Mr. Guy Le Bel reports

XXIX RECEIVES PERMIT TO DRILL THIERRY, CLEARING THE WAY FOR ITS FIRST LARGE-SCALE PROGRAM IN OVER 40 YEARS AT ONTARIO'S LARGEST PRIMARY COPPER RESOURCE

XXIX Metal Corp. has received its exploration permit from the Province of Ontario for its 100-per-cent-owned Thierry copper project near Pickle Lake, Ont. The permit authorizes the company's planned large-scale drill and exploration program at Thierry, the first systematic, large-scale drilling on the property in over 40 years.

Highlights:

• Exploration permit: the permit sets the stage for a planned 20,000-metre drill program, over two phases, to test XXIX's updated geological interpretation and support a future mineral resource update; phase 1 will begin in early July;
• Drilling returns to Thierry: Thierry's first systematic drilling on the property in over 40 years;
• Ontario's largest primary copper resource: 100 per cent owned and royalty-free, Thierry pairs the near-surface, bulk-tonnage K1 zone with the high-grade, past-producing K2 zone;
• Modern geological data: XXIX has rebuilt and reinterpreted Thierry's 210,000-metre historical diamond drilling data set into a modern, validated geological model;
• A materially new interpretation: K1 historically read as subparallel tabular veins; XXIX's updated interpretation suggests that K1 may represent a near-surface, disseminated bulk-tonnage copper/platinum group element system, with mineralization remaining open at depth;
• Potential to get larger: K1 expansion potential at depth and along strike, a possible sulphide corridor transecting the property in the east-west direction being highlighted by the company's first systematic IP survey, and today's copper price;
• Drill program unlocked: the permit unlocks a two-phased 20,000-metre drill program at K1 to test grade, scale and continuity and to underpin an updated mineral resource estimate;
• Fully financed: XXIX holds over $19-million in cash and approximately $24-million in working capital.

"This permit is a major milestone for XXIX, and we want to thank the local communities who worked alongside us to get here," said Guy Le Bel, chief executive officer of XXIX. "Over two years, we tore down and rebuilt 210,000 metres of drilling into a modern model, with a brand new bulk-tonnage interpretation that we expect to make materially larger. With copper near $6 (U.S.) a pound, the asset fully funded and a drill permit in hand, we can finally do what this project has needed for 40 years: a systematic drill program. We think Thierry is one of the most compelling growth opportunities in Canadian copper."

The company has worked steadily toward this approval, in close and continued consultation with local and indigenous communities, to ensure the program proceeds responsibly and with the support of those who know the land best. That groundwork is now reflected in a permit the company can build on for years to come.

With the permit secured, XXIX's focus shifts to execution. The company is finalizing logistics for its maiden drill campaign and expects to mobilize in the near term, turning two years of technical work into results in the ground.

Thierry: Ontario's largest primary copper resource

Thierry is a past-producing copper system near the town of Pickle Lake in Northwestern Ontario, spanning 7,907 hectares across 27 mineral leases, 163 contiguous cell claims and 16 boundary claims. It is 100 per cent owned by XXIX and carries no royalties, a rare attribute for a large, advanced copper asset in Canada. The company owns two of the three largest copper resources in Eastern Canada, and Thierry is one of them.

Thierry hosts two complementary deposits: K1, a near-surface, bulk-tonnage zone, and K2, the higher-grade, past-producing zone mined in the late 1970s and early 1980s. Between 1976 and 1982, UMEX Inc. produced 5.8 million tonnes grading 1.13 per cent copper.

Thierry is a brownfield site with infrastructure already in place. Supported by the town of Pickle Lake, the project enjoys all-season road access, power and water, an airport within roughly 20 kilometres by road, a provincial power grid within roughly eight kilometres, and nearby rail, positioning it for efficient exploration and, ultimately, development.

Two years rebuilding a 210,000-metre data set

Over the past two years, XXIX's technical team has done the high-value work of tearing down and rebuilding Thierry's entire historical data set, more than 210,000 metres of historical diamond drilling, plus extensive historical geological and geophysical surveys, into a single, modern, validated geological database. It is the same discipline the team applied at Opemiska, where data validation and reinterpretation materially enhanced the understanding of a historical mining camp and created value.

That work produced a materially new interpretation of K1. Historically, K1 was modelled as a series of subparallel tabular veins. Incorporating data previously set aside, including unassayed drill core, and re-examining the geology and mining options, XXIX now interprets K1 as a single, near-surface, disseminated bulk-tonnage copper/PGE system suited to open-pit development. At its present scale, K1 measures approximately 1.4 kilometres of strike by 250 metres wide to a depth of 400 metres, grade is believed to increase with depth, where the deposit remains open.

The company considers the earlier K1 estimate historical and incomplete and is advancing toward an updated estimate under its new bulk-tonnage interpretation (see the company's Jan. 16, 2026, news release for further detail).

A resource set to grow

XXIX believes Thierry is poised to grow on multiple fronts. K1 remains open at depth, where grades are observed to improve. The company's first systematic, 73.5 line-kilometre induced polarization (IP) survey identified a 75-to-125-metre-wide anomaly extending more than 2.5 kilometres between K1 and K2, supporting the position of the host rock continuity and a potential mineralized corridor between the two deposits, a substantial, largely untested target. Broad conductive corridors east of K1 and west of K2 point to district-scale potential.

Improved economics add a further lens. The 2021 estimates were prepared at a copper price of $3.75 (U.S.) per pound. A higher copper price lowers potential cut-off grades, bringing mineralization once considered uneconomic into scope and providing room to expand the resource base before a single new metre is drilled.

The catalyst: a maiden 20,000-metre drill program

The permit unlocks XXIX's planned 20,000-metre drill program at K1, the first systematic, large-scale drilling on the Thierry property in over 40 years. The program is designed to test and validate grade, scale and continuity under the new bulk-tonnage interpretation and to serve as the foundation for an updated mineral resource estimate at K1.

XXIX is well positioned to execute. Following its $17.2-million financing, the company holds over $19-million in cash and approximately $24-million in working capital and is fully financed through 2026 to advance both Thierry and its Opemiska copper project in Quebec. The company views Thierry as a significant copper growth opportunity within its Canadian project portfolio.

About XXIX Metal Corp.

XXIX is advancing its Opemiska and Thierry copper projects, two significant Canadian copper assets. The Opemiska project, one of Canada's highest-grade open-pittable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne smelter. An October, 2025, preliminary economic assessment outlined a 12,500-tonne-per-day open-pit operation over a 17-year mine life, generating an after-tax net present value (discounted at 8 per cent) of $505-million, an internal rate of return of 27.2 per cent and a 2.3-year payback period (copper price of $4.35 per pound, gold price of $3,000 per ounce and silver price of $30 per ounce). The Thierry project hosts the K1 (near surface) and the past-producing K2 (underground and surface) zones (see XXIX news release dated Oct. 1, 2024, for details regarding resources). Thierry has significant infrastructure in place, including an all-season road, an airport within five kilometres, a provincial power grid within eight kilometres and nearby rail. With these two high-potential projects, the company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developers.

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Denis McNichols, PGeo, Geo, vice-president, exploration, for XXIX Metal, a qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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