GreenLight Metals Intersects 1.30% Copper and 1.30 g/t Gold over 25.17 Metres in an Eastern Step-Out Hole at the Bend Project

GreenLight Metals Inc. (GRL) released drill results from its Phase 2 program at the B26 property, highlighting significant copper-gold-silver intersections in eastern step-out holes.

Key intercepts include:

• B26-015 (eastern step-out, ~50 m east of the B26-008/B26-010 section): 25.17 m from 427.90 m to 453.07 m averaging 1.30% Cu, 1.30 g/t Au, 13.87 g/t Ag (2.69% CuEq). Includes 6.84 m at 1.64% Cu, 1.04 g/t Au, 14.66 g/t Ag (2.74% CuEq) from 427.90 m, and 6.21 m at 2.34% Cu, 1.85 g/t Au, 29.18 g/t Ag (4.39% CuEq) from 445.66 m. True thickness estimated at ~80% of drilled length.
• B26-013 (section ~60 m further east): 5.20 m from 384.19 m to 389.39 m averaging 0.89% Cu, 0.99 g/t Au, 9.16 g/t Ag (1.95% CuEq), including 2.74 m of massive sulfide at 1.51% Cu, 1.71 g/t Au, 16.02 g/t Ag (3.33% CuEq) from 386.65 m. True thickness unknown. Interpreted to lie near the up-dip margin of the copper-gold zone.
• B26-016 (assays pending, visual only): 31.62 m of semi-massive to massive sulfide-dominant mineralization from 468.12 m to 499.74 m, ~55 m down-dip of B26-015, within a broader ~70 m mineralized crystal-tuff interval. True thickness ~70% of drilled length.
• B26-017 (assays pending, visual only): 26.05 m of variably mineralized crystal tuff from 553.31 m, including a 2.95 m basal semi-massive sulfide interval (~25% pyrite). Hole deviated; intersection landed ~225 m below B26-013 rather than as planned.

B26-018 is the final Phase 2 hole and remains in progress at approximately 447 m as of October 20, 2026. The hole is targeting the transition between footwall gold-dominant and copper-gold mineralization. Approximately 6,590 m of a ~6,750 m Phase 2 target has been drilled, with ~160 m remaining.

Copper equivalent (CuEq) grades were calculated using US$4.50/lb for copper, US$3,600/oz for gold, and US$40/oz for silver, with a 90% recovery assumption for each metal. Tellurium was excluded from the calculation as samples exceeded the 500 ppm upper limit of the multi-element method.

Quality assurance and quality control (QA/QC) protocols involved sample preparation at ALS in Twin Falls and analysis at their North Vancouver laboratory. Analytical methods included PREP-31Y, Au-ICP21, ME-MS61, Cu-OG62, and Te-AA62. Certified reference materials and blanks comprised approximately 10% of the sample stream. QA/QC for holes B26-013 and B26-015 was reviewed and deemed acceptable. The Qualified Person for the project is Thomas Quigley, MSc, CPG-11962.

The release also provided historical context from a 1992 estimate of approximately 4.0 million tonnes at 1.74% Cu, 2.44 g/t Au, and 11.56 g/t Ag. This historical data is explicitly flagged as non-current and non-NI 43-101 compliant, with no cutoff or estimation assumptions available.

GreenLight Metals Inc. (GRL) is a pre-resource explorer with no revenue, current resource, or mining operations. For companies at this stage, value is derived from drilling that expands the footprint of a future resource. The company’s latest drill result, B26-015, represents the highest-grade broad copper-zone interval of Phase 2. It confirms a copper-dominant core approximately 50 meters east of the previously best section, featuring a roughly 20-meter true-width massive-to-semi-massive sulphide package. This extension supports the interpreted eastward plunge of the deposit and partially counters concerns raised between July and September that the copper zone was thinning or that the program was degenerating into gold-only footwall intercepts.

The existence, style, and rough grade of the copper zone are not new to the market. Investors have already seen previous intercepts, including 30.70 meters at 2.49% CuEq, 27.72 meters at 2.10% CuEq, and 21.06 meters at 2.46% CuEq. B26-015 falls within this established range, serving as the sixth data point of similar character rather than a step change in scale, grade, or deposit understanding. The result does not include a resource estimate, tonnage statement, or change to the approximately 4 million tonne historical footprint.

The best prior Phase 2 copper-zone intervals include B26-010 at 21.06 meters / 1.32% Cu / 2.46% CuEq, released June 2, 2026, and B26-007 at 30.70 meters / 1.05% Cu / 2.49% CuEq, released April 27, 2026. The wider program anchor remains Phase 1 hole B25-004 at 34.25 meters / 3.74% CuEq, including 22.24 meters at 5.27% CuEq, alongside the 1992 historical grade of 1.74% Cu / 2.44 g/t Au.

