Mr. Matt Lewis reports

NSM CAPITAL SARL SIGNS FRAMEWORK COOPERATION AGREEMENT WITH MULTINATIONAL CONSTRUCTION AND ENGINEERING SOE FOR THE TITANBEACH MINING PROJECT

Steadright Critical Minerals Inc. has provided shareholders with an update on the TitanBeach titanium project in the Kingdom of Morocco, following last week's announcement of the TitanBeach mining licence. NSM Capital Sarl, the Moroccan entity in which Steadright holds a 76.5-per-cent interest, has secured a full 32-per-cent carried interest in the TitanBeach project, and approval of the environmental permit has passed the public process stage and is waiting to be signed any day now.

NSM Capital's Moroccan management team has finalized a binding 32-per-cent carried interest in the TitanBeach titanium project with Homme Construction, a Moroccan company. The interest carries no dilution risk to NSM Capital, and requires no further contribution toward exploration or production costs.

The 192-square-kilometre TitanBeach claim package includes a 16-square-kilometre area that has been converted to a permitted mining concession, representing the first mining licence granted for coastal water heavy mineral sands recovery in the Atlantic Ocean.

Formation of the Shan Tang Mining special-purpose vehicle/state-owned enterprise

NSM Capital and Homme Construction have formed a Moroccan special-purpose vehicle, Shan Tang Mining, into which the TitanBeach claims have been transferred. NSM Capital holds a full 32-per-cent carried interest in Shan Tang Mining, and NSM Capital general manager L. Jouak will serve as one of two general managers of the new entity.

Shan Tang Mining has signed a framework co-operation agreement with a state-owned enterprise engineering and construction group. The agreement covers planning, design, permanent works, and operations and maintenance. The SOE partner brings full-process capability and established mining technology, equipment and project operation systems to the HMS development.

Under the framework agreement, the SOE partner's initial scope comprises a pilot plant operation at TitanBeach, alongside development of a long-term mining strategy, which is subject to pilot plant results. The agreement contemplates installation of additional beneficiation processing equipment, which was signed on July 10, 2026.

TitanBeach titanium project Beach One

Ownership and attributable interest

Steadright's economic exposure to the TitanBeach project is held indirectly, through its 76.5-per-cent equity interest in NSM Capital and NSM Capital's 32-per-cent full carried interest in the Shan Tang Mining SPV. The table below summarizes the ownership structure as currently disclosed.

* Under a shareholders agreement with Critical Foundation Metals Inc., Steadright can obtain an additional 3.5 per cent, which will bring Steadright to 80 per cent of NSM Capital.

Management commentary

NSM Capital management stated: "Work continues toward substantial progress for the TitanBeach titanium and iron project, alongside the Copper Valley mining concession. The new 32-per-cent carried interest is expected to provide meaningful value to our shareholder, Steadright Critical Minerals Inc., alongside a multinational partner with the scale required to operate an HMS project of this potential size. The Shan Tang Mining SPV allows NSM Capital to participate in project design and operations while benefiting from our partners' expertise and financial capacity. NSM Capital looks forward to providing continued updates to Steadright. We also extend particular thanks to Mr. Rachid Manar, regional director of the Department of Energy Transition in Guelmim, and his team, for their professionalism and support throughout this process."

Steadright chief executive officer Matt Lewis commented: "We are proud of what the NSM Capital team and L. Jouak have achieved. Securing this licence and forging agreements of this calibre represents significant progress. We look forward to advancing the TitanBeach project and to the continued development of these partnerships."

About Steadright Critical Minerals Inc.

Steadright is a mineral exploration company established in 2019, focused on advancing exploration and historical mining projects toward production within Morocco's critical mineral sector. Steadright holds its interest through NSM Capital, which controls the 192-square-kilometre TitanBeach titanium project and the Copper Valley project. Steadright also holds a binding memorandum of understanding for the historic Goundafa mine in Morocco, which holds a permitted mining licence.

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