Slide 1: Unlocking Wisconsin's Critical Minerals District
METALS UNLOCKING WISCONSIN'S CRITICAL MINERALS DISTR Che : Advancing copper-gold discoveries in one of North America’s last underexplored VMS belts. & BEND COPPER-GOLD PROJECT | (i) FAST-41 | TSXV: GRL | OTCOB: GRLMF OCTOBER 2026
Slide 2: Legal Disclaimer
Legal Disclaimer General This presentation provides corporate information about GreenLight Metals Inc. (GreenLight or the Company). It is not an offer to sell or a solicitation to buy securities, and is not investment, legal or tax advice. Read it together with the Company’s public filings. Informat
Slide 3: Laying the groundwork to create the next critical minerals champion in Wisconsin
Laying the groundwork to create the next critical minerals champion in the State of Wisconsin FIRST MOVER ADVANTAGE IN ONE OF NORTH AMERICA’S MOST PROSPECTIVE VMS BELTS First mover advantage in one of North America’s most Wisconsin focused team with track record of prospective VMS belts – Penokean V
Slide 4: Leadership Team: significant representation from Wisconsinites
Leadership Team: significant representation from Wisconsinites Core Leadership Team • 15 years experience in • 15+ years experience in • 30+ years experience mineral exploration, mine corporate development, focused in natural resource development, and corporate investor relations, mineral project pe
Slide 5: Wisconsin: rich mining history with untapped potential
Wisconsin: rich mining history with untapped potential Wisconsin: storied Penokean Volcanic Belt was actively explored and mined mining history dating from 1960s–1997 back to the 1800s with numerous lead, Richly endowed with Cu / Zn, the belt has attracted zinc and iron mines major mining companies
Slide 6: Share Structure & Ownership Summary
Share Structure & Ownership Summary Share Structure1 Approx. Ownership Breakdown1 Current Basic Shares Outstanding 99.70M 15% Warrants (C$0.45 avg. strike) 8.85M 36% Retail & HNW Institutions Stock Options (C$0.32 avg. strike) 6.75M Insiders & Management RSUs 0.83M 49% DSUs 1.33M Top Institutional I
Slide 7: Peer Comparables: Selected VMS Explorers / Developers
Peer Comparables: Selected VMS Explorers / Developers Selected public peers and closed / proposed transaction benchmarks Basic Market Cap / Acquisition Value (C$M, approx.) Peer Group Detail C$3.8B C$796M Public market cap Closed take-out Proposed take-out GreenLight Tonnes (Mt) / (off-scale) (off-s
Slide 8: Wisconsin Portfolio: high quality projects along untapped VMS belt
Wisconsin Portfolio: high quality projects along untapped VMS belt Bend Flambeau (Rio Tinto) • Copper-gold VMS mineralization with • Successfully permitted in 4-years tellurium identified in selected intervals • Operating mine (1993-1998); ore • Same trend as former producing and direct shipped to K
Slide 9: VMS Deposits: the gift that keeps on giving
VMS Deposits: the gift that keeps on giving… What is a VMS Deposit? VMS Deposit Schematic • Volcanogenic Massive Sulfide (VMS) deposits are one of the richest sources of metals such as copper, lead, and zinc globally. • VMS deposits can also produce economic amounts of gold and silver as byproducts
Slide 10: Bend Copper-Gold Project (with high tellurium concentrations)
Bend Copper-Gold Project (with high tellurium concentrations) VMS deposit with underground mining potential located ~35 miles southeast of former producing Flambeau mine 10 Asset Overview 1,2 Historical Drilling 1,2 • Copper-gold VMS deposit with a historical estimate; approximately A B90-6 B91-12 B
Slide 11: Bend Copper-Gold Project (cont'd)
Bend Copper-Gold Project (cont’d) 7000-meter phase 2 underway Strategy1,2 Plan View1,2 VTEM Anomalies • GreenLight advanced drilling on the leased Soo Line mineral VTEM Anomalies Identified in 2011/2012 Identified in 2011/2012 airborne VTEM survey parcel during 2025 (Phase 1) and 2026 (Phase 2). air
