The $14.1 million project, announced at the G7 Energy and Environment Ministers’ Meeting, unites Canadian, Ukrainian, and American partners to produce ultra-high-purity graphite for global battery, defence, and advanced-material markets.

Focus Graphite Inc. (TSXV: FMS,OTC:FCSMF) (OTCQB: FCSMF) (FSE: FKC0) (‘Focus’ or the ‘Company’), a leading developer of high-grade flake graphite deposits and innovator of next-generation lithium-ion battery technology, is pleased to announce that it has been selected by Natural Resources Canada (‘NRCan’) under the Global Partnerships Initiative (‘GPI’) for conditional approval of a non-repayable contribution of up to $14,062,500 pending final due diligence. The funding will support Focus Graphite’s project, ‘Transformation of Canadian Flake Graphite into Ultra-High Purity Battery & Advanced Materials Using Electrothermal Fluidized Bed Technology’ (the ‘Project’). The Project unites Canadians, Ukrainian, and American partners to produce ultra-high purity graphite for global battery, aerospace, defence, and advanced material markets.

Highlights:

• Environmentally Friendly Technology: This continuous process produces ultra-high purity graphite with zero liquid waste, lower emissions, and an ESG-aligned pathway to supply advanced battery, defence, aerospace, and clean technology markets.

• International Collaboration: Engineering led by Ukraine’s Thermal & Material Engineering Center, using Canadian graphite feedstock and U.S.-based American Energy Technologies Company’s expertise in electrothermal purification, with final assembly in Canada.

• BEACONS Battery Prototyping Partnership: Focus has partnered with the University of Texas at Dallas, representing the BEACONS Battery Prototyping Facility, a U.S. Department of War-supported research and development center dedicated to strengthening North American energy and materials security.

• Path to Commercialization: This initiative establishes the foundation for large-scale production of Quebec-sourced graphite from Lac Knife and Tetepisca, supporting Canada’s goal of secure, allied, and sustainable critical-mineral supply chains.

This represents the largest federal award in the Company’s history, supporting the development of Canada’s first chemical-free continual fluidized electrothermal purification demonstration facility for natural flake graphite. The Project will use Quebec-sourced feedstock from Focus’s Lac Knife and Lac Tetepisca deposits, two of North America’s highest-grade natural graphite resources, to produce ultra-high-purity (>99.95% C) graphite, suitable for battery, aerospace, defence, nuclear and a host of advanced-material applications, including graphene. The Company may access the contribution funding up until March 2028.

The continuous electrothermal fluidized bed technology initiative will be carried out through collaboration with Ukraine’s Thermal & Material Engineering Center (‘TMEC‘). TMEC will lead full project management for the demonstration unit, overseeing engineering design, construction, fabrication, system integration, and training. The company brings extensive experience in the design, engineering, and management of advanced high-temperature reactor systems and continuous fluidized bed technology development. American Energy Technologies Company (‘AETC‘), a recognized specialist in carbon materials, electrothermal purification, and fluidized bed furnace technologies, will continue providing processing and thermal purification services to support near-term customer sampling and product qualification.

Over the past several years, the Company has invested substantial time and capital to de-risk the purification pathway, working with U.S.-based AETC to validate the process on Lac Knife graphite feedstock. Detailed characterization confirmed that impurities in Focus’s natural flake graphite occur predominantly along the flake boundaries rather than within the crystalline lattice, a feature that makes the material particularly responsive to high-temperature electrothermal purification. Using AETC’s proprietary electrothermal fluidized-bed furnace, Focus successfully achieved over 99.999%+ C (five-nine purity or nuclear grade) without any chemical reagents. These results validated the scalability and environmental integrity of the process, laying the foundation for today’s GPI-funded demonstration facility and its potential extension into rare earth element (REE) purification applications. As construction of the Canadian demonstration facility proceeds, Focus expects to continue working closely with AETC to purify additional material through its commercial-scale furnace, supporting near-term customer sampling, product qualification, and market off-take engagement. This parallel commercialization strategy ensures uninterrupted material availability while advancing the Company toward domestic electrothermal processing capacity.

This initiative will also strengthen several ongoing partnerships, including Focus Graphite’s upcoming work with the University of Texas at Dallas’s BEACONS (‘BEACONS‘) Battery Prototyping Facility, a U.S. DoW-supported research and development center dedicated to strengthening North American energy and materials security battery prototyping facility, which will accelerate the development, validation, and commercialization of this green purification technology. BEACONS will independently evaluate and qualify Focus’s purified graphite and siliconized anode materials for defence and dual-use battery applications.

