SAGA Metals mobilizes camp construction at Wolverine rare earth project

Vancouver, British Columbia--(Newsfile Corp. - August 3, 2026) - SAGA Metals Corp. (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) ("SAGA" or the "Company") , a North American exploration company focused on critical mineral discoveries, is pleased to confirm the mobilization of crews, equipment, and all necessary supplies to site, along with the establishment of camp facilities and related infrastructure, in preparation for its planned 4,000 to 5,000 metre diamond drill program at the 100%-owned Wolverine Heavy Rare Earth Element (" REE ") Project, a royalty-free, heavy rare earth project located near the coast of central Labrador, Canada.

The program will expand upon the strong results from the 25 reverse circulation ("RC") drill program completed in 2025, focusing on generating core for detailed geological, structural, mineralogical, density, and metallurgical analysis, advancing while further defining the controls on mineralization and heavy rare earth enrichment.

Program Details

Crews are currently transporting supplies and establishing the full suite of camp infrastructure required to support safe and efficient operations. The program will have four components that will be fully integrated: 1) detailed mapping of the previous identified mineralized zone to define the volcanic stratigraphy and alteration associated with heavy rare earth mineralization, 2) diamond drill along and down dip throughout the mineralized zone and 3) evaluation of other high priority prospects and 4) determination of mineralized rock properties, geochemistry and metallurgical testing to advance the project toward a maiden NI 43-101 mineral resource estimate.

Figure 1: White and blue Quonset-style tents and temporary structures have been erected forming the operational exploration base camp for the upcoming 4,000-5,000 metre diamond drill program at the Wolverine Heavy REE Project in Labrador.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12336/307645_saga08022026fig1.jpg

Figure 2: SAGA's crew along with helicopter support slinging materials from Hopedale to site of the Wolverine REE project.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12336/307645_saga08022026fig2.jpg

Wolverine REE Project Highlights:

The Wolverine REE project lies within the peralkaline Flower Lake Igneous Suite, an intrusive-volcanic complex that is part of the 1.28- to 1.13-billion-year-old Gardar rifting province, the latter hosts globally significant REE deposits: Tanbreez within the Ilímaussaq alkaline intrusive complex and Strange Lake within a peralkaline granite.

The project which includes a contiguous 29,450 hectares has district-scale potential, HREE enrichment, near-surface mineralization, and Tier-1 jurisdiction positions it as a potentially significant strategic REE asset.

2025 reverse circulation ("RC") drilling confirmed broad, near-surface REE mineralization across a 1.7 km × 1.2 km area hosted within a significant peralkaline caldera system.

537 samples from the 2025 program returned consistent mineralization, supporting strong continuity across the drilled footprint. Key intercepts include: WOLRC25-003: 48.8 m @ 0.77% total rare earth oxides ("TREO*") from 1.5 m, including 18.3 m @ 1.06% TREO

WOLRC25-006: 38.1 m @ 0.71% TREO from surface, including 4.6 m @ 1.53% TREO

WOLRC25-002: 51.8 m @ 0.52% TREO from surface, including 33.5 m @ 0.67% TREO

Peak drill program assays reached 2.03% TREO (WOLRC-006-25 - Sample 2355079 from 1.5-3 m), with an average heavy rare earth oxides (" HREO ") contribution of approximately 24-28% , highlighting strong heavy rare earth enrichment.

Large-scale potential is supported by 26 km² of exposed mineralized tuff at surface, with depths of only 25-50 m, and less than 10% of the prospective unit drilled to date.

Mineralization remains open and under-explored, with >1% TREO enriched zones identified

In the southwestern area of the Project, seven (7) REE-bearing peralkaline pegmatites have been identified (Figure 3). Thirty-nine (39) grab sample returned assays up to 21.6% TREO.

