Metals Australia offers investors exposure to a rapidly advancing, high-grade graphite development project in Quebec with near-term growth catalysts, backed by strong government support, battery-grade test results, and a diversified portfolio of critical, precious and base minerals assets in tier-1 jurisdictions.
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in tier-1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada – the Lac Carheil flake graphite project and the Corvette River gold, silver and base metals project. The Australian portfolio comprises two projects: Warrego East (copper-gold) in Tennant Creek, Northern Territory, and Manindi (vanadium-titanium, zinc) in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. EV automakers and battery manufacturers rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Graphite is a critical mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite, to the North American market – including for lithium-ion and EV battery production in the future. The company has completed a major winter drill program and is targeting a mineral resource upgrade in Q3 2025, with the updated resource to feed into the ongoing PFS and downstream studies.
Metallurgical work has demonstrated battery-grade spherical graphite (99.96 percent graphitic carbon) with high conversion efficiency and tap density. Downstream battery-grade purification and shaping test work is underway in Germany with ANZAPLAN.
Metals Australia is also advancing its gold silver and base metals exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Work to date has included mapping, trenching and sampling, with further drilling programs planned for 2025.
The company continues its exploration programs at its other Australian projects: Manindi (vanadium-titanium-magnetite) and Warrego East (copper-gold).
The 100 percent owned Lac Carheil graphite project is located in eastern Quebec, a tier-1 mining jurisdiction with strong infrastructure and government support. The project lies near the town of Fermont and has excellent access to power and logistics, including proximity to the upgraded Highway 389, nearby hydropower infrastructure, and an expanding provincial road network.
Project location, claims boundaries, graphite resource & trends, regional magnetics & sample results
The current JORC 2012 mineral resource is 13.3 Mt 11.5 percent total graphitic carbon (Cg) for 1.53 Mt of contained graphite, based on limited drilling along just 1 km of a much larger 36 km mapped trend. The resource includes an indicated resource of 9.6 Mt @ 13.1 percent Cg, and inferred resource: 3.7 Mt @ 7.3 percent Cg.
A major 9,482-meter winter diamond drilling program was completed in early 2025, increasing total project drilling to ~11,800 meters. The program defined a new southeast extension zone with multiple intersections >15 percent Cg and demonstrated graphite continuity over 2.3 km of strike length, more than double the previous extent.
The results from this drilling campaign are being incorporated into an updated mineral resource estimate, expected in Q3 2025, which will underpin the next stage of project development.
Metallurgical and battery test work has confirmed Lac Carheil’s graphite is suitable for battery-grade applications, with:
A PFS is being led by Lycopodium Minerals Canada and is progressing in parallel with downstream battery anode (BAM) test work led by ANZAPLAN in Germany, a location study for a BAM facility, likely in Canada, and marketing and pricing assessments in collaboration with Lone Star Technical Minerals.
The project is uniquely positioned to meet North America’s surging demand for secure, domestic graphite supply, especially for EV and energy storage battery markets. It represents a strategic, high-grade, long-life source of critical material, with potential for vertical integration from mine to battery anode material.
MLS’s Corvette River Project Area’s – Felicie in the northeast, West and East Eade prospects to the south of the Corvette River, 2024 & prior sample result highlights, regional geology - including greenstone belts
The Corvette River gold, silver and base metals project is located in Quebec’s James Bay region. Corvette River comprises multiple prospects including East Eade, West Eade and Felicie. The 2024 program confirmed high-grade gold and base metal zones, with trench samples of up to 29.7 g/t gold. Field programs are ongoing, with follow-up work planned in 2025.
Located in the Murchison District of Western Australia, the Manindi project includes a JORC-compliant zinc-copper-silver resource of 1.08 Mt at 6.52 percent zinc, 0.26 percent copper and 3.19 g/t silver. The project also hosts a high-grade vanadium-titanium-iron (Ti-V-Fe) discovery zone situated adjacent to the base metals resource.
Recent metallurgical test work from the Ti-V-Fe zone has produced two commercially attractive concentrates: a high-grade iron-vanadium product grading 66 percent Fe and 1.19 percent Vâ‚‚Oâ‚…, and a titanium-iron product grading 43.8 percent TiOâ‚‚ and 32.0 percent Fe. The combined mass recovery from the two products exceeded 65 percent of the sample, and both products displayed low impurity levels and strong commercial potential. Further processing optimization is underway to enhance the TiOâ‚‚ grade.