Collectively, these collaborations represent the first of several anticipated global partnerships, combining Ukrainian engineering innovation, Canadian critical-mineral resources, and U.S. defence-focused validation, as Focus Graphite advances its strategy to ship purified material worldwide for testing, validation, and qualification across commercial, aerospace, and defence markets.

‘We are grateful to NRCan for its support and vision in assisting Focus Graphite and companies like ours in achieving our shared goal of securing North American supply chains for Canada and its G7 partners,’ said Dean Hanisch, CEO of Focus Graphite. ‘This project represents Canada’s first commercial, scalable, continuous electrothermal fluidized bed purification system, powered entirely by renewable hydroelectricity and operating without the use of chemicals. NRCan’s financial support is instrumental in advancing this breakthrough initiative, helping to accelerate domestic processing capacity and strengthen Canada’s position in the global critical minerals sector. It marks a significant step toward building a sustainable ecosystem that supports advanced battery, defence, aerospace, and clean technology applications.’

‘Research and development are at the heart of building resilient and sustainable critical mineral supply chains. Through the G7 Critical Minerals Action Plan, we are collaborating with trusted international partners to advance innovative projects – like the work led by Focus Graphite – that reduce environmental impacts, maximize production and strengthen Canada and our allies’ competitive edge,’ said the Honourable Tim Hodgson, Minister of Energy and Natural Resources.

‘Research and development are the driving forces behind Canada’s leadership in critical minerals. Through strategic collaboration with international partners and innovative companies like Focus Graphite, we are accelerating breakthroughs across the supply chain – from exploration to processing – ensuring our solutions are sustainable, competitive and globally impactful,’ added Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources.

Engineering Partnership with TMEC: Building Canada’s First Electrothermal Purification System

Focus has entered into a formal Memorandum of Understanding (‘MOU‘) with Thermal & Material Engineering Center LLC (‘TMEС‘) on October 6, 2025, to engineer, project manage and deliver the installation of a demonstration-scale electrothermal fluidized bed (‘EFB‘) furnace capable of continuous purification of natural graphite at industrial temperatures exceeding 2,500 °C.

Under the MOU:

• TMEC will design and engineer the complete EFB system, including process flowcharts, power and gas management, automation, and control integration.

• The furnace and all components will be fabricated and constructed locally in Canada under TMEC’s technical supervision, allowing Focus Graphite to build domestic expertise, ensure secure project delivery, and support local economic development.

• The system will be designed for 100 kg/hour capacity, providing the foundation for a scalable commercial demonstration facility in Baie-Comeau or Sept-Îles, Quebec.

• Focus Graphite will retain full operational ownership, including unrestricted commercial use of the system and all purified graphite output.

• TMEC will provide operational training, documentation, and process integration know-how, ensuring effective technology transfer to Focus Graphite and contributing to the development of long-term technical expertise and manufacturing capability within Canada.

‘Thermal & Material Engineering Center LLC is proud to collaborate with Focus Graphite Inc. and deeply appreciates the support of the Government of Canada in fostering strong partnerships between Ukraine and Canada. This cooperation not only strengthens our industrial and technological ties but also contributes to supporting Ukraine’s economy during a pivotal time. We are excited to work alongside Focus Graphite to bring this innovative and environmentally friendly graphite purification technology to Canada. This project advances chemical-free processing of critical minerals and supports Canada’s goals of building secure, sustainable, and resilient North American supply chains’, said Simon Hubynskyi, CEO.

BEACONS Collaboration: North American Validation for Advanced Battery and Defence Applications

In parallel to its engineering partnership with TMEC, Focus has entered a non-binding Letter of Intent (‘LOI‘) on October 20, 2025 with The University of Texas at Dallas, representing the BEACONS Battery Prototyping Facility, a U.S. DoW supported research and development center dedicated to strengthening North American energy and materials security.

The project overview outlines a multi-phase validation program designed to demonstrate the performance of Focus’s purified anode materials in U.S. DoW standard battery systems.

• Phase I: DoW-Standard 18650 Cell Prototyping: BEACONS will fabricate and test 18650-format lithium-ion battery cells using Focus Graphite’s purified natural flake graphite as the anode material. The program aims to generate statistically significant performance data including cycle life, energy density, and charge-retention metrics to establish a validated, North American source of graphite anode material suitable for integration into U.S. and Canadian defence and energy platforms

• Phase II: Siliconized Graphite Development: BEACONS intends to collaborate further with Focus Graphite to develop a next-generation siliconized graphite anode, utilizing Focus’s patent pending process and a North American-sourced, non-silane silicon feedstock. This program will prototype Unmanned Aerial Systems (UAS)-standard pouch cells, with the goal of creating a commercially viable, high-energy-density anode that advances energy storage capabilities for both the U.S. DoW and Canada’s Department of National Defence (‘DND‘).

