Grid Metals Provides Project Update at Its Falcon West Cesium Project; Grants Incentive Options

Engineering and testing work targets on-site concentrate production using crushing and ore sorting without water.

Rhea-AI Summary

Grid Metals (MSMGF) engaged AECOM to prepare mine planning and permitting work for its Lucy South cesium deposit at Falcon West. AECOM will prepare a high-level mine plan, site design and infrastructure requirements list for an Environment Act License application, which it will complete with Grid's assistance. Grid operates the joint venture with an 85% interest; Avenir Minerals holds 15%.

Mineralogical studies, metallurgical testing and engagement activities are underway. Grid aims to produce a saleable concentrate on site using crushing and ore sorting without water. Lucy South's measured resource contains 51,500 tonnes at 2.58% cesium oxide and 1.47% lithium oxide.

The board approved 850,000 stock options on October 6, 2026: 450,000 for two investor relations consultants and 400,000 for another consultant. Both groups have a $0.20 exercise price and a 36-month term, with different vesting schedules.

3 points · 0 major

PositiveiHow this balance works

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointAECOM engagement advances mine planning, site design and preparation of the Environment Act License application.
• Minor pointMineralogical studies and metallurgical testing are underway to support potential extraction at Lucy South.
• Minor point. Forward-looking: it has not happened yet and may not happen.On-site concentrate production is Grid's target, using crushing and ore sorting without water.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.450,000 investor relations consultant options at $0.20 over 36 months create potential shareholder dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.400,000 consultant options at $0.20 over 36 months create additional potential shareholder dilution.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, ON / ACCESS Newswire / October 8, 2026 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to provide an update on its Lucy South cesium deposit at its Falcon West Property (the "Property") in southeastern Manitoba. The Falcon West Property is subject to a joint venture between Grid (85%, operator) and Avenir Minerals Limited ("Avenir") (15%). Terms of the joint venture agreement with Avenir were announced by Grid on July 20, 2026 (press release HERE). Subsequent to this, Grid announced an initial Mineral Resource Estimate for Lucy South on September 30, 2026 (press release HERE).

Project Update

The Company has engaged AECOM Canada ULC ("AECOM") to prepare a high-level mine plan, site design and infrastructure requirements list that will be included in an Environment Act License ("EAL") application for the project that AECOM will complete, with Grid's assistance. AECOM is a leading global infrastructure consulting firm that delivers professional planning, design, permitting, engineering and construction management services.

Robin Dunbar, Grid's President & CEO, commented, "Initial project activities for the Falcon West project are centred on potential extraction of the recently announced, near-surface cesium resource at Lucy South. Our site team, headed by Dave Peck, VP Exploration, have an array of work initiatives underway including mineralogical characterization studies, metallurgical testwork, engagement activities and the engineering work announced today. With cesium predominately hosted in pollucite, the principal feedstock to the global cesium chemicals industry, all of these initiatives are aimed at the production of a saleable concentrate on site using conventional, low-cost crushing and ore sorting and without the need for any water in the process. Cesium is a highly sought after and rare critical metal that we would like to bring to market in an environmentally responsible and sustainable way."

Grant of Incentive Awards

On October 6, 2026, the Board of Directors approved the grant of an aggregate total of 850,000 stock options to purchase common shares of the Company under the Company's rolling Equity Based Incentive Plan. The grant includes a total of 450,000 stock options granted to two investor relations consultants, Grignan Holdings Ltd. doing business as Peterson Capital, and Triomphe Holdings Ltd. doing business as Capital Analytica. The investor relations consultants' options are exercisable at a price of $0.20, for a term of 36 months, and vest 25% every three months, beginning three months from the date of grant. Additionally, a consultant of the company has been granted 400,000 stock options which are also exercisable at a price of $0.20 for a term of 36 months, vesting 6 months from the date of grant.

