Canamera signs exploration permit, Nibinamik pact for Schryburt Lake; drilling starts October 2026

Edmonton, Alberta--(Newsfile Corp. - October 8, 2026) - Canamera Energy Metals Corp. (CSE: EMET) (OTCQB: EMETF) (FSE: 4LF0) ("Canamera" or the "Company") is pleased to announce that the Ontario Ministry of Energy and Mines (the "Ministry") has issued a three-year Exploration Permit for the Schryburt Lake Rare Earth Element-Niobium Project (the "Project"), located north-northeast of Pickle Lake in northwestern Ontario. The Company is also pleased to announce that it has entered into a Community Benefit Agreement with Nibinamik First Nation ("Nibinamik"), on whose traditional homelands the Project is located. With the permit in hand and the Exploration Agreement in place, Canamera is mobilizing for its first diamond drill program at Schryburt Lake, with drilling scheduled to commence in mid-October 2026.

Highlights

• Three-year Exploration Permit issued. The permit authorizes a 19-hole diamond drilling program together with mechanized stripping and trenching, line cutting and geophysical surveys across 36 claims covering the core of the Schryburt Lake Carbonatite Complex (the "Complex").

• Community Benefit Agreement signed with Nibinamik First Nation, establishing a framework for economic benefits, ongoing communication, collaboration and community participation as exploration at the Project advances.

• Initial drill program mobilizing October 16, 2026. The initial phase will comprise approximately 1,500 metres of helicopter-supported diamond drilling in three holes testing the Blue Jay, Starling and Blackbird targets, with a budget of approximately CAD $1.7 million.

• First drilling in nearly 50 years. This is the first diamond drill program to be conducted on the Project, and the first drilling of any kind since six shallow reconnaissance holes totalling 293 metres were completed in 1977.

• Advancing the earn-in. Expenditures under the program are in furtherance of the CAD $1.5 million First Option expenditure condition under the Company's JV Option Agreement, through which Canamera may earn an initial 51% interest in the Project (please see news release dated Nov. 17, 2025).

"Receiving this permit is a milestone we have been working toward since we optioned Schryburt Lake," said Brad Brodeur, Chief Executive Officer of Canamera. "Schryburt Lake is one of the larger carbonatite complexes in Canada and, remarkably, it has never been tested by diamond drilling. The historical work, the geophysics and the surface sampling all point to a system with potential scale, and we are now weeks away from putting the first drill holes into it. With crews mobilizing in mid-October, this program marks the beginning of a new chapter for the Project and, we believe, the first real look at what lies beneath the Complex."

"This agreement is the product of months of dialogue with Nibinamik's leadership and community, and it sets the foundation for how we intend to operate at Schryburt Lake," said Andrew Best, Director of Indigenous Engagement of Canamera. "Nibinamik's knowledge of these lands is essential to doing this work well. We are committed to keeping the community informed, to creating opportunities for members to participate in the program, and to building a relationship based on respect and transparency that will endure well beyond this first season of drilling."

Exploration Permit

The Exploration Permit was issued by the Ministry's Director of Exploration pursuant to section 78.3 of the Mining Act (Ontario) following completion of the Ministry's Indigenous consultation process. The permit was issued to Dixon Metals (Ontario) Corporation, the registered holder of the Project claims and a wholly owned subsidiary of Bindi Metals Limited (ASX: BIM), with Warren Robb, P.Geo., Canamera's Vice President Exploration, named as Qualified Supervisor. The permit is effective for three years, from September 10, 2026 to September 9, 2029, and authorizes mechanized diamond drilling at up to 19 drill sites, mechanized stripping and trenching, line cutting, ground and airborne geophysical surveys and the establishment of a field camp. The Company has provided the required advance notice of mobilization to the Ministry and to Nibinamik.

Exploration Agreement with Nibinamik First Nation

Nibinamik First Nation is an Anishinaabe community and signatory to Treaty No. 9, located at Summer Beaver, Ontario. The Exploration Agreement reflects the shared commitment of Canamera and Nibinamik to conduct exploration at Schryburt Lake in a manner that respects Nibinamik's Aboriginal and treaty rights, stewardship responsibilities, and local land uses and areas of cultural significance, and establishes a framework for communication, collaboration and community participation throughout the exploration program.

Initial Drill Program

The initial phase of drilling will comprise three NQ diamond drill holes of approximately 500 metres each, for a total of approximately 1,500 metres, testing the Blue Jay, Starling and Blackbird targets. The targets were defined through a review of historical exploration data, three-dimensional magnetic inversion modelling and radiometric and surface sampling results, and represent the first drill tests of the deep, pipe-like magnetic anomalies identified beneath the Complex. The program will be fully helicopter-supported, with crews based at a nearby lodge and personnel and equipment transported to site by helicopter. Mobilization is scheduled to begin on October 16, 2026.

