Nexcel Announces Filing of Prospectus Supplement

• Financing Event: Nexcel Metals Corp. filed a prospectus supplement to distribute up to 5,000,000 common shares at $1.00 per share.
• Proceeds Range: Gross proceeds between $2,500,000 and $5,000,000.
• Use of Funds: Exploration at Burnt Hill Property (Tungsten), Lac Ducharme Property option agreement, general working capital, and G&A costs.
• Agent & Terms: Research Capital Corporation is the lead agent. Closing expected on or about May 13, 2026.
• Warrants: Broker warrants issued equal to 7% of shares sold (exercise price $1.15, 2-year term).
• Over-Allotment: Agent has option for up to an additional 750,000 shares at the offering price.

• Capitalization of Growth: The financing provides essential liquidity to fund the planned Summer 2026 drill program announced in April 21 and March news releases. Without this capital, execution of the exploration strategy would be delayed.
• Dilution Concerns: The offering price ($1.00) is approximately 15-20% below the recent trading range (~$1.19-$1.21). This discount creates immediate dilution for existing shareholders and signals a need to raise capital at current market levels rather than waiting for higher prices.
• Strategic Alignment: The funds align with the previously announced $25 million base shelf prospectus filed on April 21, 2026. This indicates the financing was anticipated and part of a planned capital structure strategy rather than an emergency raise.
• Investor Confidence: Wyloo Ring of Fire Ltd. holds ~28.7% ownership (as of Feb 2026). While this specific offering is non-brokered or agent-led, the continued ability to raise equity at $1.00 suggests market confidence in the project's valuation relative to previous financings ($0.35-$0.42 in Dec 2025).
• Net Impact: Positive for operational continuity but neutral-to-negative sentiment regarding share price appreciation due to discount pricing and dilution.

• Company: Nexcel Metals Corp. (CSE: NEXX).
• Flagship Project: Burnt Hill Tungsten Project (New Brunswick, Canada).
  • Land Position: Expanded to 8,046 hectares as of April 2026.
  • Resource Profile: Historical NI 43-101 Indicated Resource: 1,761,000 tonnes @ 0.292% WO3 (approx. 8.99M lbs W). Inferred Resource: 1,520,000 tonnes @ 0.263% WO3.
  • Status: Airborne geophysical survey completed (April 2026); Drill program targeted for Summer 2026.
• Secondary Project: Lac Ducharme Rare Earth Element (REE) Project (Quebec, Canada).
  • Status: Sampling program confirmed LREE enrichment (Oct 2025); option agreement active.