Mr. Michael Garagan reports

SAGA METALS CLOSES ON TITLE TRANSFER AGREEMENT TO EXPAND WOLVERINE HEAVY RARE EARTH ELEMENT PROJECT IN LABRADOR-GRAB SAMPLE ASSAYS INCLUDED UP TO 21.6% TREO

Further to its news release dated April 16, 2026, Saga Metals Corp. has received TSX Venture Exchange approval and closed on the title transfer agreement to acquire a 100-per-cent interest in three contiguous mineral licenses comprising 54 mineral claims totalling approximately 1,350 hectares in Labrador.

Wolverine REE (rare earth element) project expansion highlights:

• Seven identified REE-bearing showings hosted in peralkaline pegmatites, documented through 39 surface grab samples;
• Certified laboratory assays from two independent accredited laboratories (Eastern Analytical Ltd. and Agat Laboratories) confirm REE enrichment across multiple samples, including:
• • Show 6, sample 11266: Ce (cerium) at 82,600 parts per million, Nd (neodymium) at 34,300 ppm, La (lanthanum) at 33,500 ppm, Tb (terbium) at 572 ppm, Dy (dysprosium) at 2,980 and Y (yttrium) at 8,060 -- all REE elements fully resolved with no detection limits exceeded, 21.6 per cent TREO (total rare earth oxides) (Agat certificate 21T755642);
  • Show 6, sample 11265: Ce exceeding laboratory detection limit of 50,000 ppm and Nd exceeding detection limit of 10,000 ppm, Tb at 606 ppm, Dy at 3,550 ppm and Y at 12,896 ppm, confirming the presence of extreme REE enrichment; actual values are higher than reported, TREO greater than 15.35 per cent (Eastern Analytical certificate 131-1305837);
  • Show 6, sample 11267: Ce exceeding laboratory detection limit of 50,000 ppm and Nd exceeding detection limit of 10,000 ppm, Tb at 473 ppm, Dy at 2,570 ppm and Y at 8,464 ppm, confirming the presence of extreme REE enrichment; actual values are higher than reported, TREO greater than 15.28 per cent (Eastern Analytical certificate 131-1305837);
  • Show 6, additional grab samples: 1.1 per cent to 4.8 per cent TREO (Eastern Analytical certificate 131-1613459);
  • Shows 1, 4 and 7: grab samples returning up to 1.9 per cent TREO from certified analyses;
• Complementary mineralization style to overall property boundary -- pegmatite-hosted high-grade REE potential alongside Wolverine's main zone of bulk disseminated caldera tuff-hosted REE mineralization.

Michael Garagan, chief geological officer and director, commented: "I am thrilled that we have now closed on this title transfer agreement and secured a 100-per-cent interest in these highly prospective claims. This marks a key step in expanding the Wolverine REE project as we move significantly closer to consolidating the full extent of the property that was announced on April 14, 2026. The addition of these seven REE-bearing pegmatite showings, with assays up to 21.6 per cent TREO, provides a compelling high-grade complement to our bulk disseminated mineralization in the Flowers River igneous suite (FRIS). This is a major step forward that strengthens our district-scale opportunity within the FRIS and positions us for an aggressive 2026 exploration program."

Geological connection: the Flowers River igneous suite (FRIS)

The entire property is hosted within the Flowers River igneous suite (FRIS), an approximately 1.3-billion-year-old Mesoproterozoic peralkaline magmatic province that represents one of the largest known peralkaline intrusive-volcanic complexes in Labrador. The FRIS comprises the Flowers River peralkaline granite, the Nuiklavik volcanic caldera complex and associated ring intrusions covering a significant portion of the central Labrador coast.

The previously announced Wolverine property boundary is hosted within the Nuiklavik caldera complex, where REE mineralization occurs as bulk disseminated enrichment in crystal-poor ash-flow tuffs. The additional 54 mineral claims are hosted in peralkaline pegmatites at the outer margin of the Flowers River pluton -- the last-crystallizing, most chemically evolved melt fractions of the granite body. Located 12 kilometres south-southwest of Wolverine's 2025 drilling campaign, these claims provide a high-grade extension to the mineralized potential on the property.

There are seven REE-bearing showings identified through prospecting, geological mapping and geochemical sampling (2013 to 2021). Showings 1 to 5 cluster in a central zone; Show 6 lies approximately two kilometres to the east. These showings are hosted within narrow (two to three metres wide) peralkaline pegmatite bodies with surface strike lengths ranging from three metres to 120 metres, with additional portions concealed beneath glacial drift.

Wolverine REE project overview

The Wolverine REE project now comprises nine contiguous mineral licences totalling approximately 294.5 square kilometres, situated approximately 50 kilometres west of Hopedale and 12 kilometres inland from the Labrador coast. The project is accessible by fixed-wing aircraft to the Hopedale gravel airstrip, followed by helicopter to site. Infrastructure advantages include commercial air services, ferry services, and road access in the towns of Natuashish and Hopedale, with communities that have established agreements with the nearby Vale Voisey's Bay mine. The project is only 12 kilometres from tidewater, offering logistical support to potential year-round access.