• Network-Wide Integration: Upon successful validation, the purified graphite will be made available through BEACONS’ network of users which includes cell manufacturers, equipment developers, and academic researchers-for further testing with complementary cathode and electrolyte systems, reinforcing cross-border supply-chain interoperability.

This collaboration positions the Company at the center of North American anode-material validation, linking Canadian upstream resources to U.S. defence-grade testing and commercialization pipelines. Beyond these initial efforts, both parties recognize the potential to expand into testing and validation of additional advanced materials within BEACONS’ network, creating a foundation for ongoing joint research and product development across the allied energy and defence ecosystem.

‘We identified BEACONS as the ideal collaborator for this vertical given its DoW supported mandate to validate next-generation energy materials under real-world defence and flight-system testing standards,’ said Jason Latkowcer, VP Corporate Development. ‘For investors and allied industries, this collaboration represents a gateway for Focus Graphite into North American and NATO supply chains, helping reduce dependency on adversarial sources and ensuring that critical defence and aerospace equipment are never reliant on foreign-controlled materials.’

‘The G7’s focus on critical minerals highlights the urgency of strengthening domestic energy infrastructure. This collaboration positions UT Dallas’s BEACONS as a hub where innovative materials meet rigorous testing and validation, translating promising technologies into deployable solutions for the North American market,’ said Dr. Joseph Pancrazio, VP for Research and Innovation at UT Dallas.

Advancing Canada’s Strategic and Environmental Independence in Critical Minerals

The GPI funding will help Canada strengthen secure and low-carbon critical mineral supply chains while reducing dependence on purification infrastructure currently dominated by other countries. Using electrothermal fluidized-bed technology, Focus will demonstrate a clean and scalable purification process.

This project aligns with the goals of Canada’s Critical Minerals Strategy by establishing a domestic purification capability for Canadian-sourced graphite. It will create skilled jobs, support regional economic development, and enable Canadian-controlled production of battery-grade materials. By building this homegrown purification capacity, Focus is helping Canada and its allies process and qualify critical materials within North America, advancing environmental responsibility, energy security, and manufacturing resilience.

Expanding Allied Market Access and Global Qualification Pathways

Through this GPI-funded initiative, Focus will produce and distribute qualification samples to G7 and NATO-aligned partners. The project will also establish Canada’s first commercial-scale graphite purification hub, offering mines, research institutions, and manufacturers a sustainable alternative to imported materials. This initiative directly addresses Canada’s upstream bottleneck in establishing domestic large-scale purification capacity, and complements Ottawa’s Critical Minerals Strategy. Focus looks forward to updating local First Nations communities as the Project advances, to explore opportunities for participation, collaboration, and shared economic benefits in the spirit of respect and partnership.

Focus’s electrothermal platform is designed for clean, high-temperature purification of graphite and, over the longer term, may be adaptable to rare earth element (REE) purification. Current REE processing already uses thermal and pyrometallurgical techniques such as vacuum distillation, molten-salt electrolysis, and fluidized-bed calcination to achieve ultra-high purities. As the demonstration advances, Focus plans to collaborate with Canadian research institutions (e.g. the National Research Council of Canada) to explore how its electrothermal technology could apply to selective impurity removal and de-oxidation in REE flowsheets, potentially opening new avenues for clean, domestic processing of strategic materials.

Qualified Person

Dr. Joseph Doninger, Focus Graphite’s Director of Technology and Manufacturing is the Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects – has reviewed and approved the technical content of this news release. Dr. Doninger is the developer and co-developer of a number of U.S., European and Canadian patents related to carbon processing methodologies and processing equipment. Also, a chemical engineer, Dr. Doninger is the author and co-author of some two dozen technical papers and studies related to graphite composite anodes; carbon-based materials for electrochemical energy storage systems; advanced graphite for Lithium-ion batteries and other related publications.

About the Global Partnerships Initiative (GPI)

Administered by Natural Resources Canada (NRCan), The GPI program fosters international collaboration on critical mineral development and technology deployment that enhance Canada’s leadership in sustainable resource processing, value-added manufacturing and supply-chain security.

About Thermal & Material Engineering Center LLC (TMEC)

TMEC is a leading engineering company specializing in the development and implementation of innovative, science-driven technologies in thermal engineering, thermal processing, chemical catalysis, and materials science. TMEC serves industrial enterprises and research laboratories worldwide.

