Metal Energy to Begin Drill Program on Two Open Copper Zones at Highland Valley, Adjoining Canada's Largest Copper Mine

Highlights:

• Drilling starts November 7th: 3,000 metres of diamond drilling planned as part of a $1.2 million fall program, the first drilling on the Project since 2020

• Two open copper zones: historical intercepts of 95.0 metres of 0.75% CuEq* at Zone 1 and 105.5 metres of 0.59% CuEq* at Zone 2, with mineralization traced for more than a kilometre of strike

• Designed to grow the zones: holes will fill gaps in the historical drill pattern, test new orientations that may expand mineralization closer to surface, and confirm continuity

• Modern IP survey planned to trace extensions of Zones 1 and 2 beyond the historical coverage

• Next door to Canada's largest copper mine: the 240 km² Project adjoins the mine, with Zones 1 and 2 less than 7 kilometres from its active open pits; road accessible, permitted and fully funded

• NIV assays imminent: results from the Company's first-ever drill program at NIV are all at the lab and expected shortly

Toronto, Ontario--(Newsfile Corp. - November 5, 2026) - Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) ("Metal Energy" or the "Company") is pleased to announce that drilling will begin in early November at its 100%-owned Highland Valley Copper Project (the "Project") in British Columbia, adjoining Canada's largest copper mine.

The program will total at least 2,000 metres, as outlined in the Company's August 12, 2026 news release (view news release here), and will target Zones 1 and 2, two open zones of copper mineralization with strong historical intercepts. An induced polarization (IP) survey is also planned this fall to help outline extensions of both zones.

"Highland Valley gives us exactly what we want in a second project: two open copper zones with strong historical intercepts, right next door to Canada's largest copper mine, with road access and a permit in hand. This initial program is about confirming what is there, filling gaps in the historical drilling and testing new drill angles that could open up mineralization closer to surface. What we learn from the core will guide our exploration of the broader property. That work ramps up in 2027, combining the till geochemistry we collected this season, modern IP surveys and the wealth of historical data to generate entirely new drill targets," Charlie Greig, CEO of Metal Energy, commented.

View Highland Valley Project Map

Watch CEO Charlie Greig Discusses Highland Valley Drill Program

Fall 2026 Program

The Company has budgeted $1.2 million for its fall 2026 program at Highland Valley, covering approximately 3,000 metres of diamond drilling at Zones 1 and 2 and an IP survey. Drill targets were refined by the Company's technical team using ground AMT, airborne magnetic and soil geochemical surveys together with a compilation of historical drilling. The holes are designed to:

• Fill gaps in the historical drill pattern at Zones 1 and 2

• Test new drill orientations with the potential to expand mineralization near surface

• Confirm the continuity of the strongest historical intervals

Drilling is expected to take approximately 30 days.

The IP survey, of approximately 5 to 10 line kilometres, will partly overlap the historical IP coverage, giving the Company modern data over the known zones, and extend into ground that has never been surveyed.

Zones 1 and 2: Strong Historical Intercepts, Open for Expansion

Zones 1 and 2 have been partially defined by approximately 28,000 metres of historical drilling. Copper mineralization has been traced for more than a kilometre of strike and to depths of up to 350 metres, and both zones remain open. Zone 2 also carries gold enrichment that sets it apart from typical mineralization in the district. Selected historical highlights are shown in Table 1.

Table 1. Selected historical drill highlights, Zones 1 and 2, Highland Valley Project

The Highland Valley Copper Project

The 240 km² Project covers the southern part of the Guichon Creek batholith, the intrusive complex that hosts Canada's largest copper mine. The property adjoins the mine's southern boundary, and Zones 1 and 2 lie less than 7 kilometres from its open pits. The district continues to deliver: in the northern part of the batholith, Getty Copper recently reported a drill intercept of 342 metres of 0.50% copper, including 108 metres of 0.70% copper. More than 55,000 metres in 402 holes have been drilled across the Project by operators including Asarco, Cominco and Hudbay, and the property hosts 24 known copper showings and prospects, many beneath glacial cover that has seen little modern exploration.

