GreenLight Metals Executes Long-Form Documentation with Barrick for Staged Earn-In Joint Venture at Kalium Canyon Project in Nevada's Walker Lane

GreenLight Metals Inc. (GRL) has executed a long-form exploration earn-in agreement with Barrick Gold Exploration Inc. for the Kalium Canyon gold project located in Nevada's Walker Lane. This definitive agreement supersedes a binding term sheet previously announced in May 2026.

Under the terms of the deal, Barrick can earn up to an 80% project-level interest through a staged process:

• Stage 1: Earn 60% by completing $7.5 million in work requirements and paying $1.0 million in cash over six years.
• Stage 2: Optional earn to 70% by completing $12.0 million in work over four years.
• Stage 3: Optional earn to 80% by completing a pre-feasibility study at Barrick's sole cost within 48 months.

All exploration, work programs, and study costs are funded solely by Barrick and are non-dilutive to GreenLight during the earn-in period. Barrick must commence drilling within 180 days of receiving the first drill permit. A project company will be formed upon Stage 1 completion, with Barrick as operator. Pro-rata funding only begins if Barrick vests 80% or ceases pursuit.

GreenLight Metals Inc. (GRL) has entered into a long-form agreement, a direct follow-up to the May 2026 term sheet, marking an expected execution step rather than a surprise. The deal structure provides substantial non-dilutive funding for Kalium Canyon exploration while preserving GreenLight's 40% stake and upside. Barrick’s involvement brings world-class technical expertise and operational capacity, serving as a strong geological validation of the Walker Lane asset. Additionally, the requirement for Barrick to fund all costs through a pre-feasibility study significantly de-risks the project for GreenLight's balance sheet.

GreenLight Metals Inc. (GRL) is a Wisconsin-focused exploration company advancing copper-gold and gold projects along the Penokean Volcanic Belt. Its flagship asset is the Bend VMS deposit in Taylor County, Wisconsin, which features high-grade copper-gold-tellurium mineralization with historical estimates of approximately 4.0 million tonnes. Recent Phase 1 and Phase 2 drilling have confirmed down-dip and eastward extensions, yielding massive to semi-massive sulfide intercepts.

The company’s portfolio also includes the Reef high-grade gold project, the Lobo and Lobo East VMS targets, and the Kalium Canyon project in Nevada's Walker Lane. GreenLight Metals is consolidating land positions, advancing permitting, and drilling toward resource definition while leveraging strategic partnerships for capital efficiency.