SAGA Metals Completes Acquisition of Wolverine Heavy Rare Earth Element Project in Labrador—REE Mineralized Potential Similar to Strange Lake and Tanbreez
SAGA Metals Completes Acquisition of
Wolverine Heavy Rare Earth Element Project in
Labrador—REE Mineralized Potential Similar to
Strange Lake and Tanbreez
VANCOUVER, B.C. – July 10, 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, 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:
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 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).
o 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.
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. W e 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 i n 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
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 magne tic signatures of the surrounding NPS
lithologies, deli neating 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.
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 ve rtical 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 ele ments 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 I nternational 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 t he 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 -
60o and 60m depth dependent on ground conditions, where the 2025 holes were drilled at a dip of -
80o. 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.
Table 1: 2025 RC Drilling Summary
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 01-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 06-Aug 220 80 51.8
WOLRC-25-025 622041 6157815 537 07-Aug 218 80 57.9
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 Pro ject in Quebec's Eeyou Istchee James Bay region.
This pro ject spans 72,701 hectares and share s 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
For more information, contact:
Rob Guzman, Investor Relations
Hole UTM E UTM N Az Dip Total (m) Date from Date to
VWS23-001 621381 6157078 126 85 1.85 19-Sep-23 19-Sep-23
VWS23-002 621432 6157016 198 85 5 21-Sep-23 21-Sep-23
VWS23-003 621407 6157139 285 85 5.3 22-Sep-23 23-Sep-23
VWS23-004 621301 6157273 240 85 4.65 24-Sep-23 24-Sep-23
VWS23-005 618970 6155104 92 52 3.7 25-Sep-23 25-Sep-23
VWS23-006 616279 6158321 160 85 3.25 27-Sep-23 27-Sep-23
VWS23-007 617065 6156664 180 65 0.6 28-Sep-23 28-Sep-23
VWS23-008 617041 6156651 172 85 1.1 28-Sep-23 28-Sep-23