Mr. Guy Le Bel reports

XXIX UPDATES ON FULLY FUNDED 2026 EXPLORATION PLAN

XXIX Metal Corp. has provided an update on its 2026 exploration plans, in light of its recently completed $17.2-million financing. XXIX is well financed through 2026, with over $20-million in cash and $24-million in working capital. This positions the company to accelerate exploration at Opemiska as it advances toward a preliminary feasibility study and to launch its first large-scale drill program at Thierry in 2026.

Highlights:

• Quebec -- Opemiska (preliminary feasibility study (PFS) pathway plus near-term drilling):
  • Fully financed through 2026: greater than $20-million cash and $24-million working capital to advance Opemiska toward a PFS;
  • Cooke drilling: 10,000 metres under way, results from 29 holes expected in the coming weeks;
  • Saddle zone: planning infill drilling to improve pit geometry and economics (deeper pit potential, higher resources and lower strip ratio);
  • 3-D model refinement to improve confidence to support upgrading inferred to measured and indicated;
  • Updated mineral resource estimate (Q4 2026): to incorporate Cooke and Saddle drilling and refined modelling and to serve as the basis for the PFS;
• Ontario -- Thierry:
• • K1 zone maiden large-scale program (20,000 metres planned): first systematic, large-scale drilling on Thierry in approximately 50-plus years to test grade, scale and continuity under the new bulk-tonnage interpretation;
  • K2 validation expected to be completed soon, leveraging extensive historical drilling and data sets;
  • Resource growth potential is intended to underpin a high-quality updated MRE and evaluate continuity along the K1-K2 corridor.

"Having closed our financing, we are looking forward to pursuing an aggressive exploration plan in 2026 with multiple exploration catalysts at both our Opemiska copper project in Quebec and Thierry in Ontario. We are well funded through 2026 as we progress Opemiska towards a preliminary feasibility study while commencing a large-scale drill program at Thierry, the first in over 50 years," said Guy Le Bel, chief executive officer of XXIX.

Opemiska 2026 development and drilling plans

Continuing 10,000-metre drill program on Cooke gold zone

Cooke is located 2.5 kilometres east of the envisioned Opemiska pit and historically produced 1.97 million tonnes at 5.04 grams per tonne gold and 0.66 per cent copper. XXIX is continuing its expanded drill program at Cooke (see Dec. 8, 2025, news release), based on earlier results that confirmed a more extensive mineralized horizon than initially modelled. The expanded drill program is targeting both the near-surface crown pillar of the historical Cooke gold mine as well as stepouts along a newly identified mineralized horizon. This drill program is designed to further supplement XXIX's recently announced PEA (preliminary economic assessment) and will strengthen project scale as the company will seek to add to Opemiska's MRE, which will flow into the PFS.

The company expects to receive results from the initial 29 holes drilled in the fall of 2025 in the coming weeks.

Drill program at Saddle zone

XXIX has planned a follow-up infill drill program at the Saddle zone in Q3 2026 with the goal of enhancing existing resources while further optimizing potential geometry and engineering. The Saddle zone, located between the envisioned Springer and Perry pits, will allow for a deeper pit, increased resources and a reduced strip ratio. Furthermore, the company will drill test the perimeter of the current proposed open pit to identify lower-grade, fringe mineralization for future optionality based on an increasing copper price environment.

Opemiska 3-D model refinement

As part of its preparation toward a PFS, the company is refining the digitized historical stopes from the Springer and Perry mines within the Opemiska 3-D resource model in Q2 2026, further increasing grade and tonnage certainty. Refining the 3-D model will assist in upgrading the existing inferred mineral resource classification into the measured and indicated category without additional drilling necessary.

Updated mineral resource estimate

In Q4 2026, the company will aim to initiate an updated mineral resource estimate that will be the basis for the coming preliminary feasibility study. The updated mineral resource estimate will incorporate drilling from the Cooke and Saddle zones, along with a further derisked 3-D resource model.

Thierry 2026 exploration plan

Maiden drill program at K1 zone

With XXIX's new bulk-tonnage, copper/platinum group element near-surface interpretation of the K1 deposit based on comprehensive data validation and remodelling, the company is planning a large-scale, 20,000-metre drill program to test and validate grade, scale and continuity.

This drill program will serve as the first systematic and large-scale drill program on the Thierry property in over 50 years. Furthermore, this drill program is the first step toward producing an updated MRE at the K1 zone under its new bulk-tonnage interpretation, with additional resource expansion potential from improved metal prices.

Completion of data validation and reinterpretation of K2 zone

Further to the company's Jan. 16, 2026, news release, data validation and reinterpretation at the K2 zone is expected to be completed in soon. The K1 and K2 zones, together, represent over 210,000 metres of historical drilling, with K2 having an extensive geological and geophysical database.

On analyzing and validating the extensive data sets at Thierry, the company determined that significant mineralization exists between the previously interpreted mineralized veins at K1. At its present scale, K1's dimensions are 1.4 kilometres in length by 250 metres in width by 400 metres depth. Furthermore, data indicate that grade increases with depth at K1, outlining additional mineralization potential at below the existing resource. Furthermore, K1 remains open in all directions, as evidenced by the company's recently completed IP (induced polarization) survey, which highlighted compelling targets at K1 and K2 and potential sulphide mineralization along the corridor connecting them. Accordingly the company will evaluate potential mineralization eastward and westward, evaluating mineralization continuity toward K2.

The company's new interpretation, paired with results from the planned 20,000-metre drill program at K1, will form the basis of a high-quality, updated mineral resource estimate that the company envisions will be significantly more robust than the existing resource model.

Options

The company is pleased to announce that the board of directors has approved the grant of stock options to certain directors, officers and consultants of the company, allowing for the acquisition of up to, in the aggregate, 4.4 million shares of the company. Of the stock options, 3.75 million were granted to certain directors and officers of the company. The options are exercisable at a price of 13 cents per share for five years from the date of grant, vest one year from the date of grant and are subject to regulatory policies and approvals.

The grant of options to certain directors and officers is a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on the 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 matters as the company is listed on the TSX Venture Exchange and 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 the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Denis McNichols, PGeo, Geo, vice-president exploration, for XXIX Metal, a qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About XXIX Metal Corp.

XXIX is advancing its Opemiska and Thierry copper projects, two significant Canadian copper assets. The Opemiska project, one of Canada's highest-grade open-pittable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne smelter. An October, 2025, preliminary economic assessment outlined a 12,500-tonne-per-day open-pit operation over a 17-year mine life, generating an after-tax net present value (discounted at 8 per cent) of $505-million, an internal rate of 27.2 per cent and a 2.3-year payback period (copper price of $4.35 per pound, gold price of $3,000 per ounce and silver price of $30 per ounce). The Thierry project hosts the K1 (near-surface) and the past-producing K2 (underground and surface) zones (see XXIX's news release dated Oct. 1, 2024, for details regarding resources). Thierry has significant infrastructure in place, including an all-season road, an airport within five kilometres, a provincial power grid within eight kilometres and nearby rail. With these two high-potential projects, the company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developers.

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