Mr. Sorin Posescu reports

VALHALLA ANNOUNCES SIMPLIFICATION OF CAPITAL STRUCTURE

Valhalla Metals Inc. has simplified its dual-class share structure by eliminating the class of multiple voting shares (MVS) as an authorized class of shares and renaming the subordinate voting shares (SVS) of the company as "common shares."

The capital alteration follows from the conversion of all outstanding MVS into SVS on June 1, 2026 (see the company's news release dated June 1, 2026), and the removal of the special rights and restrictions attaching to the MVS and the SVS from the articles of the company, which was approved via a special resolution of Valhalla's shareholders at the annual general and special meeting of shareholders held on June 30, 2026.

"Simplifying our capital structure is a natural evolution for Valhalla," said Sorin Posescu, chief executive officer of Valhalla Metals. "With a single class of common shares, our corporate structure better reflects the company we are today and provides greater clarity for investors as we continue to execute on our growth strategy. We remain focused on advancing our high-grade VMS projects in Alaska and creating long-term value for all shareholders."

The common shares are anticipated to begin trading on the TSX Venture Exchange under a new Cusip (91914U206) and ISIN (CA91914U2065) as at the open of market on July 10, 2026. The stock symbol assigned to the common shares (VMXX) will not be affected by the change.

The capital alteration has been effected by way of amendment to the company's notice of articles and was approved by the board of directors of the company on July 7, 2026. The authorized share capital of the company now consists of an unlimited number of common shares with no par value, of which 151,140,901 common shares are issued and outstanding. No common shares are subject to escrow restrictions.

Registered shareholders who hold certificates or direct registration system (DRS) statements representing subordinate voting shares do not need to take any further action. Existing share certificates or DRS statements will still be valid in representing common shares. Beneficial holders who have questions regarding their common shares should contact their investment adviser or brokerage firm for more information.

About Valhalla Metals Inc.

Valhalla Metals is a mineral exploration and development company advancing high-grade copper-zinc-lead-gold-silver volcanogenic massive sulphide (VMS) projects in Alaska's Ambler mining district, one of the world's premier undeveloped polymetallic mineral belts. The company owns the Sun and Smucker projects, which host substantial mineralized systems and significant exploration potential.

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