Viridian Announces Initial Exploration Target at Kraken Main Zone

TORONTO, Sept. 15, 2026 (GLOBE NEWSWIRE) — Viridian Metals Inc. (“Viridian” or the “Company”) is pleased to announce an Exploration Target of 41 to 61 million tonnes grading 0.35% to 0.52% copper equivalent (“CuEq”) at Kraken Main, part of the Company’s 100%-owned Kraken copper-nickel-cobalt project in Labrador. The potential quantity and grade an Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the Exploration Target being delineated as a Mineral Resource.

Highlights

• Conceptual Exploration Target of 41–61 Mt grading 0.35–0.52% CuEq
   
• Target is based on a modelled average mineralized thickness of 8.6 metres
   
• Ongoing 2026 drilling – including the recently reported 50.15-metre mineralized interval – is not included in the Conceptual Exploration Target

The Initial Exploration Target is based entirely on drilling completed prior to the current 2026 program and uses an average mineralized thickness of 8.6 metres. None of Viridian’s 2026 drilling is included, including the recently reported 50.15-metre mineralized interval in VKS25-024 (as reported in Viridian’s news release dated September 8, 2026).

“The important thing about this initial target is what is not in it,” said Tyrell Sutherland, President and CEO of Viridian Metals. “It is based on an average mineralized thickness of just 8.6 metres, includes none of our 2026 drilling and covers only Kraken Main within a broader system containing over 60 conductors. With relatively sparse drilling informing the target, there remains a great deal to learn about the thickness and continuity of this zone. We have already reported mineralized intervals exceeding 50 metres from this year’s program and continue to infill it to better define its scale. This gives us a solid starting point for understanding the potential of the broader Kraken system.”

Kraken Main Exploration Target

Notes:

1. The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource. There is no guarantee that any exploration program will successfully convert an exploration target into an inferred or other category of mineral resource.
2. CuEq = Cu (%) + 1.88 × Ni (%) + 3.75 × Co (%), based on assumed metal prices of US$4.00/lb for copper, US$7.50/lb for nickel and US$15.00/lb for cobalt, and recoveries of 80% for all three metals.
3. The lower and upper ranges reflect ±20% of the thickness and grade.
4. Values are rounded to the nearest million tonnes (Mt) and thousand tonnes (kt).
5. The Exploration Target has not been evaluated for reasonable prospects of eventual economic extraction.

Exploration Target Covers One of Over 60 Kraken Conductors

Figure 1: Approximate 2 km² Kraken Main Exploration Target footprint outlined in red and surrounding geophysical conductors identified across the broader Kraken system.

The Kraken Main Exploration Target covers a footprint of approximately 2 km² and represents only a portion of the broader conductive system identified at Kraken. More than 60 conductors have been identified across the project. Only four have been drill tested to date, with all four intersecting magmatic sulphide mineralization. These additional conductors provide numerous targets for future exploration beyond the current Kraken Main footprint.

What is an Exploration Target?

An Exploration Target provides an estimate of the potential scale and grade of a mineralized system at a stage when there is not yet sufficient information to define a Mineral Resource. Viridian has chosen to publish an Exploration Target for Kraken Main to provide investors with a quantitative framework for understanding the scale indicated by the drilling completed to date, while exploration of the system continues.

The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the Exploration Target being delineated as a Mineral Resource. Exploration Targets should not be misunderstood as, or equated with, Mineral Resources or Mineral Reserves.

Exploration Target Methodology

The Exploration Target was prepared by APEX Geoscience Ltd. using drilling and geophysical data available prior to the 2026 drill program. The estimate combines the interpreted mineralized footprint at Kraken Main with drilling-derived mineralized thicknesses and grades and an average bulk density of 3.0 t/m³. The density is based on 42 measurements collected during the 2024 and 2025 drill programs.

Mineralized intervals were defined using a 0.15% CuEq cut-off. Intervals above the cut-off were grouped into contiguous mineralized composites, allowing limited internal dilution, and composited to two-metre lengths. Historical unsampled intervals were not treated as waste where modern drilling indicated that mineralization generally continued through these intervals.

