Mr. Rana Vig reports

META CRITICAL MINERALS SIGNS OPTION AGREEMENT TO ACQUIRE HIGH-GRADE U.S. CRITICAL MINERALS PROJECT COVERING TWO HISTORICAL DEPOSITS RICH IN ZIRCON, TITANIUM AND RARE EARTHS

On April 27, 2026, Meta Critical Minerals Inc. entered into an option to purchase agreement with Arcadia Minerals Inc., a privately owned U.S. corporation, to acquire a 100-per-cent interest in a portfolio of critical minerals projects located in north-central Wyoming, United States.

The project comprises approximately 3,760 acres of Bureau of Land Management (BLM) claims and state leases and hosts two advanced-stage heavy mineral sand deposits known as Grass Creek and Dugout Creek, which contain high-grade zircon (zirconium), ilmenite (titanium) and monazite (rare earth elements (REEs)).

Highlights:

• The project is located in Wyoming, one of the top-ranked mining jurisdictions globally;
• Strong infrastructure: road access, power, rail and skilled work force nearby;
• Advanced critical minerals project with significant historical drilling, metallurgical testing and engineering work completed by independent consulting firms in the United States, Canada and Australia;
• High-grade zircon values, including reported averages up to approximately 2.2 per cent ZrSiO4 (zirconium silicate) at Grass Creek, significantly above global averages (approximately 0.7 per cent);
• Two near-surface deposits amenable to low-cost open-pit mining;
• From drilling to date, both deposits exhibit significant potential in terms of size, with the Grass Creek estimated to cover an area approximately 7,800 feet (2,377 metres) long and 500 feet (152 metres) wide. The mineralized material in both deposits is open ended in multiple directions and both merit further exploration for resource definition;
• Presence of monazite at significant concentrations, a key source of rare earth elements, including critical minerals used in the magnet production industry;
• Positioned to benefit from U.S. government initiatives supporting domestic critical minerals supply chains;
• Immediate tasks include, among others, further exploration studies to produce a National Instrument 43-101-compliant mineral resource estimate (MRE), additional metallurgical testing through a bulk sample, preliminary feasibility study (PFS) and permitting work.

Rana Vig, chief executive officer of Meta, commented: "This acquisition represents a significant step in positioning Meta as a potential North American supplier of critical minerals essential to defence, nuclear energy and advanced manufacturing. What attracted us most to the Arcadia projects is the combination of grade, scale and simplicity -- with near-surface deposits and a location in one of the most mining-friendly jurisdictions in the United States. With zircon grades that are multiples of global averages and the presence of rare-earth-bearing monazite, we believe this project has the potential to become a strategically important domestic source of critical minerals at a time when the notion of resource nationalism and supply security have never been more important."

Strategic rationale -- exposure to defence and nuclear supply chains

The acquisition of the Arcadia project provides Meta with exposure to a suite of minerals that are increasingly critical to national security, advanced manufacturing and energy systems:

Zircon (ZrSiO4) is a primary source of zirconium, used in nuclear fuel cladding due to its corrosion resistance and low neutron absorption, making it essential for nuclear reactors. Zirconium alloys are also used in military applications, including armour, guidance systems and high-performance ceramics.

Monazite (a phosphate mineral) contains thorium and rare earth elements, including neodymium and praseodymium, which are essential for permanent magnets used in defence systems, electric motors and advanced electronics.

Ilmenite (TiO2) is a key feedstock mineral for titanium, widely used in aerospace, defence and high-strength lightweight alloys.

With the United States and its allies actively seeking to reduce reliance on foreign supply, projects such as Arcadia represent a strategically important domestic source of critical minerals.

Project overview

The Arcadia project hosts two principal deposits: Grass Creek and Dugout Creek. The deposits are hosted in Cretaceous-age fossil beach placer systems, a well-understood geological setting for heavy mineral sands globally.

