Mr. James Deckelman reports

DEEP SEA MINERALS, WESTWIN SIGN NON-BINDING LETTER OF INTENT TO EVALUATE U.S. PROCESSING OF POLYMETALLIC NODULES

Deep Sea Minerals Corp. has entered into a non-binding and non-exclusive letter of intent (the LOI) with Westwin Elements Inc. regarding a proposed joint development agreement to evaluate potential United States-based processing routes for polymetallic nodules.

The LOI establishes a framework for the parties to negotiate a definitive joint development agreement in the future, following, among other things, the company obtaining subsea mineral rights and all licenses, permits, and other regulatory approvals required to explore, recover, test mine and harvest subsea polymetallic nodules. Such a joint development agreement would establish a formal framework for the company and Westwin to jointly evaluate processing and recovery pathways for nickel, cobalt, copper, and manganese contained in polymetallic nodules. Any future joint development, feedstock supply, offtake or commercial processing arrangement would remain subject to further negotiation, applicable conditions and the execution of definitive agreements. There can be no assurance that the company ever obtains subsea mineral rights or enters into any joint development or other definitive agreement with Westwin.

The LOI, or any future joint development or other definitive agreement with Westwin, is not intended to replace, modify or otherwise affect Westwin's existing feedstock relationships or arrangements with third parties.

Proposed joint technical evaluation

The LOI contemplates that, under any future joint development agreement with Westwin, the company would provide representative polymetallic nodule samples and available geological and geochemical data for evaluation and Westwin would undertake bench-and pilot-scale testwork to assess potential processing routes. The proposed joint development program would assess the principal processing steps from polymetallic nodule material through intermediate and potential saleable products, with the objective of developing a recommended processing route and process block flowsheet.

Under the LOI, the company is responsible for the costs associated with providing samples and related data, while Westwin is responsible for the costs of testwork conducted at its facilities, unless otherwise agreed by the parties.

The parties contemplate that the proposed technical evaluation would assess whether polymetallic nodules could represent an additional potential feedstock source for future United States-based critical mineral processing capacity.

"Evaluating potential downstream processing pathways is an important part of our work to understand how polymetallic nodules could ultimately fit within a U.S.-based critical minerals supply chain," said James Deckelman, chief executive officer of Deep Sea Minerals. "This non-binding arrangement with Westwin provides a framework for future discussions of a joint development agreement to evaluate the technical work required to assess potential processing routes. The current focus is on technical evaluation, and any future commercial relationship would remain subject to applicable conditions and the negotiation and execution of definitive agreements."

"Westwin's potential collaboration with Deep Sea Minerals is an important development towards strengthening the nation's critical mineral supply chain," said KaLeigh Long, founder and chief executive officer of Westwin. "By evaluating new potential sources of critical mineral feedstock alongside domestic processing capabilities, we are working to expand the options available to support U.S. national security and resilience. We look forward to bringing Westwin's processing expertise to this potential collaboration and exploring the potential of polymetallic nodules as an additional domestic resource."

Potential future feedstock relationship

If the parties enter into a definitive joint development agreement in the future, and the contemplated technical program identifies a processing route that the parties determine to be technically and commercially viable, the company and Westwin may consider a longer-term commercial relationship involving the company supplying Westwin with polymetallic nodule feedstock. Any future supply arrangement would remain subject to, among other things, successful technical evaluation, applicable funding conditions, the company obtaining the required exploration, and/or commercial recovery rights and regulatory approvals, sufficient processing capacity, commercial viability, and the negotiation and execution of definitive agreements. The company has not committed to provide Westwin with any minimum quantity of polymetallic nodule material, and neither party currently has any binding supply, offtake or commercial processing obligation. There can be no assurance that any ongoing commercial relationship with Westwin will ever materialize or that the company will ever be able to provide a commercial supply of polymetallic nodule feedstock.

Other corporate updates

The company intends to enter into a third extension of its investor relations and marketing agreement with Capital Gain Media Inc. (CGM), originally announced on Feb. 24, 2026, and previously extended June 4 and July 9, 2026, subject to the approval of the Canadian Securities Exchange (the CSE). Under the proposed extension, CGM would continue to provide investor awareness, digital marketing, content development and related communication services in support of the company's capital markets initiatives. The extension would continue for up to 90 days, or until the allocated marketing budget has been exhausted. The company intends to allocate an additional marketing budget of $100,000 (U.S.), plus applicable taxes, for the extended term.

CGM has a business address located at 1111 West Hastings St., 15th floor, Vancouver, B.C., V6E 2J3, and its principal Graham Colmer can be contacted at admin@capitalgainmedia.com. CGM and its principals are arm's length from the company.

About Westwin Elements Inc.

Westwin Elements is scaling America's only Class 1 nickel refinery, delivering high-purity Class 1 nickel and specialized nickel products for national security and industrial applications. Using carbonyl refining technology, Westwin is driving critical mineral independence and reshaping the future of sustainable metal refining.

About Deep Sea Minerals Corp.

Deep Sea Minerals is a subsea mineral exploration and development company focused on evaluating opportunities to support the future supply of critical minerals through the acquisition, exploration and development of deep-sea mineral assets.

The company's strategy is centered on identifying jurisdictions and geological settings with potential exposure to polymetallic nodule systems, which are recognized for containing combinations of metals that may be relevant to defence, industrial manufacturing, clean energy infrastructure, advanced electronics and artificial-intelligence-related supply chains. These seabed resources represent a largely undeveloped component of the global mineral supply base and are the subject of increasing policy, scientific and regulatory attention worldwide.

As part of this process, the company has commenced early stage engagement with selected governments and regulatory bodies in the Pacific Ocean region to assess potential pathways for future exploration initiatives, subject to applicable international, national and environmental frameworks.

We seek Safe Harbor.