SAGA Metals Completes Acquisition of Wolverine Heavy Rare Earth Element Project in Labrador-REE Mineralized Potential Similar to Strange Lake and Tanbreez

Vancouver, British Columbia–(Newsfile Corp. – July 10, 2026) – SAGA Metals Corp. (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) (“SAGA” or the “Company”), a North American exploration company focused on critical mineral discoveries, is pleased to announce that, further to its news release dated April 14, 2026, it has closed the previously announced acquisition of all of the issued and outstanding shares of Catalyst Rare Metals Ltd. (“Catalyst“), which holds a 100% interest in the Wolverine rare earth element (“REE“) project (the “Wolverine REE Project“), a royalty-free, heavy rare earth project located near the coast of central Labrador, Canada (the “Acquisition“). The Acquisition was completed in accordance with a share purchase agreement (the “SPA“) dated April 13, 2026, among the Company, Catalyst, and each of the shareholders of Catalyst (collectively, the “Vendors“).

Wolverine REE Project Highlights:

• The Wolverine REE project lies within the peralkaline Flower Lake Igneous Suite, an intrusive-volcanic complex that is part of the 1.28- to 1.13-billion-year-old Gardar rifting province, the latter hosts globally significant REE deposits: Tanbreez within the Ilímaussaq alkaline intrusive complex and Strange Lake within a peralkaline granite.
• The project which includes a contiguous 29,450 hectares has district-scale potential, HREE enrichment, near-surface mineralization, and Tier-1 jurisdiction positions it as a potentially significant strategic REE asset.
• 2025 reverse circulation (“RC”) drilling confirmed broad, near-surface REE mineralization across a 1.7 km × 1.2 km area hosted within a significant peralkaline caldera system.
• 537 samples from the 2025 program returned consistent mineralization, supporting strong continuity across the drilled footprint. Key intercepts include:
  • WOLRC25-003: 48.8 m @ 0.77% total rare earth oxides (“TREO*”) from 1.5 m, including 18.3 m @ 1.06% TREO
  • WOLRC25-006: 38.1 m @ 0.71% TREO from surface, including 4.6 m @ 1.53% TREO
  • WOLRC25-002: 51.8 m @ 0.52% TREO from surface, including 33.5 m @ 0.67% TREO
• Peak drill program assays reached 2.03% TREO (WOLRC-006-25 – Sample 2355079 from 1.5-3 m), with an average heavy rare earth oxides (“HREO“) contribution of approximately 24-28%, highlighting strong heavy rare earth enrichment.
• Large-scale potential is supported by 26 km² of exposed mineralized tuff at surface, 25-50m thickness, and less than 10% of the prospective unit drilled to date.
• Mineralization remains open and under-explored, with >1% TREO enriched zones identified
• In the southwestern area of the Project, seven (7) REE-bearing peralkaline pegmatites, have been identified (Figure 1).
  • Thirty-nine (39) grab sample returned assays up to 21.6% TREO.

Figure 1: Local geologic map of the Nuiklavik Caldera Complex highlighting claims outlined in red recently acquired in the closed acquisition.

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Michael Garagan, CGO & Director of SAGA Metals, commented:
“Closing the Wolverine acquisition and launching our diamond drill program this summer marks a pivotal step forward for SAGA. We are rapidly advancing toward the completion of maiden Mineral Resource Estimates on two projects this year, including our Radar titanium-vanadium project. This dual-track approach not only de-risks our portfolio but also positions the Company to deliver meaningful resource growth across our critical minerals assets in Labrador. We are executing with discipline and momentum, and I’m very pleased with the progress we’re making on multiple fronts.”

Wolverine REE Project Overview:

The Wolverine REE Project now comprises nine (9) contiguous mineral licenses totalling approximately 294.5 km², situated approximately 50 km west of Hopedale and 12 km inland from the Labrador coast. The project is accessible by fixed-wing aircraft to the Hopedale gravel airstrip, followed by helicopter to site. Infrastructure advantages include commercial air services, ferry services, and road access in the towns of Natuashish and Hopedale, with communities that have established agreements with the nearby Vale Voisey’s Bay mine. The project is only 12 km from tidewater, offering logistical support to potential year-round access.

Figure 2: Wolverine REE Project Location

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The Flowers River Igneous Suite (FRIS):

The entire property is hosted within the Flowers River Igneous Suite (FRIS), a 1.28-billion-year-old Mesoproterozoic peralkaline magmatic province that represents one of the largest known peralkaline intrusive-volcanic complexes in Labrador. The FRIS comprises the Flowers River peralkaline granite, the Nuiklavik volcanic caldera complex, and associated ring dyke intrusions covering a significant area along the central Labrador coast.

