Metal Energy prepares initial drill program at Highland Valley Copper

Highlights

Drill ready and permitted. In July 2026 the Company received a multi-year, area-based Mines Act drill permit authorizing up to 50 drill sites, 11.7 kilometres of new exploration trail and 80 line-kilometres of geophysical surveying.

Initial program, six targets. Drill program is scheduled for October 2026, testing six priority targets generated from extensive geophysical and geochemical surveys, both historical and recent.

The Project covers 240 square kilometres of the southern Guichon Creek batholith, the same intrusive complex that hosts the Highland Valley Copper mine, Canada's largest copper operation.

Deep data set, two priority zones, no recent drilling. The project has seen more than 55,000 metres of drilling in 402 historical holes by operators that include Asarco, Cominco and Hudbay. This underpins the Project, which hosts two mineralized zones, Zone 1 (copper-silver-molybdenum over roughly 1,200 metres of strike, open at depth) and Zone 2 (higher-grade copper-gold-silver-molybdenum-rhenium with strong gold enrichment). The Project has not been drilled in 6 years.

Toronto, Ontario--(Newsfile Corp. - August 12, 2026) - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) ("Metal Energy" or the "Company") is pleased to announce plans for a 2,000 metre initial drill program at its 100% owned Highland Valley Copper Project (the "Project") in south central British Columbia, with six priority porphyry targets defined by the Company through nearly two years of geophysical, geochemical and permitting work. Drilling is expected to commence in October 2026.

"Highland Valley is now permitted and ready to drill. We hold 240 square kilometres within the same intrusive complex that hosts the Highland Valley Copper mine, Canada's largest copper operation. Two years of geophysical, geochemical and permitting work have delivered a well defined set of six priority targets, and we intend to begin testing them in October. The scale of the land package, the quality of the target inventory and the experience of our technical team give us considerable confidence as we undertake the first recent drill test of this ground," said C.J. "Charlie" Greig, P.Geo., CEO of Metal Energy.

Figure 1: CLICK HERE to View Metal Energy's Highland Valley Project Map

October Drill Program

The planned 2,000 metre program will test six priority targets worked up by the Company's technical team over the nearly two years it took to permit the Project. The targets emerged from a large body of historical and recent geological, geochemical, and geophysical work, much of the latter completed by P.E. Walcott & Associates Ltd., the Company's primary geophysical contractor. Drilling is expected to begin in October 2026, once the Company completes its current drill program at the NIV property in northern B.C. The Highland Valley program is expected to run for approximately 35 days at an estimated cost of roughly C$800,000.

With drilling underway at NIV and about to start at Highland Valley, Metal Energy will have results coming in from two prospective copper and copper-gold camps, providing shareholders with a steady run of exploration catalysts through the balance of 2026 and into 2027.

The Highland Valley Copper Project

Metal Energy's Highland Valley Project sits on trend with the producing porphyry systems of one of North America's great copper camps, a district that has been in continuous production for more than 60 years. That staying power was reinforced recently with the sanctioning of the Highland Valley Copper Mine Life Extension, a decision that carries production through to 2046 and ranks as one of the largest critical minerals investments in the history of British Columbia. It is a strong vote of confidence in the district from the operator of the largest copper mine in the country. The renewed activity is not limited to the mine itself. In the northern part of the district, Getty Copper recently reported an intercept of 342 metres of 0.50% copper, including 108 metres of 0.70% copper.

On Metal Energy's ground in the southern part of the district, our work includes a 1,000 sample soil geochemical survey run in conjunction with ground AMT (Audio Magnetotelluric) and airborne magnetometer geophysical surveys, which together have helped outline porphyry targets across the property. Among these is the untested Billy Lake target, where a large resistive zone coincides with a significant copper in soil anomaly. Other significant targets include Chataway, LeRoy Lake, Mystery, and Sho ( see MERG NR of 8 October, 2025 ).

Option Agreement

The Company has issued 2,358,797 common shares (the "Consideration Shares") to Fox Tungsten Inc. (formerly Happy Creek Minerals Inc., "Fox Tungsten") to satisfy the Tranche One and Tranche Two milestone payments under the Company's acquisition agreement dated November 7, 2024. The Consideration Shares together represent a value of C$2,000,000 and were issued at a deemed price of C$0.85 per share, being the 30 day volume weighted average price of the Company's shares as calculated under the purchase agreement.