About Cesium and the Cesium Market

Cesium is the heaviest stable alkali metal with a unique set of characteristics due to its position on the periodic table. It is highly reactive, has excellent photoelectric properties, and has a large ionic radius. It is the metal of choice across a number of applications, including atomic clocks, 5G infrastructure, defence targeting optics, and next-generation green tech.

Cesium is defined as a critical metal by both Canada and the U.S owing to its supply chain vulnerability. There is currently believed to be a significant shortage of cesium feedstock globally¹. The industry revolves around extreme supply concentration with the United States and several European allies being 100% net import reliant for their cesium needs¹. Pollucite has historically been the mineral of choice for cesium extraction given its high cesium content.

About Lucy South

• The Lucy South cesium deposit contains an open pit measured resource for the Lithium-Cesium-Tantalum ("LCT") Zone of 51,500 tonnes at 2.58% Cs₂O and 1.47% Li₂O²; the LCT Zone encloses a higher-grade cesium-rich Pollucite Zone containing a measured resource of 15,600 tonnes at 5.19% Cs₂O and 1.76% Li₂O.
  • Total contained metal in the measured category of 1,322 tonnes Cs₂O.
• This resource is believed to be the second largest cesium resource in active development globally³.
• The resource is contained within a highly-fractionated LCT pegmatite, the Lucy South pegmatite, and covers an area of ~120 metres by ~50 metres and has an average depth from surface of ~20 metres.
• It is located 130 km east of Winnipeg and 500 metres north of the TransCanada Highway. It is proximal to the intra-continental railway system and Manitoba's low-cost hydro-electric power grid.
• The resource is partly open along strike and down dip.

About Falcon West

• The focus of the Falcon West joint venture between Grid (85%) and Avenir (15%) is to establish a producing cesium operation at the Lucy South cesium zone. Cesium is a rare critical metal with a number of forward-facing industrial uses. The scope of the project is to establish a small footprint operation that uses crushing and XRT ore sorting (no water utilized or extensive infrastructure) in the production of a cesium-bearing pollucite concentrate to be sold to downstream cesium chemical producers.
• Falcon West consists of 124 unpatented mining claims located 130 km east of Winnipeg and is transected by the Trans Canada Highway. Most of Grid's exploration efforts have focused on the Lucy claims in the northeastern part of the property.
• Exploration potential in the project area remains high with a number of occurrences of spodumene and pollucite mineralization noted in the immediate project area (the Artdon-Lucy target area) that extends for >1 km along strike and >500 metres across strike. Of note is a large gap in historical drilling between the Artdon LCT pegmatite occurrence in the west and the Lucy South and Lucy North LCT pegmatites in the east.
• The Company is also eying the potential for an expansion of the Artdon-Lucy LCT-pegmatites beyond the immediate target area. A strong magnetic low anomaly interpreted to reflect a large volume of near surface granitic pegmatite coincides with the Artdon-Lucy pegmatite trend and extends several km along strike in both directions.

Qualified Person Statement

Dr. Dave Peck, P.Geo., is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and approved the scientific and technical information disclosed in this release.Dr. Peck is not independent of the Company within the meaning of NI 43-101 as he is an officer of Grid.

About Grid Metals Corp.

The Company is one of the largest mineral rights holders in the Province of Manitoba with over 250,000 hectares of mineral claims and exploration licenses registered to Grid. The current focus of Grid is its Falcon West Property which is advancing towards commercial production following the release of a maiden cesium resource at the Lucy South deposit. A summary of Grid's mineral properties in Manitoba include:

