Ms. Wanda Cutler reports

CANADIAN METALS REPORTS 2023 EXPLORATION RESULTS AND ANNOUNCES 2024 EXPLORATION PLAN

Canadian Metals Inc. has released the 2023 exploration program results and coming exploration plans on multiple properties located in New Brunswick, Canada, near the prolific Bathurst mining camp where VMS-style (volcanogenic massive sulphide) deposits were mined between 1957 and 2013, for a historical production of approximately 179 million tonnes, with an average grade of 3.12 per cent lead (Pb), 7.91 per cent zinc (Zn), 0.47 per cent copper (Cu) and 93.9 grams per tonne silver (Ag).

2023 exploration program highlights

Goldstrike drill results:

• DDH GS-23-04 -- testing the Clarinda extension showing at Goldstrike returned 1.19 g/t gold (Au) over 10.2 metres, including three g/t Au over 3.3 m starting at 125 m.
• DDH GS-23-01 -- drilling down dip of GS-23-04 returned 1.10 g/t over 4.7 m starting at 158 m.
• DDH GS-23-03 -- testing another zone at the Clarinda extension showing returned 0.56 g/t Au over 22.5 m starting at nine m, including three g/t Au over one m, and 1.95 g/t Au over two m.

Mountain Brook drill results:

• DDH MB-23-06 -- testing the historical VMS showing at the Mountain Brook property returned 30.5 m of 0.63 per cent Zn, including four m of 1.69 per cent Zn, 0.15 per cent Pb and 0.16 per cent Cu.
• All the drill holes testing the historical VMS showing along strike of MB-23-06 returned anomalous results.

Data compilation and 3-D modelling leads to new targets across multiple properties:

• A number of high-resolution drone magnetic surveys were completed on the Goldstrike, Mountain Brook and Sedex properties totalling 1,739 line-kilometres. The company is presently completing 30D inversions and modelling work utilizing the new high-resolution data.
• A new 3-D interpretation of the Nicholas-Denys property utilizing the massive data sets collected by previous operators is in progress. Preliminary visualization identified a number of key areas for testing that represent both regional explorational targets and near-deposit resource growth targets.

2024 targeted exploration program

For the 2024 exploration program, the company will focus on high-priority targets identified through an extensive review of data on its current property holdings:

• Nicholas Denys;
• Sedex;
• Goldstrike.

Drill target generation over the last few months was based on combining the historical information into one database for all the properties' geo-referenced geophysical data -- including 3-D modelling of magnetic, electromagnetic and gravity databases. The extensive review has led Canadian Metals to recommend a 5,000 m drill program focusing on targets that align with the current interpretation of historical data sets.

Canadian Metals is building an experienced exploration team with a focus on Cu, Au, Ag, Zn exploration which is in alignment with the identified priority targets. Drilling is expected to commence late spring to early summer of 2024. Permits have been applied for and will be in place. Key management positions will be announced over the next four weeks.

Nicholas Denys -- this property covers a range of geological target types (porphyry copper-gold-molybdenum associated with granodiorite pluton, skarn lead-zinc-copper-silver and structurally controlled hydrothermal gold). Multiple areas have demonstrated potential for economic grades in trenching and drilling. National Instrument 43-101 resources and non-compliant resources have been defined where mineralization remains open in several directions. In 2011, high-grade silver and gold veins were discovered from trenching over a length of two km. Many samples yielded greater than 10 g/t Au plus greater than one kilogram/t Ag plus zinc and lead which were never fully explored. The technical team is reviewing the entire property database and completing a full property data compilation, covering hundreds of mineral occurrences, and integrating various geochemical and geophysical data sets to enhance and build on the existing 3-D model. Canadian Metals is focusing on the high-grade silver zones for future drilling as well as a larger exploration program to explore the gold potential of the Rocky Brook-Millstream deformation zone (RBMDZ).

Sedex -- the Sedex property is 12 km west of the Brunswick No. 12 mine which had historical production of 136 million tonnes of ore grading 3.44 per cent Pb, 8.74 per cent Zn, 0.37 per cent Cu and 102.2 g/t Ag, making it one of the largest underground base metal mines in the world. In addition to the base metal potential of the Sedex property, the company is planning to work on the known California Lake gold showing where historical trenching returned 15.1 g/t Au from a carbonate altered quartz vein zone within a basaltic unit. The stibnite (or antimony) occurrence Caribou Road SB (1.71 per cent Sb) will also be investigated (antimony is on the U.S. critical minerals list). The team will also be following up on a newly discovered cluster of chert boulders containing chalcopyrite and malachite along a 550-metre section of lumber road. Three-dimensional modelling is in progress utilizing geophysical data sets and integrating historical geochemical data for potential diamond drilling later in the year following prospecting and mapping programs.

Goldstrike -- the target is the auriferous Rocky Brook-Millstream deformation zone (RBMDZ), a major structural feature which includes the convergence of several major faults that runs from Beresford in the east across both Nicholas Denys and Goldstrike properties and to the southwest toward Puma's Lynx gold discoveries and Canadian Metals' Oxford property, and includes the LG and Millstream gold zones. This work will include mapping and prospecting in 2024, utilizing the newly acquired high-resolution magnetic data and integrating the historical data to identify targets and build a 3-D interpretation.

2023 exploration program overview

The following properties are all in good standing and the company is assessing results.

