Mr. Hugh Rogers reports

NEXCEL METALS COMMENCES AIRBORNE GEOPHYSICAL SURVEY AT BURNT HILL TUNGSTEN PROJECT, NEW BRUNSWICK

Nexcel Metals Corp. has commenced its airborne geophysical survey program at its Burnt Hill tungsten project, located in New Brunswick, Canada. Survey operations began on April 3, 2026.

The airborne survey is being conducted by Xcalibur MPH (Canada) Ltd., a globally recognized provider of advanced airborne geophysical services, pursuant to a formal agreement executed March 16, 2026.

Survey overview

The program will utilize Xcalibur's HeliTEM helicopter-borne time-domain electromagnetic (TDEM) and magnetic system, designed to identify conductive mineralization at depth. The survey is specifically engineered to target high-conductance zones associated with tungsten mineralization and other potential base and precious metal targets across the Burnt Hill property.

Key highlights of the survey include:

• Approximately 1,480-line-kilometre airborne survey covering the Burnt Hill project area;
• 100-metre line spacing with 1,000-metre tie lines;
• Deployment of a 21-metre-transmitter-loop HeliTEM system;
• Capability to detect deep conductive bodies due to low-noise receivers and long on-time waveform;
• Collection of multicomponent (X, Y and Z) electromagnetic data to accurately model subsurface conductors;
• Integration of high-resolution magnetic data for structural and lithological interpretation.

The system's advanced square-wave transmitter and low-frequency configuration are expected to significantly enhance the company's ability to detect deep-seated tungsten-bearing systems, which are characteristic of the Burnt Hill deposit model.

Program objectives

The primary objective of the airborne survey is to:

• Identify and prioritize new drill targets across the expanded Burnt Hill land package;
• Map conductive structures associated with tungsten mineralization and related intrusive systems;
• Support phase 1 drilling planned for summer 2026;
• Upgrade and refine the company's geological and geophysical model using modern, high-resolution data.

Operations and logistics

The survey will be conducted using helicopter-supported geophysical equipment, with operations based out of Fredericton, N.B., and supported by field infrastructure at the Burnt Hill project site.

Xcalibur will implement comprehensive quality assurance and safety protocols, including real-time GPS (Global Positioning System) navigation, rigorous data validation and continuous safety monitoring throughout the program.

Chief executive officer commentary

Hugh Rogers, chief executive officer of Nexcel Metals, commented: "The airborne survey marks a major milestone for Nexcel as we advance the Burnt Hill tungsten project toward drilling. The HeliTEM system represents one of the most advanced airborne geophysical technologies available globally, and its ability to detect deep, high-conductance targets is particularly well suited to the geology at Burnt Hill.

"With the recent expansion of our land package and growing global demand for tungsten as a critical mineral, this program is expected to significantly enhance our targeting pipeline and position us for a strong inaugural drill campaign in 2026."

About the Burnt Hill tungsten project

The Burnt Hill tungsten/molybdenum property now covers approximately 5,677 hectares in central New Brunswick and hosts a National Instrument 43-101 indicated resource of 1,761,000 tonnes within an open pit and underground averaging 0.292 per cent WO3 (tungsten trioxide), 0.007 per cent MoS2 (Molybdenum disulphide) and 0.008 per cent SnO2 (tin oxide), along with a further 1.52 million inferred tonnes averaging 0.263 per cent WO3, 0.008 per cent MoS2 and 0.005 per cent SnO2, as presented below. Also presented below, extracted from the 2013 resource report, is a statement of contained metal. In addition to the deposit area of the property, there are several other areas of identified tin, tungsten and molybdenum mineralization within the property boundary not yet at the resource stage.

The contained metal represented by this resource statement after converting the metal compound to contained metal equivalents for the respective metal compounds is as follows.

Qualified person

Francis Newton, PGeo, a consultant of the company and a qualified person as defined in NI 43-101, Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information contained in this news release. Mr. Newton is not independent of the company.

About Nexcel Metals Corp.

Nexcel Metals is a junior mining company engaged in the acquisition, exploration and development of mineral properties. The company is currently focused on the Lac Ducharme project, located in the province of Quebec, and the Burnt Hill project, located in the province of New Brunswick.

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