Ms. Meredith Eades reports

ERANOVA METALS ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Eranova Metals Inc. has closed its previously announced non-brokered private placement, raising gross proceeds of $627,524.70 through the issuance of 4,183,498 common shares of the company at a price of 15 cents per common share.

The company announced the private placement on May 19, 2026, for gross proceeds of up to $600,000. Due to strong investor demand, the financing was oversubscribed.

The securities issued pursuant to the private placement are subject to a regulatory hold period expiring on October 6, 2026. The private placement is subject to the final approval of the TSX Venture Exchange.

Finders' fees in the aggregate amount of $39,726.75 ($1,750 to Stephen Avenue Securities; $2,625 to Research Capital Corp.; $3,501.75 to Canaccord Genuity Corp.; $2,100 to Ventum Financial Corp.; and $29,750 to Haywood Securities Inc.) were paid in connection with the private placement, representing 7 per cent of the gross proceeds from the sale of common shares placed by the applicable finder.

The company intends to use the net proceeds from the private placement to support continuing technical work and completion of the National Instrument 43-101-compliant preliminary economic assessment (PEA) on the Adanac molybdenum project, alongside marketing and investor awareness initiatives, and for general working capital purposes.

"This financing allows us to complete one of the most important milestones in the company's history," said Meredith Eades, president and chief executive officer of Eranova. "The Adanac molybdenum project already benefits from extensive historical drilling, engineering and permitting work, and the upcoming PEA will provide the first modern assessment of its economic potential. We believe this study has the potential to significantly enhance market understanding of the value of the project."

The Ruby Creek property hosts the Adanac molybdenum project, alongside the Atlin Discovery project which hosts a growing pipeline of high-grade copper, gold, silver, tungsten targets across the broader district-scale property.

A certain director and officer of the company participated in the private placement by acquiring an aggregate of 133,333 common shares under the private placement. Such participation constitutes a related party transaction within the meaning of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions adopted in the policy. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private placement, as neither the fair market value (as determined under MI 61-101) of the securities issued to the related party nor the consideration paid by the related party exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Eranova Metals Inc.

Eranova Metals is a Canadian mineral exploration and development company focused on advancing a portfolio of precious and base metal assets across Western Canada.

The company's flagship asset is the 29,700-hectare Ruby Creek property near Atlin, B.C., which hosts the Adanac molybdenum project -- a development-stage deposit currently advancing toward a National Instrument 43-101-compliant preliminary economic assessment (PEA) -- alongside a growing pipeline of high-grade copper, gold, silver, tungsten and rare-earth element targets across the broader district-scale property.

Eranova also holds a 100-per-cent interest in both the Big Ledge zinc project, located south of Revelstoke, B.C., and the South Thompson nickel project in Manitoba.

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