Medford, Wisconsin--(Newsfile Corp. - February 11, 2026) - GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF) ("GreenLight" or the "Company") is pleased to announce that its wholly owned subsidiary, Green Light Wisconsin LLC ("GLW"), has received all required regulatory approvals from the Wisconsin Department of Natural Resources ("WDNR") and the U.S. Forest Service ("USFS") for exploration drilling on the Soo Line Mineral Parcel at the Bend VMS Project in Wisconsin. Mobilization of two drill rigs has commenced.

Highlights

• Regulatory Approvals Secured: GLW has received conditional approval from the WDNR and authorization from the USFS for exploration drilling on the Soo Line Mineral Parcel, permitting up to approximately 7,000 metres of drilling.

• Mobilization Underway: Two drill rigs are mobilizing to site, with drilling expected to commence shortly.

• Proven Contractor Returns: Taconite Drilling LLC, a veteran-owned drilling firm headquartered on Minnesota's Iron Range, has been re-engaged following its successful execution of the Phase 1 program in 2025. Taconite brings more than five decades of combined diamond-drilling experience and a strong safety-first culture.

• Program Objectives: The expanded program will focus on continued testing of down-plunge and down-dip extensions of the high-grade copper-gold-tellurium system.

Matt Filgate, President & CEO, commented, "We are pleased to be working with Taconite again as we enter this exciting next phase of exploration at Bend. Their performance during Phase 1 demonstrated their expertise in mineral exploration drilling and their alignment with our safety and operational standards. With regulatory approvals in hand and two rigs now mobilizing, we are positioned to significantly advance the Bend Project while continuing to unlock the exceptional copper-gold-tellurium potential we have demonstrated to date."

Bend Project - 2026 Winter Exploration Program

Building on the success of the Phase 1 drill program completed in 2025, GreenLight is advancing an expanded exploration campaign at the Bend Project. The Phase 1 program delivered exceptional results, including 34.25 metres averaging 3.74% copper equivalent in hole B25-004, with significant tellurium values encountered throughout the program.ⁱ

The 2026 winter program will be executed on privately controlled (Soo Line) mineral lands. In addition to drilling, borehole electromagnetic (BHEM) surveys will be conducted on the 2026 drill holes to generate real-time 3D plate models that optimize drill targeting.

The drilling program will focus on the northeast down-plunge extension of mineralization successfully delineated during the Phase 1 fall program. The campaign will utilize two diamond drill rigs across up to 15 permitted drill pads, with permits in place for approximately 7,000 metres of drilling. An initial portion of the permitted meterage will be completed during the current winter program, with the remainder to be drilled following spring breakup.

The Company continues to advance its federal permitting efforts in parallel with operations on private mineral lands. GLW is actively engaged with the U.S. Forest Service and Bureau of Land Management regarding a prospecting permit application on adjacent federal lands. Subject to regulatory approvals, the Company plans to expand drilling onto these parcels later in 2026.

Qualified Person Statement

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Thomas Quigley, MSc, CPG-11962, Exploration Director of the Company, a Qualified Person as defined by NI 43-101.

Figure 1: Phase 2 permitted drill sites for the 2026 winter program targeting the extension of known mineralization. 

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Figure 2: Bend Long section showing projected mineralization down plunge of historic resource body.

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About GreenLight Metals Inc.

GreenLight is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean Volcanic Belt-one of North America's most prospective VMS districts-and the Kalium Canyon epithermal gold project in Nevada's Walker Lane. In Wisconsin, our portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulfide targets. Guided by a team with deep roots in the state, we are building a modern minerals company for Wisconsin, by Wisconsin-committed to responsible exploration, transparent engagement, and creating durable local opportunities as we help supply the critical metals that power the energy transition.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements in this release, other than statements of historical fact, are forward-looking statements and are based on the opinions and estimates of management as of the date hereof.

Forward-looking statements in this press release include, but are not limited to, statements regarding: the anticipated timing, scope and nature of the 2026 exploration program at the Bend Project; expectations regarding mobilization and commencement of drilling; the number of drill rigs, drillholes, drill sites and anticipated meterage; the potential for extensions of mineralization; the anticipated use of borehole electromagnetic surveys; and expectations regarding federal permitting and potential expansion onto additional parcels.

These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied, including: risks related to exploration and drilling results; risks related to permitting, title, environmental matters and government regulation; dependence on third-party contractors; changes in project plans; volatility in commodity prices; the availability of capital; general business and market conditions; and the other risks described in the Company's public disclosure documents filed on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements except as required by applicable law.

ⁱ CuEq is reported to express the aggregate in-situ value of copper, gold and silver as a percentage copper grade. CuEq incorporates assumed metallurgical recoveries and is not a proxy for, nor evidence of, economic value. Tellurium (Te) is reported separately and is not included in CuEq.

CuEq (%) = ((Cu grade (%) / 100 × 0.9 (recovery) × 2204.6 × US$4.50) + (Au grade (g/t) × 0.9 (recovery) / 31.1035 × US$3,600) + (Ag grade (g/t) × 0.9 (recovery) / 31.1035 × US$40)) / (2204.6 × 0.01 × US$4.50).

Assumptions: metal prices of US$4.50/lb Cu, US$3,600/oz Au, US$40/oz Ag; recoveries of 90% for Cu, Au and Ag based on the Company's preliminary assessment of analogous VMS deposits. No allowances have been made for smelting/refining charges, penalties or deleterious elements, or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabilities are unknown and may differ materially.

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Source: GreenLight Metals Inc.