Spatial declustering was applied to reduce the influence of more closely spaced drilling so that densely drilled areas did not disproportionately affect the estimate. The declustered drillhole intervals produced a spatially representative modelled average mineralized thickness of 8.6 metres at Kraken Main.

The same two-metre composites were used to determine representative grades, with spatial declustering applied to manage the influence of uneven drill spacing. The lower and upper bounds of the Exploration Target were generated by applying ±20% to the thickness and grade.

Copper equivalent grades were calculated using the following formula:

CuEq = Cu (%) + 1.88 × Ni (%) + 3.75 × Co (%)

The calculation assumes metal prices of US$4.00/lb copper, US$7.50/lb nickel and US$15.00/lb cobalt and metallurgical recoveries of 80% for copper, nickel and cobalt. Project-specific metallurgical testing has not yet been completed at Kraken.

Current Exploration and Next Steps

The Exploration Target provides a conceptual estimate of the potential scale of Kraken Main based on drilling completed prior to the 2026 program. Viridian’s ongoing 2026 drill program is focused on expanding and better defining the mineralized system at Kraken Main. Results from the current program are not incorporated into the Exploration Target announced today.

The Company plans to initiate metallurgical test work in late Q4 2026 to establish project-specific recoveries for copper, nickel and cobalt. The current Exploration Target assumes an 80% recovery for each metal. The metallurgical program will provide the first project-specific recovery data for Kraken and will be incorporated into subsequent modelling and copper-equivalent calculations.

Future geological modeling will also evaluate Kraken Main across a range of CuEq cut-off grades. The current Exploration Target uses a 0.15% CuEq cut-off to define mineralized intervals. Evaluating multiple cut-off scenarios will allow the Company to better understand the relationship between tonnage and grade as geological understanding of Kraken Main continues to improve.

The ongoing drill program will continue to test the extent and continuity of mineralization at Kraken Main, with additional assay results expected as drilling progresses.

2026 Drilling Update

Viridian has also received final overlimit assay results for three samples from the ongoing 2026 drill program at Kraken Main. The three samples update the initial results for hole VKS26-054 previously reported on September 8 (see Viridian news release dated September 8, 2026 which is available on the Company SEDAR+ profile at www.sedarplus.ca and the Company’s website at www.viridianmetals.com). These samples represent an aggregate core length of approximately 2.5 metres in the previously reported interval from 20.7-26.9m in hole VKS26-054. Samples were submitted for overlimit analysis after exceeding the upper detection limit of the original analytical method.

*True thickness of the reported mineralized intervals is not yet known. Reported interval lengths represent downhole core lengths and should not be interpreted as true thickness.

The overlimit results form part of the ongoing 2026 drill program and were not considered when outlining the Exploration Target announced today. Additional assays from the 2026 program remain pending and will be reported as they are received and reviewed.

QA/QC

On receipt from the drill site BTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Viridian’s Core Shack at Kraken Camp. Sample lengths as small as 0.30 m were used to isolate features of interest, but most samples within moderate to strong mineralization were 0.5-1.0 m in length. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently, dictated by cut line where present) collected for analysis and one half stored as a record. Standard reference materials and blanks were inserted by Viridian personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor to Activation Labs’ facility in Ancaster, ON.

Activation Labs is independent of Viridian and accredited to ISO/IEC 17025. Samples were dried, crushed (< 7 kg) up to 80% passing 2 mm using riffle split (250 g) and pulverized to 95% passing 105 µm (code RX1). A four-acid near-total digest with an inductively coupled plasma optical emission spectroscopy (ICP-OES) finish was used for 35-element analysis on 25 g sample pulps (code 1F2). Samples that were over the analyses limit for Co, Cu and Ni were reanalyzed using sodium peroxide fusion ICP (code 8-peroxide).

Qualified Person

Tyrell Sutherland, P.Geo., President and CEO of Viridian Metals, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained in this news release, other than the Exploration Target and the technical information relating to its preparation and estimation.

