Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis, confirming the presence of uraninite, a key uranium mineral, hosted within the pegmatites identified along the 18km trend; verified through uranium count radiometrics and surface sampling at the Double Mer Uranium project in Labrador, Canada.

Saga Metals flagship Double Mer Uranium Project – Labrador, Canada

The Double Mer Uranium Project is Saga Metals’ flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration, SAGA’s exploration team validated key data and built upon the Company’s understanding of the project’s uranium potential. This work has refined the understanding of the uranium targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program at the   Luivik zone   .

SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador’s Central Mineral Belt (CMB) , including Paladin Energy’s Michelin and Atha Energy’s CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage uranium potential.

Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada

Drilling set for Double Mer Uranium Project’s Luivik zone:

• Maiden Drill Programs: Drilling is scheduled to commence in Q1 2025 with a minimum 1,500m program.
• Double Mer Uranium Drilling Location: This drill program will systematically grid and evaluate the anomalies of the Luivik zone , providing comprehensive data on its uranium potential.
• Double Mer’s Luivik Zone Potential: The westernmost area of the 18km radiometric trend showcases potential for secondary fluid enrichment that can be conducive to uranium mineralization with 300m width and potentially a 1km strike containing samples up to 0.3692% U ₃ O ₈ .
• Petrographic and petrologic analysis: Indications from the recent study suggest pegmatites in the Luivik zone are genetically related to the pegmatites through the entire 18km trend.

The Luivik zone has been prioritized for drilling due to its anomalous uranium (U ₃ O ₈ %) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone’s uranium potential, making it a top target for exploration.

The Luivik zone boasts a width of 300 meters between samples with a cut-off of 0.015% U ₃ O ₈ and anomalous grades over 0.11% U ₃ O ₈ to a high of 0.3692% U ₃ O ₈ in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of 1km or greater.

The zone’s favorable mineralogy is complemented by logistical advantages. Located just 1km from Double Mer’s main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.

Figure 2: The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.

Petrographic and Petrologic Conclusions at the Double Mer Uranium Project:

Selected samples from the Double Mer Uranium project were collected by SAGA’s exploration team during 2024’s surface program for the purposes of petrography, mineralogical and petrochemical interpretations. These results help understand the genesis of the uriniferous pegmatites, guiding 2025’s drill programs, and further surface exploration work across the 25,600-hectare property.

The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The radioelement-bearing pegmatite is characterized by aggregates of black biotite interstitial to feldspars and quartz. The biotite aggregates are the loci for very fine-grained euhedral uraninite crystals. The second pegmatite subgroup contains more sparsely distributed plates and discontinuous stringers of black biotite interstitial to feldspars and quartz. Euhedral allanite crystals are sparsely distributed interstitial to feldspars and quartz. This Allanite is a light rare element-bearing (lanthanum and cerium) with very fine-grained disseminated thorite through the allanite.

Both pegmatite subgroups occur in close spatial association at the outcrop-scale. Analyzing and interpreting the 53-element geochemical database derived from 289 samples collected during the 2024 exploration program has shown   unequivocally that both pegmatite subgroups are genetically related and belong to the same magmatic event. Further studies will be conducted in the future to determine the evolutionary timing of each subtype.

Since the Double Mer Uranium property covers an 18km long radiometrically anomalous pegmatite domain, the exploration significance of these petrographic-petrochemical findings with interpretations are: pegmatites with aggregated biotite represent a first-order lithology to sample for uranium mineralization and a thorium + rare earth-enriched pegmatite may indicate the presence of additional nearby uranium-bearing pegmatite.

Petrographic work and analysis completed by Dr. Al Miller:

With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.

Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: ‘We are very encouraged by these petrographic results. Not only does this confirm the presence of uraninite in the pegmatites but the fact they are genetically related along an 18km trend is very encouraging. The team has since arrived in Labrador preparing for the drill program at the Radar Ti-V project while coordinating the final setup at the Double Mer camp. This is a busy and exciting time for SAGA and sets the tone for lots of catalysts in 2025.’

