GreenLight Metals Intersects 52.18m1 of 1.12 g/t Au (1.28% CuEq2) Including 10.82m1 of 2.49 g/t Au (2.75% CuEq) at the Bend VMS Deposit in Wisconsin Results extend broad gold-bearing mineraliza4on approximately 75 metres down-dip;
N4480 Co. Rd. E, Medford, WI 54451
NEWS RELEASE
GreenLight Metals Intersects 52.18m1 of 1.12 g/t Au (1.28% CuEq2) Including 10.82m1 of 2.49 g/t Au (2.75% CuEq) at the Bend VMS Deposit in Wisconsin
Results extend broad gold-bearing mineraliza4on approximately 75 metres down-dip;
B26-011 also returns 10.07m of 0.96% Cu and 1.09 g/t Au (2.12% CuEq)
July 22, 2026 - MEDFORD, WI. GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) (“GreenLight” or the “Company”) is pleased to report assay results from drill holes B26-009, B26-009W and B26-011 at its Bend copper-gold volcanogenic massive sulfide (“VMS”) Project in Taylor County, Wisconsin. The results extend mineralizaTon downdip from the Company’s 2025 and earlier 2026 drilling and further define broad, gold-bearing sulfide mineralizaTon in the footwall crystal tuff on secTon A-A’ and copper-rich massive to semi-massive sulfide mineralizaTon on secTon B-B’.
Eight Phase 2 drill holes, including the B26-009W wedge branch, have been completed or are in progress across three secTons on the Company’s leased forty-acre Soo Line mineral parcel. Assay results for B26-012 are pending, and drilling is conTnuing in B26-013. Results will be reported following receipt and validaTon of the assays.
Highlights
- Phase 2 Program Ongoing: The iniTal approximately 4,000-metre porTon of the permi^ed 7,000-metre program is nearing compleTon. Subject to results and operaTng condiTons, GreenLight plans an addiTonal approximately 2,000 metres of drilling to conTnue tesTng the deposit along its interpreted 45°-50° eastward plunge.
- B26-009: approximately 75-metre down-dip step-out from B26-007. The hole was terminated within the mineralized interval due to drill mechanical issues.
- 42.12m1 grading 0.11% Cu, 1.31 g/t Au, 2.52 g/t Ag and 59.92 g/t Te (1.50% CuEq) from 415.00m.
- Including 15.40m1 grading 0.12% Cu, 2.06 g/t Au, 2.98 g/t Ag and 111.12 g/t Te (2.31% CuEq)
from 416.00m.
- B26-009W: wedge branch from B26-009 completed through the full mineralized interval.
- 52.18m1 grading 0.08% Cu, 1.12 g/t Au, 1.86 g/t Ag and 50.02 g/t Te (1.28% CuEq) from 423.34m.
- Including 10.82m1 grading 0.11% Cu, 2.49 g/t Au, 2.65 g/t Ag and 103.21 g/t Te (2.75% CuEq)
from 423.34m.
- B26-011: down-dip extension below B25-006.
- 18.75m1 grading 0.53% Cu, 0.93 g/t Au, 5.81 g/t Ag and 118.76 g/t Te (1.52% CuEq) from 423.40m.
Including 10.07m1 grading 0.96% Cu, 1.09 g/t Au, 9.98 g/t Ag and 191.35 g/t Te (2.12% CuEq) o
from 423.40m.
- Including 4.39m1 grading 1.27% Cu, 1.65 g/t Au, 15.99 g/t Ag and 235.12 g/t Te (3.06% CuEq)
from 429.08m.
- Ongoing Work: B26-012 intersected a broad sulfide-bearing interval in the footwall crystal tuff and assays are pending. Drilling in B26-013 is conTnuing to test the copper-rich VMS horizon along strike and downplunge.
Ma^ Filgate, President & CEO, commented: “These results come just days ader Bend was posted to the U.S. Federal Permifng Dashboard as a FAST-41 Transparency Project, making this an important week for the project. B26-009W returned a 52.18-metre drilled interval of broad gold-bearing mineralizaTon approximately 75 metres down-dip of B26-007, while B26-011 returned a higher-copper interval below B25-006. Together, these results improve our understanding of the relaTonship between the gold-bearing footwall zone and the copper-rich massive sulfide horizon. With assays pending and drilling conTnuing, our priority is to follow the system along its interpreted eastward plunge and test its depth and strike extent.”
