SAGA Metals Positions Wolverine Heavy REE Project Alongside Strange Lake and Tanbreez in Geological Peer Comparison

Pending assays from 22 diamond drill holes are the next step as SAGA targets a Wolverine mineral resource estimate in 2027.

Rhea-AI Summary

SAGA Metals (SAGMF) presented a geological comparison of its Wolverine rare earth project with Strange Lake and Tanbreez, highlighting different host rocks. Wolverine is hosted in volcanic ash-flow tuff, while the peers have intrusive hosts. Heavy rare earth oxides, including yttrium, averaged approximately 28% of total rare earth oxides in Wolverine's 2025 reverse-circulation drill intercepts.

Wolverine's prospective host rocks cover approximately 26.6 km²; mineralized units dip gently at or near surface. These mapped areas are not resources, and Wolverine has no mineral resource. Assays from its 22-hole, 3,241-metre 2026 diamond drill program remain pending, with logging and sampling under way. SAGA targets a mineral resource estimate in 2027. Strange Lake and Tanbreez have published resources and are further advanced; their disclosed information has not been verified by SAGA's qualified technical reviewer and is not indicative of Wolverine's mineralization.

Positive

• Minor point2025 drill intercepts averaged approximately 28% heavy rare earth oxides, including yttrium, of total rare earth oxides.
• Minor pointWolverine mineralization occurs in gently dipping volcanic units at or near surface.
• Minor point2026 diamond drilling covered 22 holes and 3,241 metres to test continuity and support future resource work.
• Minor point. Forward-looking: it has not happened yet and may not happen.Mineral resource estimate targeted by SAGA for 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Future exploration is planned to extend mineralization boundaries and trace mineralized feeder structures downward.

Negative

• Minor pointWolverine has no mineral resource; mapped surface areas do not establish resource size.
• Minor point2026 drill assays remain pending, with core logging and sampling still under way.
• Minor pointPeer comparisons are limited: SAGA's qualified reviewer has not verified peer information, which is not indicative of Wolverine mineralization.

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Will Wolverine win the race for REE supply chain security in the North Atlantic Basin?

Vancouver, British Columbia--(Newsfile Corp. - October 29, 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 present a geological comparison of its 100%-owned Wolverine Heavy Rare Earth Element (REE) Project in Labrador with two REE projects whose host rocks are also enriched in zirconium, niobium and heavy rare earths: Strange Lake on the Québec-Labrador border, and Tanbreez in South Greenland. Figure 2 shows the three projects at the same map scale, and Table 1 compares their geology, access and stage of development.

Figure 1: Proximity of the Wolverine REE Project in relation to Strange Lake and Tanbreez REE Projects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12336/321525_01bd04c8148bd96d_001full.jpg

Highlights

• Different host rocks, shared element suite: Wolverine's mineralization is hosted in peralkaline volcanic ash-flow tuff with subvolcanic hydrothermal veins and pegmatite sheets. While Strange Lake (peralkaline granite and pegmatite) and Tanbreez (layered nepheline syenite) are intrusive.

• Heavy rare earth Enrichment: Heavy rare earth oxides, including yttrium, average approximately 28% of total rare earth oxides (TREO) in Wolverine's 2025 reverse circulation (RC) drill intercepts, as previously reported.

• Near-surface geometry: At Wolverine the mineralized volcanic units dips gently and lies at or near surface.

• Scale comparison: Figure 2 outlines each project's host rock unit and the REE mineralization mapped at surface. The areas are shown for scale only. They are not mineral resources, and Wolverine has no mineral resource.

• Next: Assays from Wolverine's 22-hole, 3,241-metre 2026 diamond drill program are pending.

Geological Context: Host rocks

Most REE deposits are associated with alkaline igneous rocks. This includes Strange Lake and Tanbreez, which are hosted in peralkaline intrusions: granite and pegmatites and nepheline syenite respectively. Wolverine is hosted in peralkaline volcanic ash-flow tuff, with its intrusive source still un-explored. The predominantly undeformed volcanic host has resulted in a gently dipping mineralized horizons that lie at or near surface.

Figure 2: The map places the three projects side by side at the same scale. Blue areas show each project's host rock unit, or prospective host unit, mapped at surface. Red areas show the peers' REE mineralization mapped at surface, from each owner's public disclosure^1&2.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12336/321525_figure2.jpg

Wolverine - Labrador, Canada (SAGA Metals)

On July 10, 2026, Saga Metals Corp. closed the acquisition of a 100% interest in the Wolverine rare earth element project, a royalty-free, heavy rare earth project located near the coast of central Labrador, Canada.

At Wolverine, the prospective host volcanic rocks (Units 3, 4 and 5) have been mapped over approximately 26.6 km² of the 294.5 km² property. REE grades are known only where the tuff has been sampled and drilled. The 2025 RC drilling returned intercepts averaging approximately 28% heavy rare earth oxides of TREO. Assays to date are enriched in rare earths used in high-performance permanent magnets. The mineralized volcanic units dip gently and have been explored to a depth of 305 meters.

