Mr. John Bossio reports

CMC METALS LTD. ACQUIRES 100% OWNERSHIP OF THE AMY AND SILVERKNIFE PROPERTIES AND AN ADDITIONAL MINERAL TENURE IN THE EMERGING RANCHERIA SILVER DISTRICT, NORTHERN B.C.

CMC Metals Ltd. has completed the final payment on the Silverknife and Amy properties and also acquired an additional mineral tenure at Amy. The deal was completed on Feb. 1, 2024, with the optionor, Steven Scott, a businessman and prospector. As a result, CMC is now a 100-per-cent owner of the aforementioned properties as of the effective date of the agreement. The original final payment of the option agreement was amended and subsequently a payment of two million common shares, subject to a four-month hold period from the effective date, was provided to Mr. Scott as the final payment.

The Silverknife property is located immediately west of Coeur Mining Inc. very high-grade silver-lead-zinc-critical minerals carbonate replacement deposit (the Silvertip mine) located in the emerging Rancheria Silver district in north-central British Columbia. CMC has only conducted preliminary exploration at the Silverknife property and intends to focus future exploration efforts on the North Tootsee area of the property. North Tootsee is underlain by limestones assigned to the McDame unit which are the host rock to the Silvertip mine located less than two kilometres to the east. CRD style deposits typically form in clusters, along structural corridors, and adjacent to intrusives such as granites/granodiorites which provide the heat source for the movement of mineralized fluids into overlying sediments such as limestones. Tootsee North is areally larger in size than the current footprint of the Silvertip mine, is located proximal to the heat source proven by CMC's small 2023 drilling program, and McDame is locally noted to be mineralized in showings just north of Silverknife. Future exploration efforts will include completion of road access to the Tootsee North area, trenching and ground geophysics to pinpoint structural zones that are highly prospective and would merit drilling.

Amy is another high-grade silver-lead-zinc CRD target located just eight kilometres to the west of the Silvertip mine. The property has a small non-compliant National Instrument 43-101 high-grade resource, which cannot be relied to any degree, but maybe an indicator of potential mineralization. High-grade silver-lead-zinc mineralization within a limestone unit has also been verified in preliminary sampling efforts at surface by CMC. CMC intends to conduct a detailed mapping of the property and ground geophysics to pinpoint drill targets potentially for a winter drilling program.

As previously stated, this deal also provides 100-per-cent rights to an additional mineral tenure located in the centre of the Amy property. The assignment of this tenure to CMC in essence removes the hole of the doughnut that existed at the Amy property. The new tenure now results in total hectares at Amy of 1,038.51 hectares. Mr. Scott retains a 2-per-cent conventional royalty on the properties which is subject to a $1-million buyout for a 1-per-cent interest of the royalty that can be exercised at any time by CMC.

John Bossio, chairman of the company, noted: "These acquisitions are culminating our efforts to build a strong portfolio of properties in the emerging Rancheria silver district. Recent exploration efforts in the Silvertip area, especially those by Coeur Mining, the owner of the high-grade Silvertip mine immediately proximal to the east of the Silverknife property, demonstrate the significant potential for additional discoveries of CRD deposits in the area. The mineralization model postulated for the region supports this assertion. We have barely scratched the surface on both the Silverknife and Amy properties. We have a lot more work to do on these lands and we intend to do it."

Kevin Brewer, PGeo and president and chief executive officer of the company, noted that: "Acquiring 100-per-cent ownership marks a significant milestone for CMC as it advances exploration on its properties. In a similar arrangement on our Bridal Veil late in 2023, we are now solidifying and gaining full control of our property portfolio which is now quite diverse. In particular, fully acquiring the highly prospective Silverknife and Amy properties is an exciting development as there is still considerable exploration upside on both of these properties in the emerging Rancheria silver district in south-central Yukon and Northern British Columbia. We remain highly committed to further advancing exploration in the near future for high-grade carbonate replacement style silver-lead-zinc deposits on both of these properties preferably through a joint venture arrangement or a strategic partner."

Qualified person

Qualified person Kevin Brewer, a registered professional geoscientist, is the company's president and chief executive officer, and qualified person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

About CMC Metals Ltd.

CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Mexico, Yukon, British Columbia and Newfoundland. Its new flagship project is the Gavilanes silver-gold project, San Dimas, Durango, Mexico. Its polymetallic silver-lead-zinc CRD prospects in the Rancheria Silver District include the Silverknife and Amy projects (British Columbia) and the Silver Hart deposit and Blue Heaven claims (Yukon). Its polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (Newfoundland) and Logjam (Yukon).

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