Phase 2 Drilling Results and Geological Context
The Phase 2 program is tesTng the Bend deposit across three drill secTons spanning approximately 200 metres of strike, with the objecTve of expanding mineralizaTon at depth and along the interpreted 45°-50° eastward plunge. All drilling is being conducted on the Company’s leased forty-acre Soo Line mineral parcel. The program is designed to follow mineralized intervals encountered at depth and refine the geological model for the Bend system.
StraTgraphy across the drill area is consistent, with a sequence of rhyolite to dacite flows overlying interlayered fineash to lapilli tuffs. Immediately overlying the semi-massive to massive sulfide horizon are laminated exhalaTve cherty tuffs and argillites (“hanging-wall sediments”). The mineralized horizon is underlain by a thick quartz-crystal (“quartz-eye”) tuff with bedding-parallel pyrite mineralizaTon and pervasive chlorite alteraTon, followed by a finegrained chlorite-sericite tuff that marks the unmineralized footwall contact.
B26-009 and B26-009W returned broad gold-bearing intervals within pyriTc, variably mineralized footwall crystal tuff, while B26-011 returned higher copper grades within massive to semi-massive sulfides. The results support an evolving geological model that includes both copper-rich massive sulfide lenses and a broader gold-bearing footwall zone.
Figure 1: 2026 Drill Program Plan Map
Figure 2: Generalized Geologic Cross Seccon A-A’
Figure 3: Generalized Geologic Cross Seccon B-B’
Table 1: Summary of Significant Intercepts - Holes B26-009, B26-009W and B26-011
| From | To | Interval | Cu | Au | Ag | Te | CuEq | |
|---|---|---|---|---|---|---|---|---|
| DDH | ||||||||
| (m) | (m) | (m) | (%) | (g/t) | (g/t) | (g/t) | (%) | |
| B26-009 | 415.00 | 457.12 | 42.12 | 0.11 | 1.31 | 2.52 | 59.92 | 1.50 |
| Including | 416.00 | 431.40 | 15.40 | 0.12 | 2.06 | 2.98 | 111.12 | 2.31 |
| B26-009W | 423.34 | 475.52 | 52.18 | 0.08 | 1.12 | 1.86 | 50.02 | 1.28 |
| Including | 423.34 | 434.16 | 10.82 | 0.11 | 2.49 | 2.65 | 103.21 | 2.75 |
| B26-011 | 423.40 | 442.15 | 18.75 | 0.53 | 0.93 | 5.81 | 118.76 | 1.52 |
| Including | 423.40 | 433.47 | 10.07 | 0.96 | 1.09 | 9.98 | 191.35 | 2.12 |
| Including | 429.08 | 433.47 | 4.39 | 1.27 | 1.65 | 15.99 | 235.12 | 3.06 |
1 Composite grades are calculated on a length-weighted basis and reported as drilled thicknesses. True thicknesses are es9mated to be approximately 75%-85% of drilled thickness.
2 Copper Equivalent (“CuEq”) is reported to express the aggregate in-situ value of copper, gold and silver as a percentage copper grade. CuEq incorporates assumed metallurgical recoveries and is not a proxy for, nor evidence of, economic value. Tellurium (“Te”) is reported separately and is not included in CuEq.
CuEq (%) = ((Cu grade (%) / 100 × 0.9 (recovery) × 2204.6 × US$4.50) + (Au grade (g/t) × 0.9 (recovery) / 31.1035 × US$3,600) + (Ag grade (g/t) × 0.9 (recovery) / 31.1035 × US$40)) / (2204.6 × 0.01 × US$4.50).
Assump9ons: metal prices of US$4.50/lb Cu, US$3,600/oz Au and US$40/oz Ag; recoveries of 90% for Cu, Au and Ag based on the Company’s preliminary assessment of analogous VMS deposits. No allowances have been made for smel9ng or refining charges, penal9es, deleterious elements or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabili9es are unknown and may differ materially.
