T2 Metals Corp press release

T2 Metals Announces NI 43-101 Mineral Resource Estimate at the Sherridon Copper-Zinc-Gold-Silver Project, Manitoba, Canada

2026-05-07

TSXV - TSX Venture Exchange · Copper · Zinc · Gold · Silver · Lead · Antimony · Bismuth · Molybdenum · Tellurium · Selenium · Barium · Indium · Canada · Resource Estimate

Four VMS Deposits Defined from Surface with Mineral Resources Open in All Directions 10.04 Million Tonnes @ 1.0% CuEq*1Indicated Plus 18.15 Million Tonnes @ 1.7% CuEq*1Inferred Co-Funding Received from Manitoba Mineral Development Fund

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2026) - T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) ("T2 Metals" or the "Company") is pleased to announce the results of an independent NI 43-101 Mineral Resource Estimate ("MRE") for its Sherridon Copper-Zinc-Gold-Silver Project ("Sherridon" or the "Project") in the Flin Flon–Snow Lake Greenstone Belt of west-central Manitoba. The substantial Inferred and Indicated Mineral Resources at shallow depth defines Sherridon as a leading copper development opportunity in central Canada.

The MRE encompasses four near-surface, copper-dominant volcanogenic massive sulphide ("VMS") deposits: Bob, Cold Lake, Lost Lake and Jungle (Tables 1a & 1b). Together these deposits form part of a well-defined mineralized horizon that has been traced for over 25 km of strike length at Sherridon.

The historical Sherritt Gordon East and West Mines — which produced 7.74 million tonnes grading 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag between 1931 and 1951 (Goetz, P.A. and Froese, E., 1981) — are interpreted to lie on the same mineralized horizon as the four deposits now defined in this MRE, providing strong geological validation of the camp's high-grade and future exploration potential.

Highlights

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Total Indicated Mineral Resource of 10.04 million tonnes (Mt) grading 0.39% Cu, 0.83% Zn, 0.30 g/t Au and 4.75 g/t Ag (equal to 1.0% CuEq*1)(see Table 1a);

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Total Inferred Mineral Resource of 18.15 million tonnes grading 1.08% Cu, 1.00% Zn, 0.27 g/t Au and 7.05 g/t Ag (equal to 1.7% CuEq*1)(see Table 1b);

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Mineral resources in the Indicated category exceed 35% of total resource, demonstrating a high degree of confidence;

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Project contains 86 million lb of copper and 96,000 oz of gold in the Indicated category and 430 million lb of copper and 158,000 oz gold in the Inferred category;

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Most mineralization is accessible within shallow open pits. High-grade near-surface mineralization at Cold Lake and Lost Lake deposits provide excellent near-term mining opportunities;

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Three of the four deposits — Bob, Cold Lake and Lost Lake — remain open along strike and at depth where significant expansion upside has been identified. Jungle has been partially drill constrained;

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Past mining data and more recent drill intercepts which include 23.50 m @ 1.18% Cu, 6.8 g/t Au, 40.4 g/t Ag and 1.46% Zn (SH23005) demonstrate very high-grade potential;

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Historical drilling data for the Park deposit has been recently received from Hudbay Minerals which is now being reviewed as an additional resource calculation opportunity;

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Scale and grade of the MRE supports advancement of Sherridon to a Preliminary Economic Assessment (PEA);

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T2 Metals gratefully acknowledges the financial support of the Manitoba Mineral Development Fund ("MMDF"), which provided C$75,000 in co-funding support for the mineral resource estimation program.

CuEq*1(copper equivalent) = Cu% + (Zn% × 0.2346) + (Au g/t × 0.00721) + (Ag g/t × 0.00008). See Table 1 for full details of methodology.

Sherridon is located only 65 km from Flin Flon (Figure 1) and 120 km from the McIlvenna Bay development project — recently the subject of a C$3.8 billion acquisition of Foran Mining by Eldorado Gold. Sherridon has year-round road access and an active rail line passing the property, a rare logistics advantage for future development. Deposits are all sited within 8 km of the Sherridon Village where historical mining took place (Figure 2).