Slide 12: Bend Copper-Gold Project: Phase 1 Drill Program
Bend Copper-Gold Project: Phase 1 Drill Program Phase 1 intercepted significant copper-rich VMS mineralization including 22.24 meters of 3.02 g/t Gold and 2.03% Copper (5.27% CuEq) in Hole B25-004 Cross Section A-A’ Highlights1 Looking West – 15° South • Phase 1 Program Complete: Six-hole program co
Slide 13: Bend Copper-Gold Project: Drill Program (cont'd)
Bend Copper-Gold Project: Drill Program (cont’d) Phase 2 Drilling Results: B26-007 Returns 30.7m of 2.49% CuEq incl. 14.9m of 3.65% CuEq Next Steps1 2026 Phase 2 Drill Plan1 • Pending Assays: For holes B26-12-B26-15 • Successfully extended mineralization down-plunge and along strike, demonstrating c
Slide 14: Bend Copper-Gold Project: Drill Program (cont'd)
Bend Copper-Gold Project: Drill Program (cont’d) Bend Long section showing projected mineralization down plunge of historic body • Multiple thick massive sulphide lenses extend down-dip, presenting significant exploration upside. • 2025 drilling defined a thickening massive sulphide lens along strik
Slide 15: Lobo & Lobo East
Lobo & Lobo East High-grade massive sulfide discovery: Permitting underway Asset Overview Lobo Historical Drilling1 Lobo • 100% owned high-grade massive sulfide discovery • Several holes intersected high-grade mineralization at depths ranging from ~60m to ~340m. • Zone remains open for expansion and
Slide 16: Kalium Canyon Gold Property (Nevada)
Kalium Canyon Gold Property (Nevada) Kalium Canyon contains several low-sulfidation epithermal targets within the productive Walker Lane Trend of Nevada Asset Overview1 Project Location • 100% owned property surrounded by significant and established gold projects with high discovery potential • Arge
Slide 17: Kalium Canyon: Strategic Earn-In with Barrick
Kalium Canyon: Strategic Earn-In with Barrick Definitive Agreement signed for staged earn-in option & joint venture with one of the world’s largest gold producers Earn-In Option Structure (Barrick may earn up to 80% of project) STAGE 1 STAGE 2 STAGE 3 Earn 60% Earn 70% Earn 80% 6-year period 4-year
Slide 18: Reef High-Grade Gold Project
Reef High-Grade Gold Project Reef hosts high-grade gold-copper mineralization with targets along strike and down-dip Asset Overview Historical Drilling1 • Historical resource stage orogenic shear zone hosted vein-type • Key drill intercepts from 2011-2012 drill program: deposit; located in Marathon
Slide 19: Reef High-Grade Gold Project (cont'd)
Reef High-Grade Gold Project (cont’d) Reef demonstrates potential for additional mineralized zones peripheral to current deposit Strategy Resource Model – Looking South1 • Further drilling will test and refine the historical geological model and investigate extensions of known mineralization. • Mine
Slide 20: Investment Highlights
Investment Highlights Excellent Geology Growth Strategy Financial Backing Penokean Volcanic Belt – Expand known mineralization, Long-term institutional reopened prospective greenstone test new discovery targets and shareholders, high-net-worth belt, host to high-grade selectively assess acquisitions
Slide 21: Technical Notes & Sources
Technical Notes & Sources Bend historical estimate Copper-equivalent disclosure (CuEq) Historical estimate — Jump River Joint Venture / E.K. Lehmann and Associates, Inc., CuEq values are reproduced from the identified releases; they are not newly calculated 1992. The Copper Zone (2.8 Mt) and Gold Zo
Slide 22: U.S. Office: N4480 Co. Rd. E Medford, WI 54451
U.S. Office: N4480 Co. Rd. E Medford, WI 54451 Corporate Office: 141 Adelaide St W, Suite 520 Toronto, ON M5H 3L5