Hole Details
- B26-009: Designed to undercut B26-007 (30.70m grading 1.05% Cu and 1.34 g/t Au). The mineralized interval is approximately 75 metres down-dip from B26-007. The hole was terminated within the mineralized interval due to mechanical issues with the drill rig.
- B26-009W: A wedge was set at approximately 299m in B26-009 to re-drill the mineralized secTon and advance through the full mineralized zone. The B26-009 and B26-009W traces remained less than approximately six metres apart through the mineralized interval.
- B26-011: Designed to undercut B25-006 (23.98m grading 1.19% Cu and 1.60 g/t Au) and test the downplunge conTnuaTon of the copper-rich massive to semi-massive sulfide horizon.
Next Steps
- Pending Assays: Assay results for B26-012 are pending. Results for B26-013 will be reported following compleTon, sampling, receipt and validaTon.
- Drilling Ongoing: Two diamond core rigs conTnue to test the Soo Line mineral parcel, with current drilling focused on the projected 45°-50° eastward plunge and extensions of the copper-rich VMS horizon.
Table 2: Drill Collar Informacon
| Hole ID | Northing | Easting | Elevation | Azimuth | Dip | Total Depth | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (masl) | (m) | |||||||
| B26-007 | 5018525 | 688500 | 415 | 344 | 65 | 391.972787 | ||||
| B26-008 | 5018488 | 688602 | 412.13 | 343 | 67 | 538.581583 | ||||
| B26-009 | 5018496 | 688519 | 414.27862 | 343 | 68 | 459.028785 | ||||
| B26-009W | 5018496 | 688519 | 414.2782 | 345 | 59 | 520.598383 | ||||
| B26-010 | 5018488 | 688602 | 412.13 | 343 | 63 | 522.122383 | ||||
| B26-011 | 5018488 | 688602 | 412.12 | 333 | 64 | 523.036783 | ||||
| B26-012 | 5018496 | 688519 | 414.2782 | 343 | 74 | 569.061582 | ||||
| B26-013 | 5018496 | 688715 | 406.40435 | 344 | 57 | 264 (in progress) | ||||
| B26-014 | 5018572 | 688597 | 410.12584 | 342 | 60 | 413.918387 |
Coordinates in NAD83 UTM Zone 15N. Final survey data pending.
About the Bend Project
The Bend VMS Project is an advanced exploraTon-stage copper-gold project in Taylor County, Wisconsin. A 1992 historical esTmate outlined approximately 4.0 million tonnes grading 1.74% Cu, 2.44 g/t Au and 11.56 g/t Ag3. GreenLight’s 2025 drilling included B25-004, which returned 34.25m grading 1.35% Cu, 2.22 g/t Au, 15.62 g/t Ag and 193.22 g/t Te.
3 Historical es9mate. Primary source: E.K. Lehmann and Associates, Inc. (1992), Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin, prepared for the Jump River Joint Venture. The es9mate was prepared from approximately 33 diamond drill holes using polygonal and cross-sec9onal methods; no cut-off grade was stated. The es9mate does not comply with CIM Defini9on Standards required by NI 43-101 and has no comparable current mineral resource classifica9on. A Qualified Person has not completed sufficient work to classify the es9mate as current, and the Company is not trea9ng it as a current mineral resource. Significant data compila9on, re-drilling, re-sampling and verifica9on would be required before any current classifica9on. Investors should not rely on the historical es9mate.
Sample Preparacon and QA/QC
A strict chain of custody was maintained from core collecTon through delivery to ALS Global’s (“ALS”) independent laboratory in Twin Falls, Idaho. NQ-size drill core (47.6mm diameter) was delivered to GreenLight’s core facility in Medford, Wisconsin, where it was logged and sampled by Company geologists. Core was cut lengthwise using an electric saw; one half was placed in sealed sample bags for analysis and the remaining half was retained. CerTfied reference materials and blanks were inserted into the sample stream and together represented approximately 10% of submi^ed samples. Samples were shipped by ground courier directly to ALS.