Mark Saxon, President and CEO of T2 Metals, commented, "This NI 43-101 resource at Sherridon confirms what we have long believed, that this is a robust VMS system with scale, grade, and clear growth potential. Importantly, we are not dealing with a single isolated deposit, but a camp with multiple mineralized centres. To date all seven deposits have been discovered in outcrop – we are very confident more deposits will be discovered at depth.

"Cold Lake, Lost Lake, Jungle and Bob collectively provide a strong foundation for development, and we see clear opportunities to expand these resources with further drilling. With this initial resource in hand, we are well positioned to advance Sherridon to the next stage. I thank our exploration team and our partners, the Kiciwapa Cree Nation, for supporting us to achieve this milestone."

Janessa Kosar North, CEO of the Kiciwapa Cree Nation, said, "_The Kiciwapa Cree Nation is very pleased to see the progress being made by T2 Metals and supports the advancement of the Sherridon resource_. _We value the respectful and collaborative relationship that we have built with T2 Metals and look forward to continuing to strengthen that relationship as the project moves forward. This project holds real potential, and we are optimistic about the opportunities it can bring to our community._"

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_002full.jpg)

Figure 1: Regional Location of the Sherridon Project, Manitoba, Canada. See Appendix 1 for additional information on resource-stage projects and supporting references.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_002full.jpg

Table 1a: Sherridon Project Mineral Resource Estimate (Indicated) — Effective Date April 22, 2026, Rounded.

| Deposit | Mine Type | Cut Off (US$/t) | NSR (US$/t) | Million Tonnes | Cu % | Zn % | Au g/t | Ag g/t | Cu (M lb) | Zn (M lb) | CuEq (%) | | INDICATED | | | | | | | | | | | | | Cold Lake | OP | 20 | 70.1 | 0.65 | 0.35 | 0.66 | 0.32 | 7.00 | 5.03 | 9.48 | 0.91 | | Cold Lake | UG | 55 | 74.2 | 0.31 | 0.32 | 0.58 | 0.46 | 7.00 | 2.21 | 40.00 | 0.94 | | Lost Lake | OP | 20 | 141.3 | 1.89 | 0.61 | 2.25 | 0.59 | 8.00 | 25.48 | 93.97 | 2.13 | | Bob | OP | 20 | 57.6 | 3.23 | 0.34 | 0.33 | 0.27 | 3.90 | 24.22 | 23.50 | 0.69 | | Bob | UG | 55 | 72.5 | 0.99 | 0.34 | 0.64 | 0.40 | 5.02 | 7.43 | 13.99 | 0.93 | | Jungle | OP | 20 | 41.8 | 2.31 | 0.33 | 0.3 | 0.08 | 2.83 | 16.77 | 15.25 | 0.53 | | Jungle | UG | 55 | 67.1 | 0.65 | 0.33 | 1.58 | 0.09 | 2.5 | 4.74 | 22.70 | 1.17 | | TOTAL INDICATED | | | | | | | | | | | | | Total Indicated | OP | 20 | 73.7 | 8.08 | 0.4 | 0.8 | 0.3 | 4.8 | 71.49 | 142.20 | 1.0 | | Total Indicated | UG | 55 | 71.0 | 1.96 | 0.3 | 0.9 | 0.3 | 4.5 | 14.38 | 40.70 | 1.0 |

Table 1b: Sherridon Project Mineral Resource Estimate (Inferred) — Effective Date April 22, 2026, Rounded.

