Mr. Matt Filgate reports

GREENLIGHT METALS ANNOUNCES $10 MILLION BOUGHT DEAL FINANCING

Greenlight Metals Inc. has entered into an agreement with Stifel Nicolaus Canada Inc. to act, along with TD Securities Inc., as joint bookrunners and co-lead underwriters, in connection with a bought deal private placement offering of 28.6 million common shares of the company at a price of 35 cents per share for gross proceeds to the company of $10.01-million.

The company has granted to the underwriters an option, exercisable up to 48 hours prior to the closing date of the offering, to purchase for resale up to an additional 15 per cent of shares at the offering price for additional gross proceeds of up to $1,501,500.

The company intends to use the net proceeds received from the offering for development purposes at the company's Bend project in Wisconsin, exploration on the Penokean VMS (volcanic massive sulphide) belt in Wisconsin, property payments, project support, and general corporate and working capital purposes.

The offering is expected to close on or about Nov. 26, 2025, and is subject to the company receiving all necessary regulatory approvals, including the conditional approval from the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the shares will be offered for sale to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. As the offering is being completed pursuant to the listed issuer financing exemption, the shares issued pursuant to the offering will not be subject to a hold period in Canada pursuant to applicable Canadian securities laws. There is an offering document related to the offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

About Greenlight Metals Inc.

Greenlight Metals is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean volcanic belt, one of North America's most prospective VMS districts, and the Kalium Canyon epithermal gold project in Nevada's Walker Lane. In Wisconsin, the company's portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulphide targets. Guided by a team with deep roots in the state, Greenlight Metals is building a modern minerals company for Wisconsin, by Wisconsin, committed to responsible exploration, transparent engagement and creating durable local opportunities as it helps supply the critical metals that power the energy transition.

We seek Safe Harbor.