Samples were prepared using ALS method PREP-31Y: crushing to 70% passing 2mm, rotary splifng of a 250g subsample and pulverizing the split to 85% passing 75µm. Gold was analyzed using ALS method Au-ICP21, a 30g fire assay with an ICP-AES finish and an upper detecTon limit of 10 ppm Au. Samples exceeding the upper limit were reanalyzed using a gravimetric finish. MulT-element analysis was completed using ALS method ME-MS61, a 0.25g fouracid digesTon with ICP-MS/ICP-AES determinaTon for 48 elements. Samples returning more than 1% Cu were reanalyzed using ALS method Cu-OG46, a 0.4g aqua-regia digesTon with an ICP finish and an upper detecTon limit of 50% Cu.
Qualified Person Statement
The technical informaTon in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NaTonal Instrument 43-101 - Standards of Disclosure for Mineral Projects and reviewed and approved by Thomas Quigley, MSc, CPG-11962, ExploraTon Director of the Company, a Qualified Person as defined by NI 43-101.
About GreenLight Metals Inc.
GreenLight is a Wisconsin-focused exploraTon company advancing copper-gold and gold projects across the Penokean Volcanic Belt (one of North America’s most prospecTve VMS districts) and the Kalium Canyon epithermal gold project in Nevada’s Walker Lane, which is subject to a binding term sheet for a proposed staged earn-in and joint venture with Barrick Mining CorporaTon. In Wisconsin, GreenLight’s porrolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulfide targets. GreenLight’s flagship Bend Project is posted on the U.S. Federal Permifng Dashboard as a FAST-41 Transparency Project, providing a public framework for tracking applicable federal review and authorizaTon milestones and coordinated support through the Permifng Council. Guided by a team with deep roots in the state, GreenLight is building a modern minerals company for Wisconsin, by Wisconsin, commi^ed to responsible exploraTon, transparent engagement, and creaTng durable local opportuniTes as it helps supply the criTcal metals that power the energy transiTon.
For more informaTon, please contact:
Ma^ Filgate President & CEO (778) 679-3579 ma^@greenlightmetals.com
Neither TSX Venture Exchange nor its Regula4on 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.
Cauconary Statement Regarding Forward-Looking Informacon
This news release contains forward-looking statements and forward-looking informaTon within the meaning of applicable securiTes laws (collecTvely, “forward-looking statements”). All statements in this news release, other than statements of historical fact, are forward-looking statements and are based on the opinions and esTmates of management as of the date hereof.
Forward-looking statements in this news release include statements regarding the Tming for receipt and reporTng of assay results from B26-012 and B26-013; the interpretaTon and significance of assay results, visual observaTons, geological relaTonships and mineralized intervals; the conTnuity, extension and open nature of mineralizaTon; the planning, Tming, scope and objecTves of ongoing and future drilling, including the use of two drill rigs and any addiTonal approximately 2,000 metres of drilling; the Company’s ability to obtain and maintain required permits and approvals; and the advancement and potenTal of the Bend Project.
Forward-looking statements are based on assumpTons management believes are reasonable as of the date hereof, including assumpTons regarding laboratory turnaround Tmes, the Company’s ability to execute planned work safely and on schedule, the availability of equipment, contractors and personnel, access to the property, financing availability, and prevailing commodity prices and market condiTons. Forward-looking statements are inherently subject to known and unknown risks, uncertainTes and other factors that may cause actual events or results to differ materially, including delays or unexpected results from assays; differences between visual esTmates and assay results; inaccuracies in geological models; changes in project parameters, plans or budgets; cost escalaTon; availability of drill rigs, contractors and supplies; adverse weather; operaTonal, health, safety and environmental risks; Ttle, access and permifng risks; stakeholder, community or Indigenous engagement risks; regulatory changes;
and fluctuaTons in commodity prices and currency exchange rates. AddiTonal risks are described in the Company’s public disclosure documents filed on SEDAR+.
Readers are cauToned not to place undue reliance on forward-looking statements. The Company disclaims any intenTon or obligaTon to update or revise forward-looking statements except as required by applicable law.