Cullinan Metals Receives Approval for Option Agreement

Vancouver, B.C. — May 6, 2026 — Leads & Copy —

Cullinan Metals Corp. (CSE: CMT) (OTCQB: CMTNF) has received approval from the Canadian Securities Exchange to proceed with its option agreement with VOA Exploration Inc. The agreement, dated April 24, 2026, grants Cullinan the option to acquire 100% interest in the Oculus Rare Earth Project in Central Labrador and the Burnt Pond Volcanic Massive Sulphide (VMS) Project in Central Newfoundland.

Under the terms of the agreement, Cullinan Metals can acquire the option by completing a series of cash payments, share issuances, and exploration expenditures. The company will make aggregate cash payments of $675,000 to VOA Exploration.

The payments are structured as follows:

• $50,000 within ten business days of the agreement's execution.
• $125,000 on or before the first anniversary of the agreement.
• $200,000 on or before the second anniversary.
• $300,000 on or before the third anniversary.

Cullinan will also issue up to 5,250,000 common shares. The price per share will be based on the prevailing market price at the time of issuance, distributed as follows:

• 750,000 shares within ten business days of the agreement's execution.
• A maximum of 1,000,000 shares (or a lesser amount to ensure VOA Exploration holds no more than 19.99% of Cullinan's outstanding shares) within thirteen months of the agreement.
• A maximum of 1,500,000 shares (or a lesser amount to ensure VOA Exploration holds no more than 19.99% of Cullinan's outstanding shares) within 24 months of the agreement.
• A maximum of 2,000,000 shares (or a lesser amount to ensure VOA Exploration holds no more than 19.99% of Cullinan's outstanding shares) within 36 months of the agreement.

The company will also incur $700,000 in exploration expenditures on the projects:

• $100,000 by the first anniversary, with a minimum of $50,000 spent on each of the Burnt Pond and Oculus Projects.
• An additional $200,000 by the second anniversary, including at least $150,000 on Burnt Pond and $50,000 on Oculus.
• An additional $400,000 by the third anniversary.

Upon exercising the option, VOA Exploration will retain a 2% net smelter returns royalty on both the Oculus and Burnt Pond Projects. Cullinan Metals will have the option to purchase 1% of each royalty for $1,000,000.

Shares issued under the agreement are subject to an extended hold period, as per Canadian Securities Exchange policies, lasting the greater of four months and one day from issuance, or ten trading days after a technical report for the projects is filed and announced.

Cullinan Metals Corp. is an exploration company focused on energy and critical metals. The Oculus Rare Earth Project covers approximately 2,550 hectares in a known rare earth district. Historical surface samples have shown up to 5.67% TREO with a heavy rare earth component. The Burnt Pond Project covers about 975 hectares in the Tally Pond VMS belt, where past drilling found high-grade polymetallic mineralization, including gold, silver, copper, zinc, and lead.

Aleem Fidai, Interim CEO and Director, represents Cullinan Metals Corp.

Source: Cullinan Metals Corp.