Collective Metals signs LOI for 75% interest in Rocas

Mr. Christopher Huggins reports COLLECTIVE METALS ANNOUNCES LETTER OF INTENT TO ACQUIRE THE ROCAS URANIUM PROJECT Collective Metals Inc. has signed a non-binding letter of intent (LOI), dated Sept. 17, 2025, with Standard Uranium (Saskatchewan) Ltd. and Standard Uranium Ltd. Pursuant to the LOI and subject to the entry into of a definitive agreement by the company and the optionors in connection thereof, the company would be granted an option to acquire a 75-per-cent interest in the 4,002-hectare Rocas project, located in the eastern Athabasca basin region. Rocas uranium project highlights: Prime location: more than 7.5 kilometres of exploration strike length along a strong northeast-southwest magnetic-low trend coincident with EM (electromagnetic) conductors and crosscutting faults, providing shallow drill targets south of Key Lake; Uranium at surface: mineralized outcrop grab samples along approximately 900 metres of strike length, grading up to 0.50 weight per cent U3O8 and never drill tested (1); New uranium targets: results from a high-resolution ground gravity survey completed in 2024 highlight potential alteration halos and high-priority exploration targets along well defined structural corridors. Christopher Huggins, chief executive officer of the company, commented: "We are thrilled to announce the acquisition of the Rocas uranium project, located in the renowned Athabasca basin, which plays a major role in Canadian uranium exploration and production. With more than 7.5 kilometres of strike length, uranium mineralization identified at surface and newly defined high-priority exploration targets, we are fortunate to be able to further investigate the project." About the Rocas project The project comprises 4,002 hectares, located 75 kilometres southwest of the Key Lake mine and mill facilities along Highway 914, and approximately 72 kilometres south of the present-day margin of the Athabasca basin. The project covers 7.5 kilometres of a northeast-trending magnetic-low/EM conductor corridor that hosts several uranium showings, including historical mineralized outcrop grab samples along approximately 900 metres of strike length, grading up to 0.50 weight per cent U3O8 (1). Notably, none of the historical uranium occurrences have been drill tested. Historical airborne EM work in 2017 defined conductive trends on the project west of and subparallel to the Key Lake Road shear zone, corresponding with favourable metasedimentary basement lithologies. Multiple parallel conductors, offsets and termination points indicate the trend widening and potential crosscutting structures. Additionally, a 2007 field sampling program identified anomalous lakebed geochemical anomalies that statistically rank as greater than 95th percentile U (uranium), Co (cobalt), V (vanadium) and Zn (zinc) along the conductor corridor, including high U/Th (uranium/thorium) ratios (2). 2024 ground gravity survey The optionors contracted MWH Geo-Surveys (Canada) Ltd. to complete a high-resolution ground gravity survey along known conductive exploration trends on the project. The surveys are designed to aid in the identification of potential zones of hydrothermal alteration of host rocks associated with uranium mineralization events. The gravity surveys across the conductive structural corridors improve definition of drill targets for future exploration programs. Convolutions Geoscience has completed detailed inversion and 3-D modelling, which will provide additional vectoring layers for future drill programs. Value-added products include 3-D density inversions, depth slices, modelling interpretation and expert recommendations. Four new drill target zones have been identified on the project, outlined via the confluence of low-gravity anomalies, historical surface mineralization, lakebed geochemical anomalies, EM conductors and crosscutting fault zones. Proposed option agreement terms Subject to the company and the optionors entering into a definitive agreement reflecting the terms and conditions as outlined in the LOI, the option would be exercisable by the company completing cash payments and share issuances, and incurring the following exploration expenditures on the project, as detailed in the attached table. Three-year earn-in option Prior to exercise of the option, the optionors will act as the operator of the project and will be entitled to charge a 10-per-cent fee on expenditures in year 1, increasing to 12 per cent in year 2 and year 3. Following successful completion of the obligations of the option (at the end of year 3), the company will acquire a 75-per-cent equity in the property, with the optionors retaining 25 per cent, as well as a 2.5-per-cent net smelter return royalty on the project, of which a 1.0-per-cent royalty may be purchased back at any time for a one-time cash payment of $1-million. The parties intend on forming an unincorporated joint venture for the further development of the project. The LOI is non-binding at this time and the grant of the option remains subject finalization and execution of definitive documentation. No finder's fee is payable by the company in connection with the option. (1) Mineral assessment report 74B09-0007: Uranex Ltd., 1977m and SMDI No. 2465. (2) Mineral assessment report 74B09-0032: Forum Uranium Corp., 2007. Qualified person statement The scientific and technical information contained in this news release has been reviewed, verified and approved by Sean Hillacre, PGeo, president and vice-president of exploration of Standard Uranium, and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the company nor a qualified person has yet verified these data and therefore investors should not place undue reliance on such data. The company's future exploration work may include verification of the data. The company considers historical results to be relevant as an exploration guide and to assess the mineralization, as well as economic potential of exploration projects. About Collective Metals Inc. Collective Metals is a resource exploration company specializing in critical and precious metals exploration in North America. We seek Safe Harbor.