Figure 3: Local geologic map highlighting SAGA's claims completely encircling the entire Nuiklavik Caldera Complex.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12336/307645_saga08022026fig3.jpg

Michael Garagan, CGO & Director of SAGA Metals, commented:

"Mobilization is progressing well with the camp and supporting infrastructure in place to commence all parts of the program in mid-August. This program will allow us to systematically explore the continuity of ore grade, near-surface mineralization identified by the two previous drilling campaigns create the essential data base to advance this project towards a maiden resource."

Wolverine REE Project Overview:

The Wolverine REE Project now comprises nine (9) contiguous mineral licenses totalling approximately 294.5 km², situated approximately 50 km west of Hopedale and 12 km inland from the Labrador coast. The project is accessible by fixed-wing aircraft to the Hopedale gravel airstrip, followed by helicopter to site. Infrastructure advantages include commercial air services, ferry services, and road access in the towns of Natuashish and Hopedale, with communities that have established agreements with the nearby Vale Voisey's Bay mine. The project is only 12 km from tidewater, offering logistical support to potential year-round access.

Figure 4: Regional map highlighting the location of the Wolverine Heavy REE Project near tidewater and relative to major projects in Labrador including the Stange Lake REE project in Quebec.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12336/307645_saga08022026fig4.jpg

The Flowers River Igneous Suite (FRIS):

The entire property is hosted within the Flowers River Igneous Suite (FRIS), a 1.28-billion-year-old Mesoproterozoic peralkaline magmatic province that represents one of the largest known peralkaline intrusive-volcanic complexes in Labrador. The FRIS comprises the Flowers River peralkaline granite, the Nuiklavik volcanic caldera complex, and associated ring dyke intrusions covering a significant area along the central Labrador coast.

A 2018 airborne total field magnetic survey of the Hopedale block reveals the geophysical expression of the Flowers River Igneous Suite (" FRIS ") within the broader Nain Plutonic Suite (" NPS ") (Figure 3). The FRIS is expressed as a prominent, high-intensity circular magnetic anomaly, consistent with the magnetite-rich peralkaline to alkaline composition of the suite. This strong magnetic response contrasts sharply with the more subdued and variable magnetic signatures of the surrounding NPS lithologies, delineating the caldera complex boundary and highlighting the compositional distinctiveness of the FRIS from the broader NPS. The Wolverine REE Project is located within this magnetic high.

Figure 5: Total field aeromagnetic map of the Flowers River area. The FRIS is expressed as a prominent circular magnetic high within the surrounding Nain Plutonic Suite.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12336/307645_saga08022026fig5.jpg

Rare Earth Elements: Strategic Importance, Supply Concentration, and Growing Geopolitical Risk (1-3)

Rare earth elements (REEs) are a group of 17 critical metals essential to modern defense systems, aerospace, electric vehicles, wind turbines, and advanced electronics. Their unique magnetic and performance properties make them difficult to substitute in high-tech applications. According to the International Energy Agency, rare earths represent one of the most geographically concentrated supply chains among all critical minerals.

China maintains dominant control over the sector, accounting for approximately 60-69% of global mine production and roughly 90-91% of refining and separation capacity. The country also produces about 94% of the world's rare earth permanent magnets. This vertical integration gives China significant pricing power, supply leverage and geopolitical influence, while non-Chinese processing capacity remains limited despite growing output from projects in Australia and the United States.

Demand for rare earths is rising sharply, driven by the global transition to electric vehicles and renewable energy, as well as sustained requirements from the defense and aerospace sectors. Key applications include high-performance magnets in fighter jets (such as the F-35), precision-guided munitions, radar systems, satellite technology, jet engines, and offshore wind turbines. Industry analysts project strong growth in magnet rare earth demand outside China through 2035, particularly from electrification and defense modernization programs.

China has demonstrated a willingness to restrict rare earth exports during periods of geopolitical tension. Notable examples include the sharp reduction in exports to Japan in 2010 and the introduction of new export controls in 2025 on heavy rare earth elements and permanent magnets, which disrupted supply chains in the automotive, aerospace, and defense industries. These actions underscore the strategic risks associated with heavy reliance on a single dominant supplier.

