

As consideration for the property, the company issued an aggregate of 500,000 common shares in the capital of the company at a deemed issuance price of five cents per common share. All securities issued pursuant to the acquisition are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

Qualified person

The scientific and technical information in this news release relating to the Seagull critical minerals project has been reviewed and approved by Geoff Heggie, PhD, PGeo (Ontario), an independent qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Anteros Metals Inc.

Anteros Metals is a Canadian mineral exploration company focused on advancing a portfolio of projects in Newfoundland and Labrador and other Canadian jurisdictions.

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