Rackla Metals Inc. Provides Update on 2026 Exploration Program at Lentung Tungsten Project

VANCOUVER, BRITISH COLUMBIA – July 2, 2026 – Leads & Copy – Rackla Metals Inc. (TSX-V: RAK) is advancing its 2026 exploration program at the Lentung tungsten project in the Northwest Territories, with key activities underway and the program fully funded. The project holds a five-year Type A Land Use Permit from the Sahtu Land and Water Board.

Despite challenging conditions due to heavy snowpack and delayed seasonal melt, Rackla has made significant progress. The company is constructing a 49-person exploration camp, expected to be completed by July 11. Engineering and archaeological studies for the project and a proposed access road have commenced. Rackla is also re-establishing historic 1980s trail networks across the property, recovering and cataloguing historic drill core, and engaging with local communities.

Furthermore, SKS Environmental Inc. has been engaged to review historic environmental data and restart baseline studies. The company plans to begin 4,000 metres of diamond drilling and 6,000 metres of reverse circulation drilling in mid-July.

The Lentung project is situated within the Tombstone Tungsten Belt in the western Northwest Territories. It is located approximately 127 kilometres south of Fireweed Metals Corp.'s (TSX-V:FWZ) Mactung tungsten deposit and 60 km north by road of the past-producing Cantung tungsten mine. Union Carbide Exploration Corporation conducted extensive exploration on the Lentung property between 1977 and 1982, including approximately 26,900 metres of diamond drilling, geochemical and geophysical surveys, geological mapping, trenching, metallurgical and economic studies, and environmental baseline work.

Rackla's camp is being established at the former Union Carbide camp site. This location provides access to the Stephen’s Ridge, Western Skarn, Emma, and Far West zones (now the Central Zone), where Union Carbide identified near-surface tungsten mineralization exceeding 1% WO3. The company is re-establishing approximately 27 kilometres of historic trails to facilitate access for UTVs and mobile tracked drills from the camp to these zones.

Historical drill results and technical information within this release are derived from prior operator reporting and have not been independently verified by Rackla. Reported intervals are down-hole and do not represent true widths, requiring further work for confirmation.

The company has also initiated engineering and archaeological studies for a proposed access road connecting the Lentung project to the Howard’s Pass Access Road. Environmental studies to support the permit application are expected to start soon, and a LiDAR survey is planned for early July to aid in road alignment design. Rackla anticipates submitting a permit application later this summer after completing the necessary studies and design work. If permitted and constructed, this road would provide a crucial logistical link to Watson Lake and British Columbia ports.

Rackla's geological team has begun recovering historic drill core remaining on the property. Initial efforts involve cataloguing core boxes, identifying markings, and assessing core condition. Preliminary observations suggest that 90% or more of the historic core may be recoverable, providing valuable geological information for an NI 43-101 technical report targeted for completion in Q4 2026 or Q1 2027.

Engagement meetings have been held with the Sahtu Dene and Métis, Dehcho First Nations, Łı́ı́dlı̨ı̨ Kų́ę́ First Nation of Fort Simpson, Nahæâ Dehé Dene Band of Nahanni Butte, and Acho Dene Koe First Nation of Fort Liard. Rackla will continue to collaborate with local rightsholders, communities, regulatory agencies, and government as exploration progresses, aiming for responsible operations aligned with local priorities.

In the 1980s, Union Carbide initiated environmental baseline studies at Lentung. Rackla has obtained the original data and engaged SKS Environmental Inc. to review these materials and integrate them into an updated environmental baseline program, set to begin in July.

The diamond drill crew is scheduled to arrive on site July 12, with drilling commencing shortly thereafter. The initial phase of diamond drilling will focus on twinning 27 historic holes to confirm historical results, accounting for approximately 2,200 metres of the planned 4,000-metre program. The remainder of the diamond drilling will test deeper, high-grade mineralized zones identified by Union Carbide's scout drilling.

A 6,000-metre reverse circulation drill program, designed to infill and expand tungsten mineralization at the Central Zone, is also scheduled to begin in mid-July. The self-propelled RC drill will enable efficient, low-cost movement between drill sites using the re-established trail network.

Rackla also received confirmation of its NWT Mineral Incentive Program application approval for $99,000 in funding to advance the South Lened Rare Earth target. This target, identified in 2025 through stream sediment sampling, is located across the valley from the tungsten occurrences and is defined by a three-kilometre-long, highly anomalous cerium and lanthanum stream sediment anomaly. The MIP funding will support geological mapping, prospecting, soil sampling, and geophysics to identify and evaluate the potential source of the rare earth mineralization.

The strategic context for the Lentung project is strengthened by its proximity to the past-producing Cantung mine, robust tungsten prices, growing interest in critical minerals, and an increasing focus on secure North American mineral supply chains.

“We are pleased to see the 2026 program getting underway at Lentung,” said Simon Ridgway, CEO of Rackla. “This will be an exciting drill season aimed at confirming the shallow tungsten intercepts discovered by Union Carbide’s extensive and detailed work program. In the area we have renamed the Central Zone, Union Carbide intersected multiple zones with greater than ten-meter intercepts grading greater than 1% WO3. These zones form the dip slope of the hillside and occur over a strike length of approximately 1.5 kilometers, an ideal configuration for open pit mining with a minimal strip ratio, should a resource be identified. 1% WO3 is equal to 10 kg of WO3 or 1 metric tonne unit (MTU) of WO3. As of June 25, 2026 the price of tungsten ore at 88.5% WO3 was trading US$3,200 per MTU on the Shanghai Metals Market (https://www.metal.com/tungsten). If a resource can be proven at Lentung there could be significant value.”

Ridgway added, “Our geologists have observed that there is some inconsistency within this Zone, which appears to be related to faulting. We believe that with the detailed infill drilling this year, we will be able to sort out these complications and gain a fuller understanding of the geological picture of the broad intercepts. To be clear, the primary focus of this year’s program is defining a near surface resource in the Central Zone. But the bigger picture is also a very compelling target: multiple Tungsten Suite intrusions, cutting numerous limestone beds in one of the world’s richest tungsten skarn belts. The Lentung property is relatively unexplored and Rackla owns 100% of this large property.”

He concluded, “We also recognize the importance of responsible exploration in the Northwest Territories. The permitting process has been clear and constructive, and we are grateful for the feedback received from our community engagement, the regulators and the territorial government. We look forward to continuing that engagement as we advance the project.”

Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of Rackla, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists and serves as the Company’s Qualified Person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

Rackla Metals Inc. is a Vancouver-based mineral exploration company focused on gold and critical minerals projects in Northern Canada. The Company is advancing a portfolio of exploration assets in the Yukon and Northwest Territories, including the Lentung tungsten property, as part of its strategy to identify and develop mineral projects with district-scale potential and strategic importance.

Source: Rackla Metals Inc.