Bahia Metals Corp.

Corporate Overview

Bahia Metals Corp. (CSE: BMT) is a Canadian-listed critical minerals company advancing a district-scale portfolio of sulphide nickel-copper-cobalt+PGM assets in Bahia State, Brazil.

The portfolio is anchored by the flagship Mangueiros Main Project, where Bahia has defined an initial NI 43-101 pit-constrained Inferred Mineral Resource of 313 million tonnes¹ grading 0.33% Nickel Total Equivalent (NiTEq).

The Company’s projects benefit from approximately $7.5M of historical investment across the asset portfolio, including extensive drilling and technical work.

With the initial Mineral Resource Estimate now complete, Bahia Metals is focused on advancing Mangueiros Main through further technical evaluation while assessing opportunities across the broader portfolio.

Sulphide Nickel | Copper | Cobalt | + PGMs

¹ Inferred Mineral Resource Estimate prepared by P&E Mining Consultants Inc. in accordance with NI 43-101 and CIM Definition Standards, effective April 22, 2026. See supporting NI 43-101 Technical Report filed on SEDAR+ on September 24, 2026.

A near-term low-carbon nickel sulphide production opportunity

Mangueiros Main Project

Bahia Metals' Flagship Sulphide Nickel | Copper | Cobalt | + PGMs Opportunity in Bahia State, Brazil

Mangueiros Main is the cornerstone asset within Bahia Metals’ district-scale project portfolio.

An independent initial Mineral Resource Estimate prepared in accordance with NI 43-101 has defined 313 million tonnes¹ of pit-constrained Inferred Mineral Resources grading 0.33% NiTEq, including 0.18% sulphide nickel (NiS), 0.22% total nickel (NiT), 0.13% copper (Cu) and 0.015% cobalt (Co).

The estimate establishes a significant multi-metal critical minerals inventory and provides a substantial resource foundation for the Project’s next phase of technical advancement, including a planned Preliminary Economic Assessment (PEA).

US$ metal prices used were $7.50/lb Ni, $4.50/lb Cu and $20/lb Co. Process recoveries were 87% NiS, 82% Cu and 50% Co. NiSEq% = NiS % + (Cu % × 0.566) + (Co % × 1.533); NiTEq% = NiT % + (Cu % × 0.647) + (Co % × 1.754).

NiSEq and NiTEq use the metal price, recovery and payable assumptions described in the applicable Mineral Resource Estimate notes to demonstrate reasonable prospects for eventual economic extraction.

A Nickel Sulphide Resource with Copper and Cobalt Credits. A Clear Path Forward. A Foundation for Long-Term Value Creation.

NI 43-101 Independent Mineral Resource Estimate

313 Mt Initial MRE¹
Pit-constrained Inferred Mineral Resources grading 0.33% NiTEq, including 0.18% NiS, 0.22% NiT, 0.13% Cu and 0.015% Co

Significant Contained Metals
Approximately 554 kt NiS, 675 kt NiT, 411 kt Cu and 46 kt Co

Conventional Sulphide Metallurgy
Encouraging historical recoveries supporting conventional flotation

Strategic Brazilian Location
Established mining jurisdiction with infrastructure, skilled labour and access to renewable energy

Resource Growth Potential
Mangueiros Main mineralization remains open in multiple directions

District-Scale Upside
Additional exploration targets are outside the current MRE

Clear Technical Pathway
Metallurgical optimization, resource expansion and a planned Preliminary Economic Assessment

Substantial Technical Foundation
Approximately $7.5M of historical investment across the asset portfolio, including extensive drilling and technical work

Critical Minerals Exposure
Potential future source of nickel, copper and cobalt supporting diversified supply chains

Company Highlights

The Resource

Mangueiros Main — The Flagship Value Driver

Initial pit-constrained Inferred Mineral Resource of 313 Mt
Grading 0.18% NiS, 0.22% NiT, 0.13% Cu and 0.015% Co
Equivalent grades of 0.27% NiSEq and 0.33% NiTEq
Pit-constrained resource with an estimated strip ratio of less than 1:1
Mineralization remains open in multiple directions

Significant Critical Minerals Inventory

~675 kt contained total nickel (NiT)
~554 kt contained sulphide nickel (NiS)
~411 kt contained copper
~46 kt contained cobalt
Significant multi-metal exposure within a single Mineral Resource

