Mr. Stephen Stewart reports

METAL ENERGY CLOSES $9.25 MILLION FINANCING WITH CENTERRA GOLD AND TECK

Metal Energy Corp. has closed its previously announced financing for aggregate gross proceeds of approximately $9.25-million.

"Centerra's and Teck's investment provides important validation and should draw broader market attention to Metal Energy. NIV is a rare project where geological, geochemical and geophysical data align. That convergence explains why two major mining companies have chosen to substantially fund our exploration. We believe the undrilled targets at NIV are among the most prospective in British Columbia in recent years, and Metal Energy plans to drill them in 2026. While still early, we hope to deliver a discovery that justifies the long-term stewardship of this asset," said Stephen Stewart, chairman of Metal Energy.

The offering consisted of: (i) 8,884,000 common shares issued on a premium flow-through basis at a price of 72.9 cents per flow-through share; and (ii) 6.2 million common shares at a price of 45 cents per share. No warrants were issued and no finders' fees were paid in connection with the offering. All securities issued under the offering are subject to a statutory hold period of four months plus one day from the date of closing, in accordance with applicable securities laws.

As a result of the completion of the offering, Centerra Gold Inc. and Teck Resources Ltd. have become strategic shareholders of Metal Energy, each holding approximately 9.9 per cent of the company's issued and outstanding common shares.

Concurrent with the closing of the offering, the company has entered into investor rights agreements (IRAs) on substantially the same terms with each of Centerra and Teck. Under the terms of the IRAs, each of Centerra and Teck has been granted participation and top-up rights to allow them to maintain their respective pro rata ownership in the company so long as their ownership in the company remains greater than 5.0 per cent of the shares on a non-diluted basis.

Consistent with the terms previously disclosed, an amount equal to the gross proceeds from the issuance of the flow-through shares will be used to incur, on the company's Canadian mineral exploration properties, eligible resource exploration expenses that qualify as Canadian exploration expenses, flow-through critical mineral mining expenditures, and, for purchasers in British Columbia, British Columbia flow-through mining expenditures. The company will incur qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issuance of the flow-through shares on or before Dec. 31, 2026, and will renounce such expenses to the initial purchasers of the flow-through shares with an effective date no later than Dec. 31, 2025, subject to the terms and limitations described in the initial offering announcement.

The net proceeds of the offering will be used to finance Metal Energy's 2026 maiden drill program at its NIV copper-gold-molybdenum project in the Toodoggone district of British Columbia, where NIV is fully permitted with well-defined, drill-ready targets, and for general corporate purposes.

The offering remains subject to the final approval of the TSX Venture Exchange.

About Metal Energy Corp.

Metal Energy is a critical metals exploration company focused on copper and gold assets in Canada. The company controls NIV, a fully permitted and drill-ready copper-gold-molybdenum project located in British Columbia's prolific Toodoggone district, a region known for significant porphyry deposits.

With the addition of NIV, Metal Energy's portfolio now includes three high-potential projects:

• NIV project (copper/gold/molybdenum; 100 per cent) -- Toodoggone district, British Columbia;
• Highland Valley project (copper/molybdenum/silver/gold/rhenium; 100 per cent owned) -- British Columbia;
• Manibridge project (nickel/copper/cobalt/platinum group elements; 85 per cent owned) -- Manitoba.

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