Patterson Metals proposes rollback, schedules AGM

Mr. Simon Cheng reports PATTERSON METALS TO SEEK SHAREHOLDER APPROVAL FOR CONSOLIDATION An annual general and special meeting of the shareholders of Patterson Metals Corp. will be held on June 18, 2026. At the meeting, shareholders will receive the audited consolidated financial statements of the company for the years ended Oct. 31, 2025, and Oct. 31, 2024, vote to reappoint Manning Elliott LLP, chartered professional accountants, as the auditor of the company for the ensuing year, vote to set the number of directors for ensuing year, vote to re-elect the current board of directors, vote to reapprove the omnibus incentive plan, and vote to approve a consolidation of the company's outstanding common shares on the basis of one postshare for up to 10 existing shares. The board of directors of the company believes that the consolidation is in the best interests of the company and its shareholders for several reasons: Enhanced capital-raising flexibility: A higher postconsolidation share price may make the company's securities more attractive to institutional and retail investors. Reduction of issued and outstanding shares: The consolidation will reduce the number of shares outstanding, which the board believes could reduce share price volatility and facilitate future financings. No impact on intrinsic value: The consolidation will not, by itself, change shareholders' proportionate interest in the company, nor will it affect the intrinsic value of the company. The constating documents of the company and the Business Corporations Act (British Columbia) permit the board to authorize the consolidation of the shares without the approval of shareholders. The policies of the TSX Venture Exchange require the company to seek approval of shareholders for any security consolidation, which, when combined with any other security consolidation conducted by the company within the previous 24 months that was not approved by shareholders, would result in a cumulative consolidation ratio of one to greater than 10 over such period. The company previously effected a one-for-10 consolidation of its shares on Sept. 24, 2024. Shareholders are being asked to approve the consolidation to satisfy the policy requirements of the TSX-V. There are currently 7,110,730 shares outstanding and assuming the consolidation is completed on a one-for-10 basis, the company will have approximately 711,073 shares outstanding. The consolidation will take effect on a date to be co-ordinated with the TSX-V. The company will announce by news release the effective date of the consolidation, as well as the final exchange ratio. Completion of the consolidation remains subject to the TSX-V and the satisfaction of any applicable public distribution requirements. Notwithstanding the foregoing, even if the consolidation is approved by shareholders at the meeting, the board may elect not to proceed with the consolidation, in its sole discretion. The board will continue to assess market conditions and the interests of the company and shareholders before proceeding to effect the consolidation, if at all. The company is not changing its name as part of the proposed consolidation. For further information concerning the meeting and the consolidation, readers are encouraged to review the management information circular of the company. A copy of the circular was mailed to shareholders of record as of the closing of business on May 13, 2026, and is also available under the company's profile on SEDAR+. About Patterson Metals Corp. Patterson Metals is a mineral exploration company with a focus on uranium. The company creates value for its shareholders by engaging in promising mineral exploration opportunities. Its main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows the company to achieve exceptional shareholder value through the entire life cycle of the mining process. We seek Safe Harbor.