Canamera Options 2,300-Hectare Waterslide Uranium-Ree Project in Bancroft, Ontario

Rhea-AI Summary

Canamera Energy Metals (OTCQB: EMETF) has optioned the 2,300-hectare Waterslide uranium and rare earth project ~20 km southeast of Bancroft, Ontario, by entering an agreement with Gallik Explorations.

The company can earn 100% by making four staged payments of $25,000 cash plus $25,000 in shares over three years; the property will carry a 2% NSR with a 1% buyback for $1,000,000. The agreement is subject to Canadian Securities Exchange approval. A qualified person, Warren Robb, P.Geo., reviewed the technical information.

Positive

• 2,300-hectare district-scale land position near Bancroft
• Option to earn 100% interest through defined staged payments
• Seven documented mineral occurrences on or adjacent to the claim block
• 2% NSR preserves a clear royalty structure with a defined buyback price

Negative

• Agreement is subject to Canadian Securities Exchange approval
• 2% NSR reduces future net revenue on any produced minerals
• $1,000,000 required to repurchase 1% of the NSR if exercised

Edmonton, Alberta--(Newsfile Corp. - February 17, 2026) - Canamera Energy Metals Corp. (CSE: EMET) (OTCQB: EMETF) (FSE: 4LF0) ("Canamera" or the "Company") has entered into an option agreement (the "Agreement") with Gallik Explorations Inc. ("Gallik"), pursuant to which will, subject to the receipt of Canadian Securities Exchange approval ("Regulatory Approval"), have the right to earn up to a 100% interest in the Waterslide Property (the "Property"), a 2,300-hectare uranium and rare earth element project located approximately 20 km southeast of Bancroft, Ontario, by making the share and cash payments described below.

The Property sits within one of Ontario's most established uranium and rare earth districts, the Central Gneiss Belt of the Grenville Province. With seven documented mineral occurrences on or adjacent to the claim block - spanning uranium, thorium, fluorite, and rare earth elements - the acquisition provides Canamera with near-term exploration targets in a jurisdiction that is attracting renewed interest due to growing demand for domestic nuclear fuel and critical mineral supply.

"The Waterslide Property adds a compelling, near-surface uranium and rare earth target to our growing Ontario portfolio," said Brad Brodeur, CEO of Canamera. "The Bancroft region has a well-documented geological history of uranium and rare earth mineralization, and with multiple known occurrences on the Property, we see a clear path to efficiently advance exploration. This acquisition aligns with our strategy of assembling district-scale positions in proven critical-mineral settings across the Americas."

Option Agreement Terms

Under the terms of the Agreement, Canamera may earn a 100% interest in the Property by making four staged payments of cash and common shares to Gallik, structured as follows:

• Payment 1: $25,000 in cash and common shares valued at $25,000, due upon receipt of Regulatory Approval;
• Payment 2: $25,000 in cash and common shares valued at $25,000, due on the first anniversary of Regulatory Approval;
• Payment 3: $25,000 in cash and common shares valued at $25,000, due on the second anniversary of Regulatory Approval; and
• Payment 4: $25,000 in cash and common shares valued at $25,000, due on the third anniversary of Regulatory Approval.

Upon earning its 100% interest, the Property will be subject to a 2% net smelter return royalty ("NSR") in favour of Gallik. Canamera will have the option to repurchase one percent (1%) of the NSR for $1,000,000, reducing the NSR royalty from 2% to 1%. The Agreement is subject to approval by the Canadian Securities Exchange.

Waterslide Project Overview

The Property is located in northwestern Cardiff Township, Ontario, within the Central Gneiss Belt of the Grenville Province. The Property comprises 100 mining claim cells totalling approximately 2,300 hectares (approximately 20 square kilometres). The surrounding region has been historically recognized for uranium, thorium, fluorite, and rare earth element occurrences associated with alkaline and carbonatite intrusive systems.

