Metal Energy Secures Teck Resources as Strategic Investor with 9.9% Equity Stake

• Teck Resources Limited acquires 9.9% equity interest in Metal Energy, matching Centerra Gold's 9.9% stake
• $9.3 million financing proceeds allocated to exploration at the NIV copper-gold-molybdenum property in British Columbia
• Joint technical advisory committee to be formed with Teck and Centerra representatives
• NIV property located in British Columbia's Toodoggone District and holds drill-ready status with full permitting
• Financing expected to close on or around 16 December 2025, subject to regulatory approvals

Metal Energy Corp. (TSXV:MERG) is a Canadian critical metals exploration company focused on copper and gold properties. The company holds three exploration projects: the NIV copper-gold-molybdenum project (100% controlled) in British Columbia's Toodoggone District, the Highland Valley copper-molybdenum-silver-gold-rhenium project (100% owned) in British Columbia, and the Manibridge nickel-copper-cobalt project (85% owned) in Manitoba.

Teck Resources Strategic Investment and 9.9% Equity Acquisition

Teck Resources Limited will acquire a 9.9% equity position in Metal Energy through subscription for 4,442,000 shares. The investment consists of premium flow-through shares priced at $0.73 per share and common shares at $0.45 per share, matching the investment structure used by Centerra Gold. The investor rights agreement with Teck includes top-up and information rights and requires that funds from Teck be allocated to exploration on the NIV property.

Both Teck and Centerra are expected to subscribe for 4,442,000 shares each from the total 8,880,000 flow-through shares and 6,200,000 common shares being issued. Following completion of the financing, each company will own approximately 9.9% of Metal Energy's issued and outstanding common shares. The terms negotiated with Teck mirror those established with Centerra, creating similar rights and obligations for both investors.

Stephen Stewart, Chairman of Metal Energy, commented on the investment:

"It's worth underscoring how rare it is to have two major mining companies invest in an undrilled asset. Their participation reflects both the quality of the targets and the exceptional work of Charlie Greig and Alex Walcott in advancing this opportunity."

Dual Major Mining Company Strategic Shareholders

Teck and Centerra will each hold 9.9% equity positions in Metal Energy following the completion of the financing. Teck operates base metals projects in British Columbia, whilst Centerra operates gold projects in the region. A joint technical advisory committee comprising representatives from both companies will be formed in connection with the investment.

The investor rights agreements with both Teck and Centerra are substantially similar and include top-up rights, which allow the companies to maintain their ownership percentages, and information rights. Both companies subscribed under the same pricing structure and share allocation, with identical equity positions upon closing.

Stewart noted the participation of both companies in the announcement:

"We are pleased to welcome Teck as our second strategic investor in Metal Energy. Having one major mining company already on our register provides meaningful validation, adding a second reinforces that confidence. We look forward to having Centerra and Teck form a joint technical advisory committee and believe Teck's long track record in base metals in British Columbia is an excellent complement to Centerra's focus on gold operations in the region."

NIV Property Exploration Funding and Technical Advisory Committee Formation

The $9.3 million financing will provide funding for exploration activities at the NIV property in British Columbia's Toodoggone District. The property holds full permitting and drill-ready status. The investor rights agreements with both Teck and Centerra specify that funds from these investors be allocated to exploration work on the NIV property.

The technical advisory committee will include representatives from both Teck and Centerra. The committee structure was established through the investor rights agreements entered into by Metal Energy with each company. The financing structure includes both premium flow-through shares and common shares, with flow-through shares priced at $0.73 and common shares at $0.45.

Stewart commented on the financing:

"With this financing fully subscribed and two major mining companies now aligned with us, we hope the broader mining investment community will take notice of Metal Energy and NIV as our team moves toward its next objective of delivering another discovery in the region."

The Toodoggone District has hosted porphyry deposits previously.

Next Steps and Project Milestones

The financing is expected to close on or around 16 December 2025, subject to satisfaction of customary closing conditions, including receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. Following the closing, Teck and Centerra will each hold approximately 9.9% of Metal Energy's issued and outstanding common shares. All securities issued in connection with the financing will be subject to a hold period of four months plus one day in accordance with applicable securities laws.

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