Western governments and companies are actively working to diversify supply chains through new mining and processing projects, government funding, and offtake agreements.

Continued Government Support

SAGA's Letter of Intent for the Radar Titanium-Vanadium-Iron Project and SAGA's wholly owned subsidiary, Catalyst Rare Metals' Letter of Intent for the Wolverine Heavy REE Project were approved under the Provincial Junior Exploration Assistance (JEA) and Federal Critical Mineral Assistance (CMA) 2026 program as a Critical Minerals Primary Exploration Target, recognizing the Property's alignment with provincial and federal priorities to secure domestic supplies of key metals 1, 2, 3 . With up to $143,949 in non-dilutive funding for each project already approved, this support continues to offset exploration costs while advancing shareholder value.

Corporate Update

The Company further reports that it entered into a renewed digital marketing services agreement dated August 1, 2026 (the "Marketing Agreement") with Machai Capital Inc. ("Machai"). Pursuant to the Marketing Agreement, Machai will, among other things, provide the Company with certain digital marketing services to expand investor awareness of the Company's business and to communicate with the investment community (the "Machai Services"). In consideration of the Machai Services, and pursuant to the terms and conditions of the Marketing Agreement, the Company has agreed to pay Machai a fee of C$400,000 (plus applicable taxes) over a 120-day term, which will be paid using the Company's available working capital. The Marketing Agreement may be terminated at any time, with mutual consent of both parties.

The Machai Services will be rendered primarily online through a variety of news and investment community communications channels. Suneal Sandhu, the President of Machai - located at 101 - 17565 - 58 Avenue, Surrey, BC, V3S 4E3 - will be involved in conducting the Machai Services. Machai and Mr. Sandhu do not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. In addition, the Company has granted 200,000 options at $0.50 for with a term to expiry of two (2) years vesting quarterly over 12 months, with the first such vesting date occurring on the three-month anniversary of issuance.

The terms and conditions of the Marketing Agreement remain subject to approval of the TSX Venture Exchange.

Sources:

https://www.iea.org/reports/rare-earth-elements

https://www.weforum.org/stories/2023/10/japan-rare-earth-minerals/

https://www.csis.org/analysis/chinas-new-rare-earth-and-magnet-restrictions-threaten-us-defense-supply-chains

Qualified Person

Dr. A. Miller, P. Geo., PEGNL is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Technical Disclosure

A survey of the previous exploration drill holes was completed using a Differential Global Positioning System ("DGPS") using a Emlid Reach RS2+. The RS2+ is a global navigation satellite system ("GNSS") receiver that offers high-precision positioning. GNSS is a term that refers to the International Multi-Constellation Satellite System, which includes GPS, GLONASS, Baidu, Galileo, and any other constellation system. GPS traditionally refers to the American global positioning system. Differential correction techniques are used to enhance the quality of location data gathered using GNSS or GPS receivers. This data is beneficial to accurately and precisely locate drill collars, to verify historic work, as well as increase confidence in mineral resource estimates.

The GT RC drill was powered by two air compressors. Drill holes could be drilled up to an angle of -60 o and 60m depth dependent on ground conditions, where the 2025 holes were drilled at a dip of -80 o . Cased hole diameter is 4½" and open hole diameter is 3 ¾". Drill was operated by a two-person crew on a 1 x 12h shift per day schedule.

Compass Group geologists, Michael Ives-Ruyter and Alex Ovas, were onsite for marking drill sites and logging drill chips. Samples were prepared onsite with a splitter and bagged. Archive material was collected in chip trays, as well as in small kraft bags. Large archive samples were collected in 1-2kg bags and stored in Happy Valley-Goose Bay, Labrador. Samples for analysis were shipped to Activation Laboratories Ltd ("ActLabs") in Ancaster, Ontario. Check chip logging was completed by Clinton Davis in Ottawa, Ontario.