TMEC’s base spans across the EU (Belgium, France, Ireland, Poland, Slovenia), North America (the U.S., Canada), and Australia.

As of today, TMEC offers a wide range of engineering services, including laboratory research, prototype validation, the design of laboratory and industrial equipment, and the implementation of technological solutions in various industries.

For more information on TMEC please visit https://tmec.com.ua

About BEACONS

BEACONS fast-tracks energy storage innovation to reclaim domestic authority, closing critical battery technology and manufacturing excellence gaps. Its IP-secure prototyping facilities deliver trusted results, helping companies scale faster, build resilient supply chains, and bolster national security.

Based at The University of Texas at Dallas, BEACONS works with U.S. companies to drive transformative energy storage solutions essential to defense, industry growth, and economic stability from mining to cells to systems.

Supported by the Department of War’s Office of Industrial Base Policy and its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, BEACONS plays a key role in the Pathfinder program, accelerating the adoption of new technologies, onshore manufacturing capabilities, and workforce readiness to strengthen America’s energy leadership.

For more information on BEACONS please visit https://beaconsusa.org

About American Energy Technologies Co. (AETC).

American Energy Technologies Co. (AETC) is a woman-owned, privately-held business which conducts operations out of the greater Chicago area. In its Wheeling, IL facility, AETC operates three business units: a manufacturing plant making battery-ready graphite and carbon materials, a pilot demonstration facility for battery materials and graphite dispersions, and a fully functional applications laboratory supporting the above business units.

AETC works with industrial partners and manufacturing groups worldwide, including the U.S. Department of War, to ensure materials meet performance standards and strategic requirements. Their facilities are equipped for testing, downstream processing, AI-driven manufacturing and carbon material development.

For more information on AETC please visit https://www.usaenergytech.com

About Focus Graphite Advanced Materials Inc.

Focus Graphite Advanced Materials is redefining the future of critical minerals with two 100% owned world-class graphite projects and cutting-edge battery technology. Focus Graphite’s flagship Lac Knife project stands as one of the most advanced high-purity graphite deposits in North America, with a fully completed feasibility study. Lac Knife is set to become a key supplier for the battery, defence, and advanced materials industries.

Focus Graphite’s Lac Tetepisca project further strengthens our portfolio, with the potential to be one of the largest and highest-purity and grade graphite deposits in North America. At Focus, they go beyond mining – we are pioneering environmentally sustainable processing solutions and innovative battery technologies, including our patent-pending silicon-enhanced spheroidized graphite, designed to enhance battery performance and efficiency.

Focus Graphite’s commitment to innovation ensures a chemical-free, eco-friendly supply chain from mine to market. Collaboration is at the core of our vision. We actively partner with industry leaders, research institutions, and government agencies to accelerate the commercialization of next-generation graphite materials. As a North American company, we are dedicated to securing a resilient, locally sourced supply of critical minerals – reducing dependence on foreign-controlled markets and driving the transition to a sustainable future.

For more information on Focus Graphite Inc. please visit http://www.focusgraphite.com

LinkedIn: https://www.linkedin.com/company/focus-graphite/

X: https://x.com/focusgraphite

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words ‘could,’ ‘intend,’ ‘expect,’ ‘believe,’ ‘will,’ ‘projected,’ ‘estimated,’ and similar expressions, as well as statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events.

In particular, this press release contains forward-looking information regarding, among other things, the anticipated benefits and potential outcomes of the Global Partnerships Initiative (‘GPI’) funding award; the design, construction, and commissioning of the Company’s proposed electrothermal purification demonstration facility; the timing, scope, and success of collaborations with the Thermal & Material Engineering Center LLC (‘TMEC’) of Ukraine, the University of Texas at Dallas’s BEACONS battery prototyping facility, and American Energy Technologies Co. (‘AETC’); the ability of these partnerships to achieve stated technical, engineering, or commercial objectives; and the possible adaptation of the Company’s electrothermal technology to rare earth element purification. Forward-looking information also includes statements regarding the Company’s expectations concerning the scalability, cost-effectiveness, environmental performance, and commercial viability of its purification process; its ability to advance into future project phases or secure additional funding; the establishment of potential downstream or offtake partnerships; and the positioning of the Lac Knife and Lac Tetepisca projects as contributors to North American and allied critical-mineral supply chains.

