Mr. Hugh Rogers reports

NEXCEL EARNS INITIAL 29.58% INTEREST IN THE BURNT HILL TUNGSTEN PROJECT

Further to Nexcel Metals Corp.'s news release dated Oct. 8, 2025, the company has earned an initial 29.58-per-cent interest in and to the Burnt Hill tungsten project located in New Brunswick, Canada, pursuant to its option agreement dated Oct. 3, 2025, with the arm's-length parties, Cadillac Ventures Inc., currently holding a 28.42-per-cent property interest (the optionor), and the owner of the remaining 42-per-cent property interest (the minority owner).

The company earned the initial 29.58-per-cent property interest from the optionor in consideration for the payment of an aggregate of $170,000 in cash and the issuance of $330,000 (less the costs of the summer work program at the Burnt Hill project totalling $52,495) in common shares of the company to the optionor, which was satisfied by the issuance of 355,775 common shares at a deemed price of 78 cents per common share.

The company may earn up to an additional 28.42-per-cent property interest (for a total 58-per-cent property interest) from the optionor in consideration for the payment of an aggregate $250,000 in cash and the issuance of an aggregate of $600,000 in common shares of the company to the optionor in accordance with the terms of the option agreement. Upon the company earning at least a 51-per-cent property interest, a joint venture will be formed among the company, the optionor and the minority owner.

In consideration for the assignment to the company of the options underlying the option agreement, the company issued one million common shares to Northex Capital Partners Inc., an arm's-length party, pursuant to the amendment and assignment agreement dated Aug. 1, 2025, among the company, the optionor and Northex.

The 355,775 common shares issued to the optionor and the one million common shares issued to Northex are subject to a hold period expiring April 9, 2026. In addition, all common shares issued pursuant to the option agreement shall be subject to the following voluntary resale restrictions: (i) 15 per cent of the common shares shall be restricted until each of April 3, 2026, Oct. 3, 2026, April 3, 2027, Oct. 3, 2027, April 3, 2028, and Oct. 3, 2028, and (ii) 10 per cent of the common shares shall not be restricted.

About the Burnt Hill project

All scientific and technical information relating to the Burnt Hill project, including information pertaining to the historical mineral resource estimate (the historical MRE), contained in this news release is derived from the technical report dated Aug. 1, 2013, titled "Deposit Modeling & NI 43-101 Resource Estimate Burnt Hill Tungsten-Molybdenum-Tin Property Stanley Parish, York County, New Brunswick" prepared by Southampton Associates Inc. for Cadillac Ventures Inc.

The Burnt Hill project covers approximately 1,540 hectares in central New Brunswick.

The Burnt Hill project includes the historical MRE of 1,761,000 tonnes within an open pit and underground averaging 0.292 per cent WO3, 0.007 per cent MoS2 and 0.008 per cent SnO2, along with a further 1.52 million inferred tonnes averaging 0.263 per cent WO3, 0.008 per cent MoS2 and 0.005 per cent SnO2, as disclosed in Table 1, which is reproduced from the historical technical report.

A statement of contained metal is also disclosed in Table 2, which is reproduced from the historical technical report.

In addition to the deposit area of the Burnt Hill project, there are several other areas of identified tin, tungsten and molybdenum mineralization within the property boundary.

The contained metal represented by the historical MRE after converting the metal compound to contained metal equivalents for the respective metal compounds is as shown in the attached table.

A qualified person has not done sufficient work to make the historical MRE current, and the company is not treating the historical MRE as current. The company encourages readers to exercise appropriate caution when evaluating the historical MRE.

Strategic importance of tungsten

Tungsten is a critical mineral with unique properties including the highest melting point of all metals, exceptional density, and resistance to thermal and mechanical stress. These characteristics make it indispensable in numerous high performance applications.

In particular, tungsten plays an increasingly vital role in the aerospace and space industries. It is used in satellite components, rocket engine nozzles, radiation shielding and high-temperature structural materials for spacecraft. Its strength and heat resistance also make tungsten a preferred material in the manufacture of advanced alloys used in turbine blades and hypersonic flight technology.

With growing demand for high-tech and defence applications, and limited global supply, tungsten has been designated a critical mineral by both the Canadian and United States governments. Projects like the Burnt Hill project are strategically important as secure domestic sources of this vital material.

About Nexcel Metals Corp

Nexcel Metals is a junior mining company engaged in the acquisition, exploration and development of mineral properties. The company is currently focused on the Lac Ducharme project located in the province of Quebec and the Burnt Hill project located in the province of Saskatchewan.

Qualified person

Francis Newton, PGeo, a consultant of the company, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information contained in this news release. Mr. Newton is not independent of the company.

All scientific and technical information relating to the Burnt Hill project pertaining to the Historical MRE contained in this news release is derived from the historical technical report prepared by Southampton Associates Inc. for Cadillac Ventures Inc. The information contained herein in respect of the historical MRE is subject to all of the assumptions, qualifications and procedures set out in the historical technical report and reference should be made to the full text of the historical technical report, a copy of which has been filed with the applicable securities regulators and is available under Cadillac Venture's profile on SEDAR+.

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