| Deposit | Mine Type | Cut Off (US$/t) | NSR (US$/t) | Million Tonnes | Cu % | Zn% | Au G/t | Ag g/t | Cu (M lb) | Zn (M lb) | CuEq (%) | | INFERRED | | | | | | | | | | | | | Cold Lake | OP | 20 | 203.2 | 0.42 | 1.42 | 2.08 | 0.34 | 21 | 13.14 | 19.24 | 2.7 | | Lost Lake | OP | 20 | 248.3 | 0.48 | 1.38 | 3.31 | 0.76 | 17 | 14.44 | 34.61 | 3.5 | | Bob | OP | 20 | 124.4 | 5.82 | 0.97 | 0.8 | 0.28 | 6 | 124.40 | 102.73 | 1.5 | | Bob | UG | 55 | 136.2 | 4.19 | 1.04 | 0.96 | 0.3 | 7.29 | 95.94 | 88.56 | 1.7 | | Jungle | OP | 20 | 147.9 | 2.88 | 1.23 | 0.78 | 0.28 | 6.75 | 77.90 | 49.43 | 1.8 | | Jungle | UG | 55 | 131.1 | 4.38 | 1.08 | 1.08 | 0.16 | 5.35 | 104.26 | 104.25 | 1.7 | | TOTAL INFERRED | | | | | | | | | | | | | Total Inferred | OP | 20 | 141.0 | 9.59 | 1.1 | 1.0 | 0.3 | 7.7 | 229.88 | 206.01 | 1.7 | | Total Inferred | UG | 55 | 133.6 | 8.57 | 1.1 | 1.0 | 0.2 | 6.3 | 200.20 | 192.81 | 1.7 |

Notes:

1. Mineral Resource Estimates are not a Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource estimated will be converted into a Mineral Reserve. 2. Mineral resources are estimated at a NSR cut-off of US$20 per tonne and US$55 per tonne for open pit and underground respectively. 3. Metal prices used are US$5.00/lb copper, US$1.3/lb zinc, US$3,500/oz gold, US$0.85/lb lead and US$45.00/oz silver. 4. Metallurgical recovery factors assumed were 92% for copper, 83% for zinc, 65% for gold and 57% for silver. 5. The Mineral Resource Estimate (MRE) are reported at a cut-off grade to reflect reasonable prospects for economic extraction, which were evaluated by designing a series of conceptual pit shells using the Lerchs-Grossman optimizing algorithm. 6. Common values for operating costs and smelter terms were assumed. 7. Numbers may not sum exactly due to rounding. 8. Copper equivalent (CuEq) values were calculated using metal prices of US$5.00/lb copper, US$1.30/lb zinc, US$3,500/oz gold and US$45.00/oz silver, with metallurgical recovery factors of 92% for copper, 83% for zinc, 65% for gold and 57% for silver. The formula applied was: CuEq% = Cu% + (Zn% × 0.2346) + (Au g/t × 0.00721) + (Ag g/t × 0.00008). The CuEq formula has not been adjusted for differential smelting, refining or transport charges. The Company believes the assumed metal prices and recoveries are reasonable, but they are not guaranteed. CuEq values are provided for illustrative purposes only and are not necessarily indicative of economic viability. 9. The MRE was prepared by Geoffrey Reed, MAIG, MAusIMM (QP) Geo, of ReedLeyton Consulting Pty Ltd, independent Qualified Person, NI 43-101.

The Mineral Resource Estimate was prepared by Mr. Geoffrey Reed, MAIG, MAusIMM (QP) Geo, of ReedLeyton Consulting Pty Ltd, an independent Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Reed has reviewed and approved the technical information contained in this news release.

A National Instrument 43-101 technical report supporting the Mineral Resource Estimate will be filed on SEDAR+ within 45 days of the date of this news release. The technical report will be co-authored by Mr. Anders Hogrelius, P.G. RPGeo SME-RM, of Hogrelius Geological Consultants., and Mr. Bouke van `t Riet, (QP) ENG, of Arundon Mining Solutions Oy, both independent Qualified Persons under NI 43-101.

