Saga Metals arranges $2.98-million private placement

Mr. Mike Stier reports SAGA METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT Saga Metals Corp. intends to complete a financing by way of a non-brokered private placement for aggregate gross proceeds of up to $2,988,000, comprising: (i) 7.1 million flow-through (FT) common share units of the company at 28 cents per FT unit for gross proceeds of $1,988,000; and (ii) four million hard-dollar (HD) common share units of the company at 25 cents per HD unit for gross proceeds of $1-million. Financing overview Each FT unit consists of one flow-through common share as defined in Subsection 66(15) of the Income Tax Act (Canada) and one transferable common share purchase warrant. Each warrant will entitle its holder to purchase one-half of one common share in the capital of the company at a price of 50 cents for 24 months from the closing date of the offering. The warrant shares underlying the FT units will not qualify as flow-through shares under the tax act. Each HD unit consists of one common share and one-half one warrant. Each warrant will entitle its holder to purchase one whole warrant share at a price of 50 cents for 24 months from the closing date. Each of the warrants will be subject to the right of the company to accelerate the expiry date of the warrants to a date that is 30 days following dissemination of a news release announcing such acceleration if, at any time, after the closing date, the closing price of the company's common shares equals or exceeds 75 cents for a period of ten consecutive trading days on the TSX Venture Exchange. All securities issued in connection with the offering are subject to a hold period of four months and one day following the closing date pursuant to applicable securities laws. The company may pay finders' fees in connection with the offering. The gross proceeds from the FT units will be used by the company for Canadian exploration expenses that are flow-through critical mineral mining expenditures (as such terms are defined in the tax act) on the company's Canadian mineral resource properties. The net proceeds of the HD units will be used by the company for administrative and general working capital, which may include investor relations activities. Saga Metals financing sets the stage for advanced exploration at the Radar project Key highlights: Saga's field team is on site preparing for the planned 15,000-metre (m) drill program at the Radar Ti-V-Fe (titanium-vanadium-iron) project in Labrador, Canada. Drilling is focused on advancing the Trapper zone's three-plus-kilometre (km) strike toward a maiden MRE (mineral resource estimate) highlighting titanium, vanadium and iron ore -- critical minerals for the global energy transition. Continuing site work includes trench mapping, surveying and full camp establishment to optimize drill execution. Infrastructure is in place with new access trails along the oxide layering strike through the Trapper zone. The preparation phase is expected to conclude in the coming weeks, with the 15,000 m drilling program scheduled to commence in early November, 2025. Preparation begins for a 15,000 m drill program at the Radar Ti-V-Fe project Field preparations are under way across the Radar project's Trapper zone, which spans over a three-plus-kilometre strike of oxide mineralization. This mobilization marks a significant step in preparing for a major drill program aimed at expanding known mineralization and advancing toward the completion of a maiden MRE on the project. Current work is designed to strengthen drill targeting, maximize efficiency and ensure high-quality geological data accuracy for the MRE, including as follows. Enhanced trench analysis Building on approximately 504 square m (5,425 square feet (ft)) of trenching completed to date, Saga is conducting additional high-pressure power washing and detailed geological mapping in three trenches within the Trapper zone. This work exposes clean bedrock surfaces by removing overburden and vegetation, allowing geologists to document rock types, mineral textures and oxide layering trends with precision. The process will help refine 3-D geological models, confirm continuity of vanadiferous titanomagnetite (VTM) mineralization and identify the most prospective high-grade drill targets. Surveying and geophysical preparation Crews are also executing a comprehensive surveying program to support drill collar placement and spatial accuracy across the Trapper zone. Using high-precision GPS (Global Positioning System), total stations and laser scanning technology, the team is mapping the newly built four km Trapper trail access route, establishing a geophysics baseline and cutting grid lines (cut lines) through vegetation to enable further geophysical traverses. The geophysics baseline will serve as a calibration reference for magnetometer instruments, ensuring consistent and reliable detection of anomalies that may indicate subsurface mineralization. Collectively, these surveys are designed to eliminate spatial errors in modelling and optimize drill hole targeting. Establishing full camp infrastructure To support the scale of the upcoming 15,000 m drill program, Saga has secured land near Cartwright, Labrador, for the establishment of a fully serviced exploration camp. The camp will include accommodations, a kitchen trailer, a core shack for drill core logging and storage, an office for