Ms. Gwen Preston reports

ALEX METALS RECEIVES APPROVAL TO LIST ON THE TSXV, ANNOUNCES DEEMED EXERCISE OF SPECIAL WARRANTS AND UP TO $5 MILLION COMMON SHARE PRIVATE PLACEMENT

Alex Metals Corp.'s common shares have been approved for listing on the TSX Venture Exchange. The common shares are expected to be listed for trading under the ticker symbol ALX as of the market open on Sept. 22, 2026. The company has also arranged a private placement of common shares at a price of 70 cents per common share for gross aggregate proceeds of up to $5-million.

Prospectus receipt and conversion of special warrants

The company has obtained a receipt for its final long form prospectus, which was filed with the securities commissions in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and New Brunswick. The final prospectus qualifies the distribution of 11,638,976 common shares issuable for no additional consideration upon the deemed exercise of 11,638,976 previously issued special warrants of the company. Each special warrant, upon automatic conversion, entitled the holder thereof to receive one common shares at no additional cost.

The special warrants were issued at a price of 70 cents per special warrant pursuant to a non-brokered private placement for aggregate gross proceeds of $8,147,282, which closed in three tranches on June 3, 2026, June 23, 2026, and July 17, 2026.

As a result of obtaining the receipt for the final prospectus, the special warrants were deemed to be exercised on Sept. 16, 2026, in accordance with their terms. Following the deemed exercise of the special warrants, the company issued an aggregate of 11,638,976 common shares to the purchasers under the special warrant offering.

The company has used and intends to use the net proceeds from the special warrant offering to finance its proposed exploration program at the KSO and Wodski projects, and to finance the company's operations for a minimum of 12 months following the listing, as more particularly described in the final prospectus.

In connection with the special warrant offering, the company paid commissions of $137,995 to certain eligible finders.

Following the deemed exercise of the special warrants, the company has 39,318,976 common shares issued and outstanding. For further details on the special warrant offering, please see the final prospectus dated Sept. 14, 2026, a copy of which is available under the company's issuer profile on SEDAR+.

Common share offering and TSX-V listing

The company also announces that, following the listing of the common shares on the TSX-V, the company intends to complete a non-brokered private placement offering of up to 7,142,857 common shares at a price of 70 cents per common share for gross aggregate proceeds of up to $5-million. It is expected that the common shares will be listed on the TSX-V and immediately halted pending closing of the private placement.

The proceeds of the private placement will be used for exploration of the company's mineral properties and for general working capital purposes. The private placement is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including approval of the TSXV-. The common shares sold in the private placement will be subject to a four-month hold period from the closing date of the private placement under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The company may pay finders' fees to eligible finders in connection with the private placement, subject to compliance with applicable securities laws and TSX-V policies.

About Alex Metals Corp.

Alex Metals is a minerals exploration company primarily focused on its gold-silver-zinc-copper projects in southeastern Alaska. Alex Metals' objective is to identify, acquire and explore high-quality mineral assets -- with a particular focus on high-grade volcanogenic massive sulphide mineralization -- in pursuit of discoveries that have potential to achieve critical mass of size and grade to advance to resource development and feasibility studies.

Alex Metals' principal mineral projects are the KSO project, which covers 568.9 hectares (1,406 acres), and the Wodski project, which covers 1,493 hectares (3,689 acres), both located in southeastern Alaska.

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