Mr. Chris Lodder reports

PHOENIX METALS CORP. ANNOUNCES CLOSING OF UPSIZED INITIAL PUBLIC OFFERING

Phoenix Metals Corp. has closed its previously announced, upsized initial public offering of 34 million Class A common shares of the company at a price of $1.25 per common share for total gross proceeds of $42.5-million.

The offering was conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp. and National Bank Financial Inc., as joint lead managers and joint bookrunners, and including Haywood Securities Inc. and RBC Dominion Securities Inc.

In connection with the offering, the company granted the underwriters an overallotment option, exercisable in whole or in part at any time up to 30 days following closing of the offering, to purchase up to an additional 5.1 million common shares at the offering price to cover overallotments, if any, and for market stabilization purposes. The overallotment option remains unexercised as of the date of this news release. If the overallotment option is exercised in full, the offering would raise aggregate gross proceeds of $48,875,000.

The common shares of the company are listed on the Toronto Stock Exchange under the symbol PCA.

The offering was completed pursuant to Phoenix's supplemented PREP prospectus dated July 2, 2026, filed with the securities regulatory authorities in each of the provinces of Canada, except Quebec, a copy of which is available under the company's profile on SEDAR+.

Certain insiders of the company subscribed for an aggregate of 3,156,000 common shares under the offering, which constituted a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation requirements of MI 61-101 pursuant to Section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to Section 5.7(1)(a) in respect of such insider participation, as the fair market value of the transaction involving interested parties did not exceed 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances, as the insider participation had not been confirmed at that time and the company wished to close the offering in an expeditious manner.

About Phoenix Metals Corp.

Phoenix Metals is a Canadian mineral exploration company focused on the exploration and development of gold-copper deposits in south-central British Columbia. The company's principal asset is the Greenwood project, comprising the Lexington, Golden Crown, Blue Bell, Phoenix, Tam O'Shanter, and Boundary Falls and Haas Creek properties, located between the towns of Greenwood and Grand Forks, B.C., and consisting of 156 active mineral claims, four mining leases and 211 Crown-granted parcels.

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