Ramp Metals Expands Rush VMS System; Drills 7.4m of 1.01% Cu, 7.07% Zn, and 10.11 g/t Ag in 55m Step-Out Hole in Rush-015, and Drills 25.9m of Mineralization in Rush-012

The most recent news, dated May 20, 2026, reports the final assay results from the 2026 winter/spring drill program at the Rottenstone SW property. The program completed 3,817.06 meters across 16 drill holes. The headline intercept is from Rush-015, a 55m step-out to the south, which returned 7.4m of 1.01% Cu, 7.07% Zn, and 10.11 g/t Ag. The company highlights this as the “most significant high-grade intercept” to date at Rush and believes it demonstrates a potential link between two previously discovered zones. Additional results from Rush-012 (25.9m of Cu-Zn-Ag-Pb mineralization) and Rush-013 are also reported. The company also secured a $150,000 government reimbursement.

This news release, while technically positive, must be evaluated in the context of the market's complete disinterest. The stock price has collapsed from highs of $1.73 in June 2025 to a new 52-week low of $0.26 immediately preceding this release. The results from Rush-015, though described as high-grade, are incremental in nature. They extend known mineralization 55m to the south, a step-out that confirms continuity but does not represent a game-changing, new discovery. Previous news flow consistently reported "mineralization intersected in every hole," setting the expectation that the Rush system is large and continuous. The latest results meet, but do not materially exceed, the expectations set by prior releases (e.g., Rush-011's 21m of 0.80% Cu, or the original discovery hole grades).

Crucially, the news contains no metallurgical results, no initial resource estimate, and no new catalyst that would re-rate the stock. The market's primary concern is likely the company's rapidly depleting cash position. The Q1 2026 presentation showed over $4.5M in late 2025, but after a 3,817m drill program and 9 months of G&A, the company is likely running low on funds, with a market cap of only ~$11.7M, making a dilutive financing a near-term certainty. The $150,000 TMEI reimbursement is immaterial. The market is pricing in extreme dilution risk, and these drill results do not offer a sufficient catalyst to counteract that.

Ramp Metals is a grassroots mineral exploration company focused on its 100%-owned Rottenstone SW property in Saskatchewan. The project is subject to a 2% NSR, half of which (1%) can be purchased. The flagship discovery is the Rush target, a newly identified Volcanogenic Massive Sulphide (VMS) system with copper, zinc, silver, and gold mineralization. The property also hosts the Ranger gold discovery and multiple other untested geophysical targets (Redridge, Runway). The company is led by CEO Jordan Black and VP Exploration Garrett Smith.