Wolverine REE project highlights:

• 2025 reverse circulation (RC) drilling confirmed broad, near-surface REE mineralization across a 1.7-kilometre-by-1.2-kilometre area hosted within a significant peralkaline caldera system;
• 537 samples from the 2025 program returned consistent mineralization, supporting strong continuity across the drilled footprint; key intercepts include:
  • WOLRC25-003: 48.8 m at 0.77 per cent TREO from 1.5 m, including 18.3 m at 1.06 per cent TREO;
  • WOLRC25-006: 38.1 m at 0.71 per cent TREO from surface, including 4.6 m at 1.53 per cent TREO;
  • WOLRC25-002: 51.8 m at 0.52 per cent TREO from surface, including 33.5 m at 0.67 per cent TREO;
• 2023/2024 backpack drilling yielded 32 core samples from less than six m depth; despite the limited penetration, these holes confirmed the presence of high-grade REE mineralization, including:
  • VWS24-003 returned 1.83 per cent TREO at zero to 0.75 m;
  • VWS24-002 intersected 1.54 per cent TREO at 3.2 to 4.2 m and 1.42 per cent TREO at 4.95 to 5.8 m;
  • VWS23-001 reached 1.16 per cent TREO at 0.9 to 1.85 m;
• Peak assays reached 2.03 per cent TREO, with an average heavy rare earth oxides (HREO) contribution of approximately 24 to 28 per cent, highlighting strong heavy rare earth enrichment;
• Mineralization remains open and underexplored, with greater than 1 per cent TREO enriched zones identified;
• Large-scale potential is supported by 26 square kilometres of exposed mineralized tuff at surface, 25 to 50 m in thickness and less than 10 per cent of the prospective unit drilled to date;
• Wolverine sits in a peralkaline intrusive complex within the same geological province as globally significant REE deposits including Tanbreez and Strange Lake;
• The project's combination of district-scale potential, HREE (heavy rare earth element) enrichment, near-surface mineralization and Tier-1 jurisdiction positions it as a potentially significant strategic REE asset.

Coming 2026 work program and exploration priorities at the Wolverine REE project

The company's primary focus will be on diamond drilling for resource validation and metallurgical test work, with the following priorities:

1. Diamond core drilling to confirm vertical grade zonation, validate mineralization continuity, collect material for metallurgical testing and verify REE host minerals;
2. Targeted stepout and deeper drilling to test the thickness of the enriched horizon, define the base of mineralization and improve geological confidence in areas where the system remains open;
3. Structural interpretation through geophysical surveys and outcrop mapping to better understand fault controls on the distribution of enriched horizons;
4. Ring dike drilling south of the 2025 drill area to evaluate an additional high-priority target with expansion potential;
5. Technical advancement studies including density, mineralogical, geotechnical, hydrogeological, environmental baseline and quality assurance/quality control programs to support future resource estimation and assess potential zirconium byproduct upside.

Terms of the acquisition

Pursuant to the terms of title transfer agreement among Saga and two private vendors, Saga has agreed to make the following cash payments and common share issuances in consideration of the property:

1. $52,700 on closing (paid);
2. $50,000 six months from closing;
3. 500,000 common shares of Saga, subject to resale restrictions (in addition to those imposed by applicable securities laws and the policies of the TSX Venture Exchange) expiring as to 20 per cent on each of the closing date, and the six-month, 12-month, 18-month and 24-month anniversaries thereof (issued).

Furthermore, the company has granted the property vendors a 2-per-cent net smelter return royalty over the property, of which the company may repurchase 1 per cent for $500,000 at any time.

Qualified person

Clinton Davis, PGeo, is an independent qualified person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Technical disclosure

All assay values reported herein are sourced from certified laboratory certificates issued by Eastern Analytical and Agat Laboratories, both accredited analytical facilities. TREO percentages were calculated by Saga from the certified individual element values. Where laboratory detection limits were exceeded, the detection-limit floor value was used in calculating minimum TREO. These results are from surface grab samples collected by the property vendor and are not necessarily representative of mineralization on the property. Grab samples are selective by nature and may not reflect bulk-rock grades.

About Saga Metals Corp.

Saga Metals is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar titanium-vanadium-iron project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 square kilometres on the surface near Cartwright, Labrador. Exploration to date, including 13,337 metres of drilling, has confirmed a large, mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with strong grades of titanium and vanadium.

The Double Mer uranium project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18-kilometre east-west trend, with a confirmed 14-kilometre section producing samples as high as 0.428 per cent U3O8 (triuranium octoxide). Uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer technical report).

Additionally, Saga owns the Legacy lithium project in Quebec's Eeyou Istchee James Bay region. This project spans 65,849 hectares and shares significant geological continuity with other major players in the area, including Rio Tinto, Li-FT Power, Soquem and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, Saga is strategically positioned to play an essential role in securing critical minerals.

We seek Safe Harbor.