Versus B26-010, the most recent comparable copper-zone hole, B26-015 shows a better interval length of 25.17 meters compared to 21.06 meters, a marginally lower copper grade of 1.30% versus 1.32%, and higher CuEq of 2.69% versus 2.46%, as well as higher %Cu.m of 32.7 versus 27.8. Compared to B26-011, the last copper-zone hole at 18.75 meters at 0.53% Cu / 1.52% CuEq, B26-015 is significantly better. However, versus Phase 1 B25-004, it is roughly half the CuEq grade. The result represents a modest positive delta against immediately preceding holes but a negative delta against the best result the property has ever shown.

The stock is trading at C$0.20, the 52-week low and the lowest print in the provided price series. It is down approximately 62% from the C$0.53 high of February/March 2026 and approximately 43% below the C$0.35 at which C$11.5 million was raised in November 2025. The share price fell from C$0.36 on June 2 to C$0.24 by June 23, from C$0.30 to C$0.26 after July 22, and from C$0.28 to C$0.20 through September/October. The market has not rewarded repetition of this result style, having actively de-rated on similar data points.

Because the price sits at a 52-week low and assumes very little, the asymmetry favors a positive reaction rather than a negative one. The holes did not miss; they extended the zone, and the anchored result is not priced in. However, the upside requires a result materially better in grade-and-width substance than anything previously demonstrated. B26-015 is a repeat of the best of five prior copper-zone holes, at a deposit type where the band-topping grade is still below the historical property average and half the Phase 1 headline. It does not open a new dimension, change tonnage, or alter the system-defining evidence, which remains in unassayed holes B26-016, B26-017, and B26-018.

Financial context from the second quarter of 2026, covering the six months to June 30, 2026, shows cash of C$6,396,555, down from C$10,548,890 at December 31, 2025. The company reported an operating cash outflow of C$3,986,001 for the half and a half-year net loss of C$3,796,271. Management disclosed a material uncertainty regarding going-concern. At a burn rate of roughly C$2 million per quarter, the company has approximately two to three quarters of runway and will likely need to raise equity within the next two quarters at a share price 43% below the last financing price. This dilution overhang structurally caps how far a good drill hole can re-rate the equity.

A modest positive share-price reaction is plausible, potentially a bounce off a deeply oversold 52-week low in the high single digits to low double digits on the day. This result does not, on its own, change the business.

GreenLight Metals Inc. (TSXV: GRL; OTCQB: GRLMF) is a Wisconsin-focused, pre-revenue mineral explorer with a market capitalization of approximately C$19.9 million on 99,704,126 shares outstanding and a recent price of C$0.20. Book value per share, based on prior-period context from Q2-2026, is C$0.07, meaning the shares trade at roughly 2.9x book. Cash per share is approximately C$0.064.

The company’s flagship asset is the Bend copper-gold-silver ± tellurium VMS deposit in Taylor County, Wisconsin, located within the Penokean volcanic belt. Interests are held through Green Light Wisconsin LLC, which includes a leased forty-acre Soo Line mineral parcel and a pending prospecting permit application over approximately 519 acres of adjacent federal mineral estate. Historical and GreenLight drilling totals approximately 30,440 m in 70 primary holes and two wedges. A 1992 estimate of ~4.0 Mt at 1.74% Cu / 2.44 g/t Au / 11.56 g/t Ag is the only tonnage figure in existence and is explicitly not NI 43-101 compliant. There is no current mineral resource.

Pursuant to US$4.50/lb Cu, US$3,600/oz Au, and US$40/oz Ag, the 1992 historical estimate implies roughly 70 kt of contained copper and roughly 314 koz of contained gold in situ. However, with no cutoff, no density reconciliation, and thirty-plus years of stale assumptions, that figure is context only, not value.

Other projects include the Reef high-grade gold project in Wisconsin, where historic data validation and geological interpretation are ongoing. The Lobo and Lobo East massive-sulfide targets in the Penokean belt are undergoing baseline environmental work and permitting preparation.

In Nevada, the Kalium Canyon epithermal gold project in Esmeralda County (Walker Lane) consists of 135 claims covering ~2,758 acres across the Argentite and Kalium structural zones. The asset is subject to a long-form earn-in and joint venture with Barrick Gold Exploration Inc., executed on August 4, 2026, superseding a May 7, 2026 binding term sheet. Barrick can earn 60% via US$7.5 million of work plus US$1.0 million of cash over six years (US$250,000 initial plus six annual payments of US$125,000); a further 10% via US$12.0 million of work over four years; and a further 10% (to 80%) via a sole-funded pre-feasibility study. Barrick funds all stage costs and is operator; GreenLight's 40% is not dilutive until Barrick vests or stops. The financial contribution to GreenLight in the near term is small — US$250,000 plus US$125,000 per year — but it removes a funding obligation from the Nevada asset entirely.

The company has no revenue, no producing assets, and no reserves. Financials cited are prior-period context from the Q2-2026 (six months to June 30, 2026) report and FY-2025: net loss of C$3,796,271 for H1 2026, cash of C$6,396,555 at June 30, 2026, total equity of C$6,855,513, no debt, and a disclosed going-concern material uncertainty.