Cullinan Metals Appoints Christopher Huggins as Chief Executive Officer

Mr. Huggins is a mining executive with more than 25 years of experience across mineral exploration, finance, mining technology, and capital equipment. He holds a B.Sc. (Honours Geology) and began his career as a regional exploration geologist with Homestake, working in prolific mining districts including Eskay Creek, Snip Mine, Stewart, and the Dease Lake camps in British Columbia.

Over the past decade, Mr. Huggins has combined technical and commercial expertise to lead growth initiatives across Canada's junior mining sector. He has led or directed successful exploration companies focused on critical minerals, precious metals, uranium, and battery metals across Canada and the United States. In addition, Mr. Huggins has delivered advanced capital equipment and technology solutions for both surface and underground mining operations throughout the Yukon and Northwest Territories, and has managed major national and global Caterpillar accounts at Finning. He currently serves as Chief Executive Officer of Auric Minerals Corp. and as a director of several exploration-stage public companies.

Cullinan interim CEO, Aleem Fidai, commented, "We are very pleased to welcome Chris as CEO of Cullinan Metals. His unique combination of technical expertise, operational experience, and capital markets understanding makes him exceptionally well suited to lead the Company as we advance our newly acquired projects. With strong fundamentals across both our rare earth and volcanic massive sulphide assets, we believe Chris's leadership will be instrumental in unlocking value and executing on our exploration strategy."

Mr. Huggins commented, "I am excited to join Cullinan Metals at a pivotal time for the Company. The recently announced Oculus Rare Earth Project and Burnt Pond Volcanic Massive Sulphide Project represent compelling exploration opportunities in prospective and mining-friendly jurisdictions. I look forward to working with the team to systematically advance these assets and create long-term value for shareholders."

The Company also announces that Aleem Fidai will transition from interim CEO and will remain a Director of the Company.

The Company further announces it has entered into debt settlement agreements to issue an aggregate of up to 1,486,094 common shares (each a "Share") of the Company at a deemed price of $0.34 per Share to satisfy an aggregate amount of bona fide debt of up to $505,272 to certain creditors (the "Creditors") of the Company (the "Debt Settlement").

Insiders of the Company will be participating in the Debt Settlement in the amount of C$182,678. Such insiders are related parties of the Company pursuant to Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Related party involvement in the Debt Settlement constitutes a "related party transaction". The Company expects to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Sections 5.5(a) and 5.7(1)(a) respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Debt Settlement, insofar as it involves interested parties, exceeds 25.0% of the Company's market capitalization.

The issuance of Shares in connection with this Debt Settlement will be subject to CSE approval and the Shares will be subject to a statutory hold period of four (4) months plus one (1) day from the date of issuance in accordance with applicable Canadian securities laws.

The purpose of the Debt Settlement is to preserve the Company's treasury.

The Company's board of directors also has adopted a 20% fixed omnibus equity incentive plan (the "Plan") providing for the issuance of incentive stock options, restricted share units ("RSUs") and deferred share units to officers, directors, employees and consultants. The Company has issued 1,450,000 RSUs pursuant to the Plan to certain officers, directors and consultants. The Plan would replace the current equity incentive plan upon approval by the shareholders at the next shareholder meeting and by the CSE. The current grant of RSUs is also subject to approval of the shareholders at the next shareholder meeting. The Plan will be voted on in the Company's upcoming annual general and special meeting on July 10, 2026.

About Cullinan Metals

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the evaluation and potential development of energy and critical metals. The Company recently entered into an option agreement to acquire a 100% interest in two prospective projects in Canada.

The Oculus Rare Earth Project, located in Central Labrador, spans approximately 2,550 hectares within a recognized critical rare earth element district. Historical surface sampling has returned total rare earth oxide (TREO) values of up to 5.67% TREO, with a favourable heavy rare earth component. Despite these encouraging results, the project remains undrilled, presenting significant discovery potential.

The Burnt Pond Project, located in Central Newfoundland within the Tally Pond Volcanic Belt, covers approximately 975 hectares in a proven volcanic massive sulphide district. Historical drilling has returned high-grade polymetallic mineralization, including gold, silver, copper, zinc, and lead. The system remains open along strike and at depth, offering strong potential for additional discoveries.

The Company is focused on advancing these assets through disciplined exploration programs designed to unlock their underlying value.

On Behalf of the Board,
CULLINAN METALS CORP.

Aleem Fidai
Director
(778) 772-6740

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS

Statements in this news release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward looking statements in this news release include, but are not limited to, statements regarding the advancement of the Oculus Rare Earth Project and the Burnt Pond Project (collectively, the "Projects") and the benefits therefrom, including, without limitation, unlocking value and execution of the Company's exploration strategy, the advancement the exploration opportunities for the Projects and the creation of long-term value for the Company's shareholders; the anticipated benefits from the appointment of Mr. Huggins as CEO; the settlement of Debt and the completion of the Shares for Debt Transaction; the issuance of Shares in connection with the Debt Settlement; shareholder approval of the grant of RSUs at the next shareholder meeting; shareholder approval of the Plan at the next shareholder meeting; the approval of the CSE of the Plan; the potential for discovery at the Projects; the exploration programs unlocking the underlying value of the Projects; and any other general statement regarding the Company's planned or future exploration efforts at the Projects. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that the Company may not advance the Projects as contemplated, or at all; that the benefits of advancing the Projects as contemplated, including, without limitation, that the Company may not unlock value and execute its strategy as contemplated, or at all and that the Company may not create long-term value for the Company's shareholders as contemplated, or at all, may not be realized as anticipated or at all; that the benefits of appointing Mr. Huggins will not be realized as anticipated, or at all; that the Company may not settle the Debt and complete the Shares for Debt Transaction as contemplated, or at all; that the current grant of RSUs may not receive approval from the shareholders at the next shareholders meeting; that the shareholders may not approve the Plan at the next shareholder meeting; that the CSE may not approve the Plan; that the discovery potential of the Projects may not be reached as contemplated, or at all; that the Company's exploration programs may not unlock underlying value of the Projects as contemplated, or at all; that economic, competitive, governmental, geopolitical, environmental and technological factors may affect the Company's operations, markets, products and prices; our specific plans and timing drilling, field work and other plans may change; that the Company may not have access to or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology; and we may also not raise sufficient funds to carry out or complete our plans. Labor shortages, inflationary pressures, rising interest rates, the global financial climate and international conflicts are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Additional risk factors are discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for its recently completed fiscal period, which is available under the Company's SEDAR+ profile at www.sedarplus.ca. Except as required by law, the Company will not update or revise these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

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