Viridian's Kraken Main drilling confirms mineralization

Executive Summary

• Viridian Metals released final assay results from the remaining 17 drill holes of its 2025 program at the Kraken Main zone in Labrador, confirming consistent, near-surface sulphide mineralization over an additional 360 metres of strike length.
• The company confirmed the closure of its non-brokered private placement, raising no further funds beyond those announced in December 2025, with the offering now fully closed.
• The company announced administrative changes, including the appointment of a new corporate secretary and the grant of stock options, restricted share units (RSUs), and performance share units (PSUs) to officers and directors.

Key Details

• Drilling Results (Kraken Main Zone):
  • Final assays from 17 drill holes completed in the 2025 program were released.
  • Mineralization confirmed over an additional 360 metres of strike length, including tens of metres of mineralization intersected above the primary target horizon.
  • Near-continuous sulphide mineralization defined over approximately 600 metres by approximately 200 metres (associated with a five-kilometre electromagnetic conductor).
  • Drilling has confirmed near-continuous sulphide mineralization over an area of approximately 600 metres along strike and 200 metres across, representing less than 10% of the interpreted Kraken Main zone.
  • The Main zone is interpreted to extend over approximately 5,000 metres of strike length based on geophysical data.
  • Mineralization is located within the lower Michikamau intrusion and along its basal contact, with disseminated sulphide mineralization also identified within the intrusive rocks above the contact.
  • Drill holes completed at approximately one-kilometre spacing confirm mineralization along the entire interpreted trend.
• Intercept Calculation Criteria:
  • Cut-off grade: 0.1% copper-equivalent.
  • Corresponds to approximately $10 (U.S.) net smelter royalty.
  • Maximum internal dilution: 1.5 metres.
• Private Placement Closure:
  • The company confirms the offering is closed with no further funds raised.
  • Structure: Combination of flow-through shares at $0.75 per share and non-flow-through units at $0.56 per hard-dollar unit.
  • Reference: Press release dated Dec. 2, 2025.
• Corporate Governance & Equity Grants:
  • Officer Change: Coulter Wright stepped down as corporate secretary; Andy Hunter appointed as corporate secretary, effective immediately.
  • Equity Grants: Board approved grants pursuant to the omnibus equity incentive plan:
    • 50,000 stock options.
    • 100,000 restricted share units (RSUs).
    • 475,000 performance share units (PSUs).
  • Option Terms: Exercise price of $0.72 per common share (closing price on Feb. 3, 2026); fully vested on grant; expire three years from issuance.
  • RSU/PSU Terms: Convert into one common share on vest date (or settled in cash at board discretion). RSUs vest one year from grant. PSUs vest one year from grant subject to corporate performance criteria.
• Next Steps:
  • Planning for an expanded 2026 drilling program has begun.
  • Focus on stepouts along the five-kilometre Main zone conductor, including deeper holes beneath strongest conductivity responses.
  • Testing newly identified structural splays for higher-grade sulphide accumulation.

Notable Quotes

• "The final assays from our 2025 drilling program reinforce our interpretation of the Kraken Main zone as a large, laterally extensive zone of near-surface sulphide mineralization," said Tyrell Sutherland, chief executive officer of Viridian Metals. "Drilling continues to demonstrate consistent, near-surface sulphide mineralization across a growing footprint, including mineralization extending beyond the primary target horizon. With only a small portion of the Main zone tested, the results highlight the significant discovery potential as we continue to define mineralization along this five-kilometre-long zone."