GreenLight Metals on Building a Wisconsin Copper-Gold Story

FOOTNOTES

1. Source (primary): E.K. Lehmann and Associates, Inc., 1992, “Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin” (Bureau of Land Management Preference Right Lease Application, prepared for the Jump River Joint Venture (“JRJV”)); reproduced in Section 6.2.1 and Table 4 of the Bend Project NI 43-101 Technical Report with an effective date of January 1, 2025 (the “2025 Bend Technical Report”). The 1992 JRJV historical estimate is reported as: Cu Zone — 2.8 Mt at 2.41% Cu, 1.43 g/t Au and 13.70 g/t Ag; Au Zone — 1.2 Mt at 0.31% Cu, 4.73 g/t Au and 2.79 g/t Ag; Total — 4.0 Mt at 1.74% Cu, 2.44 g/t Au and 11.56 g/t Ag. Methods and parameters known from the source report: based on 33 diamond drillholes plus 1 wedge (approximately 13,713 metres drilled between 1986 and 1992); polygonal and cross-sectional methods were both used and the results averaged; at the time, the estimate was categorized as a “geologic resource” under U.S. Geological Survey Circular 831 (1980); no cut-off grade was stated in the source report and no metal prices, metallurgical recoveries or other economic parameters were stated. Reliability and relevance: the 1992 JRJV historical estimate is pre-CIM, was prepared by a previous owner using legacy classification terminology that does not correspond to the current CIM Definition Standards or to NI 43-101 resource categories (Measured, Indicated or Inferred), and has not been independently verified by GreenLight Metals or its Qualified Person; it is referenced in this report for geological context only. More recent estimates: Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate of mineral resources or mineral reserves has been completed. Significant data compilation, re-drilling, re-sampling and data verification will be required by a Qualified Person before the historical estimate can be classified as a current Mineral Resource. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon.
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). Assumptions: 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 smelting/refining charges, penalties or deleterious elements, or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabilities are unknown and may differ materially. Readers are cautioned that visible gold occurrences are not necessarily indicative of the gold grade of any mineralized interval; assay results determine actual grade. Tellurium values referenced (including the “significant tellurium values encountered” statement) are individual assay results from selected samples and are not necessarily representative of the mineralization on the property as a whole.
3. There is no assurance that exploration results from Phase-2 or any subsequent program will be sufficient to support a Mineral Resource Estimate, that any such Mineral Resource Estimate will be completed, or that the timing or content of any future Mineral Resource Estimate will be as the Company currently contemplates.
4. Historic drilling at Reef was most recently conducted by Aquila Resources in 2011–2012; representative historic intercepts include hole R12-38: 65.2 metres grading 2.80 g/t Au and 0.17% Cu from 80.5 m to 145.73 m, including 8.9 metres at 13.14 g/t Au and 0.44% Cu; and hole R11-11: 14.8 metres grading 14.41 g/t Au and 0.30% Cu from 40.6 m to 55.4 m, including 9.3 metres at 21.3 g/t Au and 0.33% Cu (source: GreenLight Metals news release dated May 28, 2025; results reproduced in the Reef Project NI 43-101 Technical Report effective January 1, 2025). The historic results referenced have been reviewed by the Qualified Person but the Company has not independently verified the historic sampling, assay or QA/QC procedures and historic results are not necessarily indicative of mineralization that may be encountered on the property by GreenLight.
5. The Crandon deposit is held by a third party, is not located on any property held by GreenLight Metals, and mineralization at the Crandon deposit is not necessarily indicative of mineralization on the Lobo or Lobo East projects.
6. Historic drilling at Lobo was conducted by Noranda in the 1970s and by Can-America in 2020; the representative historic intercept referenced is Noranda hole LB-3: 9.4 metres grading 22.89% Zn, 1.41% Cu, 1.84% Pb and 1.14 g/t Au (246–255 m); confirmation drilling by Can-America (hole LB-20-01) returned 1.55 metres of 17.46% Zn, 0.47% Cu, 1.61% Pb, 0.14 g/t Au and 51 g/t Ag (81.8–83.4 m). Drillhole LB-3 is archived at the Wisconsin Geological and Natural History Survey Core Repository (Mt. Horeb, WI); quarter core samples of the entire mineralized interval were re-assayed by Can-America in 2019. The Company has not independently verified the original Noranda sampling, assay or QA/QC procedures and historic results are not necessarily indicative of future results.
7. References to “define an economic deposit” and “the next high-grade copper-dominant mine in the United States” are forward-looking. Mine development is contingent on (i) completion of an NI 43-101-compliant Mineral Resource Estimate, (ii) Mineral Reserve estimation, (iii) feasibility studies, (iv) financing, (v) permitting and construction, and (vi) a positive production decision. The Bend Project does not currently host a Mineral Resource or Mineral Reserve under NI 43-101, and there is no certainty that any of the foregoing will occur.

