Bahia Metals Corp. · CSE:BMT
Bahia Metals — Investor Presentation (October 2026)
27 slides from Bahia Metals's investor presentation, October 2026
Slide 1: Bahia Metals Corp. Corporate Presentation
CSE: BMT BAHIA A COPPER-RICH, POLYMETALLIC NICKEL SULPHIDE DISTRICT METALS IN BAHIA STATE, BRAZIL CORP. ESSENTIAL MINERALS INITIAL NI 43-101 ee INFERRED MINERAL RESOURCE ESTIMATE | MANGUEIROS MAIN PROJECT ADVANCING A WORLD-CLASS NICKEL SULPHIDE OPPORTUNITY 675 kt | 411kt YY 4 VITEq CONTAINED CONTAIN
Slide 2: Forward Looking Statement
Forward Looking Statement Certain statements contained in this presentation constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements relate to future eve
Slide 3: QP & Technical Disclosure and Disclaimers
QP & Technical Disclosure and Disclaimers TECHNICAL INFORMATION & QUALIFIED PERSON STATEMENT CALCULATIONS & ASSOCIATED ASSUMPTIONS The scientific and technical information concerning the Mangueiros Main Project contained in Equivalent-grade metrics, contained-metal calculations and other derived fig
Slide 4: Executive Summary
Executive Summary 313 MT POLYMETALLIC INFERRED RESOURCE. FAVOURABLE PIT GEOMETRY. PEA NEXT. Flagship Resource 313 Mt pit-constrained Inferred polymetallic nickel-copper-cobalt sulphide Mineral Resource at Mangueiros Main 0.22% NiT → 0.33% NiTEq +50% uplift from copper + cobalt contribution Bahia Sta
Slide 5: Company Highlights
Company Highlights 1. DEFINED RESOURCE 2. TECHNICAL FOUNDATION 3. VALUE CREATION PATH MANGUEIROS MAIN: Economic Analysis 313 Mt Inferred Mineral Resource $7.5M historical investment PEA - Next major technical & economic study 0.22% NiT → 0.33% NiTEq 87 historical drill holes Evaluate Ni-Cu-Co contri
Slide 6: Leadership Team & Directors
Leadership Team & Directors STEPHEN GOODMAN THOMAS PRESSELLO ELTON PEREIRA CEO & Director CFO & Director Consultant - Former Appian Capital • 20+ years in investment banking and • 25+ years in corporate finance and • 30+ years of mineral exploration in Brazil mining industry investment roles • Direc
Slide 7: Directors
Directors MILSON MUNDIM Appian Capital MARTIN PAWLITSHEK Appian Capital MICHAEL LI Appian Capital Director Director Director • 30+ years across mining, energy, and • 25+ years in exploration • 30+ years in mining finance & M&A banking • Former SVP Geology, Appian Capital; • Head of North America at
Slide 8: Projects Overview
Projects Overview CATEGORY SUMMARY • Bahia State, Brazil Location • Same State as Atlantic Nickel's Santa Rita Mine Commodity Sulphide Nickel • Copper • Cobalt • PGMs • $7.5M historical investment on project portfolio De-Risked • Mangueiros Main: NI 43-101 Technical Report complete Initial NI 43-101
Slide 9: Location: Bahia State, Brazil
Location: Bahia State, Brazil Belém BAHIA Why Bahia State? Fortaleza STATE Established Mining Industry Brazil’s Premier BAHIA Mining State Long history of commercial mining and mineral development. BRAZIL Salvador BAHIA METALS’ PROJECTS Skilled Workforce Brasília Access to experienced mining and tec
Slide 10: Mangueiros Project Profile
Mangueiros Project Profile NiTEq and NiSEq calculations depend on metal-price, recovery and/or payability assumptions and the formula adopted by P&E. US$ metal prices used were $7.50/lb Ni, $4.50/lb Cu and $20/lb Co. Process recoveries were 87% NiS, 76% NiT, 82% Cu and 50% Co. NiSEq% = NiS % + (Cu %
Slide 11: Flagship Asset: A Polymetallic Nickel-Copper-Cobalt Sulphide Resource
Flagship Asset: A Polymetallic Nickel-Copper-Cobalt Sulphide Resource Source: P&E Mining Consultants Inc., NI 43-101 Technical Report dated September 24, 2026; Surface Drill Hole Plan and Mangueiros Project 3D Domains. NiTEq and NiSEq calculations depend on metal-price, recovery and/or payability as
Slide 12: Mangueiros Main: Polymetallic Inferred Resource
Mangueiros Main: 313 Mt Polymetallic Inferred Resource 313 Mt RESOURCE GRADES EQUIVALENT GRADES CONSTRAINED INFERRED NiS 0.18% NiSEq 0.27% RESOURCE NiT 0.22% Cu 0.13% NiTEq 0.33% Pit-constrained within a conceptual open pit 0.09% NiSEq reporting cut-off Co 0.015% 0.22% NiT → + Cu + Co → 0.33% NiTEq
Slide 13: Mangueiros West: Priority District Exploration Opportunity
