Mr. Hugh Rogers reports

NEXCEL ANNOUNCES FILING OF PROSPECTUS SUPPLEMENT

Nexcel Metals Corp. has filed a prospectus supplement dated April 29, 2026, to its final short form base shelf prospectus dated March 9, 2026, with the securities commissions in each of the provinces of Canada, except Quebec, qualifying the distribution of a minimum of 2.5 million common shares in the capital of the company at the price of $1 per offered share for minimum gross proceeds to the company of $2.5-million and a maximum of five million offered shares at the offering price for maximum gross proceeds to the company of $5-million. Research Capital Corp. is acting as lead agent and sole bookrunner on a best effort agency basis in connection with the offering pursuant to an agency agreement dated April 29, 2026, between the agent and the company.

The offering is expected to close on or about May 13, 2026, or such other date as agreed upon between the company and the agent. The completion of the offering is conditional upon the company completing the minimum offering and is subject to certain additional conditions, including, but not limited to, the receipt of all necessary regulatory approvals and the offered shares being listed on the Canadian Securities Exchange. If subscriptions are not received for at least the gross proceeds of the minimum offering, the offering will not be completed.

The company has granted the agent an option exercisable, in whole or in part, at any time up to 30 days following the closing date to arrange for the sale of up to an additional 375,000 common shares in the case of the minimum offering and up to an additional 750,000 common shares in the case of the maximum offering at the offering price.

Pursuant to the agency agreement, in consideration for its services in connection with the offering, the agent will receive a cash commission equal to 7.0 per cent of the gross proceeds of the offering, including those sold pursuant to the overallotment option (subject to a reduced fee of 3.5 per cent for proceeds from the sale of offered shares to purchasers on the company's president's list), broker warrants to purchase such number common shares of the company at $1.15 per share for a period of two years for issue as is equal to 7.0 per cent of the number of offered shares sold including those sold pursuant to the overallotment option (3.5 per cent in the case of the offered shares sold to purchasers on the company's president's list), and a corporate finance fee consisting of $50,000 in cash and $25,000 in offered securities at the offering price plus applicable taxes, as more particularly described in the prospectus supplement. The prospectus supplement also qualifies the distribution of the broker warrants.

The company intends to use the net proceeds from the offering for exploration at the Burnt Hill property, the Lac Ducharme property option agreement, general and administrative costs, and general working capital, as more particularly described in the prospectus supplement.

An investment in the offered shares involves a high degree of risk. Prospective investors should read the prospectus supplement along with the base prospectus in their entirety before making an investment decision, including the risk factors described therein. The prospectus supplement is accessible on the company's profile at SEDAR+.

About Nexcel Metals Corp.

Nexcel is a mineral exploration company focused on rare earth elements and other critical minerals in Canada. The company is currently advancing two principal mineral projects: the Lac Ducharme rare earth element project in the province of Quebec and the Burnt Hill tungsten-molybdenum-tin project in the province of New Brunswick.

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