Mr. Joe Cullen reports

METALSOURCE MINING ANNOUNCES INCREASE TO PRIVATE PLACEMENT

Further to its press release earlier today, Metalsource Mining Inc. has increased its non-brokered private placement financing by $3-million, increasing the number of units from up to 10.05 million units to up to 14.05 million units in the capital of the company at a price of 75 cents per unit for gross proceeds of up to $10,537,500.

Each unit purchased will include one common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of three years at a price of $1 per common share.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, will acquire 1,333,333 of the additional units pursuant to the offering for total consideration of $1-million. The remainder of the offering is fully subscribed.

Mr. Sprott is a shareholder holding more than 10 per cent of the company's common shares. The issuance of units to Mr. Sprott is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that Mr. Sprott's participation in the private placement will not exceed 25 per cent of the fair market value of the company's market capitalization. The company will file a material change report in respect of the related party transaction.

Pursuant to the Canadian Securities Exchange, the warrants held by Mr. Sprott, an insider as set out above, will be subject to a limitation on the exercise, whereby he may not exercise any warrants if such exercise would result in Mr. Sprott owning 19.99 per cent or more of the voting rights attached to the company's securities at the time of exercise, including any securities held by parties acting in combination or in concert with Mr. Sprott. The warrant exercise limitation also applies to the 1.7 million warrants issued to Mr. Sprott on Dec. 31, 2025, which have an exercise price of 40 cents and expire on Dec. 31, 2027.

All securities issued in connection with the offering will be subject to applicable statutory hold periods in accordance with Canadian securities laws. The offering is subject to receipt of all necessary regulatory approvals, including approval of the CSE.

About Metalsource Mining Inc.

Metalsource Mining is a Canadian mineral exploration company focused on advancing high-potential mineral assets through modern, systematic exploration and value-driven discovery.

We seek Safe Harbor.