A 2018 airborne total field magnetic survey of the Hopedale block reveals the geophysical expression of the Flowers River Igneous Suite (“FRIS“) within the broader Nain Plutonic Suite (“NPS“) (Figure 3). The FRIS is expressed as a prominent, high-intensity circular magnetic anomaly, consistent with the magnetite-rich peralkaline to alkaline composition of the suite. This strong magnetic response contrasts sharply with the more subdued and variable magnetic signatures of the surrounding NPS lithologies, delineating the caldera complex boundary and highlighting the compositional distinctiveness of the FRIS from the broader NPS. The Wolverine REE Project is located within this magnetic high.

Figure 3: Total field aeromagnetic map of the Flowers River area. The FRIS is expressed as a prominent circular magnetic high within the surrounding Nain Plutonic Suite.

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Upcoming 2026 Work Program & Exploration Priorities at the Wolverine REE Project:

SAGA plans to implement a 2026 work program that is designed to advance the Wolverine REE Project toward a maiden NI 43-101 mineral resource estimate through diamond drilling, targeted follow-up drilling, and evaluation of additional high-priority targets including zones within the additional claims outlined above. The program is expected to deliver the key metallurgical, mineralogical, structural, density, and QA/QC data required to support resource definition, while further refining the Company’s understanding of mineralization controls, REE host phases, and HREE enrichment.

The Company’s primary focus will be on diamond drilling for resource validation through a 4,000-5,000 m drill program expected to start at the beginning of August 2026 with metallurgical test work to follow.

Rare Earth Elements: Strategic Importance, Supply Concentration, and Growing Geopolitical Risk^(1-3)

Rare earth elements (REEs) are a group of 17 critical metals essential to modern defense systems, aerospace, electric vehicles, wind turbines, and advanced electronics. Their unique magnetic and performance properties make them difficult to substitute in high-tech applications. According to the International Energy Agency, rare earths represent one of the most geographically concentrated supply chains among all critical minerals.

China maintains dominant control over the sector, accounting for approximately 60-69% of global mine production and roughly 90-91% of refining and separation capacity. The country also produces about 94% of the world’s rare earth permanent magnets. This vertical integration gives China significant pricing power, supply leverage and geopolitical influence, while non-Chinese processing capacity remains limited despite growing output from projects in Australia and the United States.

Demand for rare earths is rising sharply, driven by the global transition to electric vehicles and renewable energy, as well as sustained requirements from the defense and aerospace sectors. Key applications include high-performance magnets in fighter jets (such as the F-35), precision-guided munitions, radar systems, satellite technology, jet engines, and offshore wind turbines. Industry analysts project strong growth in magnet rare earth demand outside China through 2035, particularly from electrification and defense modernization programs.

China has demonstrated a willingness to restrict rare earth exports during periods of geopolitical tension. Notable examples include the sharp reduction in exports to Japan in 2010 and the introduction of new export controls in 2025 on heavy rare earth elements and permanent magnets, which disrupted supply chains in the automotive, aerospace, and defense industries. These actions underscore the strategic risks associated with heavy reliance on a single dominant supplier.

Western governments and companies are actively working to diversify supply chains through new mining and processing projects, government funding, and offtake agreements.

Terms of the Acquisition

Pursuant to the terms of the SPA, Saga acquired all of the issued and outstanding shares of Catalyst for initial consideration of 4,249,982 common shares of SAGA (“Saga Shares“) issued to the Vendors on closing of the Acquisition (the “Closing“) and cash in the amount of $1,000,000 to be paid to the Vendors within 120 days from the Closing (together, the “Initial Consideration“). SAGA also agreed to make additional payments (the “Milestone Payments“) to the Vendors upon achieving certain milestones with respect to the Wolverine REE Project, as more particularly set out in the Company’s news release dated April 14, 2026.

The Saga Shares to be issued to the Vendors as part of the Initial Consideration and the Milestone Payments (collectively, the “Consideration Shares“) may be subject to escrow and/or resale restrictions under the policies of the TSX Venture Exchange and applicable securities laws. In addition, Consideration Shares issued or issuable to a Vendor entitled to 3% or more of the Consideration Shares in the aggregate are subject to 36-month escrow, whereby 10% were released on issuance and an additional 15% will be released every six months thereafter.