All such forward-looking information involves known and unknown risks, uncertainties, and other factors-many of which are beyond the Company’s control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by the statements herein. Such factors include, but are not limited to, uncertainties relating to regulatory approvals, geopolitical events (including the ongoing conflict in Ukraine), supply-chain disruptions, inflationary pressures on capital expenditures, access to skilled labor and materials, fluctuations in graphite and energy markets, the ability to maintain project timelines, and the performance of third-party contractors and partners. There can be no assurance that anticipated technical milestones or commercial outcomes will be realized as planned, or at all.

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, risks related to market conditions, regulatory approvals, changes in economic conditions, the ability to raise sufficient funds on acceptable terms or at all, operational risks associated with mineral exploration and development, and other risks detailed from time to time in the Company’s public disclosure documents available under its profile on SEDAR+.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties, and assumptions contained herein, investors should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272975

Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company advancing critical mineral discoveries, is strategically positioned to capitalize on the explosive growth in the uranium sector as global nuclear commitments and artificial intelligence (AI) infrastructure propel demand far beyond current supply horizons.

SAGA’s Double Mer Uranium Project: Large-Tonnage Potential in Labrador

Amid this uranium fervor, Saga Metals is well-positioned with its high potential Double Mer Uranium Project in Labrador, Canada—a drill-ready asset primed to contribute to North America’s critical minerals security. Located 90 km northeast of Happy Valley-Goose Bay near the prolific Central Mineral Belt (CMB), the 100%-owned project spans 25,600 hectares across 1,024 claims and hosts a robust, IOCG and pegmatite-style uranium system within proximity to Labrador’s most significant uranium discoveries including Paladin Energy’s Michelin and Atha Energy’s CMB holdings. With encouraging surface samples and geophysical data, SAGA believes the Double Mer Uranium Project could offer comparable large-tonnage potential to these projects.

Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada

Saga Metals recent exploration efforts at the Double Mer Uranium Project have confirmed*:

• High-Potential Uranium Zones Identified for Drilling: Three key zones— Luivik, Nanuk, and Katjuk —have been pinpointed along an expansive east-west 18-kilometer uranium-rich trend. Each zone shows U3O8 mineralization in pegmatites and structurally enriched formations (see Figure 2 below).
• Assays Validate Targets: Rock sampling in 2024 confirms the uranium potential across all three zones, enhancing confidence in the project’s viability with surface samples showing uranium oxide (U3O8) concentrations as high as 0.428% U ₃ O ₈
• Count-per-second (CPS) radiometric peaks up to 27,000 —surpassing historical benchmarks
• Observed uranophane staining (oxidization of uranium minerals) on the surface of pegmatites across the 18 km trend with confirmed uraninite minerals hosted within.
• Full Winterized Camp Completed in early 2025 and ready for 10 person teams.

(* Press released results: ‘Saga Metals Reports Channel Sample Assay Results at Double Mer Uranium Project’, December 3, 2024)

Mineralization at Double Mer occurs in multiple styles, including uraninite-bearing pegmatites, sheared gneiss, and iron carbonate-rich zones with sheeted smoky quartz veins, indicating large-tonnage potential open along strike and at depth.

Figure 2: Map of the Double Mer Uranium Project highlight the 18km trend verified through surface sample and uranium count radiometrics

Selected samples across the 18 km strike were collected by SAGA’s exploration team during prior exploration surface programs for the purposes of petrography, mineralogical and petrochemical interpretations. The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The results of this analysis confirmed the presence of uraninite and have shown unequivocally that both pegmatite subgroups identified on the property are genetically related and belong to the same magmatic event.

Figure 3: Highly strained granitic pegmatite showing an East-West foliation and significant uranophane mineralization located in the Katjuk (Arrow) Zone. One of multiple pegmatite units which are interleaved between a gossanous and silicified biotite schist and granitic gneiss.

Double Mer Uranium Project: Fully Permitted and Drill-Ready

The project is fully drill-ready, with permits secured for a maiden diamond drill program aimed at systematically testing the high-grade anomalies. Supporting this is SAGA’s ten-person winterized exploration camp, refurbished earlier in 2025 with upgrades to personnel cabins, kitchen, dry facilities, electrical systems, generator, and dock—ensuring year-round operations in Labrador.

Figure 4: SAGA’s Double Mer Uranium Project Base Camp

‘This uranium bull market appears to be just getting started as Uranium futures rose past $81 per tonne in late October, testing the 15-month high of $83.5 touched last month on expectations of higher demand for nuclear power. Double Mer’s 18 km strike in the heart of Labrador’s uranium district positions SAGA to deliver high-impact results at a critical time,’ said Michael Garagan, CGO and Director of Saga Metals Corp. ‘With drill permits in hand, a fully refurbished winter camp, and assays confirming near-surface mineralization, Double Mer is ready to unlock shareholder value and potentially contribute to North America’s energy independence.’

