SAGA Metals Completes Diamond Drill Program at the Wolverine Rare Earth Project - All 22 Holes Totalling 3,241 Metres Intersect Prospective REE-Bearing Alteration

Saga Metals Corp. (SAGA) has completed its maiden Wolverine Heavy REE diamond drill campaign, marking the first systematic diamond drilling on the property. The program concluded with 22 holes completed, totaling 3,241 meters. All 22 holes were drilled at an azimuth of 230 degrees and a dip of -85 degrees, with end-of-hole depths ranging from 43 meters to 204 meters.

Promising alteration assemblages interpreted as related to REE mineralization were logged in all 22 holes. This is a visual and logging statement, not an assay statement. Only two of the 22 holes have been fully logged and sampled so far.

• W26-001 (182 m TD): The upper 13.1 meters is red quartz-feldspar crystal tuff of Unit 5; Unit 4 is 118.75 meters thick, grading into Unit 3 crystal tuff at 120.55 meters; alteration was logged from 1.8 meters to the end of the hole (180.2 meters); 138 core samples were collected.
• W26-002 (179 m TD): The upper 31.9 meters is Unit 5; Unit 4 is 50.97 meters thick, grading into Unit 3 beige crystal tuff by 82.87 meters; alteration was logged from 0.35 meters essentially to the end of the hole (~178.65 meters); 139 core samples were collected.

Assays are pending for all 22 holes, and logging and sampling of the remaining 20 holes is in progress. Additionally, 136 grab samples were collected during prospecting, with assays also pending.

New and historic pegmatites and aplite dykes were identified in the south of the property. A preliminary interpretation suggests structurally controlled, sub-vertical "epithermal-style" feeder structures with potential depth extent. An IP survey is planned for Q2 2027 to guide follow-up drilling.

Dr. A. Miller, P. Geo., PEGNL, is the Independent QP under NI 43-101.

Note the units reported are meters of rock unit and meters of alteration — Unit 4 "up to 118.75 m" — not meters of mineralization at grade. Nothing in this release can be converted into a grade x width number.

Saga Metals Corp. (SAGA) is currently in the pre-resource explorer stage, a phase where the absence of a resource estimate, true widths, cut-offs, and metallurgical data is standard and does not inherently limit a company’s rating.

The company’s operational update included 22 holes totaling 3,241 meters completed. This volume was pre-signaled in releases on 3 August 2026, which planned for 4,000-5,000 meters, and 2 September 2026, which planned for 3,000-5,000 meters. The executed 3,241 meters sits at or below the low end of those previous guidance ranges. The release did introduce a second interpreted sub-vertical feeder mineralization style and expanded pegmatite areas, but these are conceptual and unassayed. While they broaden the 2027 exploration narrative, they do not alter any existing valuation numbers.

The equity currently trades at its 52-week low of C$0.31, representing a decline of roughly 65% from the C$0.88 high reached in late January 2026. The stock has cycled through a year of continuous drill news on the Labrador assets, suggesting the market has stopped pricing in incremental drill-hole releases. The current price does not appear to embed an expectation of success for the Wolverine program, assuming very little value for it.

The primary driver for the equity remains the Radar Ti-V-Fe maiden MRE and NI 43-101 report, which is guided for Q4 2026 and described as occurring "this quarter" in the 14 October 2026 release. The Wolverine release is ancillary and does not impact that key milestone.

Saga Metals Corp. (SAGA) is a pre-revenue critical-minerals explorer with no revenue in any period presented, operating on a fiscal year ending July 31. The company holds a 100% interest in the Radar Ti-V-Fe project, comprising 24,175 hectares near Cartwright, Labrador, which encloses the approximately 160 km2 Dykes River intrusive complex. The maiden resource estimate (MRE) programme is complete, consisting of 85 holes totaling 22,432 meters. All 85 holes intersected oxide mineralisation, marking the end of the hole programme. Assays are complete for all holes, and the database is being prepared with GeoGlobal LLC for the maiden NI 43-101 MRE, which is guided for Q4 2026. Bench-scale RCL metallurgy conducted with Temas showed recoveries of 90.8% Ti, 97.4% V, and 91.5% Fe.

The company also holds a 100% interest in the Wolverine Heavy REE project, acquired via Catalyst Rare Metals with the transaction closing in July 2026. This project covers approximately 294.5 km2 in central Labrador within the Flowers River Igneous Suite. Historic 2025 reverse circulation drilling returned 48.8 meters at 0.77% TREO, containing approximately 24-28% HREO. A maiden 22-hole diamond programme has just been completed, with all assays pending.

Saga Metals maintains a 100% interest in the Double Mer Uranium project, which spans 25,600 hectares along an 18 km radiometric trend. Surface samples have returned up to 0.428% U3O8. The project is drill-permitted and features a winterised camp. Additionally, the company holds a 100% interest in Legacy Lithium, encompassing approximately 73,866 hectares in Eeyou Istchee James Bay, Quebec. This early-stage project relies on indicator minerals, and assays are pending.

The Garneau Titanium project, acquired from Rio Tinto in March 2026, consists of 6,450 hectares in the Havre-Saint-Pierre anorthosite complex. Grab boulder samples have returned up to 32.4% TiO2, and the property remains undrilled. The company previously sold its North Wind iron project to Orion Iron Ore in August 2026 for 4,000,000 private Orion shares, a board seat, and a 2% GORR with a repurchase option.

Prior-period financial context, not disclosed in today's release, shows that for Q1-2026 (the three months to October 31, 2025), revenue was nil. SG&A expenses were C$1,031,692, resulting in a net loss of C$1,003,623. Cash on hand was C$1,957,247, with total assets of C$8,800,420 and total liabilities of C$1,049,988. The book value per share was C$0.14, based on 56,277,887 shares outstanding. For FY-2025 (12 months to July 31, 2025), the net loss was C$2,421,990, cash was C$989,047, and intangibles were C$4,951,554.

Shares outstanding have increased from 32.4 million in April 2025 to 44.4 million in July 2025, and to 56.3 million in October 2025, with further material increases since then. These increases were driven by the December 2025 LIFE (12.9 million units), approximately 6.8 million warrant exercises, Catalyst and Wolverine-expansion share payments (approximately 4.75 million shares), the May 2026 flow-through placement (15.75 million shares), and debt settlements. No FY-2026 interim financial statements were provided.