Property Description and Setting

The Sherridon Project is located approximately 65 km northeast of the town of Flin Flon, Manitoba. It is comprised of 34 mineral claims that total 5,380 hectares and one mineral lease that totals 486 hectares bringing the total land package to approximately 5,866 hectares 100% held by T2 Metals. Year-round access is provided by a well-maintained road network, while an operational rail line passes directly through the project area, offering a material infrastructure advantage that pre-development projects can claim.

Sherridon sits within the Flin Flon–Snow Lake Greenstone Belt, one of the world's most prolific VMS-producing geological terranes. The broader district has hosted over 35 VMS deposits and produced more than 150 million tonnes of ore. Immediately south, Hudbay Minerals' historic Flin Flon Mine produced copper-zinc ore for over 100 years; to the east, Hudbay's Snow Lake operations continue production.

The Cold Lake, Lost Lake, Bob and Jungle deposits are all sited within 8 km of the Sherridon Village where historical mining took place. The Park deposit which is not the subject of the current MRE (see News Release dated 1 Nov, 2024for details of the Park historical resource) lies 7 km from the Sherridon Village and 3 km from the Bob deposit and is being considered for future mineral resource estimation.

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_005full.jpg)

Figure 2: Location of NI 43-101 Mineral Resource Estimates, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_005full.jpg

Deposit Descriptions and Resource Highlights

Bob Deposit

The Bob deposit (Figure 3) is the most extensively drilled of the four resource areas with 78 drillholes and forms the cornerstone of the Sherridon MRE. Mineralization is comprised of two broadly parallel massive to semi-massive sulphide lenses of chalcopyrite-sphalerite-pyrite. The deposit has been defined over 1,300 m of strike and 260 m of down-dip extent and remains open in both directions. Drill highlights supporting the resource include:

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DH08-125: 39.4 m @ 0.97% Cu, 0.67% Zn, 0.23 g/t Au, 6.36 g/t Ag

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DH07-061: 24.9 m @ 1.22% Cu, 0.87% Zn, 0.49 g/t Au, 8.02 g/t Ag

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SL046: 19.3 m @ 1.31% Cu, 0.27% Zn, 0.30 g/t Au, 6.75 g/t Ag

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_007full.jpg)

Figure 3: Location of Bob NI 43-101 Mineral Resource Estimate April 2026, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_007full.jpg

Cold Lake Deposit

The Cold Lake deposit (Figure 4) has been tested with 24 drillholes and lies approximately 1 km east of the former Sherritt Gordon West Mine, with similar VMS mineralogy and alteration characteristics. Mineralization begins at surface and has been defined over 540 m of strike and 180 m of down-dip extent. Significant mineralized intercepts include:

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DH10-156: 20.9 m @ 2.27% Cu, 3.46% Zn, 2.15 g/t Au, 39.68 g/t Ag

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DH07-044: 26.0 m @ 1.15% Cu, 1.39% Zn, 0.56 g/t Au, 14.46 g/t Ag

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SHN23010: 6.00 m @ 1.65% Cu, 1.44% Zn, 2.14 g/t Au, 34.64 g/t Ag

Lost Lake Deposit

The Lost Lake deposit (Figure 5, Figure 6) has been tested with 35 drillholes and lies as a southern strike extension to the Cold Lake deposit. The Lost Lake MRE demonstrates down-plunge extension potential, with the 2024 T2 Metals drill program intersecting significant mineralization approximately 250 m beyond the resource footprint. Mineralization remains near-surface and has been defined over 530 m of strike and 120 m of down-dip extent. Significant mineralized intercepts include:

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SHN23005: 24.0 m @ 1.17% Cu, 1.43% Zn, 6.39 g/t Au, 38.64 g/t Ag

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DH09-137: 29.6 m @ 1.03% Cu, 0.76% Zn, 0.93 g/t Au, 18.25 g/t Ag

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DH09-138: 19.1 m @ 1.55% Cu, 3.96% Zn, 0.61 g/t Au, 16.55 g/t Ag

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_008full.jpg)