The Uranium Market in a snapshot – Canadian firms Cameco, Brookfield sign $80 Billion deal with U.S. Government:

The uranium market is experiencing a renaissance, with major industry players ramping up involvement to meet escalating needs ¹ . Leading producer Cameco Corporation recently announced a landmark $80 billion partnership with Brookfield Renewable Partners and the U.S. government to accelerate the deployment of Westinghouse AP1000 nuclear reactors across the United States, marking one of the largest nuclear energy investments in history ² . This deal, which includes government-facilitated financing and regulatory approvals, sent Cameco’s shares soaring over 20% to record highs, underscoring investor conviction in uranium’s short-term upside ³ . Other majors, including Paladin Energy and Kazatomprom, are expanding production capacities, while tech giants like Google partner with NextEra Energy to revive shuttered nuclear plants—such as Iowa’s Duane Arnold facility by 2029—to power AI data centers with carbon-free energy ⁴ .

Supply constraints are intensifying the bullish outlook, with annual global reactor demand estimated at 180 million pounds U ₃ O ₈ consistently outpacing primary production throughout 2025, creating a structural deficit projected to widen over the next decade ⁵ . The World Nuclear Association forecasts a 25-28% surge in uranium demand by 2030, driven by over 60 new reactors under construction worldwide and plans for 400 more by 2040 ⁶ . This imbalance is expected to persist for at least 10-15 years, with uranium prices forecasted to reach $90-100 per pound by year-end 2025 and potentially exceed $110 in 2026, as new mine developments lag behind consumption growth ⁷ .

A key driver of this demand explosion is the AI revolution, where data centers’ electricity consumption is projected to double by 2030 and reach nearly 9% of U.S. total power use by 2035 ⁸ . Nuclear power’s reliability and low-carbon profile make it ideal for hyperscale AI operations; for instance, Microsoft’s agreement to restart Three Mile Island and Amazon’s investments in small modular reactors (SMRs) highlight how tech firms are turning to uranium-fueled energy to fuel the AI boom, with U.S. nuclear generation expected to grow 27% post-2035 to meet this surge ⁹ .

Compounding these market dynamics, the U.S. government has taken aggressive steps to secure domestic uranium supply and revitalize its nuclear sector. In May 2025, President Trump signed four executive orders aimed at quadrupling U.S. nuclear capacity to 400 GW by 2050, including directives to expand domestic uranium mining, processing, and enrichment while reducing reliance on foreign sources like Russia and China ¹⁰ . The Uranium for Energy Independence Act of 2025 (H.R. 1622) further bolsters this by incentivizing U.S.-sourced uranium purchases for federal agencies, while the Department of Energy launched a new consortium in August 2025 under the Defense Production Act to strengthen the nuclear fuel supply chain ¹¹ . These policies not only de-risk North American projects but position uranium explorers like SAGA for rapid advancement ¹² .

To learn more about Saga Metals Double Mer Uranium Project please visit the project page found here on the corporate website: https://sagametals.com/double-mer-uranium-project/

Option Issuances

In addition, the Company announces the issuance of an aggregate of 950,000 incentive stock options (the ‘Options’) to certain directors and officers of the Company. Each Option entitles the holder thereof to acquire one common share of the Company at a price of $0.435 per common share for a period of three years from the date of grant. The Options shall vest over a period of two years from the date of grant with 1/3 vesting immediately and 1/3 vesting on each of the first and second anniversary of the date of grant.

Qualified Person

Peter Webster, P. Geo., of Mercator Geological Services is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Sources:

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the global transition to green energy. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U ₃ O ₈ and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the exploration of the Company’s Double Mer Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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Anteros Metals Inc. (CSE: ANT) (‘Anteros’ or the ‘Company’) announces that, further to its press release dated October 7, 2025, it has closed the first tranche of its non-brokered private placement through the issuance of 7,104,309 flow-through units (each, an ‘FT Unit’) at a price of $0.065 per FT Unit, and 3,100,000 hard dollar units (each, a ‘Unit’) at a price of $0.05 per Unit, for aggregate gross proceeds of $616,780.09 (the ‘Offering’).

