Mr. Danny Matthews reports

EUREKA METALS IDENTIFIES SIX NEW MASSIVE ILMENITE OCCURRENCES AT TYEE TITANIUM PROJECT IN QUEBEC

Eureka Metals Corp. has provided an update on its recently completed prospecting and reconnaissance program at the company's wholly owned Tyee titanium project, located in eastern Quebec.

The program, completed between May 29 and June 14, 2026, focused on ground-truthing priority geophysical targets and advancing the company's understanding of titanium-bearing mineralization across the property.

Highlights:

• Six new massive ilmenite occurrences identified during the 2026 field campaign at Tyee;
• Widespread mineralization supports district-scale titanium potential at Tyee;
• Historical sampling returned values of up to 36.07 per cent TiO2 (titanium dioxide) across key target areas;
• Results strengthen confidence in geophysical targeting and future drill prioritization.

Danny Matthews, chief executive officer of Eureka, commented: "What stands out most from this campaign is the scale and consistency of mineralization encountered across Tyee. Finding oxide mineralization on the majority of field days, including six new massive ilmenite occurrences, is highly encouraging. These results strengthen our belief that Tyee hosts a large-scale titanium system with meaningful discovery potential."

The field program was designed to evaluate high-priority conductivity anomalies identified from historical airborne magnetic and electromagnetic data sets. Prospecting efforts focused primarily on previously unexplored targets across multiple sectors of the property.

The widespread distribution of mineralization observed during the program continues to support management's view that Tyee may host a large-scale titanium-rich mineralized system with significant expansion potential.

The Tyee project hosts several key titanium-bearing target areas across the property, including NS Trend and East Nugget in the northern portion of the property and Big Tio in the south. Historical grab sampling from these target areas returned values of up to 36.07 per cent TiO2 at Big Tio, 31.89 per cent TiO2 at NS Trend and 34.50 per cent TiO2 at East Nugget, highlighting the project's high-grade titanium potential.

Northern sector

Prospecting in the northern portion of the property identified new semi-massive to massive oxide mineralization west of the NS Trend showings. Multiple mineralized occurrences were identified, including zones containing visible massive ilmenite and magnetite mineralization.

Central sector

The central sector produced some of the strongest results from the campaign.

Eureka identified several large conductive zones containing disseminated to semi-massive oxide mineralization in the western portion of the central sector. Several outcrops demonstrated increasingly concentrated oxide mineralization, with localized zones transitioning into massive ilmenite-rich mineralization.

Additional massive ilmenite occurrences were also identified farther south near the western property boundary, expanding the known footprint of high-grade mineralized zones within the central sector.

Big Tio sector

In the southern Big Tio sector, prospecting near the Lac Ledieu showing area resulted in the identification of additional massive ilmenite mineralization exposed in outcrop and nearby angular boulders. These showings align closely with high-conductivity anomalies identified from historical geophysical data sets and further reinforce the prospectivity of the southern portion of the property.

In total, six outcrops of massive ilmenite and numerous additional occurrences of disseminated to semi-massive oxide mineralization were identified during the campaign. Ilmenite appears to be the dominant oxide mineral within the massive facies, while magnetite appears more prevalent in disseminated mineralization.

Titanium feedstock is a strategically important mineral used in aerospace, industrial and pigment applications, with North American supply constrained by limited domestic sources. Eureka believes Tyee represents a compelling opportunity to advance a district-scale titanium project in Quebec.

Next steps

Eureka is currently compiling and interpreting results from the prospecting campaign, including laboratory analysis of collected samples and integration of field observations with historical geophysical data sets.

Given the strong correlation observed between mineralization and conductivity anomalies, the company is evaluating follow-up geophysical programs, including tighter-spaced electromagnetic surveying over priority corridors, as part of future exploration programs.

The company expects to provide additional updates in the coming months as assay results are received and follow-up exploration plans are finalized. These results will help guide future exploration, including additional mapping, sampling and drill target generation.

Qualified person

The technical information in this news release has been reviewed and approved by Ryan Versloot, PGeo, technical adviser to the company and a qualified person as defined under National Instrument 43-101.

About Eureka Metals Corp.

Eureka Metals is a Canadian mineral exploration company focused on the acquisition and advancement of exploration projects in Canada. The company holds a 100-per-cent interest in the Tyee titanium project in Quebec, prospective for titanium-vanadium-scandium mineralization, and an option to acquire a 100-per-cent interest in the Cabin Lake polymetallic project in British Columbia, prospective for silver-lead-zinc-gold mineralization.

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