Mr. Gordon Tainton reports

AZARGA METALS NI 43-101 TECHNICAL REPORT FILED FOR THE MARG PROJECT, CENTRAL YUKON

Azarga Metals Corp. has filed a National Instrument 43-101 -- Standard of Disclosures for Mineral Projects (NI 43-101) independent technical report for its high-grade, copper-rich volcanogenic massive sulphide (VMS) Marg project located in central Yukon, Canada.

Highlights of the Marg project mineral resource include that shown in the attached table.

Significant opportunity to expand the scale of Marg project with:

• Marg project extensions: The Marg deposit remains open to the east, west and down dip, indicating significant potential to expand the mineral resource.
• Additional VMS deposits: Geophysical surveys, surface mapping and additional surface mineralization occurrences at the Jane zone, indicating considerable prospectivity for additional VMS mineralization outside of the Marg deposit but within the Marg property.

2025 mineral resource estimate

The 2025 mineral resource builds upon the historic mineral resource model, extending the interpreted mineralized domain extent using a 0.5 per cent CuEq (copper equivalent) cut-off grade and simplifying the structural model by removing the previous use of dual cut-offs.

Table 1 presents the mineral resource at the selected 0.5 per cent CuEq cut-off and Table 2 presents further information at alternative cut-off thresholds.

Previous economic assessments indicate that the Marg deposit has potential for both open pit and underground development. However, the selective sampling practices used historically, focused primarily on visually high-grade material that limit the confidence in assessing near-surface low-grade potential for open pit scenarios.

Metallurgical testwork suggests that the deposit is amenable to differential flotation, producing copper, lead and zinc concentrates, with gold and silver reporting to the sulphide concentrates.

The Marg report titled "NI 43-101 Technical Report for the Marg Property, Yukon Territory" is dated Aug. 29, 2025, and has an effective date of Aug. 29, 2025. The mineral resource estimate was previously disclosed by Azarga Metals in its Sept. 8, 2025, press release titled "Azarga Metals Announces Mineral Resource Estimate for the Marg Project, Yukon."

There are no material changes in the Marg report from the results disclosed in the company's Sept. 8, 2025, press release. The Marg report is available on the company's website and SEDAR+.

Previous work

A historic preliminary economic assessment was completed on the Marg project in 2016 by a previous operator. Though the National Instrument 43-101 report was issued it is not publicly available on SEDAR+ as the previous operator was a private entity. The historic work outlined potential for both open pit development near surface and underground development target and is further discussed in the updated technical report.

Qualified person

The disclosure in this news release of scientific and technical information pertaining to the Marg report has been reviewed and approved by John Horton, BSc (honours), FAusIMM (CP), of IMC Mining Pty. Ltd., and Debbie James, BSc, PGeo, of TruePoint Exploration. Both Mr. Horton and Ms. James are qualified persons as defined under NI 43-101.

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