Highlights

• Maiden drill program underway, ahead of schedule: Six diamond drill holes totalling approximately 1,000 metres from three drill pads have commenced at the Green Wolf target — roughly two months ahead of the early-2027 start set out in the Company's September 22, 2026 news release.
• One ridge, four converging indicators: The first target is a northeast-southwest trending ridge at the up-ice end of the Spodumene Ridge boulder cluster, where (1) the spodumene-bearing boulder train terminates abruptly at the crest of the ridge; (2) the interpreted north-northwest to south-southeast glacial flow places the ridge up-ice of the boulders; (3) large upright boulders aligned with the ridge are interpreted as possible outcrop; and (4) a recently completed ground radiometric survey returned a coincident anomaly along the same ridge.
• High-grade boulder field: Five spodumene-bearing pegmatite boulder trains have been identified across an approximately 3 km by 1 km area at Green Wolf, with historical samples grading up to 3.40% Li₂O. Within the Spodumene Ridge cluster, 38 boulders were channel-sampled in September 2026 (25 newly identified): 20 graded above 1.0% Li₂O and three above 2.0% Li₂O, to a maximum of 2.72% Li₂O.
• Brazil Lake reference point: The targeted ridge has a similar orientation (northeast-southwest) and approximate width to the North Dyke at the nearby Brazil Lake pegmatite deposit, the only known spodumene deposit in the region (adjacent property — see disclosure below).
• Next catalysts: Visual observations from drill core will be reported as drilling advances and assay results as they are received. Detailed till-sampling grids and ground geophysics (radiometrics and ground-penetrating radar) are already underway at Green Wolf, with full results and new drill targets expected in the first quarter of 2027.

Vancouver, British Columbia--(Newsfile Corp. - November 9, 2026) - Scotia Metals Corp. (CSE: SMET) ("Scotia" or the "Company") is pleased to announce that its maiden diamond drilling program has commenced at the Green Wolf target within its 100%-owned Acadia Lithium Project in southwestern Nova Scotia — the Company's first direct test for a bedrock source of the high-grade spodumene-bearing boulders discovered at surface.

The initial program comprises approximately 1,000 metres. Drilling has started ahead of the early-2027 timetable announced in September because the fieldwork completed since August has repeatedly pointed to the same piece of ground, allowing the Company to define its first target earlier than planned.

"We said in September that drilling would follow the targets, not the calendar — and the first target arrived early. Everything we have done at Green Wolf since August, from channel-sampling 38 boulders to mapping the ridge and surveying it with ground radiometrics, has pointed at the same cluster, so we moved the rig in rather than wait for January. Six holes will tell us whether the high-grade spodumene sitting on surface has a source in bedrock on our licences."

Rodrigo Roso, Chief Executive Officer and Director, Scotia Metals

Green Wolf: From Surface Discovery to Bedrock Testing

Previous exploration at Green Wolf identified five spodumene-bearing boulder trains across an approximately 3 km by 1 km area, with historical sampling returning grades of up to 3.40% Li₂O. Detailed follow-up in September 2026 increased the number of identified boulders within one priority cluster, known as Spodumene Ridge, from 13 to 38, including 25 newly identified boulders. Channel sampling of all 38 boulders returned 20 samples grading above 1.0% Li₂O, including three above 2.0% Li₂O (see the Company's news release of September 22, 2026).

The concentration of large, angular, relatively unweathered spodumene-bearing boulders has been the Company's principal exploration indicator at Green Wolf and underpins both the search for a nearby bedrock source and the decision to begin drilling now, ahead of the original early-2027 plan. Subsequent geological mapping and ground geophysics have refined the initial drill targets.

Figure 1: Spodumene Ridge boulder cluster at the Green Wolf target. Coloured dots show channel-sampled boulders.

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Four Indicators Converge on a Single Ridge

The Company's initial drill targets are supported by four geological and geophysical observations that together indicate a potential nearby bedrock source for the Green Wolf boulders:

1. Abrupt termination of the boulder train. The boulder concentration ends abruptly near the crest of a northeast-southwest trending ridge. Based on the interpreted north-northwest to south-southeast direction of glacial movement, the Company believes the ridge may represent the source area from which the boulders were transported.
2. Glacial transport distances are short in this district. At the nearby Brazil Lake deposit, spodumene-bearing boulders have been documented from about 50 metres to less than one kilometre from their bedrock source, supporting the interpretation that the Green Wolf source is close to the boulders.
3. Possible outcrop. Large upright boulders displaying a similar northeast-southwest orientation have been identified near the ridge and may represent local bedrock exposures, although this remains unconfirmed.
4. Coincident radiometric anomaly. A ground radiometric survey on east-west lines spaced 25 metres apart identified elevated radiometric responses coincident with the ridge. While both granodiorite and pegmatite could account for these responses, their coincidence with the boulder termination and suspected outcrop provides additional support for drill testing.

The ridge also exhibits a similar orientation (northeast-southwest strike) and approximate width to the North Dyke at the nearby Brazil Lake pegmatite deposit. While this comparison provides a useful geological reference, the presence or continuity of lithium-bearing pegmatite at Green Wolf remains to be established through drilling.

Figure 2: Ground radiometric survey over the Spodumene Ridge target, showing the elevated response coincident with the ridge. Survey lines east-west at 25-metre spacing.

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Initial Drill Program

The program has been designed to test the geological interpretation developed from surface mapping, boulder sampling, topographic analysis and ground radiometric surveying. Six diamond drill holes totalling approximately 1,000 metres are planned from three drill pads. The principal objectives are to:

1. Determine whether spodumene-bearing pegmatite occurs in bedrock beneath or near the identified surface boulder concentration;
2. Test the geological and geophysical characteristics of the northeast-southwest trending ridge;
3. Investigate whether the upright boulders represent local bedrock exposures (outcrop) associated with a pegmatite system; and
4. Collect geological information to assess the potential orientation, thickness and continuity of any pegmatite bodies intersected, to guide subsequent exploration.

