Greenlight looks back at 2025, ahead to 2026

Executive Summary

• Greenlight Metals Inc. reported strong copper-gold drill results from its Phase 1 program at the Bend project in Wisconsin, marking the first drilling on the property in over a decade.
• The company outlined its 2026 exploration strategy, which includes mobilizing two rigs for an expanded drill program to advance toward a maiden resource estimate, alongside permitting efforts for additional drilling on Soo Line mineral lands.
• Management highlighted a transformational 2025 that included a successful public listing on the TSX Venture Exchange and the closing of an $11.5 million bought deal financing.

Key Details

• Drilling Results (Phase 1):
  • Completed a six-hole, 2,037-metre program testing down plunge and eastern extensions.
  • Hole B25-003: 12.85 metres averaging 3.74% copper equivalent (CuEq).
  • Hole B25-004: 34.25 metres averaging 3.74% CuEq. Includes 22.24 metres of 3.02 g/t gold and 2.03% copper (5.27% CuEq), and a localized high-grade gold zone of 7.41 g/t gold over 6.10 metres.
  • Hole B25-005: 19.32 metres averaging 2.95% CuEq, including 8.79 metres of massive to semi-massive sulphide grading 3.74% CuEq.
  • Hole B25-006: 23.98 metres averaging 2.86% CuEq, including 17.11 metres of massive to semi-massive sulphide grading 3.32% CuEq.
  • Significant tellurium values encountered, with multiple assays greater than 500 g/t Te.
• Financing:
  • Closed an $11.5 million bought deal financing in November 2025.
  • Secured new institutional investors to support expanded exploration.
• 2026 Exploration Strategy:
  • Plan to mobilize two drill rigs for an expanded program at Bend.
  • Submitted notice of intent to Wisconsin DNR for Soo mineral lease, permitting up to ~7,000 metres of drilling.
  • Upon approval of U.S. Forest Service prospecting permit, drilling will focus on resource definition for a maiden estimate and western downdip extensions.
  • Borehole electromagnetic surveys will be conducted to generate 3-D plate models.
  • Testing of outboard Bend North and Bend East electromagnetic anomalies.
  • Development of a comprehensive internal geologic model.
• Other Portfolio Updates:
  • Lobo East: Baseline environmental work and permitting preparations underway for future VMS drill testing.
  • Reef: Validating and digitizing historic data sets and refining geological interpretations.
• Administrative:
  • Granted 487,581 deferred share units (DSUs) to directors for Q2-Q4 2025 fees.

Notable Quotes

• "Two thousand twenty-five was a transformational year for Greenlight, kicking off with our successful public listing on the TSX Venture Exchange in April... Strong drill results from our first phase of drilling at Bend validated our thesis that the historic 4.0-million-tonne resource has potential for expansion." — Matt Filgate, President and CEO
• "In 2026, we plan to mobilize two rigs for a significantly expanded drill program at Bend as we advance toward a maiden resource estimate, while also pursuing belt-wide exploration and strategic acquisitions to strengthen the U.S. critical metals supply." — Matt Filgate, President and CEO