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company’s flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U ₃ O ₈ and spectrometer readings of 22,000cps.

In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.

SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Qualified Person

Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project disclosed in this news release.

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the petrographic and petrological analysis as well as the Company’s plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

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Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to advise on the updated Cumberland gold camp drill target. This follows on from the integration of VRIFY AI into RUA’s extensive geological database and the consolidation of the Reefton Goldfield, an orogenic gold and antimony belt on the South Island of New Zealand.

Highlights:

• The AI contribution is already paying dividends as the tool has accelerated the identification of and prioritization of our drill targets.

• Prioritizing Cumberland gold camp comprising of 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing.

• Follow up target on historic Cumberland drill hole, GAL001 showing 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t).

• Drilling contractor is being mobilized and the Company anticipates commencing drilling before the end of January.

The Company is expanding its 2025 exploration program to include the Cumberland gold camp, a historic gold camp 3kms south of Globe Progress Mine, which has produced over 1 million ounces of gold (historic production prior to 1950 of 424,000 ounces, and a further 665,000 ounces from 2007 – 2015 under OceanaGold).

Figure 1: Overview of the Reefton Goldfield.

To view an enhanced version of this graphic, please visit:
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EARLY WIN FROM Rua Gold’S AI INVESTMENT
The Cumberland target was identified by uncovering several exploratory holes drilled by OceanaGold 15 years ago, including hole GAL001, which had the following exceptional results on a well-defined quartz vein at shallow depth:

GAL001: 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t).

GAL001 was drilled down the vein, giving an exaggerated width but provides for a compelling and prospective target to follow up immediately.

Rua Gold has collated hundreds of thousands of data points from its recent Siren acquisition, historic workings and contemporary exploration on its multiple mine sites, and district wide geophysical data over the Reefton Goldfields. The ability to combine rapid data-mining of this information by VRIFY, in concert with Rua Gold’s extensive surface geochemistry and ultra-detailed UAV magnetics accumulated in the last 5 years, provides us with rapid feedback on a multi layered dataset, that now focusses our prospect ranking, and directly informs our drilling programs.

Simon Henderson, COO of Rua Gold, commented, ‘Consolidation of our holdings on the Reefton Goldfield provides a plethora of gold targets and historic deposits to examine. AI driven VRIFY provides a science data driven platform to assimilate the vast amount of data available, identify patterns and associations at lightning speed, and provide iterative feedback, constantly updating and adding value as the exploration process rolls out. We are excited by its early success in highlighting key areas such as Cumberland to prioritize our drill activity planned in 2025.’

Figure 2: VRIFY AI hotspot identification showing Cumberland-Gallant Prospect

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CUMBERLAND HISTORY

The Cumberland gold camp comprises 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. Historic production totaled 21,740oz gold at an average recovered grade of 26.1 g/t (see appendices).

Figure 3: Map showing Cumberland historic mine camp

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INITIAL DRILL TARGET

Based on the extensive surface exploration work and historical drilling, the Gallant lode in the Cumberland gold camp presents an exceptional high-grade target that has never seen significant exploration work:

• It has quartz veins outcropping on surface within an envelope of strong gold-arsenic anomalism.

• It has several exploratory holes drilled by OceanaGold 15 years ago, which include exceptional results on a well-defined quartz vein at shallow depth (Table 1).

• Core orientation clearly demonstrates that this intersection drilled down the quartz reef exaggerating its width.

• Geological modelling interprets the vein to be approximately 5m wide.

Table 1: Intercept from GAL001, calculated with a 1.5ppm Au cut-off and up to 3m internal dilution.

Note: true width of vein: 5m.

VRIFY’S AI PLATFORM

The Company has partnered with VRIFY to onboard VRIFY’s AI-assisted mineral discovery platform to accelerate discovery, reduce costs and further de-risk exploration.