Grass Creek:

• Historical exploration and drilling indicate high-grade heavy mineral sands;
• Reported zircon grades averaging approximately 2.2 per cent and exhibiting titanium grades up to 19 per cent;
• Near-surface and open-ended mineralization providing expansion potential;
• Two additional target areas within the Grass Creek claims, named Cottonwood Creek and Grass Creek North.

Dugout Creek:

• Larger-tonnage system with significant exploration upside;
• Mineralization remains open in multiple directions;
• Similar heavy mineral assemblage including zircon, ilmenite and monazite.

Previous work programs include:

• Over 7,000 feet (2,134 metres) of drilling across more than 60 holes;
• Metallurgical testing by Mineral Technologies (Queensland, Australia);
• Assaying by SGS Lakefield (Ontario, Canada);
• Mineralogical studies and mineral resource characterization by independent firms, inclusive of Hazen Research Inc. (Golden, Colo.) and Disa Technologies Inc. (Casper, Wyo.);
• Geophysical and aerial photometric surveys;
• Preliminary open-pit production models and studies;
• Environmental baseline work, including archeological and species studies.

Transaction summary

Under the terms of the agreement, Meta can complete the purchase of the project by paying the vendor an aggregate of $500,000 (U.S.) in cash, issuing common shares of the company having an aggregate value of $7-million (U.S.) (subject to success-based milestones) and incurring $2.5-million (U.S.) in exploration expenditures over a period of three years.

Meta retains the right to terminate the option at any time. In such event, Arcadia will retain only the cash payments received up to the date of termination, plus $250,000 (U.S.) worth of Meta shares from the initial share issuance. All remaining Meta shares will be held in escrow and cancelled upon termination. This structure ensures that Meta's total exposure on a walk-away is limited to cash paid to date and $250,000 (U.S.) in shares.

The detailed payment schedule is as follows:

• An initial cash payment of $150,000 (U.S.) upon confirmation of all required corporate approvals of the vendor being obtained, followed by issuance to the vendor of Meta common shares having a value of $750,000 (U.S.) within 60 days thereafter;
• A further cash payment of $150,000 (U.S.) and the delivery to the vendor of Meta common shares having a value of $750,000 (U.S.), within 12 months of the initial cash payment;
• On or before the third anniversary of the initial cash payment:
• 1. Incurring no less than $2.5-million (U.S.) in exploration expenditures on the project, provided any deficiency may be paid by issuing common shares of Meta to the vendor equal in value to the deficient amount;
  2. Delivery to the vendor of Meta common shares having a value of $750,000 (U.S.) upon completion of metallurgical testing of mineralized material from the project indicating recoveries satisfactory to the company; notwithstanding achieving satisfactory recoveries, the company may elect to make the foregoing share issuance to maintain its right to exercise the option;
  3. A cash payment of $200,000 (U.S.) and delivery to the vendor of Meta common shares having a value of $4.75-million (U.S.) upon completion of a preliminary feasibility study reasonably satisfactory to the company; notwithstanding the foregoing, the company may elect to make the foregoing cash payment and share issuance to maintain its right to exercise the option.

All Meta common shares issued to the vendor will be priced at the 10-day volume-weighted average price (VWAP) as at the applicable payment date. Of the $750,000 (U.S.) in shares issued at the outset, $250,000 (U.S.) will be released to Arcadia immediately; the remaining $500,000 (U.S.), along with all subsequent share issuances, will be held in escrow and released only upon exercise of the option in full.

Arcadia Minerals and its principals are all arm's length to the company. The company shares issued pursuant to the transaction will be subject to a four-month hold period in accordance with applicable securities laws and the policies of the Canadian Securities Exchange, and will be subject to restrictions on resale pursuant to applicable U.S. federal securities laws.

Qualified person

The technical information in this news release has been reviewed and approved by Ted Vander Wart, PGeo, a consultant to the company and a qualified person as defined under NI 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.