NIV Assays Imminent

Assays from the Company's inaugural drill program at its NIV copper-gold-molybdenum project in British Columbia's Toodoggone District are all at the laboratory and are expected shortly. As reported on September 3, 2026 (view news release here), the Company mobilized a second drill rig to accelerate testing of the 5 kilometre strike length of the NIV system. The Company will share results as soon as they are received and interpreted.

Qualified Person

The technical information contained in this news release has been reviewed and approved by C.J. "Charlie" Greig, P.Geo., CEO of Metal Energy Corp., and a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Greig is not independent of the Company.

About Metal Energy Corp.

Metal Energy Corp. is a critical metals exploration company focused on copper and gold assets in Canada. The Company's flagship asset, NIV, is a fully permitted copper-gold-molybdenum project located in British Columbia's prolific Toodoggone District, a region known for both significant porphyry copper-gold and epithermal gold-silver deposits. Drilling at NIV commenced on June 29, 2026, the first-ever drill campaign on what the Company considers to be one of the most prospective undrilled copper-gold porphyry projects in British Columbia. The Company's Highland Valley Project, a second permitted asset adjoining Canada's largest copper mine, begins drilling in early November 2026, giving investors additional discovery upside and further exposure to copper.

Metal Energy is supported by two major mining companies, each a 9.9% strategic investor (view news release here), and has a treasury of approximately $4.4 million, leaving it fully funded for its 2026 exploration programs.

Readers are cautioned that mineralization, exploration results, mines, deposits or projects on properties adjacent to or proximate to the Company's projects, including the producing copper mine adjoining the Highland Valley Project, the Getty Copper property and the drill results reported by Getty Copper, and the Kemess mine complex, the Aurora discovery, the Greater Shasta-Newberry property, the NorthWest Copper Corp. property and the Kliyul and RDP projects near NIV, are not necessarily indicative of mineralization on the Company's projects, and the Company has no interest in or right to acquire any interest in those properties. Neither the Highland Valley Project nor the NIV Project hosts a mineral resource or mineral reserve estimate prepared in accordance with National Instrument 43-101. The Company's Qualified Person has not verified, and the Company is not relying upon, information disclosed by the owners or operators of those adjacent or proximate properties. Historical drill results at the Highland Valley Project were reported by previous operators and should not be relied upon until confirmed. Geophysical and geochemical anomalies are exploration targets only and are not necessarily indicative of the presence, continuity, extent or grade of mineralization, and there is no assurance that drilling or geophysical surveys will result in the discovery of a mineral deposit.

Metal Energy's portfolio includes three high-potential projects:

• NIV Project (Cu-Au-Mo, 100% controlled), Toodoggone District, British Columbia

• Highland Valley Project (Cu-Mo-Ag-Au-Re, 100% owned), British Columbia

• Manibridge Project (Ni-Cu-Co-PGE, 85% owned), Manitoba

Reader Advisory

Certain information set forth in this news release constitutes forward-looking statements or information ("forward-looking statements"). Forward-looking statements in this news release include, but are not limited to, statements regarding the 2026 drill program and planned IP survey at the Highland Valley Project including their size, metreage, budget, cost, timing, duration, targets and objectives, the expected timing of assay results from the NIV Project, the potential to expand mineralization at Zones 1 and 2, the Company's view of the prospectivity of the Highland Valley Project, any comparison drawn to other projects, properties or companies, plans for further exploration in 2027, the Company's treasury and its expectation that it is fully funded for its 2026 exploration programs, and other matters ancillary or incidental to the foregoing. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Metal Energy's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, adverse weather, snow and other seasonal or access constraints, the availability and performance of drilling and geophysical equipment, contractors and qualified personnel, assay laboratory turnaround times, the ability to obtain and maintain required permits and approvals, the ability to raise additional financing on acceptable terms, the risk that historical results are not confirmed, the risk that exploration and drilling do not result in the discovery of a mineral deposit, competition from other industry participants, and stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Those assumptions include that drilling and the IP survey will proceed substantially as planned; that weather, ground and access conditions will permit the planned work; that drill rigs, contractors, personnel and assay laboratory capacity will remain available on reasonable terms; that required permits and approvals will remain in good standing; and that the Company will have sufficient funds to complete its planned programs. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in Metal Energy's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Metal Energy does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322652