Mr. Matt Filgate reports

GREENLIGHT METALS REVIEWS 2025 ACHIEVEMENTS AND 2026 EXPLORATION STRATEGY

Greenlight Metals Inc. has provided a summary of its key accomplishments during 2025 and outlined its exploration strategy for 2026. In 2025, Greenlight completed the first drill program at the Bend project in more than a decade, delivered strong copper-gold results and strengthened its balance sheet to support expanded exploration in Wisconsin in 2026.

"Two thousand twenty-five was a transformational year for Greenlight, kicking off with our successful public listing on the TSX Venture Exchange in April," said Matt Filgate, president and chief executive officer. "Strong drill results from our first phase of drilling at Bend validated our thesis that the historic 4.0-million-tonne resource has potential for expansion. Importantly, these results further highlight Bend's potential role as a future U.S.-based source of critical metals, supporting domestic supply chain security. During the year, we also secured strong funding with the closing of our $11.5-million bought deal financing in November while welcoming new, high-quality institutional investors to our share register.

"In 2026, we plan to mobilize two rigs for a significantly expanded drill program at Bend as we advance toward a maiden resource estimate, while also pursuing belt-wide exploration and strategic acquisitions to strengthen the U.S. critical metals supply."

Bend project -- phase 1 drilling delivers strong results

In 2025, Greenlight completed its phase 1 drill program at the Bend project in Wisconsin, marking the first drilling on the property by any operator in more than a decade. The six-hole, 2,037-metre program was designed to test down plunge and eastern extensions of known mineralization, and the results confirmed both continuity and strengthening of the system with depth.

Assays from early holes demonstrated high-grade copper-gold mineralization, including 12.85 metres averaging 3.74 per cent copper equivalent in hole B25-003. Follow-up results from holes B25-004, B25-005 and B25-006 further exceeded expectations and represent the strongest intersections of the program.

Hole B25-004, drilled approximately 45 metres down plunge from earlier results, intersected a broad, continuous mineralized interval of 34.25 metres averaging 3.74 per cent CuEq. Within this interval, the hole returned 22.24 metres of 3.02 grams per tonne gold and 2.03 per cent copper (5.27 per cent CuEq), including a localized high-grade gold zone grading 7.41 g/t gold over 6.10 metres, with visible gold observed at an approximately 290-metre depth. These results demonstrate a clear increase in both grade and thickness as drilling advances toward the core of the deposit.

Hole B25-005 extended mineralization a farther 57 metres down plunge and 47 metres along strike, returning 19.32 metres averaging 2.95 per cent CuEq, including 8.79 metres of massive to semi-massive sulphide grading 3.74 per cent CuEq.

Hole B25-006 continued to extend mineralization approximately 65 metres downdip and down plunge, returning 23.98 metres averaging 2.86 per cent CuEq, including 17.11 metres of massive to semi-massive sulphide grading 3.32 per cent CuEq. Together, these results confirm a consistent 36-degree to 42-degree easterly plunge to the mineralized system and establish strong vectors for continued expansion.

Significant tellurium values were encountered throughout the phase 1 program, with multiple overlimit assays greater than 500 g/t Te, coincident with copper-gold mineralization. As a designated critical mineral, tellurium adds an additional dimension of potential value to the Bend project.

Importantly, the entire phase 1 drill program was completed on privately controlled (Soo line) mineral lands with existing permits. This allowed Greenlight to advance exploration efficiently while federal permitting efforts continue in parallel, underscoring a key strategic advantage of the company's Wisconsin asset base.

2026 exploration outlook

The success of the phase 1 program has positioned Greenlight well for the next stage of exploration on the Bend project. Planning is under way for an expanded drill program at Bend. The company has submitted a notice of intent to the Wisconsin Department of Natural Resources for the Soo mineral lease that, if approved, would permit up to approximately 7,000 metres of drilling on that parcel. Subject to approvals, the company expects to mobilize two drill rigs and commence an initial winter program, with follow-up metreage guided by results. Upon approval of the prospecting permit on U.S. Forest Service lands, drilling would focus on resource definition drilling within areas of known mineralization to support a future maiden mineral resource estimate, as well as western downdip extensions of the mineralized horizons.

Borehole electromagnetic surveys will be conducted on the 2026 drill holes to generate real-time 3-D plate models that optimize drill targeting, while drill testing of the outboard Bend North and Bend East electromagnetic anomalies will be completed.

Concurrently, a comprehensive internal geologic model will be developed to guide an iterative resource modeling strategy, alongside continuing validation of historic data, including assays, surveys, collar locations and relogging in support of geologic modelling.

Beyond Bend, Greenlight anticipates additional drill testing across its broader Wisconsin portfolio in 2026 as permits are received and targets are prioritized. At the Lobo East project, baseline environmental work and permitting preparations are well under way in support of future drill testing of volcanogenic massive sulphide mineralization, subject to regulatory approval. At Reef, the company continues to validate and digitize historic data sets, review and integrate historic drill core information, and refine geological interpretations to support future exploration planning. The company expects to provide further updates as programs are finalized and approvals are received.

Grant of deferred share units to directors

In accordance with the company's director compensation policy, the company has granted an aggregate of 487,581 deferred share units to its directors in full satisfaction of director fees earned for the second, third and fourth quarters of 2025. All directors are paid their director fees entirely in DSUs.

Each DSU can be redeemed for one fully paid and non-assessable common share of the company issued from treasury. The DSUs were granted in accordance with the company's amended and restated equity incentive plan. The DSUs will vest one year following their grant and will be settled following a director's retirement or other cessation from the board in accordance with the terms of the equity incentive plan and applicable law. The DSU grant is subject to acceptance by the TSX Venture Exchange.

Qualified person statement

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed and approved by Thomas Quigley, MSc, CPG-11962, exploration director of the company, a qualified person as defined by NI 43-101.

About Greenlight Metals Inc.

Greenlight is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean volcanic belt -- one of North America's most prospective VMS districts -- and the Kalium Canyon epithermal gold project in Nevada's Walker Lane. In Wisconsin, its portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulphide targets. Guided by a team with deep roots in the state, it is building a modern mineral company for Wisconsin, with Wisconsin committed to responsible exploration, transparent engagement and creating durable local opportunities, as it helps supply the critical metals that power the energy transition.

We seek Safe Harbor.