In total, 536 chip samples, 13 Standards (STD CDN-RE-1203), and 35 Blanks were collected. The standard used for QA/QC was CDN-RE-1203 certified by CDN Resource Laboratories Ltd and prepared using ore supplied by Canadian International Minerals from the Carbo property of the Copley Range in central BC. Blanks were inserted at the end of every hole as well as every 50 samples in sequence offset from Standards. Standards were inserted every 50 samples as well as additional randomized to have at least one standard on every second hole.

Table 1: 2025 RC Drilling Summary

Table 2: 2023 Shilti Backpack Drill Summary

*= all concentrations are reported in ppm **TREO = La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy23 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

About SAGA Metals Corp.

SAGA Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The 100% owned Radar Ti-V-Fe Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including 20,850 m of drilling in the Hawkeye and Trapper zones, has confirmed a large, mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with consistently uniform grades of titanium, vanadium and iron.

The 100% owned Wolverine Heavy Rare Earth Element Project in Labrador, is a near-surface REE system hosted within a peralkaline caldera complex that shares strong geological similarities with the Tanbreez and Strange Lake deposits. The project features consistent mineralization, with zones spanning 26 km 2 , including drill assays up to 2.03% TREO with approximately 28% HREO content, and sample assays up to 21.6% TREO.

The 100% owned Double Mer Uranium Project covers 25,600 hectares and features uranium radiometrics that highlight an 18 km east-west trend, with a confirmed 14 km section producing samples as high as 0.428% U 3 O 8 . (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Project in Quebec's Eeyou Istchee James Bay region. This project spans 72,701 hectares and has geological attributes similar to nearby terrains currently being explored by Rio Tinto, Li-FT Power, SOQUEM, and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in securing critical minerals.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations

SAGA Metals Corp. Tel: +1 (844) 724-2638 Email: rob@sagametals.com www.sagametals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Disclaimers

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and expectations regarding the Wolverine REE Project, including the 2026 work program with respect to same and the potential publication of a mineral resource estimate. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company's assets and the Wolverine REE Project, and the risks detailed in the Company's continuous disclosure filings with securities regulators from time to time, available under its SEDAR+ profile at www.sedarplus.ca . The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability to successfully develop projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons. There is no assurance that the Company will be successful in achieving positive exploration outcomes on the Wolverine REE Project, and the likelihood of success must be considered in light of the early stage of operations, as the Company has currently conducted none of its own exploration of the project. Similarly, references herein to projects which share or may share similar characteristics with the Wolverine REE Project are based on Saga's review of publicly available information in respect thereof, and are at significantly more mature stages of development, and are accordingly subject to unknown uncertainties regarding actual equivalence.

The Company's ability to identify valuable resources in sufficient quantity and quality to justify continued exploration, development activities and/or its ability to commence and complete development work and/or commence and/or sustain commercial production operations will depend upon numerous factors, many of which are beyond its control, including exploration success, the obtaining of funding for all phases of exploration, development and commercial mining, the adequacy of infrastructure, geological characteristics, metallurgical characteristics of any deposit, the availability of processing technology and capacity, the availability of storage capacity, the supply of and demand for REEs and other minerals, the availability of equipment and facilities necessary to commence and complete development, the cost of consumables and mining and processing equipment, technological and engineering problems, accidents or acts of sabotage or terrorism, civil unrest and protests, currency fluctuations, changes in regulations, the availability of water, the availability and productivity of skilled labour, the receipt of necessary consents, permits and licenses (including mining licenses), and political factors, including unexpected changes in governments or governmental policies towards exploration, development and commercial mining activities.

Sample values reported in this news release, by their natures, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned not to place undue reliance on the assay values reported in this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307645

Newsfile Corp.

August 2, 2026 - 11:00 PM PDT

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