In addition to the foregoing, the Company entered into an investor rights agreement (the “IRA“) among SAGA and certain of the Vendors, pursuant to which (a) during the period beginning on Closing and ending on the date on which all of the Milestone Payments have been paid, SAGA granted to such Vendors the right to nominate one non-voting board observer, and (b) until the later of (i) one year from Closing or (ii) the date such Vendors collectively cease to hold at least 5% of SAGA’s issued and outstanding shares, such Vendors have the right to participate in future issuances of securities by the Company for cash consideration, such that those Vendors may maintain their pro rata ownership of SAGA.

Sources:

1. https://www.iea.org/reports/rare-earth-elements
2. https://www.weforum.org/stories/2023/10/japan-rare-earth-minerals/
3. https://www.csis.org/analysis/chinas-new-rare-earth-and-magnet-restrictions-threaten-us-defense-supply-chains

Qualified Person

Dr. A. Miller, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Technical Disclosure

A survey of holes was completed using a Differential Global Positioning System (“DGPS”) using a Emlid Reach RS2+. The RS2+ is a global navigation satellite system (“GNSS”) receiver that offers high-precision positioning. GNSS is a term that refers to the International Multi-Constellation Satellite System, which includes GPS, GLONASS, Baidu, Galileo, and any other constellation system. GPS traditionally refers to the American global positioning system. Differential correction techniques are used to enhance the quality of location data gathered using GNSS or GPS receivers. This data is beneficial to accurately and precisely locate drill collars, to verify historic work, as well as increase confidence in mineral resource estimates.

The GT RC drill was powered by two air compressors. Drill holes could be drilled up to an angle of -60^o and 60m depth dependent on ground conditions, where the 2025 holes were drilled at a dip of -80^o. Cased hole diameter is 4½” and open hole diameter is 3 ¾”. Drill was operated by a two-person crew on a 1 x 12h shift per day schedule.

Compass Group geologists, Michael Ives-Ruyter and Alex Ovas, were onsite for marking drill sites and logging drill chips. Samples were prepared onsite with a splitter and bagged. Archive material was collected in chip trays, as well as in small kraft bags. Large archive samples were collected in 1-2kg bags and stored in Happy Valley-Goose Bay, Labrador. Samples for analysis were shipped to Activation Laboratories Ltd (“ActLabs”) in Ancaster, Ontario. Check chip logging was completed by Clinton Davis in Ottawa, Ontario.

In total, 536 chip samples, 13 Standards (STD CDN-RE-1203), and 35 Blanks were collected. The standard used for QA/QC was CDN-RE-1203 certified by CDN Resource Laboratories Ltd and prepared using ore supplied by Canadian International Minerals from the Carbo property of the Copley Range in central BC. Blanks were inserted at the end of every hole as well as every 50 samples in sequence offset from Standards. Standards were inserted every 50 samples as well as additional randomized to have at least one standard on every second hole.

Hole ID	Easting	Northing	Elev	Date	Az	Dip	Depth (m)
WOLRC-25-001	621523	6157020	576	Jul 10-11	220	80	36.6
WOLRC-25-002	621425	6157004	567	11-Jul	40	65	51.8
WOLRC-25-003	621468	6157108	561	Jul 13-14	220	65	50.3
WOLRC-25-004	621266	6157301	565	Jul 14-15	220	80	6.1
WOLRC-25-005	621267	6157302	565	Jul 15-16	220	80	33.5
WOLRC-25-006	621347	6157342	559	Jul 17-19	220	80	38.1
WOLRC-25-007	621450	6157370	570	20-Jul	220	80	44.2
WOLRC-25-008	621218	6157601	586	21-Jul	220	80	36.6
WOLRC-25-009	621396	6158050	538	22-Jul	220	80	22.9
WOLRC-25-010	621167	6158302	577	23-Jul	220	80	22.9
WOLRC-25-011	620994	6158046	575	24-Jul	220	80	16.8
WOLRC-25-012	620644	6158051	564	25-Jul	220	80	30.5
WOLRC-25-013	620812	6157804	566	26-Jul	220	80	3.1
WOLRC-25-014	620812	6157805	567	26-Jul	220	80	22.9
WOLRC-25-015	621017	6157799	585	27-Jul	220	80	39.6
WOLRC-25-016	621068	6157505	598	28-Jul	220	80	27.4
WOLRC-25-017	620974	6157394	597	29-Jul	220	80	39.6
WOLRC-25-018	621107	6157017	535	30-Jul	218	80	30.5
WOLRC-25-019	621294	6156655	495	1-Aug	220	80	27.4
WOLRC-25-020	621696	6156652	514	Aug 1-2	220	80	24.4
WOLRC-25-021	621861	6156989	543	Aug 2-4	220	80	42.7
WOLRC-25-022	621743	6157341	540	Aug 4-6	220	80	10.7
WOLRC-25-023	621742	6157340	540	Aug 4-7	226	80	49.1
WOLRC-25-024	621617	6157683	551	6-Aug	220	80	51.8
WOLRC-25-025	622041	6157815	537	7-Aug	218	80	57.9

