Ms. Meredith Eades reports

ERANOVA METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH LONG TERM STRATEGIC SHAREHOLDERS

Eranova Metals Inc. has arranged a non-brokered private placement of up to 6,769,231 units of the company at a price of 13 cents per unit for gross proceeds of up to $880,000.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at a price of 25 cents per common share for a period of three years following the date of issuance.

The company intends to use the net proceeds from the private placement to support initiatives aimed at expanding Eranova's corporate profile and investor awareness in international markets, strengthening its technical and operational team, advancing exploration target definition, and undertaking preparatory work for a planned summer 2027 drill program at its flagship Ruby Creek property, and for general working capital purposes.

It is anticipated that certain directors, officers or other insiders of the company will acquire units under the private placement. Such participation will be considered a related party transaction within the meaning of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions adopted in the policy. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, is expected to exceed 25 per cent of the company's market capitalization (as determined under MI 61-101).

Closing of the private placement is expected to occur as soon as practicable and may take place in one or more tranches. No finders' fees will be paid in connection with the private placement.

The private placement is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued under the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Corporate update

The company also announces the appointment of Yana Silina, the company's current chief financial officer, as corporate secretary, effective Oct. 31, 2026, replacing Marion McGrath. Ms. Silina will continue in her role as chief financial officer while assuming the additional responsibilities of corporate secretary. Eranova thanks Ms. McGrath for her service and contributions to the company.

About Eranova Metals Inc.

Eranova Metals is a Canadian mineral exploration and development company focused on advancing precious and base metal projects across Western Canada.

The company's flagship asset is the Ruby Creek property, a 29,700-hectare land package near Atlin, B.C., that hosts both the Adanac molybdenum project, a development-stage deposit supported by a National Instrument 43-101 preliminary economic assessment, and the Atlin Discovery project -- which has a growing pipeline of high-grade copper, gold, silver and tungsten targets across the broader district-scale property.

Eranova also holds two additional 100-per-cent-owned assets: the Big Ledge zinc-lead project, located 57 kilometres south of Revelstoke, B.C., and the South Thompson nickel project in west-central Manitoba.

We seek Safe Harbor.