Announcement • Aug 11

Bahia Metals Corp. Delivers Initial Pit-Constrained Mineral Resource Estimate for Mangueiros Main Project

Bahia Metals Corp. announced an initial, pit-constrained Mineral Resource Estimate for Mangueiros Main, its flagship sulphide nickel-copper-cobalt-platinum group metals asset in Bahia State, Brazil. The initial Mineral Resource Estimate defines 313 million tonnes of Inferred Mineral Resources at 0.33% Nickel Total Equivalent. The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) and has an effective date of April 22, 2026. The scale of this sulphide nickel Mineral Resource, with substantial copper and cobalt credits, provides a technical foundation for advancing a Preliminary Economic Assessment for Mangueiros Main. The Company is pleased that the Mineral Resource Estimate exceeds the upper end of the historical exploration target tonnage range for the project (source: SRK Consulting, effective date November 15, 2024). Mineral Resource Highlights: 313 million tonnes of pit-constrained Inferred Mineral Resources grading 0.18% Nickel Sulphide, 0.22% Nickel Total, 0.13% copper and 0.015% cobalt. Equivalent grades of 0.27% nickel sulphide equivalent and 0.33% nickel total equivalent. Contained metal of approximately 554,000 tonnes Nickel Sulphide, 675,000 tonnes Nickel Total, 411,000 tonnes copper and 46,000 tonnes cobalt. Mineral Resources are constrained within a conceptual open pit, reported at a 0.09% Nickel Sulphide Equivalent cut-off grade and reflect an estimated strip ratio of well less than 1:1 waste to mineralized material. The Mineral Resource Estimate covers Mangueiros Main; mineralization remains open and the Company’s additional district targets are not included. The Mineral Resource Estimate supports the next phase of work, including metallurgical optimization and evaluation of the scope and timing of a potential Preliminary Economic Assessment. Table 1: Mangueiros Main Mineral Resource Estimate with an effective date of April 22, 2026: Resource Category: Inferred; Tonnes (M): 313; Nickel Sulphide (%): 0.18; Nickel Total (%): 0.22; Copper (%): 0.13; Cobalt (%): 0.015; Nickel Sulphide Equivalent (%): 0.27; Nickel Total Equivalent (%): 0.33; Nickel Sulphide (kt): 554; Nickel Total (kt): 675; Copper (kt): 411; Cobalt (kt): 46. Mineral Resources are reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), and CIM Best Practices Guidelines for Mineral Resources and Mineral Reserves (November 29, 2019) as referenced in NI 43-101. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. USD metal prices used were USD 7.50/lb Nickel, USD 4.50/lb Copper and USD 20/lb Cobalt. Process recoveries were 87% Nickel Sulphide, 82% Copper and 50% Cobalt. Nickel Sulphide Equivalent % = Nickel Sulphide % + (Copper % x 0.566) + (Cobalt % x 1.533); Nickel Total Equivalent % = Nickel Total % + (Copper % x 0.647) + (Cobalt % x 1.754). USD costs were USD 2.0/t waste mining, USD 2.5/t mineralized material mining, USD 11.50/t processing and concentrate transport, and USD 1.5/t G&A. Pit slopes were 45 degrees. Reflects an estimated strip ratio of well less than 1:1 waste to mineralized material. Mineral Resources are constrained within a conceptual open pit and reported using a 0.09% Nickel Sulphide Equivalent cut-off grade. Nickel Sulphide Equivalent and Nickel Total Equivalent use the metal price, recovery and payable assumptions described in Notes 3 and 4 above to demonstrate reasonable prospects for eventual economic extraction. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, financial, or other relevant issues that could materially affect the Mineral Resource Estimate. All numbers are rounded to reflect the relative accuracy of the estimates. Mangueiros Main is hosted within a differentiated ultramafic intrusive complex prospective for magmatic nickel-copper-cobalt sulphide mineralization. Mineralization is predominantly disseminated to locally net-textured and is associated principally with pentlandite, chalcopyrite and pyrrhotite. P&E prepared the Mineral Resource Estimate using a three-dimensional geological model based on 70 validated historical drill holes, geological logging, analytical results and supporting technical information. Nickel Sulphide, Nickel Total, copper and cobalt grades were interpolated into a block model using inverse distance squared grade estimation considered appropriate for the deposit. No grade capping was required on the generated 1.0 m composites. Classification reflects geological continuity, drill spacing, data quality and grade estimation confidence. To demonstrate reasonable prospects for eventual economic extraction, the Mineral Resource Estimate is constrained within a conceptual open pit and reported at a 0.09% Nickel Sulphide Equivalent cut-off grade. Complete assumptions and estimation parameters will be included in the supporting technical report to be filed pursuant to the requirements of NI 43-101.

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