The mineralised Ti-V-Fe zone remains open at depth and along strike and is hosted within a 2 km-long magnetic gabbro trend. A program of work is being finalised to support drilling to define a mineral resource within the original discovery and to test four newly identified nearby targets. These complements renewed interest in the zinc-copper-silver resource due to stronger base metal prices.
The Warrego East copper-gold project is located in the Tennant Creek region of the Northern Territory, near the historically significant Warrego Mine. The exploration license (E32725) is fully granted, and the mining management plan has been approved. Land access agreements have also been finalised.
Geophysical surveys have defined 11 compelling magnetic and gravity targets along a known mineralised corridor. These targets lie within a prospective structural setting that hosts several high-grade historical deposits. A field program is being prepared for execution following the wet season, alongside three additional tenement applications that aim to expand the project footprint.
A mining engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby is a finance and governance professional with over 20 years’ experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to several publicly listed entities through exploration, project development through to the production stage. She is a member of the Institute of Chartered Accountants, member of the Governance Institute of Australia and a graduate member of the Institute of Company Directors.
Michael Muhling has over two decades of experience in resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs has over 20 years of experience in the mining and engineering sectors. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX: CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Domansky holds non-executive board positions at Larvotto Resources Ltd and Quebec Lithium.
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for gold and copper in the Northern Territory, vanadium, titanium, iron, zinc, copper and silver in WA – and gold, silver and base metals in addition to graphite in Quebec, Canada.
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the release of its corporate video, produced by Pinnacle Digest, providing an overview of the Company as well as highlighting the key characteristics and developments of the Radar Titanium-Vanadium-Iron (Ti-V-Fe) Project in Labrador, Canada.
A Media Snippet accompanying this announcement is available by clicking on this link.
Radar Ti-V-Fe Project in Labrador, Canada:
Located approximately 10 km from the town of Cartwright in southeastern Labrador, the Radar Project spans 24,175 hectares and fully encapsulates the Dykes River intrusive complex. Dykes River is a Mesoproterozoic layered mafic intrusion with strong geological similarities to globally significant AMCG (Anorthosite-Mangerite-Charnockite-Granite) suites. The geological setting of the project bears a resemblance to high-grade vanadiferous titanomagnetite (VTM) systems such as China's Panzhihua VTM deposit and the Tellnes deposit in Norway 1 . With a large oxide layering thickness, a near-monomineralic VTM composition, and extensive mineral tenures, the Radar Project shows the potential to become a globally significant VTM project.
Figure 1: Radar Property map, depicting magnetic anomalies, oxide layering and the site of the 2025 drill program in the Hawkeye zone. The Property is well serviced by road access and is conveniently located near the town of Cartwright, Labrador. A compilation of historical aeromagnetic anomalies is overlaid by ground-based geophysics as shown. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs.
The Company has completed a successful year of exploration activities, including geophysical surveys, a maiden drill campaign, geological mapping, petrographic analysis, and strategic infrastructure upgrades, which have significantly advanced the understanding of the property's potential. The culmination of these activities has revealed that the oxide-rich layering is expressed as a magnetic high anomaly across a strike length of more than 20 km, forming the core of exploration within the Hawkeye and Trapper zones.
Figure 2: Radar Project's prospective oxide layering zone extends for an inferred 20 km strike length, as shown on a compilation of historical airborne geophysics as well as ground-based geophysics in the Hawkeye and Trapper zones completed by SAGA in the 2024/2025 field programs. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs .
SAGA's 2025 Winter Drill Program at Radar:
Saga's 2025 winter maiden drilling program featured a 2,209-metre, seven-hole diamond drill campaign across the Hawkeye Zone—a combination of 3D magnetic inversion modeling and surface VLF-EM results guided drill targeting. The program intersected broad zones of titanomagnetite-rich oxide layering, with cumulative intersections displaying consistent grades of titanium dioxide (TiO 2 ), vanadium pentoxide (V 2 O 5 ) and iron (Fe).
Similarities in the ratios of TiO2 and V2O5 to Fe3O4 across multiple drill holes serve to identify discrete igneous layers. Within the 600 m tested thickness of the layered gabbronorite, the chemistry delineates a very promising 300-400 m thickness, referred to as the Lower Cumulate Layer. The highest V2O5 assays are in the lower 100-200 m, coinciding with the highest-grade intervals of VTMs. The layer is comprised of interlayered gabbronorite and bands of semi-massive to massive VTM.
Drill holes R25-HEZ-01, -07, -04, and -05 intersect this Lower Cumulate Layer. The chemistry indicates that the layer was deposited from a single, large-volume pulse of Ti-V-Fe-enriched magma.
