Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN ELECTRIC METALS (USA) LIMITED

On Oct. 29, 2026, 4,166,666 common share purchase warrants of Electric Metals (USA) Ltd., held by 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, expired unexercised. Prior to such expiry, Mr. Sprott beneficially owned and controlled 17,727,272 shares and 5,833,332 warrants, representing approximately 8.8 per cent of the outstanding shares on a non-diluted basis and approximately 11.3 per cent on a partially diluted basis assuming the exercise of such warrants.

As a result of the expiry of the warrants, Mr. Sprott now beneficially owns 17,727,272 shares and 1,666,666 warrants, representing approximately 8.8 per cent of the outstanding shares on a non-diluted basis and approximately 9.5 per cent on a partially diluted basis assuming the exercise of such warrants. The warrant expiry resulted in an ownership decrease, on a partially diluted basis, of approximately 1.9 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent on a partially diluted basis. As a result, Mr. Sprott and 2176423 Ontario Ltd., ceased to be insiders of Electric Metals (USA).

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors.

Electric Metals (USA)'s address is 370 Wabasha St. N, Suite 1710, St. Paul, Minn., 55102. A copy of the early warning report with respect to the foregoing will appear on Electric Metals (USA)'s profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 7 King St. E, Suite 1106, Toronto, Ont., M5C 3C5).