Metal Energy closes additional investment from strategic investors

Toronto, Ontario--(Newsfile Corp. - August 21, 2026) - Metal Energy Corp. (TSXV: MERG) ("Metal Energy" or the "Company") is pleased to announce the closing of the additional strategic investments by existing shareholders, Centerra Gold Inc. ("Centerra") and Teck Resources Limited ("Teck"), pursuant to the exercise of their respective 'top-up rights' to maintain their respective 9.9% equity interests in the Company, as provided under their respective investor rights agreements.

The Company issued 550,000 common shares ("Shares") at a price of C$0.89 per share, for total gross proceeds of approximately C$490,000 (the "Offering"). The price was determined in accordance with the investor rights agreements. No warrants were issued and no finder's fees were paid in connection with this issuance.

Metal Energy intends to use the proceeds from the Offering for general corporate and working capital purposes.

The Offering remains subject to the final approval of the TSX Venture Exchange. The Shares issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the date of issuance.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of ‎the securities in the United States. The securities have not been, and will not be, registered under ‎the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state ‎securities laws and may not be offered or sold within the United States or to, or for the account ‎or benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless ‎registered under the U.S. Securities Act and applicable state securities laws or an exemption ‎from such registration is available.‎

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 significant porphyry 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 magnetic anomalies 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.

Teck Resources and Centerra Gold are each strategic investors in Metal Energy. The Company has a robust balance sheet and is fully funded for the entirety of its 2026 exploration programs. The proceeds of the strategic investments by Teck and Centerra are directed entirely toward exploration at the NIV project. Metal Energy's portfolio includes three high-potential projects:

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