Cullinan Metals Appoints Christopher Huggins as Chief Executive Officer

(TheNewswire)

Vancouver, B.C. – TheNewswire- May 14, 2026 – Cullinan Metals Corp. (CSE:CMT) (OTCQB: CMTNF) (the “Company” or “Cullinan”) is pleasedto announce the appointment of Christopher Huggins as Chief ExecutiveOfficer of the Company, effective immediately.

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

Over the past decade, Mr. Huggins has combinedtechnical and commercial expertise to lead growth initiatives acrossCanada’s junior mining sector. He has led or directed successfulexploration companies focused on critical minerals, precious metals,uranium, and battery metals across Canada and the United States. Inaddition, Mr. Huggins has delivered advanced capital equipment andtechnology solutions for both surface and underground miningoperations throughout the Yukon and Northwest Territories, and hasmanaged major national and global Caterpillar accounts at Finning. Hecurrently serves as Chief Executive Officer of Auric Minerals Corp.and as a director of several exploration-stage publiccompanies.

Cullinan interim CEO, Aleem Fidai, commented, “We arevery pleased to welcome Chris as CEO of Cullinan Metals. His uniquecombination of technical expertise, operational experience, andcapital markets understanding makes him exceptionally well suited tolead the Company as we advance our newly acquired projects. Withstrong fundamentals across both our rare earth and volcanic massivesulphide assets, we believe Chris’s leadership will be instrumentalin unlocking value and executing on our explorationstrategy.”

Mr. Huggins commented, “I am excited to join CullinanMetals at a pivotal time for the Company. The recently announcedOculus Rare Earth Project and Burnt Pond Volcanic Massive SulphideProject represent compelling exploration opportunities in prospectiveand mining-friendly jurisdictions. I look forward to working with theteam to systematically advance these assets and create long-term valuefor shareholders.”

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

The Company further announces it has entered into debtsettlement agreements to issue an aggregate of up to 1,486,094 commonshares (each a “Share”) of the Company at a deemed price of $0.34per 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 theDebt Settlement in the amount of C$182,678. Suchinsiders are related parties of the Company pursuant to MultilateralInstrument 61-101 –Protection of Minority Security Holders in SpecialTransactions (“MI 61-101”). Related partyinvolvement in the Debt Settlement constitutes a “related partytransaction”. The Company expects to rely on the exemptions from theformal valuation and minority shareholder approval requirements of MI61-101 pursuant to Sections 5.5(a) and 5.7(1)(a) respectively, asneither the fair market value of the subject matter of, nor the fairmarket value of the consideration for, the Debt Settlement, insofar asit involves interested parties, exceeds 25.0% of the Company’smarket capitalization.

The issuance of Shares in connection with this DebtSettlement will be subject to CSE approval and the Shares will besubject to a statutory hold period of four (4) months plus one (1) dayfrom the date of issuance in accordance with applicable Canadiansecurities laws.

The purpose of the Debt Settlement is to preserve theCompany’s treasury.

The Company’s board of directors also has adopted a20% fixed omnibus equity incentive plan (the “Plan”) providing forthe 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 RSUspursuant to the Plan to certain officers, directors and consultants.The Plan would replace the current equity incentive plan upon approvalby the shareholders at the next shareholder meeting and by the CSE.The current grant of RSUs is also subject to approval of theshareholders at the next shareholder meeting. The Plan will be votedon in the Company’s upcoming annual general and special meeting onJuly 10, 2026.

About Cullinan Metals

Cullinan Metals Corp. is a Canadian mining andexploration company focused on the evaluation and potentialdevelopment of energy and critical metals. The Company recentlyentered into an option agreement to acquire a 100% interest in twoprospective projects in Canada.

The Oculus Rare Earth Project, located in CentralLabrador, spans approximately 2,550 hectares within a recognizedcritical rare earth element district. Historical surface sampling hasreturned total rare earth oxide (TREO) values of up to 5.67% TREO,with a favourable heavy rare earth component. Despite theseencouraging results, the project remains undrilled, presentingsignificant discovery potential.