1. The Falcon West Property (Li-Cs) is located 130 km east of Winnipeg along the Trans-Canada highway and contains an open pit measured mineral resource at the Lucy South deposit of 51,500 tonnes grading 2.58% Cs₂O and 1.47% Li₂O². The property is subject to a joint venture agreement with Avenir, which has a 15% interest in the property.
2. The Makwa Property (Ni-Cu-PGM-Co), which is subject to an Option and Joint Venture Agreement with Teck Resources Limited ("Teck"). Teck can earn up to a 70% interest in Makwa by incurring a total of C$17.3 million, comprising project expenditures (C$15.7 million) and cash payments or equity participation (C$1.6 million) with Grid. Makwa is located on the south arm of the Bird River Greenstone Belt and contains an open pit indicated mineral resource of 14.2 million tonnes grading 0.48% nickel, 0.11% copper, and 0.37 g/t palladium⁴.
3. The Mayville Property (Cu-Ni) is located on the north arm of the Bird River Greenstone Belt. Grid owns a cumulative 89% interest in the project. The project contains an open pit indicated mineral resource of 32.0 million tonnes grading 0.40% copper, 0.16% nickel, and 0.13 g/t palladium⁴.
4. The Donner Property (Li-Cs) is adjacent to the Mayville Property, and Grid owns 75% of the project. The project contains an open pit inferred mineral resource of 2.1 million tonnes grading 1.42% Li₂O and an underground inferred mineral resource of 4.7 million tonnes grading 1.37% Li₂O⁵.
5. The Thompson East (Cu-Ni-PGM) Property is located east of the city of Thompson in north-central Manitoba and captures a number of high tenor Cu- and PGE-rich magmatic sulphide occurrences that are interpreted to be related to the development of the adjacent Thompson Nickel Belt. The property is subject to an Option and Joint Venture Agreement with Boliden Mineral Canada Ltd ("Boliden"). Boliden is currently sole-funding early-stage exploration on the property.
6. The 100%-owned Fox River (Cu-Ni-PGM-Au) Property located in the Gillam region of northeastern Manitoba and covering 90 km of strike of the highly prospective Fox River Belt - a direct analogue to the Raglan nickel district in northern Quebec.

All of the Company's southeastern Manitoba projects are located on the ancestral lands of the Sagkeeng First Nation with whom the Company maintains an Exploration Agreement.

References Cited:

1. US Geological Survey Mineral Commodity Summaries - Cesium - February 2026.
2. NI 43-101 report by SGS Canada dated September 25, 2026 and entitled ‘Technical Report on the Mineral Resource Estimate for the Lucy South Cesium Deposit, Falcon West Project, Municipality of Reynolds, Manitoba, Canada.
3. Power Metals Corp and PMET Resources are actively developing pollucite-bearing cesium projects. Power Metals' Case Lake project has an open pit inferred mineral resource of 13,000 tonnes at 2.4% Cs₂O and 1.3% Li₂O. PMET's Shaakichiuwaanaan project has open pit resources across two zones (Rigel and Vega) hosted within the open pit resource of its CV13 pegmatite.
4. NI 43-101 report by Micon International dated June 14, 2024 and entitled ‘NI 43-101 Technical Report on the Updated Mineral Resources Estimate of the Makwa-Mayville (MM) Project, Manitoba, Canada.
5. NI 43-101 report by SGS Geological Services dated September 1, 2023 and entitled ‘Technical Report on a Mineral Resource Estimate for the Donner Lake Lithium Property, Manitoba, Canada.

On Behalf of the Board of Grid Metals Corp.

For more information about the Company, please visit our website at www.gridmetalscorp.com or the Company's Curation Connect showcase here or contact:

Robin Dunbar - President, CEO & Director - rd@gridmetalscorp.com, +1 (416) 955-4773
Brandon Smith - Chief Development Officer - bsmith@gridmetalscorp.com
David Black - Investor Relations - info@gridmetalscorp.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

