Linear Provides Update on Proposed Acquisition of Critical Prospecting Corp

About this update from Linear Minerals Corp.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / July 7, 2026 / Linear Minerals Corp. (CSE:LINE)(OTCID:LINMF) (WKN:A40Y3E) ("Linear" or the "Company") is pleased to provide an update on its previously announced letter of intent (the "LOI") to acquire all of the issued and outstanding securities of Critical Prospecting Corp. initially announced in the Company's news release dated May 21, 2026. The Company confirms that it continues to work towards completing the proposed acquisition of certain mineral properties (the "Properties") from Critical Prospecting Corp. (the "Vendor"). Rather than acquiring all the issued and outstanding shares of Critical Prospecting Corp. as previously announced, the Company has revised the structure of the transaction to a direct asset purchase, whereby Linear will acquire title to the Properties only. In connection with the revised transaction structure, the Company announces the following updates to the terms previously disclosed: Linear has elected to place on hold the previously announced concurrent financings, consisting of a flow-through financing of up to $1,000,000 and a hard dollar financing of up to $1,500,000 via units, each as described in the initial news release. The Company will provide further updates regarding the status of these financings, including whether and when they will proceed, in due course. The Company also announces that it now intends to complete its previously announced consolidation of issued and outstanding common shares (the "Consolidation") on the basis of six and one-half (6.50) pre-consolidation shares for one (1) post-consolidation share (a "Post-Consolidation Share"), revised from the previously announced ratio of five and three-quarters (5.75) pre-consolidation shares for one (1) Post-Consolidation Share. The Consolidation remains subject to all required regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE"). The Company will provide a further update on the anticipated timing of the Consolidation and its effect on the terms of the Transaction, including the number of Post-Consolidation Shares issuable to the securityholders of Critical Prospecting, once finalized. Transaction Completion of the Transaction is subject to a number of conditions, including but not limited to the negotiation and execution of definitive agreements, completion of satisfactory due diligence, receipt of all necessary regulatory approvals including approval of the CSE, and customary closing conditions. The Transaction will not require shareholder approval under the policies of the CSE. There can be no assurance that the Transaction will be completed as proposed or at all.

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