Mr. Nigel Robinson reports

GIYANI'S HIGH PURITY MANGANESE OXIDE PHASE 2 INTERIM RESULTS FROM CHARGE CCCV'S DIGITAL DNA PROGRAM

Giyani Metals Corp. has released successful interim results of its high-purity manganese oxide produced from its demonstration plant in Johannesburg, South Africa. The results have been received from U.S. battery technology leader Charge CCCV LLC from phase 2 of C4V's digital DNA supply chain qualification program.

Highlights:

• HPMO produced from Giyani's demo plant satisfied the phase 1 qualification criteria under C4V's qualification program (see news release dated Oct. 21, 2025).
• As part of phase 2 testing, C4V assembled multiple single-layer pouch cells using Giyani's HPMO.
• Interim results confirm that Giyani's HPMO meets CV4 quality assurance standards for phase 2.
• Phase 2 completion is anticipated within 60 days, with results and progression to phase 3 to follow thereafter.
• Giyani has developed a process flow sheet that enables the company to produce two battery-grade manganese products: high-purity manganese sulphate monohydrate and HPMO.
• The technical insights and operational data generated by the demo plant operation are being integrated into the definitive feasibility study for the future commercial plant in Botswana.
• Giyani believes that the learnings derived from the scale and operation of its demo plant significantly reduces the technical, scale-up and commissioning risks associated with the ramp-up of full-scale commercial operations.
• The K.Hill DFS remains on track for release this quarter.

Phase 2 interim results

Using HPMO produced from Giyani's demo plant in South Africa, C4V is continuing long cycle life testing on multiple single-layer pouch cells as part of phase 2 testing of its digital DNA supply chain qualification program. Interim results indicate that Giyani's HPMO meets C4V's quality assurance standards. Electrode density is comparable with baseline electrodes, and rate testing demonstrates consistent rate and cycling stability across a range of C-rates. Cells incorporating Giyani's HPMO are also showing capacity retention comparable with baseline cells during long cycling, with overall stability looking encouraging. Phase 2 testing is continuing with further evaluation of the cells using Giyani's HPMO until the cells reach 80-per-cent retained capacity, which is expected within 60 days.

Phase 3 consists of multilayer pouch cell testing with similar checks as phase 2 and is expected to take approximately six months following the completion of phase 2.

DFS progress and commercial

The K.Hill DFS is on track for release during this quarter. Discussions are continuing with a number of potential strategic partners to support Giyani's strategic goals and objectives. Through the development and operation of the demo plant, Giyani has developed a process flow sheet that allows the company to produce at scale two battery-grade manganese products (HPMO and HPMSM). This will enable Giyani to adapt and supply a broader range of future battery chemistries.

Giyani has shipped both HPMO and HPMSM to multiple potential partners as part of the offtake qualification processes for testing.

Giyani received a letter of intent in June, 2025, from Export-Import Bank of the United States for up to $225-million (U.S.) in financing to support the construction of the project.

Nigel Robinson, interim executive chair of the company, commented: "Building on the success of phase 1, the interim results from phase 2 of C4V's qualification program look promising with HPMO samples produced from our demo plant successfully meeting the necessary quality assurance requirements set by C4V, a leading U.S. battery technology company. This is another step forward to securing independent third party validation of the quality of our manganese product, and we look forward to the completion of phase 2 once the cells have reached 80-per-cent capacity retention.

"In parallel, I am pleased to report that our DFS remains on track for completion this quarter, and we look forward to announcing the results to the market."

About Giyani Metals Corp.

Giyani is focused on becoming the preferred Western world producer of sustainable, low-carbon high-purity battery-grade manganese for the EV and ESS industry. The company has developed a bespoke hydrometallurgical process to produce battery-grade manganese products for cathode precursor materials, critical for EVs and ESS.

Baasit Ali, vice-president, supply, chain of C4V, commented: "We are encouraged with the positive interim results from phase 2 of our digital DNA qualification program with Giyani Metals. Their HPMO product is showing promising performance during our internal evaluation and aligns well with our material and electrochemical standards. We look forward to completing phase 2 and advancing through phase 3 of qualification and further strengthening our collaboration."

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