SAGA Metals Signs Definitive Agreement to Acquire Wolverine Heavy Rare Earth Element Project in Labrador—Mineralized Potential Similar to Strange Lake and Tanbreez

SAGA Metals Signs Definitive Agreement to

Acquire Wolverine Heavy Rare Earth Element

Project in Labrador—Mineralized Potential

Similar to Strange Lake and Tanbreez

VANCOUVER, B.C. – April 14, 2026 – SAGA Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA)

(OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral

discoveries, is pleased to announce that it has entered into a share purchase agreement dated April

13, 2026 (the “SPA”) with Catalyst Rare Metals Ltd. (“Catalyst”) and each of the shareholders thereof

(collectively, the “Vendors”), pursuant to which SAGA will acquire all of the issued and outstanding

shares of Catalyst, which itself 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”).

Wolverine REE Project Highlights:

• 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:

o WOLRC25-003: 48.8 m @ 0.77% total rare earth oxides (“TREO”) from 1.5 m,

including 18.3 m @ 1.06% TREO

o WOLRC25-006: 38.1 m @ 0.71% TREO from surface, including 4.6 m @ 1.53% TREO

o WOLRC25-002: 51.8 m @ 0.52% TREO from surface, including 33.5 m @ 0.67%

TREO

• Peak assays reached 2.03 % TREO , with an average heavy rare earth oxides (“HREO”)

contribution of 28%, highlighting strong heavy rare earth enrichment.

• Mineralization remains open and under-explored, with >1% TREO enriched zones identified.

• Large-scale potential is supported by 26 km² of exposed mineralized tuff at surface, 25–50 m

thickness, and less than 10% of the prospective unit drilled to date.

• Wolverine sits in a peralkaline intrusive complex within the same geological province as

globally significant REE deposits including Tanbreez and Strange Lake.

• The project’s combination of district scale potential, HREE enrichment, near -surface

mineralization, and Tier -1 jurisdiction positions it as a potentially significant strategic REE

asset.

Mike Stier, CEO and Director of S AGA stated: “The agreement to acqui re of the Wolverine REE

Project is a major milestone for Saga Metals and completes our diversified portfolio of critical

minerals projects, strategically positioned to support North American supply security and national

defence priorities. With titanium, uranium, vanadium, lithium, and now a high -potential heavy rare

earth asset all 100% owned in Tier-1 jurisdictions, SAGA is well placed to deliver the strategic metals

essential for the cle an-energy transition and defenc e applications. Wolverine’s scale, HREE

enrichment, and clear path to resource delineation position it as a well-timed addition with

significant potential to enhance shareholder value. ”

Wolverine REE Project Overview:

The Wolverine REE Project comprises five contiguous mineral licenses totalling approximately 230.5

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 near

the towns of Natuashish and Hopedale, with comm unities 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 1: Wolverine REE Project Location

The Wolverine REE Project is hosted within the Flowers River Igneous Suite , the largest peralkaline

intrusive-volcanic complex in Labrador , and forms part of the Labrador –Greenland

alkaline/peralkaline REE province. The project is underlain by a nested system of partially eroded

Proterozoic calderas approximately 1.3 billion years old with a composite diameter of approximately

14 km. REE-Nb mineralization is stratabound within the Nuiklavik volcanic sequence, specifically the

crystal-poor aphyric ash-flow tuffs. The principal REE -bearing minerals are Ce-bastnäsite, allanite,

and monazite, with yttrium-bearing accessory phases contributing a significant HREO component.

Accessory niobium and zirconium enrichment is also present.

Figure 2: Local geologic map of the Nuiklavik Caldera Complex.

Drilling highlights to-date at the Wolverine REE Project:

2023 / 2024 backpack drilling yielded 32 core samples from less than 6 m depth. Despite the

limited penetration, these holes confirmed the presence of high-grade REE mineralization including:

• VWS24-003 returned 1.83% TREO at 0 – 0.75 m

• VWS24-002 intersected 1.54% TREO at 3.2 – 4.2 m and 1.42% TREO at 4.95 – 5.8 m

• VWS23-001 reached 1.16% TREO at 0.9 – 1.85 m

2025 RC drilling (25 holes, 537 samples) returned consistent mineralization across a 1.7 km × 1.2

km area, with 19 of 25 holes returning mineralized intercepts exceeding 0.2% TREO . Highlight

intercepts include:

• WOLRC25-003: 48.8 m @ 0.77% TREO from 1.5 m (incl. 18.3 m @ 1.06% TREO from 1.5 m)

• WOLRC25-006: 38.1 m @ 0.71% TREO from surface (incl. 4.6 m @ 1.53% TREO)

• WOLRC25-002: 51.8 m @ 0.52% TREO from surface (incl. 33.5 m @ 0.67% TREO)

Peak RC sample grades reached 2.03% TREO, with an average HREO contribution of approximately

24-28%. Mineralization is open and the system remains under-explored.

