Mr. Nicholas Campbell reports

PHOENIX METALS RECEIVES AMENDED EXPLORATION PERMIT AND ACCELERATES PHASE 1 DRILL PROGRAM AT GREENWOOD

The B.C. Ministry of Mining and Critical Minerals has issued an amended exploration permit MX-5-836 for Phoenix Metals Corp.'s Greenwood project in south-central British Columbia. This amendment allows the company to commence drilling of numerous targets within the top priority Phoenix target area.

Following receipt of the exploration permit, Phoenix awarded a 51,500-metre drill contract in order to accelerate the exploration of the top priority targets within the Phoenix target area, including Phoenix South, JD/Golden Crown, Phoenix Deep and Blue Bell, all of which are highlighted in Phoenix's supplemented PREP prospectus dated July 2, 2026, a copy of which is available under the company's profile on SEDAR+.

Phoenix Metals president and chief executive officer Nicholas Campbell commented: "With a single drill rig on site over the summer, we've completed 10 holes of our initial 12-hole program at the Lexington Cu-Au target, located 15 km to the south of the historic Phoenix Cu-Au pit area. Receipt of the amended permit allows the company to initiate drilling of the highest potential zones within the Phoenix target area. The four additional drills en route to site will significantly accelerate our drill program."

The recently initiated drill program will systematically test for near surface bulk tonnage Cu-Au (copper-gold) (Ag) (silver) mineralization at the Lexington, Phoenix South, JD, Golden Crown, Phoenix Deep and Blue Bell targets. This same program will additionally investigate the potential of the known, deeper, high-grade structures and feeder systems, which have formed the basis of much of the past Cu-Au production and present-day in situ resources at these and other mineral occurrences throughout the greater Phoenix target area.

Qualified person

Carly Church, PEng, chief operating officer of Phoenix Metals, is the company's qualified person as defined by National Instrument 43-101. She has reviewed and approved the technical information contained in this news release.

About Phoenix Metals Corp.

Phoenix Metals is focused on the advancement of the Greenwood precious metals project, a 12,888-hectare copper-gold district located near Grand Forks, B.C., Canada. The company was created in partnership with the Osoyoos Indian Band whose traditional territories underly the Greenwood precious metals project. Phoenix Metals is led by an accomplished group of serial mine entrepreneurs with shareholder alignment supported through substantial director ownership and technical bench strength provided through JDS executives and recognized industry experts.

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