Mr. Chris Morrison reports

ANTEROS METALS ENTERS INTO LETTER OF INTENT AND ANNOUNCES PRIVATE PLACEMENT OF UP TO $1 MILLION

Anteros Metals Inc. and Rift Minerals Inc. have entered into a binding letter of intent (LOI) dated Oct. 6, 2025, pursuant to which the company has been granted an option to acquire a beneficial interest in the Seagull project, a critical minerals exploration-stage property targeting platinum group elements (PGEs), nickel, copper and helium. The property is located approximately 80 kilometres northeast of Thunder Bay, Ont.

Upon exercise of the option, the company and Rift shall use reasonable commercial efforts to negotiate, complete, execute and deliver a formal joint venture agreement, pursuant to which the company may earn a working interest of up to 49 per cent in the property.

In order to exercise the option, the company shall:

• Underwrite the phase 1 cost of a 1,350-metre (m) borehole at the property (estimated at a minimum of $400,000 and up to $600,000 of anticipated exploration costs) to earn a contingent 20-per-cent interest in the property;
• Make a one-time upfront cash payment to Rift in the amount of $50,000, such payment to be made before the drilling is commenced;
• Complete a second phase of exploration pursuant to phase 1 results and recommendations for a phase 2 exploration program, by an independent qualified person.

Rift's sole asset is an option agreement dated July 26, 2024, with Thunder Gold Corp., whereby Rift has the option to acquire the property. Rift has completed passive seismic imaging (ambient noise tomography) over the property, identifying a deep low-velocity anomaly interpreted by Rift as a potential gas-bearing zone and/or mineralized feeder structure of the Seagull intrusion. The planned drill program will test this target.

"We're pleased to partner with Rift to advance the Seagull project as a complementary addition to our Canadian exploration portfolio," said Trumbull Fisher, chief executive officer of Anteros. "This agreement provides low-cost exposure to a high-impact target in an emerging critical minerals jurisdiction."

The completion of the transactions contemplated by the LOI remains subject to the company and Rift entering into a definitive agreement, and the approval of all regulatory and other approvals, including the approval of the Canadian Securities Exchange.

Dr. Geoff Heggie, PGeo (Ontario), a qualified person under national Instrument 43-101, has reviewed and approved the technical disclosure in this news release.

Private placement

In addition, in connection with the proposed transaction, the company announces that it non-brokered private placement through the issuance of flow-through (FT) units in the capital of the company and hard-dollar (HD) units of the company, for aggregate gross proceeds of up to $1-million.

The units will be issued at a price of five cents per unit and the FT units will be issued at a price of 6.5 cents per FT unit.

Each FT unit shall comprise one common share, issued on a flow-through basis, and one-half of one whole common share purchase warrant, issued on a non-flow-through basis. Each warrant shall entitle the holder thereof to acquire one common share in the capital of the company at a price of 10 cents per common share for a period of two 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 shall comprise one common share and one-half of one whole warrant.

All securities issued pursuant to the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange. The net proceeds from the sale of the units will be used for general working capital purposes and the gross proceeds of the offering received from the sale of the FT shares will be used to incur Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada).

About Anteros Metals Inc.

Anteros Metals 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 (iron-manganese) mineral resource estimate into current status, as well as commencing baseline environmental and feasibility studies.

We seek Safe Harbor.