The Exploration Target and the technical information relating to its preparation and estimation have been prepared, reviewed and approved by Roy Eccles, P. Geo., of APEX Geoscience Ltd., an independent Qualified Person as defined by NI 43-101.

¹Copper Equivalent Calculation

CuEq¹ represents CuEq¹ calculated based on the following metal prices (USD): $4.00/lb Cu, $7.50/lb Ni and $15.00/lb Co, and a recovery grade of 80% for all metals, consistent with comparable peers. The Company believes that all metals included in the CuEq¹ calculation have a reasonable potential to be recovered. CuEq¹ values are provided for illustrative purposes only; actual recoveries and metal prices may differ materially from those assumed.

Marketing Services Agreement

Viridian also announces that it has entered into a new marketing services agreement (the “Agreement”) effective September 14, 2026, with Outside The Box Capital Inc. (“OTB Capital”), an Ontario-incorporated marketing firm focused on retail investor outreach and digital community development. The Company previously entered into an agreement with OTB Capital dated April 15, 2026 (as disclosed in the Company’s press release dated April 15, 2026) which agreement (and 125,000 unvested options granted thereunder) expired on July 14, 2026 in accordance with its terms.

Under the Agreement, OTB Capital will provide digital marketing and investor awareness services, including strategic communications planning, social media management and community building, dissemination of Company-approved content, introduction of Company news to prospective investors, and inclusion of the Company in influencer-driven content and Q&A video productions (collectively, the “Services”). The Services will be provided across platforms including Reddit, Discord, Stocktwits, Yahoo Finance discussions, X, Telegram and YouTube. The Agreement does not contain any performance-based compensation.

The Agreement will remain in effect from September 14, 2026 through March 15, 2027 (the “Initial Term”), subject to earlier termination in accordance with its terms. As compensation for the Services, the Company has agreed to pay OTB Capital a total cash fee of C$150,000, consisting of C$75,000 on the effective date of the Agreement and C$75,000 ninety days thereafter, provided the Agreement has not been terminated prior to that date.

The Company has also granted OTB Capital options to acquire up to 214,286 common shares of the Company (the “Options”). Each Option is exercisable at C$0.70 per share and expires at the end of the Initial Term. The Options vest in two equal instalments of 107,143 Options, on the effective date of the Agreement and ninety days thereafter, in each case subject to OTB Capital’s continued provision of Services on the applicable vesting date. The Options are governed by the Company’s omnibus equity incentive plan, the policies of the Canadian Securities Exchange (the “CSE”) and applicable securities legislation.

OTB Capital is located at 2202 Green Orchard Place, Oakville, Ontario, L6H 4V4, and can be contacted at (289) 259-4455 or jason@outsidethebox.capital. As of the date of the Agreement, to the best of the Company’s knowledge, neither OTB Capital nor its directors or officers holds any securities of the Company, although OTB Capital may acquire securities of the Company during the Initial Term. OTB Capital and its principals are at arm’s length to the Company.

About Viridian Metals

Viridian Metals is a pioneer and leader in generative metal exploration with a focus on environmental responsibility and ethical practices. Founded with the intention of discovering new critical metals deposits with the potential to transform the metal supply chain. We leverage innovative technologies and methods to enhance efficiency and sustainability in jurisdictions eager to be leaders in supplying the energy transition. Viridian maintains expertise in a range of critical metals with a primary focus on copper, nickel and cobalt in the near term. Our commitment to integrity and transparency fosters strong partnerships with both local and global stakeholders.

For further information, please contact:

Viridian Metals
Tyrell Sutherland
CEO
Telephone: (613) 884-8332
Email: Info@viridianmetals.com

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.

Cautionary Statement Regarding Forward Looking Information.

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Viridian with respect to future business activities and operating performance.

Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass.

