Mr. Ray Wladichuk reports

SILICON METALS CORP. PROVIDES CORPORATE UPDATE

Silicon Metals Corp. has provided an update with respect to its previously announced letter of intent with OIG Overseas Investment Group Ltd. (see press release dated April 20, 2026). The proposed acquisition of OIG's exclusive option to acquire a 100-per-cent interest in and to seven mineral licences totalling 69 mineral claims covering approximately 1,700 hectares in Newfoundland and Labrador has not come to fruition at this time. The company is continuing talks with the vendor regarding future collaboration.

The company will continue along the same path forward which has clear pathways to potential near-term cash flow. The company will continue to hunt for and acquire new critical mineral opportunities.

The company has also launched a new website and has made several changes to its information technology.

Private placement

The company would also like to provide an update that it will not proceed with its previously announced private placement, as detailed in the company's news release dated April 27, 2026. The company will provide additional information and updates as soon as possible.

About Silicon Metals Corp.

Silicon Metals is focused on exploration and development of critical minerals, with a focus on high-purity silica. The company's Maple Birch project, located approximately 30 kilometres southeast of Sudbury, Ont., is a high-purity quartz pegmatite project with a 3,000-tonne-per-year production permit. The company holds a 100-per-cent interest in the Crystal Hills project, located approximately 40 km north of the city of North Bay, Ont., Canada, which consists of five mineral claims composed of 18 cells totalling approximately 400 hectares. The company also holds an undivided 100-per-cent right, title and interest in the Ptarmigan silica project, located approximately 130 km from Prince George, B.C., which has a five-year exploration drilling and blast permit. The company has also acquired an undivided 100-per-cent right, title and interest in both the exploration-stage Silica Ridge silica project located approximately 70 km southeast from the town of MacKenzie, B.C., and the exploration-stage Longworth silica project located approximately 85 km east of Prince George, B.C.

We seek Safe Harbor.