Hawkeye Zone - Significant Drill Intersections
| Drill Hole | Interval Length (m) | Average VTM (%) | Maximum VTM (%) | |||||
| R25-HEZ-01 | 263.5 | 25.9% | 35.2% | |||||
| R25-HEZ-07 | 311.7 | 23.0% | 41.6% | |||||
| R25-HEZ-04 | 208.5 | 29.6% | 35.2% | |||||
| R25-HEZ-05 | 187.3 | 26.8% | 26.8% | |||||
Maximum VTM is based on about a minimum 10 m interval
All intervals are within the Lower Cumulate Layer
Table 1: Lower Cumulate Layer highlighting the length of VTM intersections.
The significant length-weighted averages at Hawkeye are in the range of 20 to 35% VTM. In other mafic layered intrusions, that tenor of mineralization lies within an economic range.
| SUMMARY OF DRILLING RESULTS - 2024-25 WINTER PROGRAM - LENGTH WEIGHTED AVERAGES | |||||||||
| Hole_ID | From | To | Length_m | Fe (%) | Fe3O4 (%) | TiO2 (%) | V2O5 (%) | Estimated VTM (%) | VTM Habit |
| R25-HEZ-01 | 4.5 | 268.0 | 263.5 | 17.53 | 24.20 | 3.66 | 0.17 | 25.90 | Evenly distributed mineralization |
| R25-HEZ-01 | 151.1 | 198.5 | 47.4 | 23.27 | 32.13 | 4.83 | 0.25 | 35.08 | Included Semi-Massive to Massive |
| R25-HEZ-01 | 206.0 | 218.7 | 12.7 | 23.38 | 32.29 | 4.74 | 0.26 | 35.16 | Included Semi-Massive to Massive |
| R25-HEZ-01 | 236.5 | 246.0 | 9.5 | 23.35 | 32.24 | 4.65 | 0.28 | 35.04 | Included Semi-Massive to Massive |
| R25-HEZ-02 | 1.5 | 62.2 | 60.7 | 14.29 | 19.73 | 3.24 | 0.10 | 20.94 | Intercumulus |
| R25-HEZ-02 | 39.5 | 62.2 | 22.7 | 15.13 | 20.90 | 3.43 | 0.10 | 22.30 | Intercumulus |
| R25-HEZ-02 | 122.5 | 300.0 | 177.5 | 12.49 | 17.25 | 3.86 | 0.07 | 19.04 | Intercumulus |
| R25-HEZ-03 | 4.0 | 149.0 | 145.0 | 14.69 | 20.28 | 3.13 | 0.10 | 21.38 | Intercumulus |
| R25-HEZ-04 | 4.5 | 98.8 | 94.3 | 13.85 | 19.12 | 2.96 | 0.10 | 20.05 | Intercumulus |
| R25-HEZ-04 | 99.6 | 308.0 | 208.5 | 19.92 | 27.51 | 3.99 | 0.22 | 29.59 | Intercumulus |
| R25-HEZ-04 | 222.0 | 272.2 | 50.2 | 23.40 | 32.32 | 4.54 | 0.29 | 35.02 | Included Semi-Massive to Massive |
| R25-HEZ-05 | 4.5 | 117.2 | 112.7 | 14.21 | 19.62 | 3.31 | 0.09 | 20.89 | Intercumulus |
| R25-HEZ-05 | 117.2 | 304.5 | 187.3 | 18.06 | 24.94 | 3.77 | 0.18 | 26.76 | Intercumulus |
| R25-HEZ-06 | 75.5 | 293.0 | 217.5 | 14.34 | 19.80 | 3.07 | 0.12 | 20.85 | Intercumulus |
| R25-HEZ-06 | 265.0 | 293.0 | 28.0 | 20.11 | 27.77 | 4.22 | 0.21 | 30.08 | Included Higher Grade |
| R25-HEZ-07 | 2.3 | 314.0 | 311.7 | 15.94 | 22.02 | 2.88 | 0.18 | 22.95 | Intercumulus |
| R25-HEZ-07 | 86.8 | 205.2 | 118.4 | 23.22 | 32.07 | 4.51 | 0.30 | 34.75 | Included Semi-Massive to Massive |
| R25-HEZ-07 | 225.7 | 236.0 | 10.3 | 27.55 | 38.05 | 5.34 | 0.38 | 41.63 | Included Semi-Massive to Massive |
| Intervals with >35% VTM = Semi-Massive to Massive VTM | |||||||||
| Intervals with >20% VTM = Intercumulus VTM, with some layers of semi-massive to massive VTM. | |||||||||
| Fe₃O₄ (%) is calculated as: Fe (%) × 1.381 | |||||||||
| VTM (%) is calculated using: (Fe₃O₄ − 2.13) + TiO₂ + V₂O₅ | |||||||||
| Length is the core interval. True thickness are about 80% of the core interval. | |||||||||
Table 2: Summary of Saga Metals Radar Project 2025 drill results on the Hawkeye zone with VTM calculation & classification
Geological and petrographic assessments reveal that the layered sequences have preserved their primary magmatic textures, supporting a robust interpretation of their geochemical consistency. These findings have significant implications for potential metallurgical simplicity and recovery efficiency.