Forward-looking information in this news release includes, but is not limited to, statements regarding: (i) the Exploration Target disclosed in this news release, including the potential quantity and grade ranges, the contained metal figures derived from them, the modelled average mineralized thickness of 8.6 metres, the interpreted mineralized footprint of approximately 2 km², the assumed average bulk density of 3.0 t/m³ and the 0.15% CuEq cut-off used to define mineralized intervals; (ii) the potential for a mineral resource estimate to be prepared at Kraken Main at some future date; (iii) the expectation that the ongoing 2026 drill program will expand and better define the mineralized system at Kraken Main, and that results from that program will be incorporated into future geological modelling and Exploration Target updates; (iv) the timing, content and reporting of assay results from the 2026 drill program that remain pending; (v) the Company’s plan to initiate metallurgical test work in late Q4 2026 and its expectations regarding project-specific metallurgical recoveries for copper, nickel and cobalt; (vi) the Company’s intention to evaluate Kraken Main across a range of CuEq cut-off grades in future work and the expected relationship between tonnage and grade under those scenarios; (vii) the metal prices, metallurgical recoveries and other assumptions underlying the copper-equivalent calculations and contained metal figures disclosed herein, and the expectation that the metals included in those calculations have a reasonable potential to be recovered; (viii) the Company’s interpretations regarding the geometry, continuity, thickness and depth extent of the mineralized horizon at Kraken Main, including the true thicknesses of reported intervals, and the potential to expand mineralization through extension and step-out drilling; (ix) the potential for conductors identified at Kraken that have not been drill tested to host mineralization, and the Company’s plans for future exploration beyond the current Kraken Main footprint; (x) the provision of the Services by OTB Capital, the continuation of the Agreement through the Initial Term, the payment of the fees described herein and the vesting and exercise of the Options; (xi) the business plans and expectations of Viridian; and (xii) expectations for other economic, business and/or competitive factors in respect of Viridian.

In particular, readers are cautioned that the Exploration Target disclosed in this news release is conceptual in nature. There has been insufficient exploration at Kraken Main to define a mineral resource, and it is uncertain whether further exploration will result in the Exploration Target being delineated as a mineral resource. There is no certainty that a mineral resource will be defined at Kraken Main. The Exploration Target has not been evaluated for reasonable prospects of eventual economic extraction and should not be misrepresented or misconstrued as an estimate of a mineral resource or mineral reserve. The lower and upper ranges disclosed reflect the application of ±20% to selected estimation parameters and do not represent a statistical confidence interval; the contained metal figures are arithmetically derived from those ranges and carry the same uncertainty. Copper-equivalent values are provided for illustrative purposes only, no metallurgical test work has been completed at Kraken, and actual recoveries may differ materially from the assumptions used.

Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involves known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Viridian to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Viridian, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects Viridian’s current beliefs and is based on information currently available to it and on assumptions it believes to be reasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the accuracy of the Company’s and APEX Geoscience Ltd.’s geological models and their interpretations of prior drilling, geophysical surveys and modelled conductor plates; the representativeness of the 42 density measurements used to derive the assumed bulk density; the assumption that mineralization generally continues through historical unsampled intervals; the appropriateness of the spatial declustering and compositing methodologies applied; the assumption of 80% metallurgical recoveries for copper, nickel and cobalt in the absence of project-specific test work; the metal price assumptions used in the copper-equivalent calculations; the availability of drill rigs, qualified personnel and contractors on the timelines anticipated; the ability to obtain and maintain all required permits, surface access rights and Indigenous and community consents to conduct the planned program; weather, site access and logistical conditions in Labrador remaining consistent with the Company’s expectations; the continued availability of financing and working capital to fund the program through to completion; commodity prices for copper, nickel and cobalt remaining at levels supportive of the program; the absence of material adverse changes in applicable laws, regulations or political conditions; and anticipated and unanticipated costs and other factors referenced in the Company’s continuous disclosure record available on SEDAR+, including, but not limited to, those set forth under the caption “Risk Factors”. Although Viridian has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, Viridian disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea5da34d-f8d2-4879-9b3c-42650df3d24b