Drilling results will be used to refine the Company's geological interpretation and to determine the extent of additional drilling warranted at Green Wolf.

Next Steps

• Core observations: The Company intends to report visual observations from drill core as drilling advances, with assay results released as they are received from the laboratory.
• Follow-up targeting at Green Wolf: Detailed till-sampling grids and ground geophysics have commenced across the Green Wolf target. A full set of results and interpretations, including new drill targets, is expected in the first quarter of 2027 and will be reported accordingly.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by James Abson, VP Exploration of Scotia Metals Corp., a Qualified Person as defined by National Instrument 43-101. Mr. Abson is not independent of the Company. Mr. Abson has verified the data disclosed in this news release relating to the 2026 Green Wolf boulder channel-sampling program and the 2026 ground geophysical surveys, including the sampling, analytical and test data underlying the information, through review of field records, sample chain of custody, laboratory certificates and quality-control results.

About Scotia Metals Corp.

Scotia Metals Corp. (CSE: SMET) is a mineral exploration company focused on the acquisition and advancement of lithium and battery-metals projects. Its principal asset is the 100%-owned Acadia Lithium Project (formerly known as the L3 Lithium Project) in southwestern Nova Scotia, Canada, comprising 43 exploration licences covering approximately 37,268 hectares and 2,320 mineral claims. The Acadia land package extends for more than 80 kilometres along the prospective LCT pegmatite trend in the Brazil Lake district and includes exploration ground along trend to both the north and south of the Brazil Lake lithium property. The Project benefits from access to established road infrastructure and is located in a region with access to grid power, ports and airports.

Technical Disclosure and Sampling Information

Brazil Lake and Adjacent Property Disclosure

The Brazil Lake lithium property is owned by Champlain Mineral Ventures Ltd. and is not part of Scotia Metals' mineral claims. Scotia has no ownership interest in, or rights to, the Brazil Lake property. Brazil Lake provides regional geological context for Scotia's exploration because spodumene-bearing pegmatites have been identified there and publicly available studies have documented glacially transported spodumene-bearing boulders in the surrounding area. Information regarding Brazil Lake contained in this news release, including information relating to spodumene-bearing pegmatites, the North Dyke and documented glacial transport distances, has been obtained from publicly available third-party sources and has not been independently verified in full by a Qualified Person on behalf of Scotia. Any historical mineral resource estimate referenced for Brazil Lake is not a mineral resource of Scotia Metals and is not a current mineral resource prepared in accordance with NI 43-101 on behalf of the Company. Readers are cautioned that exploration results, geology and mineralization at Brazil Lake are not necessarily indicative of mineralization on Scotia's properties.

Green Wolf Boulder Data

The 2026 Green Wolf channel-sample results referenced in this news release were reported in full, together with the sampling, analytical and quality-control procedures, in the Company's news release dated September 22, 2026. Analyses were performed by ALS Canada Ltd. in Sudbury, Ontario, using the ME-MS89L sodium peroxide fusion ICP-MS method, with lithium values converted to Li₂O using a factor of 2.153. Historical boulder sample results, including the value of 3.40% Li₂O, were obtained by Continental Lithium Ltd., the Company's wholly-owned Nova Scotia subsidiary, between 2023 and 2025 and were previously disclosed, together with the associated quality assurance and quality control program, in the Company's NI 43-101 Technical Report on the L3 Lithium Project (now the Acadia Lithium Project) with an effective date of June 15, 2026, filed on SEDAR+ at www.sedarplus.ca.

Boulder and channel samples are selective samples of surface float and may not be representative of the grade, style or continuity of mineralization on the property. Boulder samples do not, on their own, demonstrate the presence of bedrock mineralization. Ground radiometric responses may be produced by rock types other than pegmatite, including granodiorite, and do not by themselves indicate the presence of lithium mineralization.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements are frequently identified by words such as "plan," "expect," "intend," "anticipate," "target," "potential," "may," "will," "could," "would" and similar expressions. Forward-looking statements in this release include, but are not limited to, statements regarding: the scope, metreage, timing and execution of the maiden drill program, including the number of holes and drill pads and the ability to drill through the winter months; the geological interpretation of the Green Wolf target, including the possibility that the targeted ridge, upright boulders or radiometric anomaly represent a bedrock source of spodumene-bearing pegmatite; the timing of reporting of visual core observations and assay results; the timing and results of detailed till sampling and ground geophysics at Green Wolf and the identification of new drill targets in the first quarter of 2027; the integration of regional till and airborne datasets and the ranking of additional targets; and the Company's future exploration plans and objectives.

Neither the Canadian Securities Exchange nor its Market Regulator accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements are based on assumptions management considers reasonable as of the date of this release, including that drilling, laboratory and geophysical contractors will perform on schedule; that weather and ground conditions will permit continued drilling; that exploration results will support additional follow-up work; that the Company will maintain required personnel, equipment, permits and surface access; and that sufficient financing will remain available to carry out planned programs.

Forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including the inherent uncertainty of mineral exploration; the possibility that drilling does not intersect spodumene-bearing pegmatite, or that no bedrock source of the Green Wolf boulders is identified within the Company's licences or at all; the risk that surface boulder, till and geophysical results are not representative of bedrock mineralization; the risk that adjacent-property information is not indicative of Scotia's properties; drilling, laboratory, contractor and weather delays; permitting, environmental and surface-access risks, including restrictions that may apply to environmentally sensitive areas within the Project; financing and commodity-market risks; and changes in government policy or regulation. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323034