Mangueiros West: Priority District Exploration Opportunity MANGUEIROS WEST MANGUEIROS MAIN Exploration-stage opportunity Defined 313 Mt Inferred MRE • Requires additional technical evaluation and drilling • Pit-constrained polymetallic Ni-Cu-Co sulphide resource • ~1km from Mangueiros Main • Outside
Slide 14: Mangueiros West: Polymetallic Exploration
Mangueiros West: Polymetallic Exploration Approximately 1 km from Mangueiros Main | Outside the current Inferred Mineral Resource Estimate DISCOVERY HOLE MGDH-069 • 25.40 m at 0.24% NiS, 0.20% Cu and 0.020% Co from 97.70 to 123.10 m downhole • Additional 18.44 m at 0.14% NiS, 0.12% Cu and 0.014% Co
Slide 15: Share Structure: Tightly Held | Strong Alignment
Share Structure: Tightly Held | Strong Alignment SHARE STRUCTURE STRATEGIC SHAREHOLDER Shares Issued & Outstanding 58.18 M APPIAN-RELATED Warrants 14.55 M SHAREHOLDERS Options 3.49 M 52% Strategic Cornerstone Ownership Fully Diluted 76.22 M OWNERSHIP BREAKDOWN 52% 34% 14% APPIAN-RELATED INSTITUTIONA
Slide 16: Near Term Roadmap
Near Term Roadmap COMPLETED NEXT MAJOR MILESTONE POST-PEA + DISTRICT GROWTH PRELIMINARY PRELIMINARY ECONOMIC PRELIMINARYECONOMIC ECONOMIC ASSESSMENT ASSESSMENT ASSESSMENT POST-PEA — MANGUEIROS MAIN Evaluate the potential development and economic framework for ✓ NI 43-101 Technical Evaluate the poten
Slide 17: Compelling Investment Case
Compelling Investment Case Five Reasons the Mangueiros Main Resource Creates a Differentiated Critical Minerals Investment Case 1. LARGE INFERRED RESOURCE 2. POLYMETALLIC EXPOSURE 3. FAVOURABLE PIT GEOMETRY 313 Mt @ 0.33% NiTEq Ni • Cu • Co + PGM Upside Shallow Mineralization Pit-Constrained Inferre
Slide 18: Bahia Metals Corp. (CSE: BMT)
Bahia Metals Corp. (CSE: BMT) Stephen Goodman CEO & Director Thomas Pressello CFO & Director Phone +1 (604) 235-7083 Email investors@bahiametals.com CSE: BMT SULPHIDE NICKEL | COPPER | COBALT | PGMs BAHIAMETALS.COM
Slide 19: Appendix
Appendix BAHIA METALS CORP. (CSE: BMT) Sulphide Nickel | Copper | Cobalt | PGMs
Slide 20: Bahia State, Brazil: A Premier Mining Jurisdiction
Bahia State, Brazil: A Premier Mining Jurisdiction BAHIA METALS CORP. (CSE: BMT) Sulphide Nickel | Copper | Cobalt | PGMs A1
Slide 21: Brazil Critical Minerals Recent Developments
Brazil Critical Minerals Recent Developments Recent international and Bahia-specific developments FINANCIAL TIMES SOUTH CHINA MORNING POST ASSOCIATED PRESS CNN BRASIL Aug. 25, 2026 Aug. 25, 2026 Aug. 20, 2026 Aug. 13, 2026 Brazil Moves to the Centre of the Can Brazil Turn the Minerals Race U.S. and
Slide 22: U.S. Capital is Backing Critical Minerals in Brazil
U.S. Capital is Backing Critical Minerals in Brazil Recent financing and offtake agreements demonstrate growing U.S. interest in Brazilian critical-mineral supply. U.S. DFC FINANCING U.S. GOVERNMENT OFFTAKE DFC PROJECT SUPPORT DOCUMENT / ARTICLE DOCUMENT / ARTICLE DOCUMENT / ARTICLE US$565M 15 YEARS
Slide 23: Canada is Supporting Nickel Investment & Development
Canada is Supporting Nickel Investment & Development Recent Canadian investment and project decisions reinforce nickel’s strategic importance. CANADA GROWTH FUND FEDERAL DECISION BILATERAL DIALOGUE POLICY / DOCUMENT POLICY / DOCUMENT POLICY / DOCUMENT UP TO CRAWFORD CANADA– US$85M BRAZIL THOMPSON, M
Slide 24: Critical Minerals: Nickel & Copper
Critical Minerals: Nickel & Copper BAHIA METALS CORP. (CSE: BMT) Sulphide Nickel | Copper | Cobalt | PGMs A5
Slide 25: Critical Minerals: Cobalt & PGMs
Critical Minerals: Cobalt & PGMs BAHIA METALS CORP. (CSE: BMT) Sulphide Nickel | Copper | Cobalt | PGMs A6
Slide 26: ESG at Bahia Metals
ESG at Bahia Metals LOW-CARBON POSITIONING Building a responsible, resilient and low-carbon nickel business in Bahia State, Brazil. ENVIRONMENT SOCIAL GOVERNANCE Sulphide mineralization Local workforce Experienced board Renewable power potential Established mining region Institutional shareholders R
Slide 27: Project Portfolio Drill Results Summary
Project Portfolio Drill Results Summary HOLES METRES DRILLED RESOURCE / TARGET OBJECTIVE COMMENTS DRILLED (m) EXPLORATION STATUS • Low strip ratio indicated MANGUEIROS Exploration; MRE Complete 43 8,746.01 • Grading NiTEq: 0.33%; NiSEq: 0.27%; NiS: 0.18%, Cu: MAIN infill & step-out Inferred 313 Mt 0