Vancouver, British Columbia--(Newsfile Corp. - July 27, 2026) - SILICON METALS CORP. (CSE: SI) (OTC Pink: SLCNF) (FSE: X6U0) ("Silicon Metals" or the "Company") would like to provide an update with respect to its previously announced letter of intent with OIG Overseas Investment Group Ltd. ("OIG") (see press release dated April 20, 2026). The proposed acquisition of OIG's exclusive option to acquire a 100% interest in and to 7 mineral licenses totalling 69 mineral claims covering approximately 1,700 hectares in Newfoundland and Labrador has not come to fruition at this time. The Company is continuing talks with the vendor regarding future collaboration.

The Company will continue along the same path forward which has clear pathways to potential near-term cash flow. The Company will continue to hunt for and acquire new critical mineral opportunities.

The Company has also launched a new website which may be viewed here and has made several changes to its IT. For any inquiries, please contact the Company at info@siliconmetalscorp.com.

Private Placement

The Company would also like to provide an update that it will not proceed with its previously announced private placement, as detailed in the Company's news release dated April 27, 2026. The Company will provide additional information and updates as soon as possible.

About Silicon Metals Corp.

Silicon Metals Corp. is focused on exploration and development of critical minerals, with a focus on high purity silica. The Company's Maple Birch Project, located approximately 30km south-east of Sudbury, Ontario, is a high purity quartz pegmatite project with a 3,000 tonne per year production permit. The Company holds a 100% interest in the Crystal Hills Project, located approximately 40 km north of the city of North Bay, Ontario, Canada, which consists of five mineral claims comprised of eighteen (18) cells totalling approximately 400 hectares. The Company also holds an undivided 100% right, title, and interest in the Ptarmigan Silica Project, located approximately 130km from Prince George, British Columbia, which has a 5-year exploration drilling and blast permit. The Company has also acquired an undivided 100% right, title, and interest in both the exploration stage Silica Ridge Silica Project located approximately 70km southeast from the town of MacKenzie, British Columbia, as well as the exploration stage Longworth Silica Project located approximately 85km East from Prince George, British Columbia.

ON BEHALF OF THE BOARD OF DIRECTORS OF

SILICON METALS CORP.

"Ray Wladichuk"

Ray WladichukChief Executive Officer and Director

For more information regarding this news release and further details about Silicon's plans, please contact:

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 Note Regarding Forward-Looking Statements

We seek safe harbor

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are based on the reasonable assumptions, estimates, and opinions of management as of the date such statements are made and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results or future events to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, general business, economic, competitive, political, and social uncertainties; uncertain and volatile equity and capital markets; reliance on key personnel; and changes in laws, regulations, and regulatory policies. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306859