Mr. Patrick Cruickshank reports

NINE MILE METALS ANNOUNCES PRIVATE PLACEMENT OF UP TO $4 MILLION

Nine Mile Metals Ltd. has arranged a private placement of up to 21,052,632 units at a price of 19 cents per unit for aggregate gross proceeds of up to $4-million.

Each unit comprises one common share of the company and one common share purchase warrant of the company, with each warrant exercisable into one common share at a price of 30 cents for a period of two years, subject to the acceleration provision disclosed herein.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the units will be offered for sale to purchasers resident in all provinces of Canada, other than Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The units issued to Canadian resident subscribers under the listed issuer financing exemption, and the common shares and warrants underlying the units, will not be subject to a hold period pursuant to applicable Canadian securities laws.

The offering is expected to close on or about Jan. 13, 2026, or such other date as the company may determine, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.

The company may pay finders' fees in connection with the offering comprising cash equal to 8 per cent of the gross proceeds of the offering and finders' warrants equal to 8 per cetn of the number of units issued under the offering. Each finder's warrant will be exercisable for one additional unit at a price of 19 cents for a period of two years. Each unit comprises one common share and one warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 30 cents for a period of two years. The finders' warrants will be subject to a statutory hold period in Canada of four months and one day after the date of issuance.

Following the closing date, if the daily volume-weighted average trading price of the common shares on the Canadian Securities Exchange equals or exceeds 50 cents at the close of any trading day for 10 consecutive trading days, the company may, at its discretion, accelerate the expiry date of the warrants by providing not less than 30 days of notice to warrantholders via news release.

The company intends to use the proceeds of the offering for: (i) exploration activities and related expenses on its critical minerals projects in the Bathurst mining camp; and (ii) general and administrative obligations.

There is an offering document related to the offering and the use by the company of the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on VMS (volcanogenic massive sulphide) (Cu (copper), Pb (lead), Zn (zinc), Ag (silver) and Au (gold)) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada. The company's primary business objective is to explore its four VMS projects: Nine Mile Brook VMS project; California Lake VMS project; and the Canoe Landing Lake (East-West) project and the Wedge VMS project. The company is focused on exploration of minerals for technology (MFT), positioning for the boom in EV (electric vehicle) and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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