Valhalla Completes Acquisition of Smucker Project from Teck and Final Tranche of Over-Subscribed Private Placement for $15 Million, with Investment from Teck and Marubeni

About this update from Valhalla Metals Inc.

Vancouver, British Columbia--(Newsfile Corp. - June 1, 2026) - Valhalla Metals Inc. (TSXV: VMXX) (OTCQB: VMXXF) ("Valhalla" or the "Company"), further to its news release disseminated on April 21, 2026, is pleased to announce the successful completion of its acquisition (the "Transaction") of the high-grade copper-gold-silver-zinc Smucker Project (the "Smucker Project") from Teck American Incorporated, a subsidiary of Teck Resources Limited ("Teck"). Rick Van Nieuwenhuyse, Chairman of Valhalla stated, "By closing the transaction to acquire the silver-rich Smucker property from Teck, Valhalla has doubled its exposure to the high-grade, VMS deposits found in the prolific Ambler Mining District of northern Alaska. With the funding now in place, drilling is being planned at the Sun deposit to expand the known resource down dip and along strike during this summer field season. Drilling is planned at Smucker for 2027 once we have drill permits and have arranged appropriate logistical infrastructure to support a drilling program. We look forward to continuing to work with the federal government, the State of Alaska, AIDEA and especially with the local Inũpiat and Athabaskan communities along the Kobuk and Koyukuk River to develop our projects in a way that is consistent with their values and subsistence lifestyle." The Smucker Project was discovered by Anaconda Minerals Company in 1975. A historical mineral resource estimate was prepared in 1981, which is not compliant with NI 43-101, and reported 11,843,401 tons @ 0.94% Cu, 0.026 oz/t Au, 5.28 oz/t Ag, 6.61% Zn, and 2.29% Pb (1,2). The last drilling was completed in 1982 by Cominco. A Qualified Person has not done sufficient work to classify this historical estimate as a current Mineral Resource, and the Company is not treating this estimate as current Mineral Resources or Mineral Reserves. Accordingly, this estimate should not be relied upon. The Sun deposit is one of the most-advanced VMS deposits in the eastern part of the Ambler Mining District and is well situated for potential development being the first deposit along the proposed Ambler Access Road route. The project currently hosts a NI 43-101 mineral resource(3) defined by a 100 drillhole database consisting of 1.71 million tonnes of Indicated mineral resources grading 1.48% Cu, 0.21 g/t Au, 6...

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