Figure 1: Waterslide Property Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11828/284111_figure1.jpg

Figure 2: Waterslide Property Mineral Occurrences Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11828/284111_902f5b67b46a881f_002full.jpg

The scientific and technical information in this news release has been reviewed and approved by Warren Robb, P.Geo. (British Columbia), VP Exploration of the Company and a "Qualified Person" as defined by National Instrument 43-101.

About Canamera Energy Metals Corp.

Canamera Energy Metals Corp. is a critical and rare earth metals exploration company focused on building a diversified portfolio of district-scale projects across the Americas. In North America, the Company's portfolio includes the Schryburt Lake rare earth and niobium project in Ontario; the Iron Hills critical and rare earth project in Colorado; the Garrow rare earth elements project in Northern Ontario; the Waterslide rare earth and uranium project in Northern Ontario; the Great Divide Basin uranium project in Wyoming; and the Mantle project in British Columbia. In South America, Canamera is advancing the Turvolândia and São Sepé rare earth element projects in Brazil. Across this portfolio, Canamera targets underexplored regions with strong geological signatures and supportive jurisdictions, leveraging geochemical, geophysical, and geological datasets to generate and advance high-conviction, first-mover exploration opportunities. For more information, visit www.canamerametals.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Brad Brodeur
Chief Executive Officer
brad@canamerametals.com
780-238-7163

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are typically identified by words such as "will," "plans," "expects," "could," "potential," "objective," and similar expressions, or statements that events, conditions, or results "will," "may," "could," or "should" occur or be achieved. All statements that are not statements of historical fact are forward-looking statements.

Forward-looking statements in this release include, but are not limited to, statements regarding: the receipt of Regulatory Approval; the completion of the option agreement and the anticipated payment schedule; the Company's ability to earn a 100% interest in the Property; the exploration potential of the Property; and the Company's exploration strategies and plans.

Forward-looking statements are based on assumptions, estimates, and opinions of management at the date the statements are made and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated or projected. These risks include, but are not limited to: the Company's inability to obtain Regulatory Approval for the transaction; failure to satisfy the terms and conditions of the option agreement; uncertainties related to the geology of the Property; changes in commodity prices for uranium and rare earth elements; availability of financing for exploration; the ability to obtain necessary permits; and general risks associated with mineral exploration.

Additional risk factors affecting the Company can be found in the Company's continuous disclosure documents available at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any obligation, to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities 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/284111

FAQ

What option terms did Canamera (EMETF) announce for the Waterslide Property on February 17, 2026?

Canamera may earn 100% by making four staged payments of $25,000 cash plus $25,000 in common shares. According to the company, payments occur on Regulatory Approval and each anniversary over three years.

How large is the Waterslide Property that Canamera (EMETF) optioned near Bancroft, Ontario?

The Waterslide Property covers approximately 2,300 hectares (about 20 square kilometres). According to the company, it comprises 100 mining claim cells in the Central Gneiss Belt.

What royalty terms apply to the Waterslide Property under Canamera's (EMETF) agreement?

The Property will be subject to a 2% net smelter return royalty (NSR). According to the company, Canamera can repurchase 1% of the NSR for $1,000,000, reducing NSR to 1%.

What mineral targets and occurrences are reported on the Waterslide Property for Canamera (EMETF)?

The Property hosts documented occurrences of uranium, thorium, fluorite, and rare earth elements. According to the company, these are associated with alkaline and carbonatite intrusive systems.

Is the Canamera (EMETF) Waterslide option conditional on any approvals or reviews?

Yes; the option is conditional on approval by the Canadian Securities Exchange. According to the company, Regulatory Approval is required before the first payment is due.

Who reviewed the technical information for Canamera's (EMETF) Waterslide announcement?

Warren Robb, P.Geo., VP Exploration, reviewed and approved the scientific and technical information. According to the company, he is a Qualified Person under NI 43-101.