QUALIFIED PERSON
The technical information contained in this report has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Thomas Quigley, MSc, CPG-11962, Exploration Director of GreenLight Metals Inc., a Qualified Person as defined by NI 43-101.

CAUTIONARY NOTE REGARDING HISTORICAL ESTIMATES
The 1992 JRJV historical estimate of approximately 4.0 million tonnes referenced in this report (originally documented in 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, and reproduced in Section 6.2.1 of the Bend Project NI 43-101 Technical Report effective January 1, 2025) is not compliant with the current CIM Definition Standards or NI 43-101, and the categorization used in the source (USGS Circular 831 (1980) “geologic resource”) does not correspond to current CIM categories. Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate exists. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon. To upgrade or verify the historical estimate as a current Mineral Resource, the Company would need to complete confirmation drilling, data validation, QA/QC verification, and an independent Qualified Person review under NI 43-101.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This report contains forward-looking information within the meaning of applicable Canadian securities legislation, including but not limited to statements regarding: planned exploration programs, drilling and assay timing; the potential for additional or extended mineralization at the Bend, Reef, Lobo, Lobo East and Kalium Canyon projects; the expected negotiation, execution, timing and terms of a long-form ownership earn-in agreement and any long-form joint venture documentation with Barrick; the binding nature and anticipated implementation of the Kalium Canyon term sheet; Barrick’s ability or decision to complete cash payments, qualifying exploration expenditures, drilling, work programs, studies and other obligations contemplated by the term sheet; Barrick’s ability or decision to terminate or discontinue the arrangement, or to earn a 60%, 70% or 80% equity interest in Kalium Canyon; the potential to define a NI 43-101-compliant Mineral Resource Estimate at any of the Company’s projects; references to Bend becoming “the next high-grade copper-dominant mine in the United States”, “economic deposit”, or similar prospective characterizations; and any references to conceptual tonnage, grade or scale potential. Forward-looking information is based on the Company’s current expectations and assumptions and involves known and unknown risks and uncertainties, including but not limited to: exploration risk and the inherent uncertainty of mineral exploration; commodity price volatility (including copper, gold, silver, zinc and tellurium); permitting, regulatory and First Nations consultation risk; access to financing; the risk that historical estimates and historical drill results are not necessarily indicative of future results; and the risks that the long-form agreement will not be entered into, that required third-party notices, consents or waivers will not be obtained, that Barrick will not earn any interest in Kalium Canyon, that a joint venture will not be formed or operated as contemplated, or that expected payments, expenditures, studies or other benefits will not be realized. There is no certainty that any Mineral Resource or Mineral Reserve will be defined on any of the Company’s projects, that any mine will be developed, or that any conceptual tonnage range will be realized. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update forward-looking information except as required by applicable law.

CAUTIONARY NOTE REGARDING ADJACENT PROPERTIES
References in this report to the past-producing Flambeau Mine, the Crandon deposit, and the Abitibi and Flin Flon belts are provided for general geological and historical context only. Those properties and belts are held by parties other than GreenLight Metals and are not part of the Bend, Reef, Lobo or Lobo East projects. Mineralization on those properties or belts is not necessarily indicative of mineralization on, and readers are cautioned not to draw conclusions about the prospectivity of, GreenLight’s projects.

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