Unlike the intrusive-hosted systems at Strange Lake and Tanbreez, Wolverine's volcanic tuff host offers a different geometry and potential exploration pathway. The 2026 diamond drill program (22 holes, 3,241 metres) was designed to test continuity of the near-surface horizon, generate material for mineralogical and metallurgical studies, and provide the data required to support a future mineral resource estimate.

The nearest boundary of the property lies about 10 km from tidewater at Flowers Bay. Providing relatively straightforward potential access compared with projects that require long road construction.

Strange Lake - Quebec, Canada (Torngat Metals)

Torngat Metals Ltd. announced in 2025 the signing of a CA$110 million bridge loan facility agreement with Export Development Canada and a loan commitment of up to CA$55 million from the Canada Infrastructure Bank to support the next phase of its Strange Lake project.

Strange Lake is a peralkaline granite and pegmatite system located on the Québec-Labrador border. It hosts a resource of approximately 492 million tonnes averaging 0.90% TREO (~278Mt indicated at 0.93% TREO and ~214Mt inferred at 0.85% TREO), with heavy rare earth oxides representing roughly 38% of TREO (effective date February 15, 2017). The estimate was prepared by Micon International Limited, an independent Qualified Persons, in accordance with NI 43-101 and CIM Definition Standards. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The deposit is enriched in rare earths Nd, Pr, Dy, and Tb used in magnets.

Torngat has advanced the project through resource definition, metallurgical test work, and environmental assessment. The company is targeting a feasibility study and has outlined a development concept that includes a mine and concentrator in Nunavik, an access road, and a separation plant in southern Québec.

Tanbreez - South Greenland (Critical Metals Corp.)

Critical Metals Corp. currently trades on the NASDAQ under the symbol "CRML" and as of October 28, 2026, has a market cap of approximately $1.15 billion USD.

Tanbreez is hosted in layered kakortokite (a variety of nepheline syenite) within the Ilímaussaq complex in southern Greenland. The current S-K 1300 mineral resource was prepared under SEC standards contains approximately 45 million tonnes (~25.4 Mt indicated at 0.37% TREO and ~19.5M inferred at 0.39% TREO) averaging 0.38% TREO, with heavy rare earth oxides representing roughly 27% of TREO (effective date April 13, 2026). The estimate was prepared by Malcolm Castle, MAusIMM, an independent Qualified Person, in accordance with S-K 1300 and the SEC Standards. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The broader kakortokite host unit has been estimated at approximately 4.7 billion tonnes, though this figure represents host rock volume rather than a mineral resource.

The project has deep-water fjord access and has received mining and closure plan approvals from the Government of Greenland. Mineralization is primarily hosted in eudialyte.

Comparative Summary (as of October 2026)

	Wolverine	Strange Lake	Tanbreez
Location	Labrador, Canada	Québec, Canada	South Greenland
Owner	SAGA Metals	Torngat Metals	Critical Metals Corp. (92.5%)
Host rock	Peralkaline volcanic ash-flow tuff, subvolcanic hydrothermal veining & pegmatite sheets	Peralkaline granite with pegmatite sheets	Layered nepheline syenite (kakortokite)
Age	About 1.28 billion years	About 1.24 billion years	About 1.16 billion years
Shape	Gently dipping sheet at or near surface	Dome-shaped pegmatite zone within mineralized granite	Saucer-shaped layered unit about 350 m thick
Area at surface	Prospective host tuff: 26.6 km²	Granite complex ~35 km²; mineralized pegmatite 0.34 km²	Kakortokite host unit ~9 km² (TRS: ~10 km²)
HREE share of TREO	28% (2025 RC assays)	About 38%	About 27%
Rare Earths	Nd, Pr, Dy, Tb, Y, La, Ce, Ta, Gd	Nd, Pr, Dy, Tb	Nd, Pr, Dy, Tb
Access	About 10 km from salt water (Flowers Bay)	Planned ~170 km road to a Labrador coast port	On a deep-water fjord
Stage	Exploration; 2026 core assays pending	Mineral resource; impact assessment under way	Mineral resource; mining and closure plans approved

 

Table 1: The table compares location, owner, host rock, age, shape, heavy rare earth share, , rare earths, access and stage as of October 2026. Strange Lake and Tanbreez are further advanced, with published resource estimates and permitting or processing work under way; Wolverine is at the exploration stage. The peer information is from the owners' public disclosure.

