Cadillac sells 29.58% of Burnt Hill to Nexcel Metals

Mr. Norman Brewster reports CADILLAC VENTURES INC. ENTERS INTO OP ON AGREEMENT FOR THE BURNT HILL TUNGSTEN PROJECT IN NEW BRUNSWICK Further to the news release dated Oct. 8, 2025, Cadillac Ventures Inc. has sold the initial 29.58-per-cent interest in the Burnt Hill tungsten project located in New Brunswick, Canada. Pursuant to the previously announced option agreement dated Oct. 3, 2025, with Nexcel Metals Corp. (the optionee) and Wyloo Ring of Fire Ltd., which owns a 42-per-cent interest in the property (the minority owner), the optionee earned the initial 29.58-per-cent interest in the property from Cadillac in consideration for the payment of an aggregate of $170,000 in cash and the issuance of $330,000 (less the costs of the summer work program at the property totalling $52,495) in common shares of the optionee to Cadillac, which was satisfied by the issuance of 355,775 common shares at a deemed price of 78 cents per common share. The optionee may earn an up-to-an-additional-28.42-per-cent interest in the property (for a total 58-per-cent property interest) from the company in consideration for the payment of an aggregate $250,000 in cash and the issuance of an aggregate of $600,000 in common shares to Cadillac in accordance with the terms of the option agreement. Upon the optionee earning at least a 51-per-cent property interest, a joint venture will be formed among the company, the optionee and the minority owner. The 355,775 common shares issued to Cadillac are subject to a hold period expiring April 9, 2026. In addition, all common shares issued pursuant to the option agreement shall be subject to the following voluntary resale restrictions: 15 per cent of the common shares shall be restricted until each of April 3, 2026, Oct. 3, 2026, April 3, 2027, Oct. 3, 2027, April 3, 2028, and Oct. 3, 2028, with 10 per cent of the common shares not restricted subject to the statutory hold period noted above. The agreement remains subject to the approval of the TSX Venture Exchange. We seek Safe Harbor.