Each FT Unit was comprised of one common share, issued on a flow-through basis (‘FT Share‘) and one-half of one whole common share purchase warrant, issued on a non-flow-through basis (each whole warrant, a ‘Warrant‘). Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a ‘Common Share‘) at a price of $0.10 per Common Share for a period of two (2) years from date of issuance. The FT Shares will qualify as ‘flow-through shares’ within the meaning of subsection 66(15) of the Income Tax Act (Canada), which also qualify for the Canadian government’s Critical Mineral Exploration Tax Credit. Each Unit was comprised of one Common Share and one-half of one whole Warrant.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

In connection with the Offering, the Company paid: (i) a cash commission of $11,700.00; and issued (ii) 25,000 finder’s warrants (each, a ‘Finder’s Warrant‘) to certain finders (the ‘Finders‘). Each Finder’s Warrant is exercisable to purchase one additional common share (each, a ‘Finder’s Share‘) at a price of $0.10 per Finder’s Share.

ABOUT Anteros Metals Inc.

Anteros Metals Inc. is a Canadian exploration company focused on advancing a pipeline of critical minerals projects across Newfoundland and Labrador and select Canadian jurisdictions. The Company is targeting copper, nickel, zinc, and emerging strategic commodities that support the global energy transition. Immediate plans for their flagship Knob Lake Property include bringing the historical Fe-Mn Mineral Resource Estimate into current status as well as commencing baseline environmental and feasibility studies.

16 Forest Road, Suite 200, St. John’s, NL, Canada A1X 2B9

Cautionary Statement Regarding Forward-Looking Information

This news release may contain ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company’s mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272949

(TheNewswire)

Vancouver, Canada TheNewswire – November 3, 2025 Spartan Metals Corp. (‘ Spartan ‘ or the ‘ Company ‘) (TSX-V: W) is pleased to announce that it has identified a silver-rich Carbonate Replacement Deposit (‘ CRD ‘) target on trend with the past producing Tungstonia Mine vein system at its 100% owned Eagle Tungsten-Silver-Rubidium Project (‘ Eagle ‘ or ‘ Project ‘) in eastern Nevada.

Brett Marsh, Spartan’s President and CEO, states ‘When hydrothermal fluids moving along the structural corridors interact with thick, carbonate-rich sedimentary packages at the contact with the Tungstonia Granite intrusion, we have the potential to develop an enriched depositional zone along preferred limestone and dolostone beds, at structural intersections, and where we see veining in our host rocks. The rock chip samples from 2024 returned several high-grade results that carry several of the primary metals commonly associated with carbonate replacement deposit mineralization including silver, lead, copper, and zinc. This strongly suggests the potential for a larger carbonate replacement deposit that could potentially contain significant critical metal concentrations at the Tungstonia Claim Block.’

Mr. Marsh continues, ‘We are equally enthusiastic about the discovery of an extensive vein system with significant silver-copper-antimony that is continuing to develop at our Rees Claim block. The initial mapping and surface sampling of the claim block appears to connect the former Antelope Mine to a series of veins, breccias, and CRD mineralization located approximately 1.0 kilometer to the east of the mine itself. The potential to discover bonanza grade silver at over 1,500 grams per tonne along with other critical metals such as antimony, arsenic, and copper over an approximate 1-kilometer strike length makes the Eagle Project a significant U.S. critical metal asset.’

Recent surface exploration and detailed review of previous surface rock chip sampling have identified high-grade silver and base metal replacement mineralization that extends approximately 2.5 kilometers (‘km’) along the contact between the Tungstonia Granite intrusion and the limestone and dolostone host rocks exposed to the south and south-west of the Tungstonia vein system. This mineralization occurs in association with previously unidentified quartz veins in the Tungstonia Claim block with similar strike and periodicity as veins observed in and around the past-producing Tungstonia Mine area (Figure 1).

Additionally, mapping and rock chip sampling at the Rees Claim block suggests a second potential CRD system (Figure 2) where mineralization at the silver (‘Ag’)-copper (‘Cu’)-antimony (‘Sb’) Antelope Mine appears to be concentrated within a limestone-dolostone hosted vein system with tetrahedrite that is orthogonal to an interpreted northeast structural corridor that extends approximately 1.0 kms.

Click Image To View Full Size

Figure 1 View of southwest portion of Tungstonia Claim block with rock chip samples showing significant Ag, Pb, Zn, and Cu mineralization. Samples shown were previously reported in July 31, 2025, NI 43-101 Technical Report on the Eagle Project

Click Image To View Full Size

Figure 2 View of southeast portion of Rees Claim block with rock chip samples showing high-grade Ag, Cu, and Sb. Samples shown (except An-25001) were previously reported in July 31, 2025, NI 43-101 Technical Report on the Eagle Project.