The Burnt Pond Project, located in Central Newfoundlandwithin the Tally Pond Volcanic Belt, covers approximately 975 hectaresin a proven volcanic massive sulphide district. Historical drillinghas returned high-grade polymetallic mineralization, including gold,silver, copper, zinc, and lead. The system remains open along strikeand at depth, offering strong potential for additionaldiscoveries.

The Company is focused on advancing these assetsthrough disciplined exploration programs designed to unlock theirunderlying value.

On Behalf of the Board,
CULLINAN METALS CORP.

Aleem Fidai
Director
(778) 772-6740

Neither the CSE nor its RegulationServices 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 releasewhich are not purely historical are forward-looking statements,including any statements regarding beliefs, plans, expectations, orintentions regarding the future. Forward looking statements in thisnews release include, but are not limited to, statements regarding theadvancement of the Oculus Rare Earth Project and the Burnt PondProject (collectively, the “Projects”) and the benefits therefrom,including, without limitation, unlocking value and execution of theCompany’s exploration strategy, the advancement the explorationopportunities for the Projects and the creation of long-term value forthe Company’s shareholders; the anticipated benefits from theappointment of Mr. Huggins as CEO; the settlement of Debt and thecompletion of the Shares for Debt Transaction; the issuance of Sharesin connection with the Debt Settlement; shareholder approval of thegrant of RSUs at the next shareholder meeting; shareholder approval ofthe Plan at the next shareholder meeting; the approval of the CSE ofthe Plan; the potential for discovery at the Projects; the explorationprograms unlocking the underlying value of the Projects; and any othergeneral statement regarding the Company’s planned or futureexploration efforts at the Projects. It is important to note that theCompany’s actual business outcomes and exploration results coulddiffer materially from those in such forward-looking statements. Risksand uncertainties include that the Company may not advance theProjects as contemplated, or at all; that the benefits of advancingthe Projects as contemplated, including, without limitation, that theCompany may not unlock value and execute its strategy as contemplated,or at all and that the Company may not create long-term value for theCompany’s shareholders as contemplated, or at all, may not berealized as anticipated or at all; that the benefits of appointing Mr.Huggins will not be realized as anticipated, or at all; that theCompany may not settle the Debt and complete the Shares for DebtTransaction as contemplated, or at all; that the current grant of RSUsmay not receive approval from the shareholders at the nextshareholders meeting; that the shareholders may not approve the Planat the next shareholder meeting; that the CSE may not approve thePlan; that the discovery potential of the Projects may not be reachedas contemplated, or at all; that the Company’s exploration programsmay not unlock underlying value of the Projects as contemplated, or atall; that economic, competitive, governmental, geopolitical,environmental and technological factors may affect the Company’soperations, markets, products and prices; our specific plans andtiming drilling, field work and other plans may change; that theCompany may not have access to or be able to develop any mineralsbecause of cost factors, type of terrain, or availability of equipmentand technology; and we may also not raise sufficient funds to carryout or complete our plans. Labor shortages, inflationary pressures,rising interest rates, the global financial climate and internationalconflicts are some additional factors that are affecting currenteconomic conditions and increasing economic uncertainty, which mayimpact the Company’s operating performance, financial position, andprospects. Collectively, the potential impacts of this economicenvironment pose risks that are currently indescribable andimmeasurable. No assurance can be given that any of the eventsanticipated by the forward-looking statements will occur or, if theydo occur, what benefits the Company will obtain from them. Readers arecautioned that forward-looking statements are not guarantees of futureperformance or events and, accordingly, are cautioned not to put unduereliance on forward-looking statements due to the inherent uncertaintyof such statements. Additional risk factors are discussed in thesection entitled “Risk Factors” in the Company’s ManagementDiscussion and Analysis for its recently completed fiscal period,which is available under the Company’s SEDAR+ profile atwww.sedarplus.ca. Except as required by law, the Company will notupdate or revise these forward-looking statements after the date ofthis document or to revise them to reflect the occurrence of futureunanticipated events.

Copyright (c) 2026 TheNewswire - All rights reserved.