Total Metals Provides Exploration Drilling Update at its High Lake High-Grade Gold Project, Northwestern Ontario

Total Metals Corp. (TT) has completed three high-priority drill holes into the Purdex Zone at its High Lake gold project in northwestern Ontario. The company stated that reverse circulation drilling is continuing uninterrupted and that the program has been expanded into 2027. Initial assay results from the new holes are expected next month.

The company also provided historical data from the 2022–2023 McFarlane Lake Mining program, noting visible gold in several intercepts. Core length, uncut, results included:

• MLHL-22-06: 24.96 g/t Au over 14.90 m (325.56–340.46 m), including 43.22 g/t over 7.99 m and 53.87 g/t over 3.15 m.
• MLHL-22-04: 32.58 g/t over 1.45 m (187.00–188.45 m), Purdex A.
• MLHL-22-05: 4.95 g/t over 7.49 m (242.51–250.00 m), including 11.18 g/t over 1.94 m; and 4.49 g/t over 6.38 m (267.45–273.83 m).
• MLHL-22-17: 148.37 g/t over 1.3 m (113.20–114.50 m), including 557 g/t over 0.3 m; plus 3.89 g/t over 4.6 m (56.00–60.60 m).
• MLHL-22-25: 6.85 g/t over 2.97 m (202.10–205.07 m), including 27.5 g/t over 0.60 m.
• MLHL-22-23: 21.67 g/t over 1.75 m (171.05–172.8 m) and 13.3 g/t over 0.70 m (74.85–75.55 m).
• MLHL-22-28: 9.42 g/t over 9.38 m (29.62–39.00 m), including 117 g/t over 0.55 m and 12 g/t over 1.00 m.

A restated mineral resource estimate for the Purdex Zone, effective April 14, 2023, reported 152,000 tonnes of indicated resources at 9.38 g/t Au for 45,800 ounces, and 287,000 tonnes of inferred resources at 10.43 g/t for 96,200 ounces, at a 2.6 g/t Au cut-off. A NI 43-101 report by English River Geoscience, effective November 30, 2025, confirmed the currency of that estimate. Robert Penczak, M.Sc., P.Geo (Ontario), VP Exploration, is the qualified person for the data.

Total Metals Corp. (TT) released routine operational news indicating its exploration program is on schedule, adding no new tonnage, grade, confidence levels, or discovery zones to its existing portfolio. The company’s investment thesis remains anchored by a small, high-grade underground gold resource of 142 koz in a redeemable jurisdiction, alongside a VMS and critical-minerals portfolio featuring the Electrolode and Pick Lake properties, and an early-stage gold option at Menary.

As a micro-cap explorer with a market capitalization of approximately C$12 million, Total Metals is pre-revenue and has flagged going concern status. At this stage, a genuine discovery or step-out hole would be highly material, though a simple hole-completion notice is not. The stock has fallen from C$1.23 to C$0.20, a decline of 84%, and currently sits at its 52-week low. This pricing reflects essentially zero exploration credit, meaning the historical 372 g·m hole (MLHL-22-06) is not embedded in the share price.

While a materially better-than-historic assay from new holes would be considered material if it existed, no assays are available from this release. Consequently, the news is viewed as routine operational flow that is mildly positive due to the program’s adherence to schedule, but it carries no information that changes the scale, grade, or odds of the project.

Total Metals Corp. (TSX-V: TT; OTCQB: TTTMF; FSE: O4N) is a post-RTO junior explorer with no revenue, listing on the TSX-V in November 2025 after a reverse takeover at C$0.25. The company holds the High Lake / West Hawk Lake project, a 100% interest acquired for approximately $9.25M in 2025. Spanning 958 ha along the Trans-Canada Highway on the Ontario/Manitoba border, the Purdex Zone MRE reports 152 kt Indicated @ 9.38 g/t (45.8 koz) and 287 kt Inferred @ 10.43 g/t (96.2 koz) at a 2.6 g/t cut-off, US$1,800/oz, underground long-hole. Purdex is the flagship drill target.

The Electrolode project, a 100% interest in the Red Lake area, comprises 3,300 ha of VMS/critical-minerals ground. The Arrow Zone Inferred resource stands at 2.11 Mt @ 0.66% Cu, 4.74% Zn, 17.92 g/t Ag, 0.66 g/t Au (effective June 1, 2025). During winter 2026, the company drilled 8,408 m across 25 holes. Best intercepts included 7.67 m @ 2.90% Zn + 1.15% Cu (Hornet) and 9.75 m @ 3.85% Zn (Arrow). Arrow and Hornet are described as open.

In April 2026, Total Metals acquired the Pick Lake project for C$2.2M cash. Located in the Winston Lake belt, the 100% interest covers 5,260 ha. Historical data indicates an Indicated resource of 1.78 Mt @ 19.2% Zn, 0.9% Cu, 36.1 g/t Ag and an Inferred resource of 0.27 Mt @ 16.4% Zn. The company holds a 2% NSR, with a 50% buyback option for C$1.0M. These high-grade figures are historical and non-current.

The Menary project is an option to 100% interest on 276.5 ha in the Kenora district, subject to a 4.5% NSR. The site features high-grade shear-hosted gold showings with historical grabs up to 8,120 g/t Au (non-43-101) and a channel sample of 243 g/t over 1.0 m. Sampling in 2026 returned 31.7 g/t Au grab, and a drill permit is pending.

Regarding its financial position, the company reported for the quarter ended July 31, 2026, cash of $1.70M, zero debt, and working capital of $2.09M. The quarterly net loss was $1.74M, including $1.16M share-based compensation, with an operating cash outflow of $1.92M. Explicit going-concern language was included. Shares outstanding total 59.3M, up from 49.7M the prior quarter, representing approximately 19% dilution in one quarter. Book value is $0.34/share versus a $0.20 share price, with approximately $11.7M of that book attributed to intangibles from property acquisitions.