Mr. Danny Matthews reports

EUREKA METALS IDENTIFIES CONSISTENT SCANDIUM MINERALIZATION AT TYEE TITANIUM PROJECT IN QUEBEC

Eureka Metals Corp. has released scandium assay results from its 2026 exploration program at the Tyee titanium project in Quebec.

The results identify scandium within titanium-rich mineralization across the project, highlighting its potential as an additional critical mineral alongside titanium.

Tyee is located within the Havre-Saint-Pierre anorthosite complex, which also hosts Rio Tinto's Lac Tio titanium mine. Rio Tinto currently recovers scandium as a byproduct of titanium processing at its Sorel-Tracy metallurgical complex in Quebec.

Highlights:

• Thirty-four grab samples returned an average of 26.8 parts per million scandium, with a maximum of 41 ppm.
• Sixteen samples returned at least 30 ppm scandium, including 12 samples containing 35 ppm or more.
• Scandium is a critical mineral used in high-performance aluminum alloys, including for aerospace applications, as well as in solid oxide fuel cells and other advanced technologies.
• Rio Tinto currently recovers scandium as a byproduct of titanium processing at its Sorel-Tracy facility in Quebec.
• The Canada Growth Fund announced a $25-million investment in November, 2025, to expand scandium oxide production at Rio Tinto's Sorel-Tracy facility.

"Scandium adds an interesting new dimension to the Tyee story," said Danny Matthews, chief executive officer of Eureka Metals. "Our primary focus remains titanium, but these results show that scandium is also consistently present in the mineralization we are exploring.

"What makes this particularly relevant is that Quebec already has an established titanium industry that produces scandium as a byproduct. Rio Tinto's operations at Sorel-Tracy demonstrate that scandium can be recovered alongside titanium processing, providing useful context as we investigate the broader potential of our mineralization. These results give us another reason to investigate the broader value of the mineralization across the project."

Scandium results at Tyee

The scandium results were obtained from samples collected during Eureka's 2026 exploration program, which identified multiple occurrences of massive ilmenite mineralization across the project.

Scandium was detected in nearly all samples, with the highest values commonly associated with titanium-rich mineralization.

The results are notable because scandium is generally recovered as a byproduct of other mining and processing operations rather than mined as a primary product. For Eureka, the results introduce the possibility that scandium could provide additional value alongside the titanium mineralization being explored at Tyee.

Quebec's titanium and scandium industry

Tyee is located within the Havre-Saint-Pierre anorthosite complex, the same regional geological setting that hosts Rio Tinto's Lac Tio titanium mine.

Ilmenite from Lac Tio is processed at Rio Tinto's Sorel-Tracy metallurgical complex in Quebec, where Rio Tinto also recovers scandium oxide from a waste stream generated during titanium processing.

In November, 2025, Canada Growth Fund announced an approximately $25-million investment through an equity-like financial royalty structure to support the expansion of scandium oxide production at Sorel-Tracy to a nameplate capacity of nine tonnes per year. The government of Canada also entered into an offtake arrangement for scandium produced by Rio Tinto.

These developments demonstrate the growing industrial interest in recovering scandium from titanium operations and provide useful context for Eureka's emerging scandium results.

Scandium applications and supply

Scandium is a critical mineral used in high-performance aluminum alloys, solid oxide fuel cells and other advanced technologies.

When added to aluminum in small quantities, scandium can improve strength and other material properties, making scandium-aluminum alloys attractive for aerospace and other applications where weight and performance are important.

Despite these applications, scandium production remains limited, in part because it is generally recovered as a byproduct rather than mined directly.

While the results highlight the potential for scandium to contribute additional value at Tyee, further mineralogical and metallurgical work will be required to determine how scandium occurs within the mineralization and whether it can be recovered alongside titanium.

Quality assurance/quality control

The 2026 surface exploration program was managed by IOS Geosciences. Rock samples were collected using a hammer and chisel, placed in plastic bags and identified using IOS's standard sample-numbering procedures. Sample bags were secured with zip ties and transported by field crews to IOS's facilities in Saguenay, Que., prior to shipment to the analytical laboratory, together with quality assurance and quality control (QA/QC) samples.

Samples were submitted to Actlabs in Ancaster, Ont., for preparation and analysis. Samples were analyzed by X-ray fluorescence (XRF) on fused discs using analytical package 4C (11-plus). The samples were later reanalyzed for scandium using borate fusion followed by inductively coupled plasma optical emission spectroscopy (ICP-OES) analysis (package method 4B). IOS inserted four QA/QC samples, consisting of two blanks and two certified reference materials (OREAS 86). Actlabs also conducted its internal QA/QC procedures. All QA/QC results fell within acceptable ranges

Marketing engagement

The company also announces that it has extended its previously announced marketing engagement with MCS Market Communication Service GmbH (Saarlandstrase 28, 58511 Ludenscheid, Germany; info@mcsmarket.de; 49-177-248-1220) for an additional 12 months, through Nov. 11, 2027, and increased the marketing budget by 500,000 euros, inclusive of advertising expenditures and agency fees.

MCS will continue to provide digital marketing and investor awareness services through on-line advertising platforms and other digital channels, as previously described in the company's July 8, 2026, news release. The engagement may be extended or shortened at the discretion of management, subject to the terms of the agreement.

MCS is at arm's length to the company and does not currently hold any securities of Eureka. No securities-based compensation has been provided or is contemplated under the engagement.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ryan Versloot, PGeo, a 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; an option to acquire up to an 80-per-cent interest in the KM98 titanium project in Quebec; 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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