ERRINGTON METALS CORP. ANNOUNCES C$25 MILLION PRIVATE PLACEMENT OF COMMON SHARES AND FLOW-THROUGH SHARES

About this update from Errington Metals Corp.

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ THUNDER BAY, ON, July 14, 2026 /CNW/ - Errington Metals Corp. (TSXV: EM) (the " Company ") is pleased to announce that it has entered into an agreement with Stifel Canada, on its own behalf and on behalf of a syndicate of agents (collectively, the " Agents "), pursuant to which the Agents have agreed to offer for sale, on a "best efforts" agency private placement basis, (i) up to 4,286,000 common shares of the Company (the " Offered Common Shares ") at a price of $3.50 per Offered Common Share for gross proceeds of up to approximately $15,001,000, and (ii) up to 1,927,000 common shares of the Company that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act ") (the " Flow-Through Shares ") at a price of $5.19 per Flow-Through Share for gross proceeds of up to $10,001,130 (collectively the " Offering "). The Offered Common Shares and the Flow-Through Shares are hereinafter collectively referred to as the " Offered Securities ". The Company has agreed to grant the Agents an option to sell up to an additional 15% of the number of Offered Securities sold under the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering, on the same terms as the Offering. The net proceeds of the Offering from the sale of the Offered Common Shares will be used for continued exploration of the Company's Sudbury Basin Complex, and for general working capital purposes. The Company will use the gross proceeds from the sale of the Flow-Through Shares pursuant to the Offering to incur (or be deemed to incur) eligible resource exploration expenses which will qualify as (i) "Canadian exploration expenses" (as defined in the Tax Act), (ii) "flow-through critical mineral mining expenditures" (as defined in subsection 127(9) of the Tax Act), and (iii) "eligible Ontario critical mineral exploration expenditures" within the meaning of subsection 103(4.1) of the Taxation Act, 2007 (Ontario) (collectively, the " Qualifying Expenditures "). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2027, and will be renounced by the Company to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2026. The Offered Securities will be offered by way of private placement in each of the provinces and territories of Canada on a basis exempt from the prospectus requirements of applicable Canadian securities laws and, in the case of the Offered Common Shares, in the United States on a private placement basis to "qualified institutional buyers" and/or institutional "accredited investors", and in such other jurisdictions as may be permitted provided that no prospectus, registration statement or other similar document is required to be filed in the United States or such other jurisdiction. The Offered Securities will be subject to a statutory hold period in Canada of four months and one day from the Closing Date (as defined below). No offering memorandum will be delivered in connection with the Offering.

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