Mr. Matt Filgate reports

GREENLIGHT METALS RECEIVES REGULATORY APPROVALS AND COMMENCES MOBILIZATION FOR EXPANDED BEND DRILL PROGRAM

Greenlight Metals Inc.'s wholly owned subsidiary, Green Light Wisconsin LLC (GLW), has received all required regulatory approvals from the Wisconsin Department of Natural Resources (WDNR) and the United States Forest Service (USFS) for exploration drilling on the Soo Line mineral parcel at the Bend VMS project in Wisconsin. Mobilization of two drill rigs has commenced.

Highlights

• Regulatory approvals secured: GLW has received conditional approval from the WDNR and authorization from the USFS for exploration drilling on the Soo Line mineral parcel, permitting up to approximately 7,000 metres of drilling.
• Mobilization under way: Two drill rigs are mobilizing to site, with drilling expected to commence shortly.
• Proven contractor returns: Taconite Drilling LLC, a veteran-owned drilling firm headquartered on Minnesota's Iron Range, has been re-engaged following its successful execution of the phase 1 program in 2025. Taconite brings more than five decades of combined diamond drilling experience and a strong safety-first culture.
• Program objectives: The expanded program will focus on continued testing of down-plunge and down-dip extensions of the high-grade copper-gold-tellurium system.

Matt Filgate, president and chief executive officer, commented: "We are pleased to be working with Taconite again as we enter this exciting next phase of exploration at Bend. Their performance during phase 1 demonstrated their expertise in mineral exploration drilling and their alignment with our safety and operational standards. With regulatory approvals in hand and two rigs now mobilizing, we are positioned to significantly advance the Bend project while continuing to unlock the exceptional copper-gold-tellurium potential we have demonstrated to date."

Bend project -- 2026 winter exploration program

Building on the success of the phase 1 drill program completed in 2025, Greenlight is advancing an expanded exploration campaign at the Bend project. The phase 1 program delivered exceptional results, including 34.25 metres averaging 3.74 per cent copper equivalent in hole B25-004, with significant tellurium values encountered throughout the program.

The 2026 winter program will be executed on privately controlled (Soo Line) mineral lands. In addition to drilling, borehole electromagnetic (BHEM) surveys will be conducted on the 2026 drill holes to generate real-time 3-D plate models that optimize drill targeting.

The drilling program will focus on the northeast down-plunge extension of mineralization successfully delineated during the phase 1 fall program. The campaign will utilize two diamond drill rigs across up to 15 permitted drill pads, with permits in place for approximately 7,000 metres of drilling. An initial portion of the permitted meterage will be completed during the current winter program, with the remainder to be drilled following spring breakup.

The company continues to advance its federal permitting efforts in parallel with operations on private mineral lands. GLW is actively engaged with the U.S. Forest Service and Bureau of Land Management regarding a prospecting permit application on adjacent federal lands. Subject to regulatory approvals, the company plans to expand drilling onto these parcels later in 2026.

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 National Instrument 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 (volcanogenic massive sulphide) districts -- and the Kalium Canyon epithermal gold project in Nevada's Walker Lane. In Wisconsin, the company's 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, the company is building a modern minerals company for Wisconsin, by Wisconsin -- committed to responsible exploration, transparent engagement and creating durable local opportunities as the company helps supply the critical metals that power the energy transition.

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