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Steadright Critical Minerals Inc. Advances Péribonka Rare Earth Element Project with Completed Airborne Survey; Approves Amendment to NSM Capital SARL Shareholders' Agreement
Muskoka, Ontario — November 12, 2026 — Leads & Copy — Steadright Critical Minerals Inc. (CSE: SCM) announced that exploration is underway at its Péribonka Rare Earth Element (REE) and Niobium Carbonatite Target in Québec's Saguenay–Lac-Saint-Jean Region. The project is situated in the same area as The Niobec Mine, Canada's sole producing niobium mine.
A helicopter-borne high-resolution magnetic and gamma-ray spectrometric survey has been completed over all 37 claims of the Péribonka Project. The survey, which covered 622 line-kilometres at 50-metre line spacing, was guided by Magnor Exploration. Results and interpretation are anticipated in the coming weeks and will be instrumental in defining targets for the project's initial drill test.
The Péribonka Project is located within a district known for its carbonatite systems. The Government of Québec has identified the nearby Shipshaw carbonatite as one of five priority carbonatite and alkaline systems in the province for detailed geological study. Shipshaw is part of the Waswanipi-Saguenay corridor, an area responsible for all of Canada's niobium production. Other significant systems in this corridor include The Saint-Honoré Alkaline Complex, which hosts the Niobec mine; the Crevier Alkaline Intrusion, a recognized niobium and tantalum project; the Grand Lac Brochet Carbonatite, an identified critical mineral system; and the Girardville Carbonatite, another key target prioritized for provincial study. This regional focus highlights the Saguenay Region's strategic importance to Canada's domestic supply of niobium and rare earth elements.
The Péribonka anomaly exhibits a geophysical signature comparable to these established intrusions. It has not yet been drilled due to a cover of sand and gravel. To date, no carbonatite or REE-niobium mineralization has been confirmed at Péribonka. The recent survey represents the first modern, property-wide effort to test this target.
In parallel, Steadright and Critical Foundation Metals Inc. (CFM) have executed a second amendment to their shareholders' agreement governing NSM Capital SARL, originally dated September 25, 2025. The first amendment was made on April 27, 2026. This latest amendment modifies Articles 3.5 and 3.6, altering the decision-making processes for NSM's shareholders. Ordinary decisions still necessitate the presence or representation of shareholders holding over half of the capital. However, decisions concerning governance, management oversight, or internal procedures now require the approval of both shareholders. Extraordinary resolutions demand unanimous approval from all shareholders. Decisions can also be made in writing, following a minimum 15-day consultation period, with governance and management matters requiring the agreement of both shareholders.
Steadright's CEO has an indirect interest of approximately 6% in CFM. This is held through a 33% stake in a private company that owns approximately 18% of CFM's common shares. Additionally, a consultant to Steadright, whose spouse is a former Steadright director, along with their immediate family, controls CFM and owns a majority of its common shares.
David M. Pollard, C.Geol., an independent qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information within this press release. Information regarding the Shipshaw, Saint-Honoré (Niobec), Crevier, Grand Lac Brochet, and Girardville systems is derived from publicly available sources, which the QP has been unable to verify and is not necessarily indicative of mineralization on the Péribonka Project. Péribonka is an early-stage exploration target, and there is no guarantee that further work will confirm carbonatite or REE-niobium mineralization.
Steadright Critical Minerals Inc., established in 2019, is a mineral exploration company focused on exploration projects and historical mines, particularly in Morocco's critical minerals sector, with the aim of bringing them into production. The company also holds a 32% interest in Shang Tang through NSM Capital SARL, which possesses mineral exploration claims for the TitanBeach Titanium Project and the Copper Valley Project in Morocco. Steadright also has a binding Memorandum of Understanding for the historic Goundafa Mine in Morocco, which is fully permitted for mining operations. In Québec, the company is exploring the Péribonka REE-niobium carbonatite target.