Mr. Burns Tennent-Bhohi reports

EASTPORT COMMENCES DRILLING IMMEDIATELY NORTH OF AFRICA'S LARGEST KNOWN URANIUM DEPOSIT

Penbar Capital Ltd., to be renamed Eastport Critical Minerals Corp., has launched phase 1 drilling at the Foley uranium project in Botswana, consistent with the company's multiasset exploration and development campaigns.

Highlights:

• Drilling commenced on 5,000-metre (m) Foley uranium phase 1 RC (reverse circulation) drilling campaign;
• Borders the Lotus Resources 114-million-pound (lb) Letlhakane deposit -- one of the world's largest undeveloped uranium resources (365 million tonnes (t) at 307 parts per million (ppm) U3O8);
• First drilling of the northern extension -- phase 1 RC drill program to test a continuous 15-plus-kilometre (km) radiometric anomaly trending directly into Foley;
• Langer Heinrich-style paleo-channel uranium deposit, targeting shallow (40 to 80 m), redox controlled mineralization in heap-leach amenable sandstones.

Within less than one month from admission to the TSX Venture Exchange, the company has commenced three critical metals drill programs targeting copper, rare earth elements and now uranium. All three programs are running concurrently, demonstrating the company's commitment to timely and cost-effective exploration.

Rick Bonner, director and vice-president of exploration, commented:

"The best place to look for a deposit is adjacent to an existing one in the same geological terrane. The mineralized system that hosts the world-class Letlhakane uranium deposit has been mapped trending northward and our licence sits directly along strike of this increasing focused feature.

"Paleo-channels are ancient riverbeds that act as natural conduits for uranium-enriched groundwater. When this groundwater encounters reducing conditions within the channel, the uranium precipitates out of solution, concentrating mineralization in shallow sandstones.

"Our first drill fence [...] immediately north of the Lotus licence will give us crucial information on the geological controls determining direction, depth and grade within this extensive paleo-channel system."

Burns Singh Tennent-Bhohi, chief executive officer, commented:

"Our neighbours to the south, Lotus Resources, have demonstrated the scale and potential of the Letlhakane uranium deposit. Since acquiring the asset in July, 2023, Lotus has invested heavily in drilling, resource upgrades and scoping studies, confirming Letlhakane as one of the largest uranium systems globally, with a resource base exceeding 113 million pounds. Letlhakane is one of a portfolio of assets that establishes Lotus as one of the leading uranium developers in the world.

"With our licence positioned directly along strike of the same mineralized paleo-channel system, we are confident that our exploration program will demonstrate comparable potential for Foley to host the northern extension of Letlhakane, creating significant value for our shareholders.

"We are delighted to have commenced our third critical minerals drilling program, with active exploration taking place in Matsitama (copper), Semarule (REE (rare earth element)) and now Foley (uranium), seamlessly and contemporaneously executed within one month of listing."

Foley project location

The Foley uranium project (PL113/2020) is located approximately 75 kilometres south of Francistown in the Central district of Botswana, directly abutting the Lotus Resources' licences, which host its world-scale Letlhakane uranium deposit. Positioned along the proven Karoo palaeo-channel fairway, the project enjoys excellent infrastructure, including sealed highway access via the A14, close proximity to the national power grid, abundant groundwater for processing, and ready availability of drilling contractors, equipment and skilled labour from nearby mining hubs.

Qualified person

The information in this news release has been reviewed and approved by Liz de Klerk, PriSciNat, FIMM, of Micon International, an independent consultant of the company and a qualified person as that term is defined in National Instrument 43-101.

About Penbar Capital Ltd. (Eastport Critical Minerals Corp.)

The company is a disruptive critical minerals development company advancing five projects in Botswana, with cumulative historical and current expenditures approaching $20-million. Its most advanced asset is the Matsitama copper project, which hosts multiple sizable targets across the Matsitama copper district.

The company's additional projects include Selebi East, a nickel-copper-cobalt project located seven kilometres east of the historic Selebi mines; the Semarule REE project, positioned within the Gaborone-Molepolole corridor; the Foley uranium project, adjoining the Letlhakane uranium deposit; and the Keng project, which targets nickel, copper and PGEs (platinum group elements) on the northern margin of the Molopo Farms complex.

Botswana is widely regarded as one of Africa's strongest mining jurisdictions, combining the continent's highest GDP (gross domestic product) per capita with a 50-year record of large-scale mineral development since the Orapa diamond discovery in 1967. The country ranks among the top performers globally on the Fraser Institute's Investment Attractiveness Index and is the highest-rated jurisdiction in Africa on the Policy Perception Index. These rankings reflect Botswana's stable regulatory environment, consistent rule of law and long-standing support for responsible mineral development -- factors that have underpinned significant investment and major M&A (merger and acquisition) activity in the natural resources sector in recent years.

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