Mr. Brian Bosse reports

CUPANI SUMMER EXPLORATION PROGRAM UPDATE.

Cupani Metals Corp. has started the summer exploration program on its wholly owned Blue Lake property, located 65 kilometres (km) northeast of Schefferville, Que. This multiphase program will target the 16 km by 1.5 km area southeast of the known historical resources referred to as the high-priority corridor.

The summer program started on June 29, with the reopening of the exploration camp. From July 3 to July 25, a helicopter-assisted geological crew, composed of two teams, each consisting of a geologist and a field assistant, will conduct mapping work over the high-potential corridor. Surface mapping targets will include peridotites and olivine pyroxenites with net-textured and blebby sulphides. Their presence is an important vector indicating proximity of mineralized lenses and magmatic massive sulphides.

Early August, Cupani will begin a helicopter-supported drilling campaign. Drilling is expected to be completed by end of September. The location of the holes was chosen using a combination of geophysical and geological observations. The main objective is to drill test a large area southeast of the historical resources along the high-potential corridor. Management intends 3,000 metres drilled amongst 12 holes. Also, in August, Cupani will conduct downhole electromagnetic surveys, in selected historical holes and four holes drilled in the winter of 2026, seeking extension of mineralization.

Message from chief executive officer Brian Bosse

"March, 2026, drilling proved our mineralization theories are correct. Now its time to drill to find additional mineralized lenses. The ore bodies we seek are nearly flat lying, sulphide lenses and could be a kilometer long and 200 metres wide like the Blue Lake No. 2 lens. Downhole electromagnetic surveys will indicate if there are additional sulphide mineralization nearby and determine extensions of any lenses. Things are progressing very well for Cupani. We have a huge opportunity in front of us."

2026 winter drill program results

All assay results from the 2026 winter drill program have been received. These results confirm that the mineralizing system continues to the southeast along the high-potential corridor, which remains open and untested for at least 16 km.

Six holes were drilled in March to April, 2026, for a total of 1,345 metres (m). All holes were drilled vertical. This program focused primarily on wide-spaced holes targeting the southeast extension of the historical Blue Lake Ni-Cu-PGE (nickel, copper and platinum group element) deposits. The last two holes of the program intersected Cu-Ni-PGE mineralization near the base of the ultramafic complex, approximately 1.3 kilometres southeast of the historical mineralized zones. The best results were:

• CUP26-06: 2.35 m at 1.74 per cent copper equivalent (CuEq) (0.98 per cent copper (Cu), 0.59 per cent nickel (Ni), 0.14 gram per tonne (g/t) platinum (Pt) and 0.62 g/t Pd);
• CUP26-05: 0.5 m at 1.32 per cent CuEq (0.45 per cent Cu, 0.56 per cent Ni, 0.14 g/t Pt and 0.76 g/t Pd).

CuEq equals (Cu per cent plus Ni per cent times 1.4845 plus Pt g/t times 0.4948 plus Pd g/t times 0.3802) times 0.8.

Prices on May 1: Cu at $8.05; Ni at $11.95; Pt at $2,731.36; Pd at $1,098.85.

At the Blue Lake, centre and pogo mineralized lenses, Cu-Ni-PGE mineralization is primarily associated with massive sulphides near or at the base of a subhorizontal ultramafic complex. Above, and in some cases below, the massive sulphides, the ultramafic rocks exhibit disseminated, net textured and/or blebby sulphides containing pyrrhotite and local chalcopyrite.

In the newly released analytical results, hole CUP26-06 intersected a 0.5 m massive sulphide interval 13 m below the main mineralized interval (see table 1). This interval suggests magmatic massive sulphides are also found as horizons/veins that occur within the underlying sediments.

Peridotites and olivine pyroxenites with net-textured sulphides and blebby sulphides are a primary exploration target and are usually found in dynamic magmatic conduits. Their presence is an important vector indicating proximity of mineralized lenses and magmatic massive sulphides. This summer's campaign will help Cupani select targets for the drilling in August. The company will use all available data, both geological and geophysical, to plan the next drill holes.

Analytical procedures and QA/QC (quality assurance/quality control)

All samples were sent to ALS Global in Val d'Or for preparation, crushing and final analysis at its Vancouver lab.

A total of 803 samples, including 9.9 per cent QA/QC samples, were analyzed with the following procedures: PGM-ICP23 for platinum (Pt), palladium (Pd) and gold (Au), consisting of fire assay with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish and the multielement package ME-ICP61a that includes 33 elements. This method consists of a four-acid digestion with ICP-AES finish. Overlimit values of copper (more than 10,000 parts per million (ppm)) and sulphur (more than 10 per cent) are automatically reanalyzed by the OG62 method with four-acid digestion.

All core in this news release is BQ-sized core. Cupani's procedures require drill core be refitted and measured. It includes photograph (wet and dry), magnetic susceptibility, conductivity and recovery estimates. Core is logged for lithology, mineralogy and structural features, and sample intervals are delineated and tagged.

Qualified person

The scientific and technical information in this news release was verified by Jacquelin Gauthier, PGeo, Cupani's vice-president of exploration. He is acting as the company's qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Cupani Metals Corp.

Cupani Metals provides shareholders with long-term capital growth exposure by investing in mineral exploration properties. The company is listed on the Canadian Securities Exchange under the symbol CUPA and on OTCQB under the symbol CUPIF.

Cupani's 100-per-cent-owned Blue Lake copper-nickel-PGE project in Quebec covers 682 square kilometres of exploration claims (260 square miles). During the 1980s, certain sections of Blue Lake project were explored by La Fosse Platinum. La Foss drilled hundreds of exploration holes, excavated a 350-metre (1,000-foot) adit, and conducted geochemical, geophysical and geologic surveys, and metallurgy testing.

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