SAGA's 2025 Summer Exploration Program at Radar:
Following the winter drill program, SAGA initiated an aggressive geophysical expansion effort focused on the Trapper and Northwest Zones, confirming the presence of oxide layering. SAGA's geophysics team confirmed a 3 km continuous magnetic anomaly in the Trapper zone, containing the highest readings to date, and remains open in both directions along strike.
In a similar fashion to the Hawkeye zone, SAGA's geophysics team reports strong magnetic responses within the Trapper zone, requiring recalibration of the geophysical instruments. While readings exceeded 74,000 nT in the Hawkeye zone, at the Trapper zone, they observed responses as high as 115,498 nT over the northern Trapper zone and over 113,000 nT over the southern Trapper zone. In some cases, the instruments reached the maximum level of detection (120,000 nt).
Figure 3: Radar Project's Trapper Zone depicting a 3 km magnetic anomaly and oxide layering trend. The Trapper Trail (in black) will support a new diamond drilling program.
To support expanded exploration, Saga undertook a strategic infrastructure initiative, including the clearance of a legacy forestry road and the construction of a 4 km access trail across the Trapper Zone. This access route has enabled efficient trenching, mobilization of heavy equipment, and the advancement of follow-up drilling programs across the oxide corridor. The Company completed approximately 504 square metres (5,425ft 2 ) of trenching in magnetite-rich horizons within Trapper, uncovering semi-massive and massive mineralization at surface.
Figure 4: Excavator and work truck located along the Trapper Trail over the northern portion of the oxide layer trend within the Trapper zone.
Community support remains a cornerstone of the Company's operations in Labrador. In April 2025, the Town of Cartwright issued an official letter of support for SAGA and its ongoing exploration efforts at Radar. The Company has maintained a collaborative relationship with local stakeholders and engaged community members directly in field operations, exemplified by the involvement of Cartwright-based personnel in geophysical surveys and logistical operations. The town's proximity to the project provides reliable all-season road access, deep-water port facilities, a regional airport, and close access to hydroelectric power infrastructure.
To strengthen technical governance and ensure compliance with National Instrument 43-101 standards, Saga appointed Paul J. McGuigan, P.Geo., as the Company's Independent Qualified Person in June 2025. Mr. McGuigan brings over five decades of experience in layered mafic intrusions, deposit modeling, QA/QC, and resource classification methodologies. His oversight has reinforced the integrity of the exploration approach and supports the Company's technical reporting as it advances toward resource delineation.
In mid-July, SAGA disclosed results from a detailed petrographic and mineralogical study confirming the dominance of titanomagnetite in the Hawkeye zone. From our assay results, we know the titanomagnetite mineralization is accompanied by vanadium. Ilmenite is almost entirely present as inclusions in magnetite. Similar to the Panzhihua deposit in China, VTM is expected to be recovered as a V-Ti-Fe concentrate. Panzhihua is the world's largest single-site producer of Fe–Ti–V magnetite ore, resulting in a significant production volume of 40–50% of global vanadium supply, making it #1 globally. The vertical integration of its production is primarily focused on the igneous layers of VTM 2 .
Looking ahead, Saga Metals is preparing for an expanded drilling program at the Trapper Zone, informed by inversion modeling and surface trenching results. The 2025 field campaigns will prioritize resource expansion, metallurgy sampling, and structural mapping to support a future mineral resource estimate.
Saga Metals Corp. remains committed to responsible exploration, strong community engagement, and the strategic development of critical metals that support decarbonization and energy security.
_________________________
Qualified Person
Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V-Fe Project disclosed in this news release.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the global transition to green energy. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.
The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U 3 O 8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).
Additionally, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.
With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
On Behalf of the Board of Directors
Mike Stier, Chief Executive Officer
For more information, contact:
Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the exploration of the Company's Radar Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company's assets, and the risks detailed in the Company's continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
Photos accompanying this announcement are available at:
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