Mr. Sreenath Didugu reports

OSIRIS ONE METALS TO ACQUIRE ISLAND RANGE COPPER GOLD PROJECT

Osiris One Metals Ltd. has entered into a definitive agreement dated Oct. 19, 2026, with an arm's-length party (the vendor) and the vendor's shareholders to acquire the option to acquire a 100-per-cent undivided interest in to the mineral claims comprising the Island Range copper-gold project located on Vancouver Island, British Columbia.

Highlights:

• Large tenement holding: Island Range is an over 8,500-hectare copper-gold project on Vancouver Island, approximately 25 kilometres south of Port Alberni, with good forestry road and tidewater access.
• Large-scale porphyry potential: Airborne magnetics and geological interpretation support a model where the numerous high-grade skarns may be peripheral expressions of a larger concealed porphyry system.
• Defined priority targets: The project covers several anomalies identified by previous exploration that were never tested, including: Happy John Extensions, Silver King & Copper Queen, Hecate Mountain, and Handy Creek East.
• Work program to commence this calendar year: The company will conduct mapping, geochemical surveys and induced polarization geophysics.
• Located in a proven high-grade copper district: The Island Range claims are contiguous with the historic Three Jays and Monitor copper producers, and in the same rocks as the North Island copper project:
  • Three Jays historically produced at 7.50 per cent copper and 0.97 gram per tonne gold.
  • Monitor historically produced at 9.08 per cent copper and 0.05 g/t gold.
    • Two of the most advanced targets, Happy John and Silver King & Copper Queen, lie adjacent to Monitor.
  • Sunshine is a historical artisanal producer within the current project area, with 1916 reported production at approximately 17.4 per cent copper and 43.6 g/t silver.

About the Island Range copper-gold project

The Island Range copper-gold project comprises seven contiguous mineral claims covering approximately 8,535 hectares on central Vancouver Island, British Columbia, approximately 25 kilometres south of Port Alberni. The project benefits from established forestry road access, sheltered tidewater access through Alberni Inlet, and proximity to existing services and infrastructure at Port Alberni.

Island Range hosts numerous high-grade copper-gold-silver-cobalt skarn occurrences, including Happy John, Silver King & Copper Queen, and Sunshine, within a historically mineralized district that remains substantially underexplored by modern exploration and drilling. The company is targeting a concealed copper-gold porphyry system, supported by the presence of Jurassic bonanza intrusive dikes, major structures, coherent multielement geochemical anomalies and significant magnetic responses. These features suggest that the surface skarns may represent the high-level expression of a broader intrusive-related mineralized system, with potential for both high-grade skarn mineralization and a larger concealed porphyry copper-gold system.

Island Range shares several geological characteristics with NorthIsle Copper and Gold's North Island project and the former BHP-operated Island copper mine. All three occur within Vancouver Island's Wrangellia terrane and Jurassic bonanza magmatic arc, providing a relevant regional setting for the company's exploration concept. Jurassic bonanza arc intrusive activity and associated porphyry and skarn-style copper-gold mineralization are key features of these regional systems. From 1971 to 1995, Island copper mine produced approximately 2.71 billion pounds of copper, 1.13 million ounces of gold and 11.6 million ounces of silver. Earlier this year, NorthIsle updated the North Island project's indicated resource to 3.8 billion pounds of copper and 8.7 million ounces of gold, demonstrating the potential for substantial porphyry systems on Vancouver Island (Baldys, 2022; Ray, 2013).

Island Range contains several of the geological ingredients that characterize systems such as NorthIsle's North Island project and BHP's Island copper mine, yet is at a much earlier stage of exploration, with its potential concealed porphyry source still to be systematically tested.

The project is contiguous with the historic Three Jays and Monitor copper mines, which reported average production grades of 7.50 per cent copper and 0.97 g/t gold, and 9.08 per cent copper and 0.05 g/t gold, respectively. Within Island Range, the Sunshine prospect hosted artisanal production in 1916, with reported average grades of 17.38 per cent copper and 43.6 g/t silver.

Island Range complements Osiris One's existing Western Range project, in which the company acquired an 80-per-cent interest earlier this year and in which it has subsequently expanded to cover further structures of interest.

Coming fourth quarter exploration program

The company will imminently commence a new exploration program across the more-than-8,500-hectare project area. The next phase of work is designed to build on the substantial body of historical exploration data, further refine the company's understanding of previously identified geochemical and geophysical anomalies, and assess the potential extensions of known mineralized trends across the broader project area.

The next phase will include:

• High-resolution drone mapping: A detailed drone-based topographic and aerophotogrammetric survey. The program will generate high-resolution digital terrain model and imagery data set across the project area, providing an improved geological and structural base for integrating historical mining, surface geology, geochemistry and geophysical data sets.
• Geochemical surveys: Systematic geochemical sampling will be undertaken across priority areas to further define previously identified copper-gold anomalies and assess their continuity beyond the limits of historical sampling. The program will also investigate areas with limited previous coverage and assist in identifying broader geochemical trends that may indicate concealed or previously unrecognized mineralized systems.
• Induced polarization geophysics: Targeted IP surveying will be undertaken across priority geochemical and previously identified geophysical anomalies to better define the geometry and extent of potentially sulphide-bearing zones at depth. The survey is intended to identify chargeability and resistivity responses associated with mineralized structures, skarn alteration and potential concealed intrusive-related mineral systems, while providing greater definition of targets beneath areas of limited surface exposure.
• Integrated geological interpretation and 3-D modelling: Results from the new topographic, geochemical and IP programs will be integrated with previous exploration data, surface mapping and existing geophysical data sets. This work will support the development of an updated 3-D geological and structural model of the project.