In conjunction with the consolidation of the Reefton Goldfield in November 2024, the Company implemented the VRIFY AI tool. Early in the AI training phase, Cumberland was identified as a standout target. The VRIFY team has assimilated geochemistry, drilling and geophysical data on an unprecedented scale and accuracy over the whole district, processing over 84GB of data, +170,000 data points, actively informing our 2025 drill targets for quicker project advancement and de-risking our work programs.

Rua Gold’s data, unlocked through VRIFY’s Al-assisted mineral discovery platform. This AI-assisted data synthesis enabled Rua Gold to actively and effectively rank its 2025 drill targets, accelerating its project advancement and de-risking its work programs in a matter of minutes, a process that would have taken months, if performed manually.

ACCELERATED DISCOVERY

Rua Gold inherited thousands of data points from historic activity on its multiple mine sites and exploration work with the Reefton Goldfields. The ability to rapidly mine this existing data for new insights and targets, while incorporating recent work, provided real-time feedback through VRIFY’s platform to inform drilling programs.

SCALABILITY and COST SAVINGS

Rua Gold is just beginning and is confident that VRIFY will continue to add value by allowing for the analysis of larger datasets without increasing costs linearly.

HIGHER ACCURACY

VRIFY’s proprietary Al model reduces human error and identifies patterns that manual review might miss, increasing discovery potential.

QAQC HISTORIC DRILLING (MR 5093)

Rua Gold is treating the drill results as historic.

The QP has verified the data disclosed, including drill collar location, sampling and analytical information contained in the written disclosure,

1. Data was verified by examination of remaining core in the core-box; confirming intervals, core splitting and interval handling procedures and logged core descriptions matched original core logging.

2. Verified the core sampling and assay procedures by examining and confirming from the original assay certificates of SGS and ALS laboratories that the sample numbers recorded matched the sample intervals logged.

3. Verified from original assay certificates stated blanks and certified standards and duplicates were used and reported, and where deviations outside 2 standard deviations assays have been repeated.

4. Verified that suitable assay methodology for coarse gold was used by both laboratories SGS Reefton method FASC30T(screen fire assay) and ALS method Au-SCR22AA (screen fire assay).

5. The QP has verified in the zone of exceptionally high-grade gold values that gold is clearly visible in veinlets within a significant quartz vein.
   (c) The QP satisfactorily verified all data used in this disclosure.

The QAQC summarized from the OceanaGold report is as follows:

‘Diamond drill samples were generally taken over 1 m intervals and cut in half. Half the core was then sent to SGS or ALS. Some of the significant reef samples were analyzed at the ALS laboratory in Townsville for rapid processing and the rest were analyzed at the SGS laboratory in Westport. Due to the large amount of quartz reef drilled in the first part of the program, a screen fire technique was introduced at SGS (FAS30T).

ALS Townsville preformed 1 kg screen fire assays (Au-SCR22AA) along with a standard fire assay procedure (Au-AA26). Diamond core submissions included at the minimum one blank and two certified standards and at least two lab duplicates taken after coarse crushing of the sample. If both standard assays from the same hole returned assay values outside two standard deviations of the actual value, the laboratory was requested to re-assay the job. Assays from dispatches RD131025.1 and RD131106.1 showed significant deviation from standards and checks. These two batches were re-assayed (RD131025.1R and RD131106.1R respectively).

All assay data was imported into the Reefton project acQuire database directly from laboratory reports.’

Source: Anderson, T., 2014. MP 41164 Globe Progress annual technical report – 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.

ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

Technical Information

Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions; and the effects and benefits of the Transaction. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-Looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Appendices

Historic Production Cumberland Camp (Barry, 1993)

Source: Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.

Reference for historical grades and production:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.

Reference for Gallant assay results:
Anderson, T., 2014. MP 41164 Globe Progress annual technical report – 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.

Table 3: Collar for GAL001, historic drill hole.

Projection: New Zealand Transverse Mercator (NZTM) 2000.

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