Electric Metals Announces Mutual Termina2on of Altair Resources Op2on and Acquisi2on Agreement, Strategic Partnership Opportuni2es on Nevada Silver Assets, and Board DSU Grants

Electric Metals Announces Mutual Termina2on of Altair Resources Op2on and Acquisi2on Agreement,

Strategic Partnership Opportuni2es on Nevada Silver Assets, and Board DSU Grants

Toronto, Ontario, July 28, 2025: Electric Metals (USA) Limited ("EML" or the "Company") (TSXV: EML)

(OTCQB: EMUSF) announces the mutual termina:on of the previously announced op:on and acquisi:on

agreement (the “Agreement”) with Altair Resources Inc. (“Altair”), the Company’s inten:on to pursue

strategic partnership opportuni:es on its Nevada silver assets, and the grant of 3,939,740 Deferred Share

Units (“DSUs”) to members of its Board of Directors.

Mutual Termination of Altair Agreement

The Company and Altair have mutually agreed to terminate the Agreement, originally announced on

November 22, 2023, which contemplated Altair earning up to 100% interest in the Corcoran Canyon silver-

gold project, the Belmont silver project and the Belmont North gold-silver project through the acquisi:on

of EML subsidiary, North American Silver Corpora:on (“NAS”), by making payments to EML and its

subsidiary of cash and common shares of Altair (“Altair Shares”), and the expenditure of funds on the

Project. The termination took effect on July 25, 2025. No termination fees or penalties were incurred by

either party.

Strategic Partnership Opportunities – Nevada Silver Assets

Following the termination of the Agreement, the Company is actively seeking partners to earn-in or

acquire its Nevada-based precious metal assets: the Corcoran Canyon Silver – Gold Project, the Belmont

Silver Project and the Belmont North Gold-Silver Project. These projects are located north of Tonopah and

east of Round Mountain in Nye County, within the Toquima caldera complex—one of the most highly

endowed Au-Ag districts in the U.S. This 30 km-wide zone of nested calderas includes five ore deposits

hosting 24 Moz gold and 89+ Moz silver.

Corcoran Canyon and Belmont Silver Projects Location Map

Corcoran Canyon Silver-Gold Project

Corcoran hosts near-surface mineralization that remains open in all directions and carries an NI 43-101

Mineral Resource Estimate of 33.5 million silver-equivalent ounces (effective August 12, 2021), prepared

by Mr. Gregory Z. Mosher, P.Geo., M.Sc. and Mr. David S. Smith, P.Geo., M.S. The estimate assumes an

open-pit cut-off grade of 15 g/t Ag-Eq and underground cut-off of 100 g/t Ag-Eq, calculated with

recoveries of 77% silver and 45% gold, based on test work commissioned by Centennial Mining (an Electric

Metals subsidiary), and metal prices of US$21.09/oz silver and US$1,657/oz gold.

For context, as of July 25, 2025, the London PM Fix price for silver was US$38.18/oz (+81%) and the

London PM Fix price for gold was US$3,343.50/oz (+101%) compared to the assump:ons used in the 2021

resource es:mate, highlighting the upside potential. Corcoran also features high -priority exploration

targets and significant depth potential for high-grade silver-gold feeder zones.

Belmont Silver Project and Belmont North Gold-Silver Project

Located 15 km south of Corcoran, Belmont was among the earliest and richest silver mining camps in the

Tonopah district, historically averaging 25 oz/t (775 g/t) Ag. Despite negligible exploration since the 1880s,

USGS sampling has confirmed grades up to 0.5% Ag from remnant mine dumps. Its proximity to Corcoran

allows for shared technical resources and strong development synergies.

“Both the Corcoran Canyon and Belmont Projects represent a5rac6ve targets for silver and gold discovery

and expansion in an excellent loca6on in central Nevada. We are ac6vely evalua6ng opportuni6es to

enhance work on these projects and mone6ze the Nevada assets for the benefit of our shareholders,” said

Brian Savage, CEO, EML. “At the same 6me, our primary focus remains on advancing our high-grade Emily

Manganese Deposit in Minnesota, with the results of the Emily Manganese PEA to be announced soon.”

Parties interested in partnership or acquisition discussions are invited to contact the Company for

further information.