The 2025 RC drilling campaign materially advanced the Wolverine REE Project by confirming thick,

laterally extensive, stratabound REE mineralization within the Unit 4 volcanic sequence, including

intercepts of up to 48.8 m at 0.77% TREO and peak grades exceeding 2% TREO. Mineralization is

characterized by favourable bastnäsite, meaningful HREO enrichment, and scale sufficient to

support continued advancement toward resource definition. Overall, the results strongly support

immediate follow -up through diamond core drilling to confirm vertical grade continuity, collect

representative metallurgical material, and accelerate the project toward National Instrument 43-101

Standards of Disclosure for Mineral Projects (“NI 43 -101”) resource definition, while dozens of

mineralized outcrop samples (shown on Figure 6) and multiple untested depth extensions across the

broader caldera complex highlight substantial additional exploration upside.

The Company plans to advance the Wolverine REE Project toward an initial mineral resource

estimate prepared in accordance with the requirements of NI 43 -101, subject to completion of

diamond core drilling and metallurgical testing.

Figure 3: Drillholes are plotted on LiDAR-derived elevation model hillshade with the geologic map colors for

Units 4 and 5. The enriched outcrop zone, possible normal fault trace, and cross sections (A-A’ and B-B’) are

indicated. See Figure 2 for the broader geological context.

Figure 4: Cross sections A-A’ and B-B’ as outlined above in Figure 3 showcasing the shallow dipping

stratigraphy from surface.

The Wolverine REE Project lies within the broader Mesoproterozoic peralkaline magmatic province of

the North Atlantic region. Other rare earth deposits hosted in peralkaline intrusive complexes within

this same province include the Tanbreez deposit in South Greenland (45 Mt @ ~0.4% TREO, within a

4.7 Bt kakortotite host rock unit; source Critical Metals Corp. disclosure, 12 March 2025) and Strange

Lake in Quebec/Labrador (493 Mt @ 0.89% TREO; source Quest Rare Minerals Ltd. NI 43-101 report,

26 June 2014 ). SAGA has not independently verified these figures. The Wolverine REE Project is

distinct from both the Tanbreez deposit and Strange Lake in that mineralization is hosted in near -

surface peralkaline ash-flow tuffs. The low strip ratio and Tier-1 jurisdiction position the Wolverine

REE Project as a highly prospective project with significant exploration upside.

Michael Garagan, Chief Geological Officer & Director, commented: “The Wolverine REE Project is

a promising heavy rare earth opportunit y for SAGA . The 2025 RC drilling delivered consistent

intercepts across a 1.7 x 1.2 km footprint, confirming a thick, gently dipping, stratabound REE horizon

hosted in a giant peralkaline caldera system. With peak grades exceeding 2% TREO, a heavy rare

earth content of approximately 28%, and a clear pathway to a maiden resource estimate, Wolverine

offers a near -surface, volcanic-hosted expression of the same broader peralkaline province that

hosts major rare earth deposits like Tanbreez and Strange Lake. The combination of grade, heavy rare

earth tenor, favourable flat-lying geometry, and low anticipated strip ratio makes this a project we are

eager to advance. ”

Flowers River Igneous Suite Airborne Magnetic Survey:

The Flowers River Granite is the largest peralkaline intrusive body in Labrador, mapped over an area

exceeding 2,000 km², forming arcuate to curvilinear intrusions emplaced concentrically around the

Nuiklavik Caldera Complex. 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 5). 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 5: 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.

Figure 6: Total magnetic field map of the Nuiklavik Caldera Complex. Grab samples with TREO ≥ 0.2% are

shown as scaled symbols. The volcanic pile is preserved within nested calderas in the central portion of FRIS.

2026 Work Program & Exploration Priorities:

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. 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 and metallurgical

test work, with the following priorities: