Mr. Kirby Renton reports

ARCTIC FOX ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Arctic Fox Lithium Corp. has closed the first tranche of the non-brokered private placement pursuant to its news release dated Feb. 25, 2026.

The company has issued 6,744,000 units in the capital of the company at a price of 24 cents per unit for gross proceeds of $1,618,560. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of 31.5 cents per share for a period of 24 months from the date of issuance.

The company will use the net proceeds from the offering for general working and administrative capital, costs related to the tranche 1 closing, and exploration expenditures in connection with the company's Shipshaw property and its other mineral properties.

Finders' fees of $113,299.20 in cash, 472,080 broker warrants and one million common shares were paid to certain eligible finders in connection with applicable securities laws and Canadian Securities Exchange policies. Each broker warrant entitles the holder thereof to acquire one additional share at a price of 31.5 cents until 5 p.m. Vancouver time on or before March 23, 2028.

The units were offered: (a) by way of private placement in all of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of a private placement pursuant to the exemptions from the registration requirements provided for under the U.S. Securities Act of 1933, as amended; and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The securities issued pursuant to the offering to purchasers in Canada will be subject to a four-month-and-one-day hold period in Canada expiring on July 24, 2026, pursuant to applicable Canadian securities laws. The units offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under Ontario Securities Commission Rule 72-503 (Distributions Outside Canada), and, accordingly, the securities issued pursuant to the offering to purchasers outside of Canada are not subject to a four-month-and-one-day hold period in Canada.

The company further announces the appointment of Tyler Heathercote as its new director, effective immediately.

Mr. Heathcote is an experienced entrepreneur and senior executive with over 30 years of experience building and leading companies in the energy service and environmental sectors across Canada and international markets. He founded Bio-Synergy Resources Inc., which was later taken public as Ridgeline Energy Services Inc. on the TSX Venture Exchange, and subsequently led the privatization and growth of Ridgeline Canada Inc. In 2022, Ridgeline joined Ambipar, a global environmental service provider, where Mr. Heathcote most recently served as president of Ambipar Response (Canada) overseeing national operations. He brings extensive experience in strategic growth, operations and capital markets, along with strong governance and board-level expertise.

Mr. Heathcote replaces Sonny Chew, who has resigned as a member of the board. In addition, Rick Mah has been appointed as chief financial officer, replacing Mr. Chew in such capacity. Mr. Mah, who was appointed to the board of directors on Feb. 19, 2026, will continue to serve as a director. The company thanks Mr. Chew for his contributions over the years and wishes him well in his future endeavours.

About Arctic Fox Lithium Corp.

Arctic Fox is a junior mineral exploration company focused on the acquisition and development of mineral properties containing rare earth metals.

We seek Safe Harbor.