Mr. Mike Stier reports

SAGA METALS ANNOUNCES CLOSING OF OVER-SUBSCRIBED $10.2 MILLION NON-BROKERED PRIVATE PLACEMENT

Further to the news release dated April 24, 2026, Saga Metals Corp. has closed an oversubscribed financing by way of non-brokered private placement for aggregate gross proceeds of $10,236,486.65 composed of 15,748,441 flow-through common share units of the company at 65 cents per FT unit.

"We are extremely pleased with the resounding success of this significantly oversubscribed financing," commented Mike Stier, chief executive officer of Saga Metals. "This strong demand reflects the confidence our shareholders have in our team and our portfolio of critical mineral assets. I would like to sincerely thank all our existing shareholders for their continued support and welcome our new investors. This capital raise shores up our treasury and provides the company with the financial strength to deliver maiden resources on two projects in the near term."

Each FT unit consists of one flow-through common share as defined in Subsection 66(15) of the Income Tax Act (Canada) and one-half of one transferable non-flow-through common share purchase warrant. Each whole warrant entitles its holder to purchase one non-flow-through common share in the capital of the company at a price of $1.10 for 24 months from the closing date of the offering. The warrant shares underlying the FT units will not qualify as flow-through shares under the tax act.

Pursuant to the offering, the company has paid a total of $550,713.54 and issued an aggregate 847,252 non-transferable finders' warrants to arm's-length parties, with each finder's warrant exercisable at any time prior to the date that is 24 months from the closing date to acquire common shares at an exercise price of $1.10 per common share.

Each of the warrants and finders' warrants are subject to the right of the company to accelerate the expiry date of the warrants to a date that is 30 days following dissemination of a news release announcing such acceleration if, at any time, after the closing date, the closing price of the company's common shares equals or exceeds $1.75 for a period of 10 consecutive trading days on the TSX Venture Exchange.

All securities issued in connection with the offering are subject to a hold period of four months and one day following the closing date pursuant to applicable securities laws.

The gross proceeds from the FT units will be used by the company for Canadian exploration expenses that are flow-through critical mineral mining expenditures (as such terms are defined in the tax act) on the company's Canadian mineral resource properties.

Marketing service agreement with Capitaliz Marketing Inc.

Further to the agreement announced on March 5, 2026, the company has signed an addendum with Capitaliz Marketing Inc. to increase the campaign budget by an additional $200,000. The terms of the original agreement remain the same. Capitaliz will continue to provide investor awareness and digital marketing services, including digital advertising, content development and co-ordination with third party publishers and content creators. There are no equity-based compensation, success fees or performance-based compensation payable under the original agreement or addendum hereof. All activities are conducted under the company's control and oversight in compliance with applicable securities laws and TSX-V policies.

About Saga Metals Corp.

Saga Metals is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar titanium-vanadium-iron project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 square kilometres on the surface near Cartwright, Labrador. Exploration to date, including 13,337 metres of drilling, has confirmed a large, mineralized layered mafic intrusion-hosting vanadiferous titanomagnetite and ilmenite mineralization with strong grades of titanium and vanadium.

The company has signed a definitive agreement to acquire 100 per cent of the Wolverine heavy rare earth element project in Labrador, a near-surface REE system hosted within a peralkaline caldera complex that shares strong geological similarities with the Tanbreez and Strange Lake deposits. The project features consistent mineralization, with zones spanning 26 square kilometres, including drill assays up to 2.03 per cent total rare earth oxides with approximately 28 per cent heavy rare earth oxide content and sample assays up to 21.6 per cent TREO.

The Double Mer uranium project covers 25,600 hectares and features uranium radiometrics that highlight an 18-kilometre east-west trend, with a confirmed 14-kilometre section producing samples as high as 0.428 per cent triuranium octoxide (2024 Double Mer technical report).

Additionally, Saga owns the Legacy lithium project in Quebec's Eeyou Istchee James Bay region. This project spans 65,849 hectares, and shares significant geological continuity with other major players in the area, including Rio Tinto, Li-FT Power, Soquem and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, Saga is strategically positioned to play an essential role in securing critical minerals.

We seek Safe Harbor.