SAGA Metals Provides Update on Double Mer Uranium Project: A Well-Positioned Asset in North America as the Uranium Boom Accelerates
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The November 3, 2025 news release provides an update on the company's 100%-owned Double Mer Uranium Project in Labrador, Canada. The company highlights that the project is well-positioned to capitalize on the accelerating uranium bull market, with uranium futures recently testing 15-month highs.
Key project highlights reiterated in the release include: - Identification of three high-potential uranium zones along an 18km trend. - Surface sampling results with values up to 0.428% U3O8. - High radiometric peaks up to 27,000 counts per second (CPS). - Completion of a fully refurbished, winterized camp. - The project is fully permitted and drill-ready.
Additionally, the company announced the grant of 950,000 incentive stock options to directors and officers, exercisable at $0.435 for a term of three years.
The news is a routine update designed to remind the market of the company's uranium asset amid a strong uranium price environment. While positive, it contains no new exploration data. The surface sample results and drill-ready status have been previously announced throughout late 2024 and early 2025.
The company's primary operational focus and the use of its recently raised capital (~$3M in October 2025) are directed toward the major 15,000-metre drill program at its Radar Titanium-Vanadium-Iron (Ti-V-Fe) project, which is set to commence in early November. The update on Double Mer appears to be a strategic communication to maintain investor interest and highlight the portfolio's depth while the main drill program at Radar gets underway.
The granting of options at $0.435 is a standard corporate action. The exercise price is below the recent high ($0.53) but above the recent financing prices ($0.25-$0.28), indicating management's near-term expectations.
Overall, the news has no material impact on the company's financial state or immediate operational plans. The investment thesis remains squarely focused on the execution and results of the impending drill program at the Radar project. This release is positive but does not alter expectations or de-risk the company in any meaningful way.
SAGA Metals Corp. is a Canadian junior exploration company focused on critical minerals. The company holds a portfolio of projects in Labrador and Quebec. - Flagship Project (Current Focus): Radar Ti-V-Fe Project: A 100%-owned, 24,175-hectare project in Labrador with excellent infrastructure. The project hosts a large layered mafic intrusion with significant titanium, vanadium, and iron mineralization identified at surface and in a successful maiden drill program in early 2025. The company is currently mobilizing for a major 15,000-metre drill program aimed at defining a maiden mineral resource estimate (MRE). - Secondary Project: Double Mer Uranium Project: A 100%-owned, 25,600-hectare uranium project in Labrador. Exploration has identified an 18-km trend with high-grade surface samples (up to 0.428% U3O8) and high radiometric readings. The project is permitted and drill-ready. - Other Assets: The company also holds the Legacy Lithium project in Quebec, which is under an option to joint venture agreement with Rio Tinto Exploration Canada Inc.