Mr. Chris Lodder reports

PHOENIX METALS CORP. ANNOUNCES FURTHER UPSIZE AND PRICING OF INITIAL PUBLIC OFFERING OF COMMON SHARES AND FILES SUPPLEMENTED PREP PROSPECTUS

Phoenix Metals Corp. has obtained a receipt for its final base PREP prospectus dated June 30, 2026, filed with the securities regulatory authorities in each of the provinces of Canada, except Quebec, and has entered into an underwriting agreement in connection with its initial public offering of Class A common shares of the company. The offering consists of 34 million common shares issued from treasury at a price of $1.25 per common share for total gross proceeds of $42.5-million. This press release updates the company's press release dated June 30, 2026, in which the company announced an increase in the gross proceeds of the offering to $40-million. The offering is expected to close on or about July 9, 2026, subject to customary closing conditions.

The company has also granted the underwriters (as defined below) an overallotment option, exercisable in whole or in part at any time up to 30 days following the closing of the offering, to purchase up to an additional 5.1 million common shares from treasury at the offering price, to cover overallotments, if any, and for market stabilization purposes. If the overallotment option is exercised in full, the offering will raise aggregate gross proceeds of $48,875,000.

The offering is being conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp. and National Bank Financial Inc., as joint-lead managers and joint bookrunners, and includes Haywood Securities Inc. and RBC Dominion Securities Inc.

The Toronto Stock Exchange has conditionally approved the listing of the common shares (including the common shares to be distributed under the offering) under the trading symbol PCA. Listing is subject to the company fulfilling all of the requirements of the TSX. The common shares are expected to begin trading on the TSX on an if, as and when issued basis on July 6, 2026, under the symbol PCA.

The supplemented PREP prospectus, containing pricing information and other important information relating to the company, the common shares and the offering, is accessible under the company's profile on SEDAR+. Access to the supplemented prospectus is provided in accordance with securities legislation relating to procedures for providing access to a supplemented PREP prospectus. An electronic or paper copy of the supplemented prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. by e-mail at ecm@cgf.com or from National Bank Financial Inc. by e-mail at nbf-syndication@bnc.ca, by providing the contact with an e-mail address or address, as applicable.

About Phoenix Metals Corp.

Phoenix Metals is a Canadian mineral exploration company focused on the exploration and development of gold-copper deposits in south-central British Columbia. The company's principal asset is the Greenwood project, comprising the Lexington, Golden Crown, Blue Bell, Phoenix, Tam O'Shanter, Boundary Falls and Haas Creek properties located between the towns of Greenwood and Grand Forks, B.C., and consisting of 156 active mineral claims, four mining leases and 211 Crown granted parcels.

We seek Safe Harbor.