Table 1: 2025 RC Drilling Summary

Hole	UTM E	UTM N	Az	Dip	Total (m)	Date from	Date to
VWS23-001	6E+05	6E+06	126	85	1.85	19-Sep-23	19-Sep-23
VWS23-002	6E+05	6E+06	198	85	5	21-Sep-23	21-Sep-23
VWS23-003	6E+05	6E+06	285	85	5.3	22-Sep-23	23-Sep23
VWS23-004	6E+05	6E+06	240	85	4.65	24-Sep-23	24-Sep-23
VWS23-005	6E+05	6E+06	92	52	3.7	25-Sep-23	25-Sep-23
VWS23-006	6E+05	6E+06	160	85	3.25	27-Sep-23	27-Sep-23
VWS23-007	6E+05	6E+06	180	65	0.6	28-Sep-23	28-Sep-23
VWS23-008	6E+05	6E+06	172	85	1.1	28-Sep-23	28-Sep-23

 

Table 2: 2023 Shilti Backpack Drill Summary

*= all concentrations are reported in ppm **TREO = La2O3 + Ce2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy23 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

About SAGA Metals Corp.

SAGA Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the North American transition to supply security. The Radar Ti-V-Fe Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including 15,358 m of drilling, has confirmed a large, mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with strong grades of titanium and vanadium.

The Wolverine Heavy Rare Earth Element Project in Labrador, is a near-surface REE system hosted within a peralkaline caldera complex that shares strong geological similarities with the Tanbreez and Strange Lake deposits. The project features consistent mineralization, with zones spanning 26 km², including drill assays up to 2.03% TREO with approximately 28% HREO content, and sample assays up to 21.6% TREO.

The Double Mer Uranium Project covers 25,600 hectares and features uranium radiometrics that highlight an 18 km east-west trend, with a confirmed 14 km section producing samples as high as 0.428% U₃O₈. (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Project in Quebec’s Eeyou Istchee James Bay region. This project spans 72,701 hectares and shares significant geological continuity with other major players in the area, including Rio Tinto, Li-FT Power, SOQUEM, and Loyal Metals.

With a portfolio spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in securing critical minerals.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

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

Cautionary Disclaimers

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the payment of the Initial Consideration and the Milestone Payments, and the Company’s plans and expectations regarding the Wolverine REE Project, including the 2026 work program with respect to same and the potential publication of a mineral resource estimate. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets and the Wolverine REE Project, and the risks detailed in the Company’s continuous disclosure filings with securities regulators from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information 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. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability to successfully develop projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons. There is no assurance that the Company will be successful in achieving positive exploration outcomes on the Wolverine REE Project, and the likelihood of success must be considered in light of the early stage of operations, as the Company has currently conducted none of its own exploration of the project. Similarly, references herein to projects which share or may share similar characteristics with the Wolverine REE Project are based on Saga’s review of publicly available information in respect thereof, and are at significantly more mature stages of development, and are accordingly subject to unknown uncertainties regarding actual equivalence.

The Company’s ability to identify valuable resources in sufficient quantity and quality to justify continued exploration, development activities and/or its ability to commence and complete development work and/or commence and/or sustain commercial production operations will depend upon numerous factors, many of which are beyond its control, including exploration success, the obtaining of funding for all phases of exploration, development and commercial mining, the adequacy of infrastructure, geological characteristics, metallurgical characteristics of any deposit, the availability of processing technology and capacity, the availability of storage capacity, the supply of and demand for REEs and other minerals, the availability of equipment and facilities necessary to commence and complete development, the cost of consumables and mining and processing equipment, technological and engineering problems, accidents or acts of sabotage or terrorism, civil unrest and protests, currency fluctuations, changes in regulations, the availability of water, the availability and productivity of skilled labour, the receipt of necessary consents, permits and licenses (including mining licenses), and political factors, including unexpected changes in governments or governmental policies towards exploration, development and commercial mining activities.

Sample values reported in this news release, by their natures, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned not to place undue reliance on the assay values reported in this news release.

Source: https://www.newsfilecorp.com/release/304676/SAGA-Metals-Completes-Acquisition-of-Wolverine-Heavy-Rare-Earth-Element-Project-in-LabradorREE-Mineralized-Potential-Similar-to-Strange-Lake-and-Tanbreez