Errington Metals acquires additional Sudbury Basin mineral properties

Canada NewsWire

Highlights

Definitive agreement signed with Vale Canada Limited to acquire 24 freehold parcels and four Mining Licence of Occupation properties "The Mid Zone"

Acquisition consolidates the Sudbury Basin Project, connecting the Vermilion and Errington properties; increasing the prospective strike length to over 20 km.

Mid Zone contains favourable Vermilion Formation geology and known polymetallic mineralization.

Vale to become a key shareholder, with Errington Metals now counting both Vale and Glencore among its shareholders.

Reconnaissance field work and geophysical surveys planned to connect existing project datasets and generate new drilling targets.

THUNDER BAY, ON , Sept. 10, 2026 /CNW/ -- Errington Metals Corp. (TSXV: EM) ("Errington" or the "Company") is pleased to announce that further to its news release dated June 9, 2026, its wholly-owned subsidiary, Errington Metals Inc. ("Subco") has entered into a purchase and sale agreement (the "Purchase Agreement") with Vale Canada Limited ("Vale") pursuant to which Subco will acquire (the "Acquisition") 24 freehold parcels and four mining licences of occupation located in the Sudbury Basin, Ontario (collectively, the "Property").

The Acquisition consolidates the Errington and Vermilion properties and will add approximately 1,270 hectares of prospective ground to Errington's Sudbury Basin Project, increasing the Company's total property position to approximately 9,000 hectares (excluding the Garson Property). With the addition of this ground, Errington will control approximately 20 kilometres of continuous prospective strike length along the key favourable host rock sequences within the Sudbury Basin Project adding to the potential for discovery of new polymetallic sulphide mineralized zones (see image 1)

A video highlighting this acquisition can be found at https://vrify.com/meetings/recordings/66e42ae5-8651-47a6-b7d3-23b3c0830710 .

The Mid Zone Property contains the same favourable host rock sequence associated with massive sulphide mineralization at Vermilion, Errington and Balfour. The Vermilion Formation chert-carbonate unit, which is the immediate host to mineralization elsewhere within the Sudbury Basin Project, is exposed at surface on the Property. Historical exploration completed more than 30 years ago intersected polymetallic mineralization close to surface; however, limited follow-up work has been conducted since that time.

Errington plans to complete reconnaissance field work and geophysical surveys at Mid Zone as part of its broader strategy to integrate and connect existing datasets across the Sudbury Basin Project and generate new targets for drilling.

"This Acquisition represents an important step in advancing the Sudbury Basin Project and expanding Errington's exposure to the favourable host rock sequences associated with our known mineralized zones," said Matthew Gollat, President and CEO of Errington Metals. "We are also very pleased to welcome Vale as a new holder of Errington. With Glencore already holding a significant ownership position, Errington now counts the two leading operators in Sudbury as shareholders. We believe this acquisition strengthens the strategic relevance of our land position and provides further validation of the project's scale and potential."

Under the Purchase Agreement, the consideration payable for the Property consists of the issuance by the Company to Vale on the closing date of 2,336,472 common shares of the Company (the "Consideration Shares"), representing approximately 4.99% of the Company's outstanding common shares on a non-diluted basis as of April 22, 2026 being the date of the initial listing of the common shares on TSX Venture Exchange ("TSXV"), and the grant by Subco of a 1.5% net smelter returns royalty on the Property (the "Royalty").

If Subco has not incurred aggregate $2,000,000 of exploration expenditures on the Property within five years of the closing date of the Acquisition, the Royalty rate will be increased from 1.5% to 2.5%, subject to a maximum aggregate net smelter returns of 3%, inclusive of existing royalties as of the closing date of the Acquisition, in respect of any individual Property, provided that Vale holds the Consideration Shares (or the equivalent number of common shares of the Company) from the closing date to the date that the Royalty rate is increased.

In addition, Subco has agreed to pay to Vale (i) $5,000,000 within 30 days of Subco achieving commercial production from the mining and processing of ore from a deposit on the Property, and (ii) a further $5,000,000 within 30 days of Subco producing and processing an aggregate of five million tonnes of run of mine ore from the Property.

Completion of the Acquisition is subject to a number of customary conditions, including the receipt of all required regulatory and third-party approvals, including all necessary severance consents pursuant to the Planning Act (Ontario) and all required approvals from the TSXV for the Acquisition and the issuance of the Consideration Shares. The closing of the Acquisition is expected to occur five business days following receipt of the required regulatory and governmental approvals and, in any event, no later than October 20, 2026, subject to extension by three months from October 20, 2026 to January 20, 2027 in certain circumstances. The Consideration Shares will be subject to a four-month hold period under applicable Canadian securities laws from the closing date of the Acquisition.

About Errington Metals

Errington Metals Corp. is a Canadian exploration and development company focused on critical and precious metals. The Company is advancing its wholly owned Sudbury Basin Project, which hosts high-grade volcanogenic massive sulphide ("VMS")-style mineralization in the world-renowned Sudbury mining district. Through systematic drilling, disciplined technical work and a planned initial mineral resource estimate, Errington Metals is positioning the Sudbury Basin Project as a high-quality exploration and development opportunity.

The Company is advancing a planned 45,000-metre drill program designed to support an initial mineral resource estimate and test regional targets.

For further information about the Company please visit www.erringtonmetals.com and sign up for email updates.

Qualified Person

The scientific and technical information in this press release has been reviewed and approved by Frank Santaguida, Ph.D., P.Geo. Mr. Santaguida is Vice President, Exploration for Errington Metals Corp. and is a qualified person under National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements that include, but are not limited to, statements regarding the Company's planned 2026 drill program, the completion of the Acquisition and exploration potential of the Property, the timing and potential completion of a mineral resource estimate, exploration targets, geological interpretations, metallurgical studies, and the potential advancement of the Sudbury Basin Project.

Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and its Sudbury Basin Project. Readers are cautioned that assumptions used in the preparation of any forward-looking statements 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. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Errington Metals Corp.

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Canada Newswire

September 10, 2026 - 3:00 AM PDT

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