Michael Garagan, Chief Geological Officer and Director commented:

"Exploration to date on the Wolverine property has proven that REE mineralization is at and near the surface, is gently dipping and is hosted in multiple volcanic units comprised of fractured and hydrothermally altered ash, tuff and flows. This volcanic-hosted, high level hydrothermal setting contrasts with the magmatic and magmatic-hydrothermal setting of the REE intrusion-related Tanbreez and Strange Lake deposits, respectively. The recognition of sub vertical mineralized fault and breccia structures, hydrothermal feeder complexes, in volcanic strata is unique and differentiates Wolverine REE-mineralization from the deeper crustal level REE intrusion-related deposits stated above. The exploration potential at Wolverine remains high based on identified stratiform-like and sub vertical mineralization.

Future exploration will extend the boundaries of the high level, fracture-controlled stratiform-like mineralization. Most significantly, exploration will trace the mineralized sub vertical feeder networks downward into potentially specialized hydrothermally intrusive rocks, similar to the REE-bearing hydrothermally altered rocks that form the Strange Lake deposit. The recognition of sub horizonal and sub vertical REE mineralization coupled with the potential of tracing the sub vertical REE veins into hydrothermally altered intrusive rocks provides Saga Metals with an unparalleled highly prospective discovery potential throughout the volcanic-intrusive sequence that underlies the aerially extensive Wolverine property.

The 2026 diamond drill program was designed to test the continuity of mineralization within the gently dipping volcanic rocks along a drill grid strike of 800 meters in order to generate an aerial extensive data base from which a maiden resource estimate can be delivered for the Wolverine property."

Heavy Rare Earths

Dysprosium and terbium are added to rare earth permanent magnets to keep them working at high temperatures. Since April 2025, China has required export licenses for seven medium and heavy rare earths, including dysprosium, terbium and yttrium (MOFCOM and GAC Announcement No. 18 of 2025).

At Wolverine, heavy rare earth oxides, including yttrium, average approximately 28% of TREO in the 2025 RC drill intercepts, as previously reported.

Next steps. Logging and sampling of the 2026 diamond drill core is under way, and assays will be released once received and reviewed by the Qualified Person. The 2026 program was designed to provide the mineralogical, metallurgical and QA/QC data needed to identify which minerals host the rare earths, especially the heavy rare earths, and to support future resource work.

Mike Stier, Chief Executive Officer and Director commented:

"This comparison places Wolverine in geological context with two of the better-known heavy rare earth systems outside China. While Strange Lake, and Tanbreez are currently further advanced, the shared enrichment in heavy rare earths, zirconium, and niobium underscores why Wolverine's volcanic-hosted system is a significant contender in the race to shore up rare earth supply chains in the North Atlantic Basin. Our immediate focus remains the pending assays from the 2026 program as we continue to ramp up the advancement of the Wolverine project towards a Mineral Resource Estimate in 2027."

Sources:

1. Strange Lake - Quest Rare Minerals map in Lewis et al. (2012), Figure 7.2.
2. Tanbreez - Agricola Mining Consultants (2025), technical report summary, p. 52.

Surface area is not a measure of resource size: the Strange Lake and Tanbreez resources extend hundreds of metres below surface. Wolverine has no mineral resource. Information on the other projects is from their owners' public disclosure, has not been verified by SAGA's Qualified Person, and is not indicative of mineralization at Wolverine.

Qualified Person

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.

About SAGA Metals Corp.

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 peralkaline volcanic rocks that shares petrological similarities with the intrusion-hosted Tanbreez, Strange Lake deposits and the stratiform Brockman (Hastings) REE deposit, Western Australia. Historic drilling on the Wolverine prospect identified consistent mineralization with assays up to 2.03% TREO including approximately 28% HREO. Large scale potential is supported by 26 km² of exposed mineralization tuff at surface with about 5% of the prospective unit drilled to date. In addition, grab sample assays of pegmatite hosted in peralkaline granite returned up to 21.6% TREO.

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 73,866 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.

On Behalf of the Board of Directors

Mike Stier, Chief Executive Officer

For more information, contact:

Rob Guzman, Investor Relations
SAGA Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

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

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's Wolverine Project and its comparison to Torngat Metals' Strange Lake project and Critical Metals' Tanbreez project. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company's assets, and the risks detailed in the Company's continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321525

FAQ

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

What did SAGA Metals report about Wolverine's heavy rare earth content?

Heavy rare earth oxides, including yttrium, averaged approximately 28% of total rare earth oxides in Wolverine's 2025 reverse-circulation drill intercepts. This measures their share of total rare earth oxides, not the overall rare earth grade of the rock.

When does SAGA Metals target a Wolverine mineral resource estimate?

SAGA targets a Wolverine mineral resource estimate in 2027. Assays from the 22-hole, 3,241-metre 2026 diamond drill program remain pending. Wolverine currently has no mineral resource.

What studies is SAGA Metals preparing with Wolverine's 2026 drill core?

The 2026 program was designed to provide material and data for mineralogical and metallurgical studies, including identifying the minerals that host rare earths, especially heavy rare earths. It also aims to support future resource work. Assays will be released after receipt and review by the qualified technical reviewer.