Mr. Scott Sheldon reports

GO METALS OPTIONS KM98 PROJECT TO EUREKA METALS

Go Metals Corp. has entered into a definitive option agreement dated July 15, 2026, with Eureka Metals Corp., pursuant to which Eureka may earn up to an 80-per-cent interest in the company's KM98 vanadium-titanium-iron project, located approximately 60 kilometres north of Havre-Saint-Pierre, Que.

Highlights:

• Eureka may earn up to an 80-per-cent interest in the KM98 project.
• Existing permits allow for both trenching and diamond drilling.
• Historical metallurgical test work successfully produced separate magnetite and ilmenite concentrates using conventional magnetic and gravity separation methods.
• Initial exploration activities are anticipated to commence later this summer.
• Following completion of the earn-in, Go Metals will retain a 20-per-cent participating interest in the project.

"Our objective was to partner with a group capable of advancing KM98 to its next stage of development, and we believe Eureka is well positioned to do just that," said Scott Sheldon, chief executive officer of Go Metals. "Over the past several years, we've advanced KM98 through permitting, geological interpretation and metallurgical testing, significantly reducing exploration risk. The option agreement provides for substantial exploration expenditures to advance the project while allowing Go Metals to retain meaningful long-term exposure to its success. With this partnership in place, we can focus our technical and financial resources on advancing our copper-focused portfolio, including the Monster IOCG [iron oxide copper-gold] and Oriole nickel-copper projects."

Option agreement summary

Eureka may earn an initial 50-per-cent interest in the project by:

• Paying Go Metals $80,000 within 10 business days following execution of the option agreement;
• Issuing an aggregate of 1.75 million common shares to Go Metals over the first three years of the option agreement;
• Incurring an aggregate of $2-million in qualifying exploration expenditures on the project over the first three years of the option agreement;
• Completing a minimum of 2,000 metres of diamond drilling on the project.

Eureka may earn an additional 30-per-cent interest in the project, for an aggregate interest of 80 per cent, by:

• Paying Go Metals an additional $100,000;
• Issuing an additional two million Eureka common shares to Go Metals during the fourth and fifth years of the option agreement;
• Incurring an additional $2.5-million in qualifying exploration expenditures on the project during the fourth and fifth years of the option agreement.

Upon completion of the earn-in, the parties will form a joint venture, with Eureka holding an 80-per-cent interest and Go Metals retaining a 20-per-cent participating interest. Go Metals will not be required to contribute to joint venture expenditures until completion of a prefeasibility study on the Project. Until that time, all joint venture expenditures will be financed exclusively by Eureka.

KM98 project

KM98 hosts a district-scale vanadium-titanium-iron oxide system within Quebec's Havre-Saint-Pierre anorthosite complex. Historical exploration has identified extensive semi-massive to massive magnetite-ilmenite mineralization. The project benefits from direct access through the government-maintained Romaine IV service road.

Historical bench-scale metallurgical testing demonstrated that conventional magnetic and gravity separation can produce separate magnetite and ilmenite concentrates, including an iron concentrate grading up to 68.5 per cent iron with associated vanadium values and a high-grade titanium-rich ilmenite concentrate.

Qualified person

Hugues Longuepee, PGeo, is the qualified person for the company as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the technical information contained within this news release. Mr. Longuepee is an independent consultant to the company.

About Go Metals Corp.

Go Metals is a Canadian critical minerals exploration company focused on advancing high-quality projects in mining-friendly jurisdictions. Following the KM98 option agreement, the company will concentrate on advancing its copper-focused exploration portfolio, including the Monster IOCG project in Yukon and the Oriole nickel-copper project in Quebec, while retaining meaningful exposure to the future success of KM98 through its interest under the option agreement.

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