QA/QC Procedures

Sample An-25001 was taken as grab sample from waste dump piles by hand to obtain an approximate 2-kilogram sample. The sample was submitted to ALS Labs of Reno, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry standard-prep methods and analyzed using method ME-MS61 (61 element suite: 0.25g 4-acid digestion ICP-MS with Ag-OG62, Ag-GRA21, and CU-OG62 ore grade for overlimit Ag and Cu, respectively). ALS inserted blank material with An-25001 and performed its own internal QAQC analysis to ensure proper sample preparation and equipment calibration. Spartan’s QAQC includes regular insertion of CRM standards, duplicates, and blanks with a stringent review of results completed by the Company’s Qualified Person, Brett R. Marsh, President and CEO of Spartan Metals.

About The Eagle Project

The Eagle Project presents a unique opportunity to delineate one of the largest and highest-grade Tungsten (‘W’) and Rubidium (‘Rb’) districts in the United States. The Project consists of the past- producing high-grade Tungstonia and Rees/Antelope tungsten (W-Cu-Ag) mines. Operations at these mines were from 1915 to 1942 with intermittent small-scale production occurring until 1956. Tungsten production from these two mines totaled 8,379 units at grades between 0.6%-0.9% WO 3 (1).

The Project is ~20 km² in size and located approximately 120 kilometers northeast of the town of Ely, in the Kern Mountains of White Pine County, Nevada. The Project covers 4,936 acres consisting of 244 Bureau of Land Management (BLM) unpatented lode mining claims.

Three deposit types are present at Eagle; Porphyry, Skarn, and Carbonate Replacement (CRD) that contain significant or anomalous grades of Tungsten (W), Silver (Ag), and Rubidium (Rb) plus Cu-Sb±Au-Pb-Zn-Bi-As across three project focus areas that also includes the potential to recover W-Rb-Ag from the legacy Tungstonia Mill Tailings.

1. (1) Nevada Bureau of Mines and Geology (1988), Bulletin 105 p213-217

The technical information contained in this news release has been prepared under the supervision of, and approved by Brett R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a ‘qualified person’ as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in top-tier mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic.

Spartan’s flagship project is the Eagle Project in eastern Nevada that consists of the highest-grade historic tungsten resource in the USA (the past-producing Tungstonia Mine) along with significant under-defined resources consisting of: high-grade rubidium; antimony; bismuth; indium; as well as precious and base metals. More information about Spartan Metals can be found at www.SpartanMetals.com

On behalf of the Board of Spartan

‘Brett Marsh’

President, CEO & Director

Further Information:

Brett Marsh, M.Sc., MBA, CPG

President, CEO & Director

1-888-535-0325

info@spartanmetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

Forward Looking Statements

This news release contains statements that constitute ‘forward-looking statements.’ Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘could’ or ‘should’ occur. Forward-Looking Information in this news release, Spartan has applied several material assumptions, including, but not limited to, assumptions that: the current objectives concerning the Company’s projects can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies; competition; the ability of the Company to obtain and retain all applicable regulatory and other approvals and other assumptions, risks and uncertainties.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Copyright (c) 2025 TheNewswire – All rights reserved.

Rua Gold Inc. (TSXV: RUA,OTC:NZAUF) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to announce that it has engaged ICP Securities Inc. (‘ICP’) to provide automated market making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.

The Company will pay ICP a monthly fee of C$7,500 plus applicable taxes. The agreement between the Company and ICP commenced on November 1, 2025, and has an intial term of four (4) months (the ‘Initial Term’). It will automatically renew for subsequent one (1) month terms (each an ‘Additional Term’), unless either party provides at least 30 days written notice prior to the end of the Initial Term or any Additional Term. There are no performance-based factors in the agreement and no stock options or other forms of compensation are being issued in connection with the engagement. ICP and its clients may, from time to time, acquire or hold securities of the Company.

ICP is an arm’s-length party to the Company. ICP’s market making activity will be conducted primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for all costs associated with buying and selling the Company’s shares, and no third party will provide funds or securities for the market making services.

OPTION GRANT

The Company granted 200,000 options (each, an ‘Option‘) to Mr. Simon Delander of the Company in accordance with the Company’s stock option plan dated July 24, 2024. Each Option is exercisable into one Common Share at an exercise price of $1.02 per Common Share for five years following the date of grant. The Options are subject to a 2-year vesting period with 100,000 Options vesting on October 20, 2026 and 100,000 Options vesting on October 20, 2027.

ABOUT ICP SECURITIES INC.

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

CONNECT AND SHARE

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272929