SAGA Metals Reports 8 Completed Drill Holes at Trapper North Aimed to Expand the MRE at the Radar Critical Minerals Project

Saga Metals Corp. (SAGA) reported the completion of eight NQ drill holes at its Trapper North property between September 19 and November 5, 2026. The program totaled 2,788 meters, with holes designated R-0093 through R-0104, noting gaps in the sequence. The drilling was designed to increase section spacing density, halving the interval from 100 meters to 50 meters across three new intermediate sections in preparation for an expanded Mineral Resource Estimate.

The company disclosed visual logging of oxide intervals for the completed holes, noting that assays are pending and true thicknesses have not yet been estimated. Logged oxide intervals included:

• R-0093 (Section N10, 380 m): 59.8–187.9 m downhole; 112.4 m semi-massive + 9.7 m rhythmic = 122.1 m total logged oxide
• R-0094 (Section N10A, infill, 557 m): 46.7–521.0 m; 238.3 m semi-massive + 171.4 m rhythmic = 409.7 m total
• R-0095 (Section N11A, infill, 401 m): 48.6–350.0 m; 163.7 m + 20.8 m = 184.5 m total
• R-0098 (Section N09, 272 m): 2.3–51.1 m; 43.5 m + 5.4 m = 48.8 m total
• R-0099 (Section N09A, infill, 347 m): 43.0–340.7 m; 110.5 m + 79.7 m = 190.1 m total
• R-0102 (Section N09, 416 m): 74.8–401.2 m; 59.6 m + 202.7 m = 262.3 m total

Logging for holes R-0103 (Section N08, 290 m) and R-0104 (Section N07, 125 m) was still in progress at the time of the release, with no intervals provided. Saga Metals stated that 102 of 102 logged holes contained oxide mineralization. Two HQ metallurgical holes, R-0100 and R-0101, released on November 4, remain unlogged. The new holes are outside the maiden Mineral Resource Estimate database, which was closed and handed to GeoGlobal LLC.

Saga Metals Corp. (SAGA) is currently in the pre-resource exploration phase, with no NI 43-101 mineral resource established for either its Radar or Wolverine projects. The company expects to release a maiden mineral resource estimate (MRE) for Radar from GeoGlobal LLC in the fourth quarter of 2026, while targeting a maiden estimate for Wolverine in 2027. Consequently, there is currently no reserve, mine life, or net asset value (NAV) associated with the drilling activity.

The recent release of eight drill holes adds density between existing sections but is explicitly excluded from the maiden MRE. This announcement serves as a progress update between the completion of the MRE program and its publication.

Saga Metals’ shares have experienced significant volatility, rising from C$0.30 on October 21 to C$0.40 on November 11, before falling back to trade near their 52-week low. This level represents a 55% decline from the C$0.88 high recorded in January. The market appears to be marking time ahead of the MRE, with the current share price not reflecting drilling results. The company is unlikely to see a significant market reaction until the resource is published or a financing event occurs.

Financial data from the first quarter of 2026, covering the three months ended October 31, 2025, shows an operating cash burn of C$1.78 million, C$329,280 in capital expenditures, and C$1.96 million in cash on hand. Since that period, the company has raised approximately C$19.7 million gross through a C$6.0 million raise in December 2025, C$3.42 million from warrant exercises in early 2026, and a C$10.24 million raise in May 2026. During this time, the company drilled 22,432 meters at Radar, 3,241 meters at Wolverine, plus 1,010 meters of HQ and 2,788 meters of NQ. The share count increased from 32.4 million in the third quarter of 2025 to approximately 78 million. Given the burn rate, additional financing is expected, creating a supply overhang that drilling results must offset.

Saga Metals Corp. (TSXV: SAGA; OTCQX: SAGMF; FSE: 20H) is a Vancouver-based, pre-revenue critical-minerals explorer with four 100%-owned projects in Tier-1 Canadian jurisdictions.

The company’s flagship Radar Ti-V-Fe project in Labrador covers 24,175 hectares across 690 claims, located approximately 10 km south of Cartwright. The property entirely encloses the ~160 km² Dykes River Intrusive Complex, where a 29 km² oxide-bearing lopolith is defined by QMAGT magnetics and hosts the Trapper, Falcon, and Hawkeye zones. To date, 28,439 m have been drilled across the Hawkeye and Trapper zones. The 85-hole, 22,432 m maiden resource estimate (MRE) programme closed in August 2026 with assays received for all holes, and a maiden NI 43-101 estimate by GeoGlobal LLC is due in Q4 2026. Metallurgy testing via Temas Resources' proprietary Regenerative Chloride Leach has shown bench-scale Stage 1 recoveries of up to 90.8% Ti, 97.4% V, and 91.5% Fe. Stage 2 optimization is underway, targeting a 2027 preliminary economic assessment (PEA). Infrastructure is a strength, featuring paved Route 510, a deep-water port at Cartwright, an airport, and proximity to Muskrat Falls and Churchill Falls hydro.

The Wolverine HREE project in central Labrador covers approximately 294.5 km² and was acquired in July 2026 for 4,249,982 shares plus C$1.0 million in cash and up to five milestone payments. This peralkaline volcanic-hosted, near-surface rare earth element (REE) system recorded 2025 reverse circulation (RC) intercepts of up to 48.8 m @ 0.77% total rare earth oxide (TREO), with heavy rare earth oxide (HREO) at ~24–28% of TREO. Pegmatite grab samples returned up to 21.6% TREO. A 22-hole, 3,241 m maiden diamond programme completed in October 2026 has assays pending, with a maiden resource targeted for 2027.

The Double Mer Uranium project in Labrador covers 25,600 hectares and features an 18 km radiometric trend with a 14 km confirmed section. Surface samples have returned grades up to 0.428% U₃O₈.

The Legacy Lithium project in Eeyou Istchee James Bay, Quebec, covers approximately 73,866 hectares. Lithium pegmatite indicator minerals have been identified in the early-stage property, which has no drilling.

Non-core assets include a 2% GORR and 4 million Orion Iron Ore shares, plus a board seat from the North Wind iron ore sale in August 2026. The company also holds the Garneau titanium project in Quebec's Havre-Saint-Pierre anorthosite complex, acquired from Rio Tinto in March 2026, with a 2% net smelter return (NSR) retained by Rio Tinto.

Financial position data reflects the prior period context for Q1-2026, covering the three months to 31 October 2025, and is not updated for the December 2025, warrant, and May 2026 financings. At that time, the company held C$1.96 million in cash, C$8.80 million in total assets, C$1.05 million in total liabilities, and C$7.75 million in equity, resulting in a book value of C$0.14/share. The quarterly net loss was C$1.00 million, with an operating cash outflow of C$1.78 million. Subsequent gross raises of roughly C$19.7 million in December 2025 (warrant exercises) and May 2026 have funded the largest drilling campaign in the company's history, increasing the share count from 32.4 million to approximately 78 million.