GreenLight Metals signs earn-in joint venture with Barrick at Kalium Canyon, Nevada

Medford, Wisconsin--(Newsfile Corp. - August 4, 2026) - GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) ( "GreenLight" or the "Company" ) is pleased to announce that, through its wholly owned subsidiary Green Light Wisconsin LLC, it has entered into a long-form exploration earn-in agreement dated August 4, 2026 and related transaction documents (collectively, the "Long-Form Documentation" ) with Barrick Gold Exploration Inc. ( "Barrick" ), a wholly owned subsidiary of Barrick Mining Corporation, providing for a staged earn-in and joint venture at GreenLight's Kalium Canyon gold project in Esmeralda County, Nevada (the "Property" or "Kalium Canyon" ). Kalium Canyon comprises 135 federal unpatented lode mining claims covering approximately 2,758 acres within Nevada's Walker Lane trend.

The Long-Form Documentation supersedes the binding term sheet dated May 6, 2026 and implements the staged earn-in and joint venture framework previously announced by the Company on May 7, 2026, on terms consistent in all material respects with those previously disclosed. Under the Long-Form Documentation, Barrick may earn up to an aggregate 80% interest in Kalium Canyon in three stages by funding exploration and technical work at the Property, making scheduled cash payments to GreenLight and completing a pre-feasibility study.

Barrick will make an initial cash payment of US$250,000 to GreenLight within three business days following the effective date of the Long-Form Documentation and will reimburse GreenLight for certain claim maintenance fees in respect of the Property.

Matt Filgate, President and CEO of GreenLight, commented: "We are excited to partner with Barrick, one of the world's largest gold producers, at Kalium Canyon. The staged earn-in gives Barrick a clear path to advance the project in stages, from exploration and technical work through to a potential pre-feasibility study, with each stage it elects to pursue funded entirely by Barrick at no cost to GreenLight. Our shareholders retain meaningful exposure to the project while our own capital stays focused on advancing our Wisconsin portfolio. With the long-form documentation now complete, we look forward to supporting Barrick's team as planning begins for the first work programs."

Summary of Long-Form Terms

The principal elements of the staged earn-in and joint venture include:

Initial earn-in to 60%: Barrick may earn an initial 60% interest in the project joint venture by completing aggregate Work requirements of US$7.5 million and making aggregate scheduled cash payments of US$1.0 million to GreenLight over a six-year period. The scheduled cash payments comprise the initial US$250,000 payment and six subsequent annual payments of US$125,000, and annual Work requirements increase from US$750,000 in the first year to US$1.75 million in the sixth year.

Optional earn-in to 70%: Following completion of the initial earn-in, Barrick may elect to earn an additional 10% interest by completing an additional US$12.0 million of Work requirements over a four-year period, including a minimum of US$1.0 million of Work in each year.