Grant of Deferred Share Units

The Company granted an aggregate of 3,939,740 Deferred Share Units (DSUs) to non-executive members

of its Board of Directors on July 24, 2025, under the Company’s Omnibus Equity Incentive Plan that

Shareholders approved on June 26, 2024. The Board sets DSU ves:ng terms, subject to TSXV rules that

require a one-year minimum ves:ng period while the Company is TSXV-listed, with limited excep:ons

(e.g., death or a Change of Control). DSUs are redeemable for common shares upon a director’s departure,

aligning interests with those of shareholders. The DSUs are being issued in lieu of cash-based Board fees.

About Electric Metals (USA) Limited

Electric Metals (USA) Limited (TSXV: EML) (OTCQB: EMUSF) is a US-based mineral development company

with manganese and silver projects geared to suppor:ng the transi:on to clean energy. The Company's

principal asset is the Emily Manganese Project in Minnesota, the highest-grade manganese deposit in

North America, which has been the subject of considerable technical studies, including Na:onal

Instrument 43-101 Technical Reports – Resource Es:mates. The Company's mission in Minnesota is to

become a domes:c US producer of high-value, high-purity manganese metal and chemical products to

supply the North American electric vehicle banery, technology and industrial markets. With manganese

playing a cri:cal and prominent role in lithium-ion banery formula:ons, and with no current domes:c

supply or ac:ve mines for manganese in North America, the development of the Emily Manganese Project

represents a significant opportunity for America, the State of Minnesota and for the Company 's

shareholders.

For further informa2on, please contact:

Electric Metals (USA) Limited

Brian Savage

CEO & Director

(303) 656-9197

Forward-Looking Informa2on

This news release contains "forward-looking informa:on" and "forward-looking statements" (collec:vely,

"forward-looking informa:on") within the meaning of applicable securi:es laws. Forward-looking

informa:on is generally iden:fiable by use of the words "believes," "may," "plans," "will," "an:cipates,"

"intends," "could", "es:mates", "expects", "forecasts", "projects" and similar expressions, and the nega:ve

of such expressions.

Such statements in this news release include, without limita:on: the ability of the Company to complete

the Offering; the size, terms and :ming of the Offering; par:cipa:on in the Offering by insiders of the

Company; the :ming and receipt of TSXV and other approvals required in connec:on with the Offering;

the intended use of proceeds of the Offering; the Company's mission to become a domes:c US producer

of high-value, high-purity manganese metal and chemical products to supply the North American electric

vehicle banery, technology and industrial markets; that manganese will con:nue to play a cri:cal and

prominent role in lithium-ion banery formula:ons; that with no current domes:c supply or ac:ve mines

for manganese in North America, the development of the Emily Manganese Project represents a significant

opportunity for America, Minnesota and for the Company 's shareholders; and planned or poten:al

developments in ongoing work by Electric Metals.

These statements address future events and condi:ons and so involve inherent risks, uncertain:es and

other factors that could cause actual events or results to differ materially from es:mated or an:cipated

events or results implied or expressed in such forward-looking statements. Such risks include, but are not

limited to, the failure to obtain all necessary stock exchange and regulatory approvals; investor interest in

par:cipa:ng in the Offering; and risks related to the explora:on and other plans of the Company. Forward-

looking informa:on is based on the reasonable assump:ons, es:mates, analysis and opinions of

management made in light of its experience and percep:on of trends, updated condi:ons and expected

developments, and other factors that management believes are relevant and reasonable in the

circumstances at the date such statements are made. Although the Company has anempted to iden:fy

important factors that could cause actual results to differ materially from those contained in forward-

looking informa:on, there may be other factors that cause results not to be as an:cipated. There can be

no assurance that such informa:on will prove to be accurate, as actual results and future events could

differ materially from those an:cipated in such informa:on. Accordingly, readers should not place undue

reliance on forward-looking informa:on.

All forward-looking informa:on herein is qualified in its en:rety by this cau:onary statement, and the

Company disclaims any obliga:on to revise or update any such forward-looking informa:on or to publicly

announce the result of any revisions to any of the forward-looking informa:on contained herein to reflect

future results, events, or developments, except as required by law.

Neither TSX Venture Exchange nor its Regula:on Services Provider (as that term is defined in policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.