No finder's fees were paid on the issuance. The Consideration Shares are subject to a statutory hold period of four months and one day from the date of issuance under applicable Canadian securities laws. The issuance was accepted by the TSX Venture Exchange and approved by the Company's board when the Highland Valley acquisition was first completed, and no further approvals are required.

Qualified Person

The technical information contained in this news release has been reviewed and approved by C.J. "Charlie" Greig, P.Geo., CEO of Metal Energy Corp., and a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Readers are cautioned that mineralization, exploration results, mines, deposits or projects on properties adjacent to or proximate to the Project, including the Highland Valley Copper mine and results reported by Getty Copper, are not necessarily indicative of mineralization on the Project, and the Company has no interest in or right to acquire any interest in those properties. The Project does not host a mineral resource or mineral reserve estimate prepared in accordance with National Instrument 43-101.

About Metal Energy Corp.

Metal Energy Corp. is a critical metals exploration company focused on copper and gold assets in Canada. The Company's flagship asset, NIV, is a fully permitted and drill-ready copper-gold-molybdenum project located in British Columbia's prolific Toodoggone District, a region known for both significant porphyry copper-gold and epithermal gold-silver deposits. Drilling at NIV commenced on June 29, marking the start of a 6,000 metre program designed to test undrilled copper-gold porphyry targets. This 2026 program is the first-ever drill campaign at NIV, which hosts extensive and coincident soil geochemical, Induced Polarization (IP), and airborne magnetic anomalies, all in a favourable geological setting. The Company's Highland Valley Project is a second permitted, drill-ready asset, offering investors additional discovery upside and further copper exposure.

Metal Energy is supported by two major mining companies, each a 9.9% strategic investor. The Company has a robust balance sheet of over $9 million and is fully funded for the entirety of its 2026 exploration programs.

Metal Energy's portfolio includes three high-potential projects:

NIV Project (Cu-Au-Mo, 100% controlled), Toodoggone District, British Columbia

Highland Valley Project (Cu-Mo-Ag-Au-Re, 100% owned), British Columbia

Manibridge Project (Ni-Cu-Co-PGE, 85% owned), Manitoba

Overview of Metal Energy's Flagship Project, NIV, and the Greater Toodoggone District

The NIV Property, which just began its initial drill program ( view News Release Here ), spans more than 12,500 hectares across two claim blocks, NIV (1,048 ha) and West NIV (11,500 ha), located 32 km south of Centerra Gold's Kemess mine complex. NIV is largely underlain by the same Triassic-Jurassic geology that to the north hosts both the nearby Kemess copper-gold porphyry deposits, as well as Amarc Resources' newly discovered Aurora deposit, which extends onto TDG Gold's adjacent Greater Shasta-Newberry property. To the south, similar geology hosts advanced exploration projects on the nearby Kliyul and RDP Projects of Pacific Ridge. Although exploration at NIV is documented as far back as the 1960s, little work was done prior to staking in 2010, and modern geochemical and geophysical techniques have only been applied sporadically since. Neither the NIV nor West NIV block has been drill-tested prior to this program.

For Further Information

Metal Energy Corp. Suite 1102, 141 Adelaide Street West, Toronto, ON M5H 3L5 416.644.1567 | info@oregroup.ca | www.metalenergy.ca

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). Forward-looking statements in this press release include, but are not limited to, statements regarding the planned drill program at Highland Valley including its size, cost, timing, duration and targets, the expected timing of results and exploration catalysts, the Company's view of the prospectivity of the Highland Valley Copper Project and its potential to make a discovery thereon, any comparison drawn to other projects, properties or companies, the issuance of the Consideration Shares to Fox Tungsten and the Company's continued 100% ownership of the Highland Valley Copper Project, the NIV Project drill program or its anticipated results, and other matters ancillary or incidental to the foregoing. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Metal Energy's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, and stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in Metal Energy's public disclosure documents available at www.sedarplus.ca . Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Metal Energy does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309248

Newsfile Corp.

August 12, 2026 - 3:00 AM PDT

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