Project Characteristics

Large-Scale Open-Pit Concept

Pit-constrained Inferred Mineral Resource
Estimated strip ratio well below 1:1
Shallow, disseminated sulphide mineralization
Conceptual open-pit shell supports evaluation of a potential bulk-mining scenario

Conventional Sulphide Metallurgy

Historical metallurgical testwork has demonstrated encouraging recoveries using conventional flotation
Historical Ni recoveries: 79.7%–91.5%
Scavenger Cu recovery: 84.2%
Scavenger Co recovery: 50.2%
Further metallurgical optimization planned to support future technical studies
These historical testwork results are distinct from the recovery assumptions used in the current Mineral Resource Estimate.

Growth

Multiple Value Catalysts

Preliminary Economic Assessment (PEA)
Metallurgical optimization
Mangueiros West technical review
Mangueiros Main resource expansion
Advancement of priority district exploration targets
Evaluation of additional technical workstreams

District-Scale Growth Potential

Initial MRE covers Mangueiros Main only
Mineralization at Mangueiros Main remains open in multiple directions
Additional targets include Mangueiros West, Lagoa da Onça and Lagoa da Onça North
Multiple prospective geophysical and mineralized targets across the broader district

Mangueiros West

Located approximately 1 km from Mangueiros Main
Comparable geophysical signature to the Mangueiros Main system
Historical drilling has intersected nickel-copper-cobalt mineralization
Technical review planned to evaluate the next phase of work at Mangueiros West

Development Advantages

Strategic Brazilian Mining Location

Bahia State, Brazil
Established mining jurisdiction and skilled workforce
Same state as Atlantic Nickel’s Santa Rita nickel sulphide mine
Access to renewable power infrastructure with renewable power potential

Infrastructure Supporting Advancement

Road and rail connectivity to major export infrastructure
Approximately 845 km by road to the Port of Aracaju
Alternative route of approximately 372 km by road plus 508 km by rail to Salvador
Access to regional power and transportation infrastructure
Preliminary infrastructure studies completed

Forward Path

Renewable Power

Access to renewable power infrastructure in Bahia State, supporting the potential for a lower-carbon operating profile.
Sulphide mineralization potentially amenable to conventional processing pathways
Potential for a lower-carbon operating profile
Potential future source of nickel, copper and cobalt

De-Risking Through Technical Advancement

Initial Mineral Resource Estimate completed
Extensive historical drilling and technical database
Metallurgical optimization identified as a key next step
Resource expansion opportunities being evaluated
Preliminary Economic Assessment (PEA) targeted as the next major technical milestone for Mangueiros Main.

Corporate / Macro

Backed by Experience - Driven to Execute

Expertise across geology, mine development, capital markets and corporate finance
Collective experience across billions of dollars in global mining transactions
Experience spanning project advancement, mine construction and operations
Focused on disciplined execution and long-term value creation

Positioned for Critical Minerals Demand

Exposure to sulphide nickel, copper, cobalt and PGMs
Metals supporting electrification, infrastructure and industrial demand
Potential future contribution to secure and diversified supply chains
Positioned to benefit from long-term demand for responsibly sourced critical minerals

For complete details regarding the assumptions, methodologies, effective date, Qualified Person information and technical disclosure supporting the MRE, readers should refer to Bahia Metals Corp.’s full news release dated August 10, 2026.

Executives and Board

Stephen Goodman

President & CEO

20+ years in investment banking and mining industry
Over $1B in completed transactions
Extensive experience as Director and Officer of public companies
Proven track record of shareholder value creation
Transactions completed with Orion, Rio Tinto, Freeport

Thomas Pressello

CFO & Director

25+ years in corporate finance and investment roles
Founder, Active Hedge advisory firm
Raised $1B+ for resource funds
Invested ~$1B in resource companies

Elton Pereira

Former Appian Capital - Consultant

30+ years of mineral exploration in Brazil
Direct experience in Santa Rita nickel sulphide mine
12 years with Rio Tinto
14 years in junior mining
- Brazauro Resources, Tocantinzinho mine
- TriStar Gold, Castelo de Sonhos project
- 5 MOz Au from discovery to production