Mr. Aleem Fidai reports

CULLINAN METALS APPOINTS CHRISTOPHER HUGGINS AS CHIEF EXECUTIVE OFFICER

Cullinan Metals Corp. has appointed Christopher Huggins as chief executive officer of the company, effective immediately.

Mr. Huggins is a mining executive with more than 25 years of experience across mineral exploration, finance, mining technology and capital equipment. He holds a BSc (honours geology) and began his career as a regional exploration geologist with Homestake, working in prolific mining districts including Eskay Creek, Snip Mine, Stewart and the Dease Lake camps in British Columbia.

Over the past decade, Mr. Huggins has combined technical and commercial expertise to lead growth initiatives across Canada's junior mining sector. He has led or directed successful exploration companies focused on critical minerals, precious metals, uranium and battery metals across Canada and the United States. In addition, Mr. Huggins has delivered advanced capital equipment and technology solutions for both surface and underground mining operations throughout Yukon and Northwest Territories, and has managed major national and global Caterpillar accounts at Finning. He currently serves as chief executive officer of Auric Minerals Corp. and as a director of several exploration-stage public companies.

Cullinan interim CEO Aleem Fidai commented: "We are very pleased to welcome Chris as CEO of Cullinan Metals. His unique combination of technical expertise, operational experience and capital markets understanding makes him exceptionally well suited to lead the company as we advance our newly acquired projects. With strong fundamentals across both our rare-earth and volcanic massive sulphide assets, we believe Chris's leadership will be instrumental in unlocking value and executing on our exploration strategy."

Mr. Huggins commented: "I am excited to join Cullinan Metals at a pivotal time for the company. The recently announced Oculus rare-earth project and Burnt Pond volcanic massive sulphide project represent compelling exploration opportunities in prospective and mining-friendly jurisdictions. I look forward to working with the team to systematically advance these assets and create long-term value for shareholders."

The company also announces that Mr. Fidai will transition from interim CEO and will remain a director of the company.

The company further announces it has entered into debt settlement agreements to issue an aggregate of up to 1,486,094 common shares of the company at a deemed price of 34 cents per share to satisfy an aggregate amount of bona fide debt of up to $505,272 to certain creditors of the company.

Insiders of the company will be participating in the debt settlement in the amount of $182,678. Such insiders are related parties of the company pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Related party involvement in the debt settlement constitutes a related party transaction. The company expects to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the debt settlement, insofar as it involves interested parties, exceeds 25.0 per cent of the company's market capitalization.

The issuance of shares in connection with this debt settlement will be subject to Canadian Securities Exchange approval and the shares will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws.

The purpose of the debt settlement is to preserve the company's treasury.

The company's board of directors also has adopted a 20-per-cent fixed omnibus equity incentive plan providing for the issuance of incentive stock options, restricted share units (RSUs), and deferred share units to officers, directors, employees and consultants. The company has issued 1.45 million RSUs pursuant to the plan to certain officers, directors and consultants. The plan would replace the current equity incentive plan upon approval by the shareholders at the next shareholder meeting and by the CSE. The current grant of RSUs is also subject to approval of the shareholders at the next shareholder meeting. The plan will be voted on in the company's upcoming annual general and special meeting on July 10, 2026.

About Cullinan Metals Corp.

Cullinan Metals is a Canadian mining and exploration company focused on the evaluation and potential development of energy and critical metals. The company recently entered into an option agreement to acquire a 100-per-cent interest in two prospective projects in Canada.

The Oculus rare-earth project, located in central Labrador, spans approximately 2,550 hectares within a recognized critical rare-earth element district. Historical surface sampling has returned total rare-earth oxide (TREO) values of up to 5.67 per cent TREO, with a favourable heavy rare-earth component. Despite these encouraging results, the project remains undrilled, presenting significant discovery potential.

The Burnt Pond project, located in central Newfoundland within the Tally Pond volcanic belt, covers approximately 975 hectares in a proven volcanic massive sulphide district. Historical drilling has returned high-grade polymetallic mineralization, including gold, silver, copper, zinc and lead. The system remains open along strike and at depth, offering strong potential for additional discoveries.

The company is focused on advancing these assets through disciplined exploration programs designed to unlock their underlying value.

We seek Safe Harbor.