Metal Energy Completes Right of First Refusal on NIV Project's Remaining Interest

• Metal Energy completed a right of first refusal agreement for the remaining 20% interest in the NIV and West NIV properties
• Consideration consists of 600,000 common shares with no cash payment or finder's fees
• The agreement allows Metal Energy to match any third-party offer for the remaining interest on the same terms
• The company holds an existing 80% earn-in on the property and plans drilling in 2026
• NIV is a fully permitted copper-gold-molybdenum project in British Columbia's Toodoggone District

Metal Energy Corp. (TSXV: MERG) is a Canadian critical metals exploration company focused on copper and gold assets. The company operates three projects: the NIV Project, a copper-gold-molybdenum property in British Columbia's Toodoggone District, which the company reports is fully permitted and drill-ready; the Highland Valley Project in British Columbia; and the Manibridge Project in Manitoba. The company currently controls NIV through an 80% earn-in arrangement.

Right of First Refusal Agreement Completion

Metal Energy has completed a right of first refusal agreement that provides the company with the option to purchase the remaining 20% interest in the NIV and West NIV mineral tenures. Under the agreement, if the current holder receives an offer from a third party to purchase their interest, Metal Energy can match the terms and consideration. The right of first refusal operates alongside the company's existing 80% earn-in arrangement on the property.

The company issued 600,000 common shares to the grantor as consideration for the agreement. No cash payment was made, and no finder's fees were paid. The shares are subject to a four-month-plus-one-day statutory hold period from the date of issuance. The transaction requires final approval from the TSX Venture Exchange.

Chairman Stephen Stewart commented on the completion:

"This agreement enhances our long-term optionality to consolidate ownership of a highly compelling, fully permitted copper-gold porphyry target in one of British Columbia's most prospective districts. We are very pleased with the terms of the agreement and look forward to drilling NIV's exceptional targets in 2026."

Property Consolidation Strategy

The right of first refusal agreement adds to Metal Energy's existing position on the NIV property. The company currently holds an 80% earn-in arrangement, which provides operational control of the project. The new agreement allows the company to prevent third-party acquisition of the remaining 20% interest by matching any proposed sale terms. Together, these arrangements provide a pathway to potential 100% ownership of the property.

The NIV property is located in the Toodoggone District of British Columbia, an area known for porphyry deposits. Porphyry systems typically contain copper, gold and molybdenum mineralisation and can represent large-tonnage targets. The company has described NIV as a copper-gold porphyry target that is fully permitted for drilling activities.

Metal Energy's approach involves advancing exploration on the property under its current 80% interest whilst maintaining the option to acquire the remaining stake if a third-party sale is proposed. This structure allows the company to defer additional acquisition costs whilst retaining control over ownership changes. The agreement does not obligate Metal Energy to purchase the remaining interest unless the current holder decides to sell to a third party.

2026 Drilling Plans and Project Status

Metal Energy plans to conduct drilling at the NIV Project in 2026. The company has stated the property is fully permitted and drill-ready, which eliminates the need for additional regulatory approvals before commencing exploration activities. According to the company, the project hosts copper-gold-molybdenum mineralisation within a porphyry system.

The Toodoggone District has a history of porphyry discoveries, and Metal Energy has characterised NIV as located in one of British Columbia's prospective districts for this deposit type. Porphyry deposits are known for hosting large tonnages of mineralisation, though grades can vary. The presence of multiple commodities, including copper, gold and molybdenum, is typical of porphyry systems in this region.

The company's 2026 drilling programme will provide the first test of NIV's targets under Metal Energy's operational control. The timing of drilling activities will depend on field season conditions and operational readiness. Results from the programme would inform future exploration decisions on the property.

Looking Forward

Metal Energy has completed the right of first refusal agreement, subject to final TSX Venture Exchange approval of the share issuance. The company's next steps include preparing for its 2026 drilling programme at NIV, which is planned to test the property's copper-gold-molybdenum targets. The right of first refusal agreement operates in parallel with the company's 80% earn-in, providing Metal Energy with the ability to match any third-party offers for the remaining 20% interest. The combination of these arrangements supports the company's stated objective of consolidating ownership on the property over time.

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