Mr. Chris Lodder reports

PHOENIX METALS CORP. ANNOUNCES PARTIAL EXERCISE OF OVER-ALLOTMENT OPTION

Further to Phoenix Metals Corp.'s recently completed initial public offering of Class A common shares of the company, the overallotment option granted by the company to the underwriters (as defined below) to purchase up to an additional 5.1 million common shares at a price of $1.25 per common share has been partially exercised for 3,122,100 common shares. The company will receive additional gross proceeds of $3,902,625 in connection with the partial exercise of the overallotment option. As a result of the partial exercise of the overallotment option, the aggregate gross proceeds from the offering now total $46,402,625.

The common shares of the company are listed and have been trading on a regular basis on the Toronto Stock Exchange under the symbol PCA since July 9, 2026.

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.

The offering was completed pursuant to Phoenix's supplemented PREP (postreceipt pricing) 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+.

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, 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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