SAGA’s First Diamond Drill Hole Intersects 169 Metres of Prospective REE-Bearing Unit at Wolverine

Vancouver, British Columbia—(September 2, 2026) – SAGA Metals Corp. (TSXV: SAGA) (OTCQX: SAGMF) (FSE: 20H) (“SAGA” or the “Company”), a North American exploration company focused on critical mineral discoveries, is pleased to announce that diamond drilling has commenced at its 100%-owned Wolverine Heavy Rare Earth Element (“HREE”) Project in central Labrador, Canada.

Camp construction, crew mobilization, and supporting infrastructure are complete. A diamond drill program of up to 5,000 metres is now underway. The program is designed with four components that will be fully integrated: 1) detailed mapping of the previous identified mineralized zone to define the volcanic stratigraphy and alteration associated with heavy rare earth mineralization, 2) grid pattern diamond drilling with holes on 100 meter centres with 200m step outs along strike and down dip to confirm and extend mineralization in the sub horizontal mineralized volcanic unit 3) evaluation of other high priority prospects and 4) determination of mineralized rock properties, geochemistry and metallurgical testing to advance the project toward a maiden NI 43-101 mineral resource estimate.

SAGA Metals has completed the first two drill holes (W26-001, W26-002) on its Wolverine REE project and first ever diamond drill hole on the property to date. The depth of that first sub vertical drill hole was 182 meters including 169 meters of the shallowly dipping prospective REE-bearing volcanic ash tuff unit. Historic pack sack diamond and rotary drilling did not exceed 50 meters depth across property and only 36 meters into the prospective REE-bearing unit in the area of SAGA’s initial drill hole. The second hole (176 meters EOH) intersected the same stratigraphy and alteration markers despite a 200 meter step out along strike from W26-001.

Core logging identified alteration in the volcanic unit overlying the prospective REE-bearing volcanic unit and through the prospective REE-bearing volcanic unit. The exploration objective was to delineate the stratiform and stratibound REE-mineralization in the prospective volcanic unit. However, a second mineralization style was identified in the prospective volcanic unit: sub vertical breccia-fracture networks, oriented to the core axis, with related conjugate fracture sets are filled and lined by sulphide+chlorite. Veins display chloritic wall rock salvages and banding (Figure 4).

The latter mineralization style is considered highly significant as the altered structure identifies a new sub vertical exploration target and identifies the potential for defining a depth potential to REE mineralization across the Wolverine property. The sub vertical breccia-fracture networks provided the pathway for up flow of hydrothermal fluid through the volcanic pile and subsequently lateral migration into the sub horizontal volcanic unit.

Consequently, SAGA’s main exploration target, thick stratiform and stratibound alteration is confirmed and a second new structurally-controlled exploration target has been identified. Geological mapping has identified additional altered fault zones within the prospective volcanic unit peripheral to the area of the current grid diamond drill program. The recognition of intense propylitic-to-acidic hydrothermal alteration, chlorite+pyrite, in both the stratiform and stratibound and structurally-controlled volcanic unit are the products of a hydrothermal fluid that is capable of transporting and depositing high-value critical metals.

There are many examples throughout the world of peralkaline intrusions and related pegmatites having been enriched and prospective for rare earth elements and high field strength elements: zirconium, hafnium, niobium, tantalum, thorium, uranium, yttrium. SAGA’s exploration for REE mineralization in shallowly dipping volcanic rocks identifies a little explored for mineral deposit type within the family of ore deposits formed by peralkaline magmas. Analogous stratiform deposits hosted in peralkaline volcanic rocks are Pennington Mountain, Maine, USA (tonnage unknown) and Brockman (Hastings) Deposit, Western Australia (JORC Mineral Resource of 29.93 million tonnes at 0.93% TREO (www.rare-earth-mining.com/hastings-technology-metals/, 2026)).

Prospecting in the southeast area of the property focused on REE-bearing pegmatite, having values up to 21% TREO hosted in peralkaline granite. Pegmatite is exceptionally coarse-grained and occurs as poly generation, sub horizontal, sheeted pegmatite swarm in coarse grained peralkaline granite. The REE deposit model for ongoing exploration is sheeted pegmatite swarms within the uppermost part of a volatile-enriched peralkaline magma chamber (Figures 3, 5).

The 2026 diamond program will first establish the aerial extent of the shallowly dipping mineralized and altered prospective volcanic unit, then drill test the sub vertical structures for the potential and distribution between light and heavy rare earth elements (Figure 6).

The proposed mineral deposit model is that late faulting of the volcanic pile within the within the caldera created conduits for the vertical transmission of a REE-bearing hydrothermal fluid derived from a volatile-enriched peralkaline granite to migrate laterally in selected stratigraphic units in the volcanic sequence.

Historic exploration defined a sub-horizontal REE exploration target in the volcanic tuff. W26-001 extended the exploration potential by defining a greater width to alteration in the prospective unit and identifying a sub vertical exploration target along the feeder faults.

The program builds on 25 reverse-circulation (“RC”) holes completed in 2025, which confirmed broad, near-surface REE mineralization across a roughly 1.7 km by 1.2 km area, including 48.8 m at 0.77% TREO from 1.5 m in WOLRC25-003 and a peak assay of 2.03% TREO, with heavy rare earth oxides contributing approximately 24-28% of TREO. Surface sampling on the expanded land package has returned grades of up to 21.6% TREO. Those results are historical context only; they are not results from W26-001.

• Continue step-out and down-dip diamond drilling defining alteration in the prospective volcanic unit and related structures
• Systematic sampling and assay of W26-001 and subsequent holes
• Compile the alteration intensity and styles with structure to vector towards the deeper parts of the hydrothermal system
• Detailed core logging, structural measurements, and alteration mapping along with rock properties, assays and QA/QC datasets required to support a future maiden mineral resource estimate

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 (Figure 7). 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.

• 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
• RC 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, with depths of only 25-50 m, and less than 5% 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 3, 5).
• Thirty-nine (39) grab sample returned assays up to 21.6% TREO.

Dr. A. Miller, P. Geo., PEGNL 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.

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 100% owned 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 24,641 m of drilling in the Hawkeye and Trapper zones, has confirmed a large, mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with consistently uniform grades of titanium, vanadium and iron.

The 100% owned 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. Historic drilling identified consistent mineralization with assays up to 2.03% TREO including approximately 28% HREO and grab sample assays up to 21.6% TREO. Large scale potential is supported by 26 km² of exposed mineralization tuff at surface with about 5% of the prospective unit drilled to date.

The 100% owned 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 has geological attributes similar to nearby terrains currently being explored by 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.