data management, and a cut shack for sample preparation. Utility infrastructure, including power generation, water storage and filtration, and septic systems, is being installed to ensure long-term operational stability. With this infrastructure in place, Saga is positioned to support long-term stability and efficiency for the crews managing this milestone drill program. Summary of the Radar Ti-V-Fe project in Labrador, Canada The Radar property benefits from exceptional infrastructure, including all-season road access, a nearby deepwater port, hydroelectric power and an airstrip with claims just 10 km from Cartwright, Labrador. Spanning 24,175 hectares, the property covers all the Dykes River intrusive complex, an extensive (approximately 160 square km) Mesoproterozoic layered mafic intrusion. Unique among Western exploration companies, Saga controls its entire intrusive complex. Grenville-age mafic layered intrusions of Quebec and Labrador represent a significant but underdeveloped titanium-vanadium-iron resource province. These layered intrusions, emplaced during the Grenvillian orogeny, locally host thick oxide-rich cumulate zones dominated by titanomagnetite and hemo-ilmenite with accessory vanadium and phosphorus. Their scale and metallogenic affinity are directly comparable with major Fe-Ti-V deposits, such as Lac Tio (Quebec), Panzhihua (China), Tellnes (Norway) and Bushveld (South Africa), which supply a major share of global TiO2 feedstock and vanadium for steel alloys and emerging energy storage markets. The combination of large-tonnage potential, favourable logistics and critical mineral content positions the Grenville intrusions, such as Radar's Dykes River complex, as strategic candidates for development in the context of growing North American demand for titanium, vanadium and high-quality iron. Early geological mapping, government magnetic surveys and ground-based geophysics of the Radar property have identified oxide layering across more than 20 km of strike length, with mineralized zones remaining open for expansion. Vanadiferous titanomagnetite (VTM) is the principal oxide and occurs as cumulate and intercumulus mineralization over large thicknesses of the Dykes River layered intrusion. Saga's 2025 winter drill program at Radar Saga completed its maiden drill program in early 2025, featuring a 2,209-metre, seven-hole diamond drill campaign across the Hawkeye zone, a combination of 3-D magnetic inversion modelling and surface VLF-EM (very-low-frequency electromagnetic) results guided drill targeting. The program intersected broad zones of titanomagnetite-rich oxide layering, with cumulative intersections displaying consistent grades of titanium dioxide (TiO2), vanadium pentoxide (V2O5) and iron (Fe). Similarities in the ratios of TiO2 and V2O5 to Fe3O4 across multiple drill holes serve to identify discrete igneous layers. Within the 600 m tested thickness of the layered gabbronorite, the chemistry delineates a very promising 300 to 400 m thickness, referred to as the lower cumulate layer. The highest V2O5 assays are in the lower 100 to 200 m, coinciding with the highest-grade intervals of VTMs. The layer comprises interlayered gabbronorite and bands of semi-massive to massive VTM. Drill holes R25-HEZ-01, -07, -04 and -05 intersect this lower cumulate layer. The chemistry indicates that the layer was deposited from a large-volume pulse of Ti-V-Fe-enriched magma. Saga will be targeting this same discrete intrusive horizon along the Trapper zone's three-plus-kilometre strike length. Magnetic and VLF-EM survey to extend the Trapper zone As crews prepare for the 15,000 m drill program, a small geophysics team will continue a ground-based magnetic survey over the northern and southern extensions of the Trapper zone. The survey utilizes a GSM-19 magnetometer to collect magnetic field and VLF-EM data (using VLF transmitter cutler). The survey is conducted using a grid of north-south lines, spaced 50 m apart, with observations made at stations spaced 20 m apart along the lines. The tightly gridded stations will be used to map the extent to which the oxide layering strike continues to the northeast-east at the top of the zone and southeast-east at the bottom of the zone, both trending back toward the Hawkeye zone. Qualified person Paul J. McGuigan, PGeo, is an independent qualified person as defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release. About Saga Metals Corp. Saga Metals is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the global transition to green energy. The Radar titanium project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 square km on the surface near Cartwright, Labrador. Exploration to date, including a 2,200 m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium. The Double Mer uranium project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18 km east-west trend, with a confirmed 14 km section producing samples as high as 0.428 per cent U3O8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer technical report). Additionally, Saga owns the Legacy lithium property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault lithium project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration and Loyal Metals. With a portfolio that spans key minerals crucial to the green energy transition, Saga is strategically positioned to play an essential role in the clean energy future. We seek Safe Harbor.