We seek safe harbour. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities legislation, including the Securities Act (Ontario) (together, "forward-looking statements") as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "should", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct or will come to pass. Forward-looking statements include statements and information regarding the Company's exploration and development plans, in particular the ongoing exploration and metallurgical test work at the Falcon West Property and in particular the Lucy South pegmatite, the Company's focus on the Falcon West Property, the exploration potential in the project area, the planned ore sorting test program, the potential to produce a marketable cesium-bearing pollucite concentrate and to establish a producing cesium operation at the Lucy South occurrence, the joint venture agreements concerning the Falcon West Property, Makwa Property and Thompson East Property, and in particular the potential for the counterparty of each to meet its obligations under such agreements and acquire a greater ownership stake in the properties of the Company, resource estimates, future financing plans, use of proceeds, regulatory approvals, including the approval of the TSXV for the Peterson Agreement, Capital Analytica Agreement and other applicable transactions, market conditions, the Company's future business objectives, the future plans for the Company, and other forward-looking information.

By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions, or events to differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of assumptions that management believes to be reasonable at the time such statements are made, including, without limitation, assumptions regarding the availability of capital, the receipt of required regulatory approvals, the grant of pending exploration permit and licence applications, the continuation of favourable market conditions, the accuracy of historical and technical data, the ability and interest of the Company and its joint venture partners to meet their respective obligations under the applicable joint venture agreement, results of planned ore sorting and metallurgical test work, potential for a marketable cesium-bearing pollucite concentrate, including one having a grade in the range of 10-20% Cs2O, and the Company's ability to execute its exploration and development plans as currently contemplated. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: risks and uncertainties relating to the Company and its joint venture partners' ability to meet their respective obligations under the applicable joint venture agreement; the results of exploration to be undertaken in future; whether either party's interest in any joint venture is diluted such that it is converted to a net smelter return royalty; the parties' ability to fund their respective pro rata share of joint venture costs; risks related to exploration and development activities; commodity price fluctuations, including fluctuations in the price of nickel, cobalt, copper and other metals; global demand for cesium and other critical minerals; the risk that historical estimates cannot be verified or upgraded to current mineral resource estimates; risks that pending exploration permits and licence applications are not granted or are granted on unfavourable terms; risks related to mineral title and tenure; potential political risk; uncertainty of exploration results, production and capital cost estimates and the potential for unexpected costs and expenses; physical risks inherent in mining operations; metallurgical risk; currency fluctuations; completion of economic evaluations; changes in project parameters as plans continue to be refined; availability and terms of financing; regulatory approvals, including any failure to obtain the approval of the TSXV for the Peterson Agreement, Capital Analytica Agreement and other applicable transactions; environmental and permitting risks; operational risks; the capital requirements of the Company and its ability to maintain adequate capital resources to carry out its business activities; the ability of the Company to continue as a going concern; dependence on key personnel; the Company's early stage of development; stock market, interest rate and debt market volatility; changing capital market valuations; risks related to potential dilution in the event of future financings; volatility of the market price for the Company's securities; litigation and regulatory risk; jurisdictional and regulatory risk; adverse general economic and market conditions; rising costs related to inflation; and those factors detailed in the Company's Management Discussion and Analysis for the most recent financial period and other public documents filed under the Company's profile at www.sedarplus.ca. The Company has also assumed that no significant events occur outside of the Company's normal course of business.

The Company cautions that the foregoing list of factors is not exhaustive. In addition, although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change, and no assurance can be given that such events will occur in the disclosed time frames or at all or that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

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

SOURCE: Grid Metals Corp.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What work is AECOM doing for Grid Metals at Lucy South?

AECOM will prepare a high-level mine plan, site design and infrastructure requirements list for the project's Environment Act License application. It will also complete the application with Grid's assistance. The work supports Grid's planned potential extraction of the near-surface cesium resource.

How many stock options did Grid Metals approve and at what exercise price?

Grid Metals' board approved 850,000 stock options on October 6, 2026, exercisable at $0.20 for a 36-month term. The allocation comprises 450,000 options for two investor relations consultants and 400,000 options for another consultant.

When do Grid Metals' October 2026 consultant stock options vest?

The investor relations consultants' options vest 25% every three months, beginning three months from the grant date. The 400,000 options granted to the other consultant vest six months from the grant date.