Mr. Simon Ridgway reports

LENTUNG PROJECT PROGRESS UPDATE

Rackla Metals Inc. has provided an update on its 2026 exploration program at the Lentung tungsten project in the Northwest Territories. The project is fully permitted under a five-year Type A land use permit issued by the Sahtu Land and Water Board, and the company's 2026 exploration program is fully financed.

Despite a heavy snowpack and delayed seasonal melt, Rackla has made strong progress mobilizing and advancing the program. Key activities under way or scheduled include:

• Construction of a 49-person exploration camp, with completion expected by July 11;
• Commencement of engineering and archeological studies for the project and the proposed Lentung access road;
• Re-establishment and brushing of historic 1980s trail networks across the property;
• Recovery, overboxing and cataloguing of historic drill core;
• Engagement with local communities;
• Engagement of SKS Environmental Inc. to review historic environmental data and restart baseline studies;
• Planned commencement of 4,000 metres of diamond drilling in mid-July;
• Planned commencement of 6,000 metres of reverse circulation drilling in mid-July.

The Lentung project is located within the Tombstone tungsten belt of the western Northwest Territories, approximately 127 kilometres south of the Mactung tungsten deposit owned by Fireweed Metals Corp. and 60 kilometres by road north of the past-producing Cantung tungsten mine. Between 1977 and 1982, Union Carbide Exploration Corp. carried out an extensive exploration program on the Lentung property. That work included approximately 26,900 metres of diamond drilling, geochemical and geophysical surveys, geological mapping, trenching, metallurgical testwork, engineering studies, economic studies, and environmental baseline work.

Rackla's camp is being established at the former Union Carbide camp location and is positioned to access the Stephen's Ridge, Western Skarn, Emma and Far West zones (renamed the Central zone), where Union Carbide identified near-surface, greater-than-1-per-cent-WO3 mineralization. The company is re-establishing approximately 27 kilometres of historic trails to provide UTV and mobile tracked drill access from camp to this zone.

Historical drill results and other technical information in this release are based on prior operator reporting and have not been independently fully verified by Rackla. Reported intervals are downhole intervals and do not represent true widths. Further works are required to confirm this.

The company has also initiated engineering and archeological studies for a proposed access road connecting the Lentung project to the Howard's Pass access road. Environmental studies in support of the permit application are expected to commence shortly, and a lidar survey is planned for early July to assist with road alignment design. Rackla expects to submit a permit application later this summer, following completion of the required studies and design work. If permitted and constructed, the short access road would provide an important logistical connection to Watson Lake and British Columbia ports.

Rackla's geological team has commenced recovery of the historic drill core that remains on the property. Initial work includes cataloguing the remaining core boxes, identifying box markings and assessing core condition. Based on observations to date, the company estimates that 90 per cent or more of the historic core may be recoverable. This core is expected to provide valuable geological information and support the preparation of a National Instrument 43-101 technical report, targeted for completion in fourth quarter 2026 or first quarter 2027.

The company has also held engagement meetings with the Sahtu Dene and Metis, the Dehcho First Nations, Liidlii Kue First Nation of Fort Simpson, Nahaa Dehe Dene Band of Nahanni Butte, and Acho Dene Koe First Nation of Fort Liard. Rackla will continue to work closely with local rightsholders, communities, regulatory agencies and government as exploration advances, with the objective of ensuring that its activities are conducted responsibly and reflect local priorities.

In the 1980s, Union Carbide initiated environmental baseline studies at Lentung as part of its project advancement work. Rackla has obtained the original data and studies from that period. SKS Environmental Inc. has been engaged to review those historic materials and incorporate relevant information into an updated environmental baseline program, expected to begin in July.

The diamond drill crew is scheduled to arrive on site on July 12, with drilling expected to commence shortly thereafter. The first phase of diamond drilling will focus on twinning 27 historic holes to confirm historic results. This confirmation drilling is expected to account for approximately 2,200 metres of the planned 4,000-metre diamond drill program. The balance of the diamond drilling will be used to test some of the deeper, high-grade mineralized zones discovered by Union Carbide's scout drilling in other areas of this large property.

A 6,000-metre reverse circulation drill program is also scheduled to begin in mid-July. This program is designed to infill and expand tungsten mineralization at the Central zone. The self-propelled RC drill will allow for efficient, low-cost movement between drill sites using the re-established trail network.

Rackla was also pleased to receive confirmation that its application to the Northwest Territories mineral incentive program was approved for $99,000 in funding to advance the South Lened rare earth target. South Lened is located across the valley from the tungsten occurrences and was identified following stream sediment sampling by the company in 2025. The target is defined by a three-kilometre-long, highly anomalous cerium and lanthanum stream sediment anomaly. The anomalies remain unexplained and may indicate the presence of a significant upstream source. The MIP funding will be used for geological mapping, prospecting, soil sampling and geophysics to identify and evaluate the potential source of the rare earth mineralization.

The proximity of Lentung to the past-producing Cantung mine, together with strong tungsten prices, growing interest in critical minerals and increasing focus on secure North American mineral supply chains, provides a compelling strategic context for the project.

Simon Ridgway, chief executive officer of Rackla, commented: "We are pleased to see the 2026 program getting under way at Lentung. This will be an exciting drill season aimed at confirming the shallow tungsten intercepts discovered by Union Carbides's extensive and detailed work program. In the area we have renamed the Central zone, Union Carbide intersected multiple zones with greater-than-10-metre intercepts grading greater than 1 per cent WO3. These zones form the dip slope of the hillside and occur over a strike length of approximately 1.5 kilometres, an ideal configuration for open-pit mining with a minimal strip ratio, should a resource be identified. One per cent WO3 is equal to 10 kilograms of WO3 or one metric tonne unit of WO3. As of June 25, 2026, the price of tungsten ore at 88.5 per cent WO3 was trading at $3,200 (U.S.) per MTU on the Shanghai Metals Market. If a resource can be proved at Lentung, there could be significant value.

"Our geologists have observed that there is some inconsistency within this zone, which appears to be related to faulting. We believe that with the detailed infill drilling this year, we will be able to sort out these complications and gain a fuller understanding of the geological picture of the broad intercepts.

"To be clear, the primary focus of this year's program is defining a near-surface resource in the Central zone. But the bigger picture is also a very compelling target: multiple tungsten suite intrusions, cutting numerous limestone beds in one of the world's richest tungsten skarn belts. The Lentung property is relatively unexplored and Rackla owns 100 per cent of this large property.

"We also recognize the importance of responsible exploration in the Northwest Territories. The permitting process has been clear and constructive, and we are grateful for the feedback received from our community engagement, the regulators and the territorial government. We look forward to continuing that engagement as we advance the project."

Qualified person

Scott Casselman, BSc, PGeo, vice-president, exploration, of the company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, the Northwest Territories, and Nunavut Association of Professional Engineers and Geoscientists, and is the company's qualified person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

About Rackla Metals Inc.

Rackla is a Vancouver-based mineral exploration company focused on gold and critical mineral projects in Northern Canada. The company is advancing a portfolio of exploration assets in the Yukon and Northwest Territories, including the Lentung tungsten property, as part of its strategy to identify and develop mineral projects with district-scale potential and strategic importance.

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