Nine Mile Metals Maintains Wedge Project Option with Second Anniversary Payments

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Nine Mile Metals (VMSXF) has completed its second anniversary payment for the Wedge Project option agreement with Slam Exploration The company paid $9,000 in cash and issued 200,000 common shares, plus an additional 1,000,000 shares at $0.021 per share in lieu of partial cash payment on February 24, 2025.

The Wedge VMS Project spans 35.83 km² and includes the Wedge Mine, West Wedge, and Tribag Targets within an 8km VMS Exploration Trend. The company has completed geophysics work and modeled targets for an upcoming drill program at the West Wedge and Tribag Targets.

According to VP Exploration Gary Lohman, drilling is scheduled for mid to late May 2025, depending on road and water access conditions. The Tribag area shows promising potential with VMS mineralization exposed in surface trenches above the Target Plates B1, C1-C4, and D1, suggesting possibility of a larger system at depth.

Toronto, Ontario--(Newsfile Corp. - March 7, 2025) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces that it has proceeded with its second anniversary payment under its option to Purchase 100% of the Wedge Project, dated February 9, 2023, (the "Option Agreement") with Slam Exploration Ltd. ("Slam").

The Company has approved and paid the renegotiated Cash Payment of $9,000 and also authorized and issued the allotment of 200,000 common shares as part of the Option Agreement with an additional 1,000,000 common shares in lieu of a partial Cash Payment at a deemed price of $0.021 as fully paid and non-assessable to Slam, on the 24^th of February 2025. The common shares are subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of issuance of the shares.

The Wedge VMS Project consists of 35.83 km² including the Wedge Mine, West Wedge, Tribag Targets within the 8km Wedge VMS Exploration Trend. Significant Drill Holes from our 2024 successful New Wedge East Extension highlighted below:

Figure 1: Drill Program Summary

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/243633_0fe6247e14f6e8da_002full.jpg

Figure 2: Priority Targets with Late Time Conductive Axis' along the Wedge VMS Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/243633_0fe6247e14f6e8da_003full.jpg

The Wedge VMS Trend hosts 2025 Priority Targets #3, #4 & #7 located over 6 kms west of the Wedge Mine. The geophysics is complete, the modeled targets are shown below for our upcoming drill program.

Figure 3: Modeled Maxwell Target Plates at the West Wedge, Tribag Target Areas.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/243633_0fe6247e14f6e8da_004full.jpg

Gary Lohman, P.Geo., VP Exploration stated, "Looking forward to getting back on the ground and drilling the West Wedge and Tribag Targets. The drilling contract has been executed, and timeframe will be mid to late May depending on road and water access from the normal winter snow melt runoffs. With VMS mineralization exposed in trenches at surface, above the Target Plates depicted in (Figure 3) Targets B1, C1-C4 and D1, the Tribag area has tremendous potential for a larger system at depth. The BMC - VMS deposits can cluster in trends, such as Heath Steele, Halfmile and Stratmat Deposits to the southeast."

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East-West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

ON BEHALF OF NINE MILE METALS LTD.

'Patrick J. Cruickshank, MBA"
Chief Executive Officer and Director
Tel: (506) 804-6117

Email: info@ninemilemetals.com

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company's Qualified Person and is not independent of the Company.

Forward-Looking Information :

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek, "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243633

FAQ

What are the terms of Nine Mile Metals' second anniversary payment for the Wedge Project in 2025?

Nine Mile Metals (VMSXF) paid $9,000 in cash and issued 200,000 common shares, plus 1,000,000 additional shares at $0.021 per share on February 24, 2025.

When will Nine Mile Metals begin drilling at the West Wedge and Tribag Targets?

Drilling is scheduled to begin in mid to late May 2025, depending on road and water access conditions from winter snow melt.

What is the size and scope of the Wedge VMS Project owned by VMSXF?

The Wedge VMS Project covers 35.83 km² and includes the Wedge Mine, West Wedge, and Tribag Targets within an 8km VMS Exploration Trend.

What potential has been identified at the Tribag area of VMSXF's Wedge Project?

The Tribag area shows VMS mineralization in surface trenches above Target Plates B1, C1-C4, and D1, indicating potential for a larger system at depth.

What is the holding period for the newly issued VMSXF shares under the Wedge Project option payment?

The common shares are subject to a four-month and one-day hold period under Canadian securities laws from the issuance date.