About the Schryburt Lake Project

The Schryburt Lake Project consists of 252 unpatented mining claims covering approximately 4,947 hectares, located north-northeast of Pickle Lake in the District of Kenora, Ontario. The Project hosts the Complex, a Mesoproterozoic carbonatite intrusion dated at approximately 1,145 Ma, with carbonatite and silicocarbonatite phases extending over a mapped diameter of approximately 3.3 kilometres. Historical exploration has reported niobium grades of up to 1.82% Nb₂O₅ and rare earth values of up to 5.65% REO, and rock chip sampling by Dixon Metals in 2023 returned grades of up to 3.59% TREO and 0.47% Nb₂O₅ across five target areas: Blue Jay, Goldfinch, Starling, Blackbird and Hummingbird. Three-dimensional magnetic inversion modelling has defined several deep, untested pipe-like anomalies beneath the Complex extending from approximately 600 metres to more than 1,000 metres below surface.

Under a JV Option Agreement dated November 14, 2025 with Dixon Metals (Ontario) Corporation and Bindi Metals Limited, Canamera may earn up to a 90% interest in the Project through a three-stage earn-in requiring aggregate expenditures of CAD $9.0 million. The Project is subject to a 1.0% net smelter return royalty in favour of the original vendors. Further details are available in the Company's NI 43-101 technical report on the Project, available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Warren Robb, P.Geo. (British Columbia), Vice President Exploration of Canamera Energy Metals Corp. and a "Qualified Person" as defined by National Instrument 43-101 ("NI 43-101"). Mr. Robb is not independent of the Company within the meaning of NI 43-101. Historical exploration results referenced in this news release have not been independently verified by the Company and should not be relied upon as current results.

For a discussion of the Company's QA/QC and data verification processes and procedures, please see the Company's most recently-filed technical report, a copy of which may be obtained under the Company's profile at www.sedarplus.ca.

About Canamera Energy Metals Corp.

Canamera Energy Metals Corp. is a rare earth elements exploration and development company with an expanding project portfolio across Brazil, the United States, and Canada. The Company is focused on advancing ionic clay REE projects in Brazil and critical mineral assets in North America to support Western rare earth supply chain independence. For more information, visit www.canamerametals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the timing, scope, budget, conduct and objectives of the Company's planned drill program at the Schryburt Lake Project; the anticipated timing of mobilization and commencement and completion of drilling; the number, location, depth and targets of planned drill holes; the expected application of program expenditures toward satisfaction of the First Option expenditure requirement under the JV Option Agreement; the Company's ability and intention to earn an interest in the Project; the Company's ongoing relationship, engagement and collaboration with Nibinamik First Nation and opportunities for community participation; the interpretation and significance of historical exploration results, geophysical modelling, surface sampling and geological data; the prospective nature of the drill targets and the potential for rare earth element and niobium mineralization at the Project; and the Company's plans to provide further disclosure regarding the drill program and its results.

Forward-looking information is based on the opinions, estimates and assumptions of management as of the date such statements are made and is inherently subject to significant business, economic, operational, geological, regulatory and competitive uncertainties and contingencies. Such assumptions include, without limitation: that the Company will maintain all required permits, approvals and property rights and will comply with the terms and conditions of the Exploration Permit, the Exploration Agreement and the JV Option Agreement; that weather, ground conditions, wildfire conditions, helicopter availability and site access will permit mobilization and drilling on the anticipated schedule; that drilling contractors, equipment, consumables, accommodations and qualified personnel will be available on acceptable terms; that the Company will have sufficient working capital and access to additional financing, if required, to complete the program and satisfy applicable earn-in expenditures; that the planned holes can be completed at the locations, depths and costs currently contemplated; that the historical data and geological, geophysical and geochemical interpretations used to define the targets are reliable; and that the Company will continue to maintain constructive relationships with Nibinamik First Nation, governmental authorities, contractors and other stakeholders.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such information. These risks include, but are not limited to: changes to the timing, scope, design or cost of the drill program; delays, suspension or cancellation arising from weather, wildfire, access, logistics, helicopter, equipment, contractor, personnel, safety or other operational constraints; cost escalation, shortages and unanticipated expenses; the inability to obtain or maintain required permits, approvals, financing or property rights, or to comply with applicable permit, agreement or regulatory requirements; the inability to satisfy expenditure requirements or other conditions under the JV Option Agreement or otherwise earn the contemplated interest in the Project; the possibility that drilling is not completed as planned or does not intersect mineralization, or does not intersect mineralization of the grade, width, continuity or significance anticipated; uncertainties respecting the accuracy, completeness and interpretation of historical results, sampling, modelling and other exploration data; the preliminary nature of exploration targets and the absence of a mineral resource estimate for the Project; changes in the Company's relationships with Nibinamik First Nation or other Indigenous communities and risks relating to consultation, accommodation, land use and cultural or environmental matters; regulatory, permitting, environmental, health and safety, title and third-party risks; adverse changes in rare earth element and niobium prices, market demand, capital markets or general economic conditions; and the other risks inherent in mineral exploration and the evaluation of early-stage mineral properties. There can be no assurance that the drill program or other planned activities will be completed as proposed, or at all, or that they will produce the results anticipated by the Company. Readers are referred to the risk factors described in the Company's most recent continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities 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/318031