Mr. Stephane Leblanc reports

CANADIAN METALS ANNOUNCES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT OF LANGIS PROJECT

Canadian Metals Inc. has released the results of a positive preliminary economic assessment study that was completed by Viridis.iQ GmbH in collaboration with GeoLogic, GeoForbes and Biofilia, respectively, responsible for metallurgy and mineral processing, resource estimate, and environmental. The PEA study demonstrates that the project has robust economics and potential to become a profitable producer of silicon metal. Highlights of the PEA are summarized herein.

Operational highlights:

• Quarry life estimated at a minimum of 35 years based on measured resources;
• Metallurgical-grade silicon metal mgSi production of 50,000 tonnes per year (phase 1 only);
• Microsilica high-quality production of 24,000 tonnes per year (phase 1 only).

          FINANCIAL HIGHLIGHTS AFTER TAX AND IN U.S. DOLLARS

Preliminary economic assessment highlights    Dynamic best-   Dynamic base-
(phase 1 only)                                        case            case

NPV at a 7.3% discount rate                          $543M           $380M
Internal rate of return (IRR)                         23.6%           20.7%
Payback period following the 36-month
investment period                               3.75 years       4.2 years
                                                ==========      ==========  
Average annual silicon metal production               50,000 tonnes
Average annual microsilica production                 24,000 tonnes
Direct capex                                                $190.0M
Indirect capex                                               $49.4M
Other costs -- subtotal                                      $39.5M
Working capital assumption                                   $23.7M
Total capex                                                 $302.6M

The capital cost per ton installed for the proposed CME smelter is estimated to come in at approximately $5,050 (U.S.) per ton, approximately 7 per cent below the average capital cost per ton installed from a peer group of recently announced new entrant greenfield silicon smelter projects of $5,450 (U.S.) per ton.

               MINERAL RESOURCES ESTIMATE -- APRIL, 2016,
                  CANADIAN METALS -- LANGIS PROJECT

Material    Resources             Volume     Density        SiO2        Tons
                                     (m3)      (t/m3)         (%)

Silica      Measured           1,398,000         2.5       98,57   3,495,000
Silica      Indicated 1          600,400         2.5       98,52   1,501,000
Silica      Indicated 2          814,000         2.5       98,92   2,035,000

"The project economics are robust, and I am very pleased with a NPV of $543-million (U.S.) after tax," commented Stephane Leblanc, president and chief executive officer. "Our goal is to continue toward delivering a feasibility study before the end of Q2 2017. Quebec is emerging as a global silicon metal centre driven by the ever-increasing demand for solar panels and for the next generation of lithium-ion batteries and other key industries.

"The project capitalizes on the unique benefits of both the Langis deposit and Canadian Metals' position in the field of newcomers to the metallurgical silicon world," according to Lou Parous, executive director of Viridis.iQ. "This PEA is the result of a rigorous technical and economic assessment of the project fundamentals and reflects the seriousness and diligence of Canadian Metals to its investors and stakeholders. Metallurgical silicon remains a key raw material to sustain the world's increasing renewable energy demands, which will continue to grow as solar energy is globally disseminated, and the Canadian Metals project will be instrumental in providing a source of this material to the solar and other key industries."

The technical report will be posted on Canadian Metals' website and on SEDAR, within 45 days following this news release.

Quality control and assurance

Valdiney Domingos, MSc, Eng, MBA, of Viridis.iQ is the independent qualified person as defined by National Instrument 43-101, for the purposes of the PEA. Mr. Parous, Eng, a qualified person for Viridis.iQ, has read and approved this press release.

Qualified persons for resource estimate

Alain Tremblay, GeolEng, of Consultations GeoLogic, a qualified person as defined by National Instrument 43-101, is responsible for the Langis silica resource estimate and has approved the technical information contained in this news release.