The company expects the coming work program to generate multiple potential news catalysts, including completion and interpretation of geochemical sampling and completion and interpretation of the IP geophysics.

Sreenath Didugu, chief executive officer of Osiris One Metals, commented: "Island Range presents a compelling opportunity to advance a mineralized copper system that has seen very limited modern drill testing. The project combines multiple high-grade copper occurrences at surface with coherent geochemical anomalies, significant magnetic features, and a geological setting prospective for both skarn and larger intrusion-related porphyry-style mineralization. Its location within the same broader Vancouver Island geological terrane that hosts significant porphyry copper systems, including those being advanced at NorthIsle's North Island project and, previously, BHP's Island copper mine, further highlights the potential prospectivity.

"Our immediate focus will be on completing targeted geophysical work to sharpen the existing geological model."

"We see a clear opportunity to test to what extent these high-grade surface occurrences continue at depth and form part of a broader mineralized system across Island Range."

Qualified person and technical disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Michael Thirnbeck and a member of the Australasian Institute of Mining and Metallurgy (AusIMM No. 109115), an independent consulting geologist and a qualified person as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

This news release contains data that are historical in nature. The historic geochemical and geophysical data disclosed herein were not collected or generated by the company or the vendor, and have not been independently reviewed or verified by the company; the company is in the process of compiling and reviewing all historic exploration records. Michael Thirnbeck has reviewed the historical exploration results and reports referenced in this news release, but has not independently verified the historical sampling, analytical or quality assurance/quality control procedures employed in the underlying work.

These data are disclosed for background purposes only. Referenced historical production figures, resource estimates and geological statements relating to other properties are provided for context for the project only and are not necessarily indicative that the project hosts similar potential, size or grades of mineralization. No mineral resource or mineral reserve has been defined on the project, and there is no assurance that further work will result in a mineral resource classification. Much of the historical production and grade information predates modern reporting standards, and should not be relied upon as evidence of a current mineral resource or mineral reserve, or as indicative of future exploration results.

Transaction summary and option

Pursuant to the agreement, Osiris has agreed to acquire the exclusive option to acquire a 100-per-cent interest in the Island Range copper project by way of purchasing all the issued and outstanding shares of the vendor in exchange for issuing an aggregate total of eight million common shares of Osiris to the shareholders of the vendor. Upon completion of the transaction, the vendor will become a wholly owned subsidiary of Osiris and continue to hold the option.

Subject to the terms and conditions of the transaction, the aggregate consideration payable and the expenditures required to be incurred in respect of the project to exercise the option will be as follows:

1. Aggregate cash payments of $1,375,000 as follows:
   1. $10,000 on or before the date that is 30 days from closing;
   2. An additional $15,000 on or before the date that is 90 days from closing;
   3. An additional $100,000 on or before the date that is 12 months from closing;
   4. An additional $250,000 on or before the date that is 24 months from closing;
   5. An additional $500,000 on or before the date that is 36 months from closing; and
   6. An additional $500,000 on or before the date that is 48 months from closing; and
2. Incurring an aggregate of not less than $530,000 in expenditures on or in respect of the project as follows:
   1. $30,000 within on or before the date that is 45 days from closing;
   2. An additional $100,000 on or before the date that is 12 months from closing;
   3. An additional $200,000 on or before the date that is 24 months from closing; and
   4. An additional $200,000 on or before the date that is 36 months from closing; and
3. Issuing common shares of Osiris with an aggregate value of $1,375,000 as follows:
   1. $25,000 on or before the date that is 90 days from closing;
   2. An additional $100,000 in common shares of Osiris on or before the date that is 12 months from closing;
   3. An additional $250,000 in common shares of Osiris on or before the date that is 24 months from closing;
   4. An additional $500,000 in common shares of Osiris on or before the date that is 36 months from closing; and
   5. An additional $500,000 in common shares of Osiris on or before the date that is 48 months from closing.

Upon exercise of the option, the project will be subject to aggregate net smelter return royalties of 3.0 per cent. The company will have the right to repurchase 0.5 percentage points of those royalties for $1-million, reducing the aggregate royalty to 2.5 per cent.

The transaction is an arm's-length transaction, and no finders' fees are to be paid in connection with the transaction. The transaction remains subject to TSX Venture Exchange approval, and the common shares issuable in connection with the transaction and the option will be subject to a statutory four-month hold period from the date of issuance in accordance with applicable Canadian securities laws.

Closing of the transaction and payment of the consideration under the agreement remain subject to the completion and delivery of customary closing documentation for a transaction of this nature.

About Osiris One Metals Ltd.

Osiris is building exposure to strategic and critical minerals as a copper explorer focused on constructing a portfolio of high-growth assets. The company aims to acquire and develop projects with strong geological fundamentals, clear catalysts and the potential to create significant value.

We seek Safe Harbor.