• Goldstrike -- the Goldstrike property claims are contiguous and to the west of Canadian Metals' flagship Nicholas Denys property.
• In 2021, prospecting identified a new area of mineralization (Clarinda extension) along the LG gold zone which hosts the Clarinda, Alyssa and Arleau occurrences. Grab samples from the Clarinda extension showing quartz veins in bedrock returned assays up to 455 g/t Au from grab samples. Trenching was completed in 2022 with channel samples returning up to 48.1 g/t Au over one m and 30 samples returning values greater than one g/t Au. The brittle-ductile deformation at the contact between silicified sediments and the Bejamin rhyolite hosts a plus or minus 20-metre-wide system of auriferous quartz veins. This prospective contact extends north-northeast for over five kilometres and will likely extend much further in unmapped areas.
• In 2023, Canadian Metals tested the new Clarinda extension showing an area approximately 100 m by 200 m with 1,530 m of diamond drilling in nine drill holes. Various directions were drilled to test and confirm the geological interpretation. Wide lower-grade intersections were reported with the best result in DDH GS-23-04 of 1.19 g/t Au over 10.2 m, including three g/t Au over 3.3 m starting at 125.05 m. This intersection is associated with a highly fractured/brecciated contact between the rhyolite and silicified mudstone which appears to be moderately dipping to the southwest. DDH GS-23-01 drilled off angle but down dip of GS-23-04 intersected the same lithostructural contact and returned 1.10 g/t over 4.7 m starting at 158 m. Two other holes intersected the same structure but were only partially sampled. Canadian Metals is presently completing sampling in these holes and will report the results when received.
• In DDH GS-23-03, most of the samples collected returned values above 0.1 g/t Au. The best intersection was 0.56 g/t Au over 22.5 m starting at nine m, including three g/t Au over one m and 1.95 g/t Au over two m. This intersection is possibly related to a series of steeply north-dipping veins exposed in trenches although GS-23-03 intersected mostly veinlets and fractures within the rhyolite host.
• DDH GS-23-05, 06 and 07 intersected weakly anomalous intervals in the upper 50 metres of the holes associated to small quartz veinlets and weak bleaching within the rhyolite host.
• Canadian Metals also completed two high-resolution drone magnetic surveys in areas where only low-resolution government survey data existed. Line spacing ranged from 50 m down to 35 m over the gold trend.

• Mountain Brook -- the project exhibits key characteristics for VMS mineralization. The historical drilling programs intersected sulphide stringers (sphalerite/galena/chalcopyrite) which are highly prospective units often found in VMS feeder system. A major east/west structure runs across the property, bisecting the folded felsic volcanics, which is believed to be the extension of the host rock to the past-producing Heath Steele mine, a large and productive copper, lead and zinc mine which operated from 1956 to 1999.
• In 2023, Canadian Metals completed 1,250 m of diamond drilling in six drill holes to test the historical showings. Field crews also completed mapping, prospecting and data compilation/integration to develop the two base metals showings (Mountain Brook-1, drill hole MB83-04 intersected 4.6 per cent Zn, 4.95 per cent Pb, 0.36 per cent Cu and 13.37 g/t Ag over 0.5 m and Mountain Brook-2, drill hole MB82-01 intersected 1.48 per cent combined Pb, Zn, Cu over 4.9 m). Both showings are associated with a well-defined induced polarization (IP) anomaly.
• DDH MB23-06 returned the best result of 30.5 m of 0.63 per cent Zn, including four m of 1.69 per cent Zn, 0.15 per cent Pb and 0.16 per cent Cu. The drill hole was located greater than 100 m east of the historical drill hole MB82-01. To the west of the historical showing DDH, MB23-03 returned 15 m of 0.15 per cent Zn, 0.31 Pb and 0.06 per cent Cu, including 2.5 m of 2.6 per cent Zn, 1.4 per cent Pb and 0.25 per cent Cu.
• DDH MB23-04 and 05 tested the Mountain Brook-1 and returned weakly anomalous mineralization.

Oxford -- a 2022 IP geophysical survey over the Oxford Brook base metal showing that was discovered by trenching identified host felsic volcanic rocks with VMS-style zinc-lead-silver-type mineralization. Several high-interest IP anomalies were defined by the survey and in 2023 were tested with five diamond drill holes totalling 836 m. No significant values were intersected, and the host felsic volcanic unit was only noted in one hole. This work did not test the interpreted Rocky Brook-Millstream deformation zone (RBMDZ), favourable for gold mineralization, which runs along the eastern edge of the property and is one of the controlling structures for Puma Resources' recent gold discoveries near the property (Puma Exploration press release April 18, 2024).

Qualified person

Standard industry quality assurance and quality control (QA/QC) procedures have been implemented to ensure best practices in sampling and analysis. A secure sample chain of custody was also implemented, and samples were delivered directly to the laboratory in Fredericton in secure tagged bags. The quality assurance and quality control protocol included the regular insertion of blanks and standards, in addition to the laboratory's regular insertion of blanks, duplicates and standard samples during its analytical process. Donald Boucher, PGeo, consultant geologist and qualified person under National Instrument 43-101, has reviewed and approved this press release.

About Canadian Metals Inc.

Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale mineral deposits in specific commodities and safe jurisdictions. The company currently has 28,822 hectares of highly prospective land in New Brunswick, Canada, the projects are within and bordering the prolific Bathurst mining camp (BMC) and are 100 per cent owned. The properties cover a range of geological target types, including VMS style, structurally controlled gold, porphyry copper-gold-molybdenum and skarn lead-zinc-copper-silver mineralization.

We seek Safe Harbor.