Figure 4: Location of Cold Lake NI 43-101 Mineral Resource Estimate April 2026, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_008full.jpg

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_010full.jpg)

Figure 5: Location of Lost Lake NI 43-101 Mineral Resource Estimate April 2026, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_010full.jpg

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_011full.jpg)

Figure 6: Long Section of Lost NI 43-101 Mineral Resource Estimate Wireframe April 2026, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_011full.jpg

Jungle Deposit

The Jungle deposit (Figure 7) represents an additional lens of copper-dominant VMS-style mineralization 4 km east of the Bob deposit. Jungle has been relatively lightly drill-tested compared to Bob and Cold Lake, and T2 Metals considers Jungle to hold significant near-term potential for resource expansion through targeted infill and step-out drilling. Mineralization remains near-surface and has been defined over 900 m of strike and varies between 200 – 680 m of down-dip extent. Significant mineralized intercepts include:

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DH07-021: 18.7 m @ 1.36% Cu, 0.63% Zn, 0.40 g/t Au, 7.60 g/t Ag

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DH07-028: 30.7 m @ 0.84% Cu, 0.19% Zn, 0.20 g/t Au, 6.03 g/t Ag

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NOK050: 9.6 m @ 2.16% Cu, 0.85% Zn, 0.01 g/t Au, 3.74 g/t Ag

Geology and Mineralization

All four Sherridon deposits display characteristic features of VMS deposits within the Flin Flon–Snow Lake Greenstone Belt: they are hosted within calc-alkaline mafic-felsic volcanic sequences of Paleoproterozoic age, exhibit well-developed footwall alteration (chlorite-sericite-quartz assemblages), and contain massive to semi-massive sulphide ore dominated by chalcopyrite, sphalerite, and pyrite with local galena.

The mineralized horizon at Sherridon is well-mapped over more than 25 km of multiply folded strike length. The four MRE deposits are interpreted as discrete lenses that thicken and thin along-strike, largely open for additional discovery down dip and along strike. Multiple additional exploration targets have been identified along strike and off-strike using downhole electromagnetics (DHEM) during drilling programs, providing a clear roadmap for future resource growth.

Past mining at Sherridon gives insight into the mining methods and traditional mineral processing opportunities for the style of massive sulphide mineralization present in the MRE deposits.

[](https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_013full.jpg)

Figure 7: Location of Jungle NI 43-101 Mineral Resource Estimate April 2026, Sherridon Project, Manitoba, Canada.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7326/296382_c9ce0e7be460c8ac_013full.jpg

Resource Estimation Methodology

The Mineral Resource Estimate was prepared by Geoffrey Reed, MAIG, MAusIMM (QP) Geo, of ReedLeyton Consulting Pty Ltd, in accordance with NI 43-101 and CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).

The Bob MRE is based on 78 NQ/HQ diamond drill holes totalling 14,327 m of drilling.

The Cold Lake MRE is based on 24 NQ/HQ diamond drill holes totalling 3,016.3 m of drilling, comprising 3 holes drilled by T2 Metals from 2023 to 2025 together with 21 historical holes from previous operators, validated by T2 Metals' QA/QC program.

The Lost Lake MRE is based on 25 NQ/HQ diamond drill holes totalling 2,966.8 m of drilling, comprising 7 holes drilled by T2 Metals from 2023 to 2025 together with 18 historical holes from previous operators, validated by T2 Metals' QA/QC program.

The Jungle MRE is based on 45 NQ/HQ diamond drill holes totalling 10,002 m of drilling.

A complete description of the data verification, sampling procedures, analytical methods, and QA/QC program is provided in the supporting NI 43-101 Technical Report, which will be filed on SEDAR+ within 45 days of this news release.

Key Estimation Parameters

Three-dimensional mineralization wireframes were constructed for each deposit in Maptek Vulcan Software using lithological, and assay criteria. An outer three-dimensional mineralization wireframe was based on lithology (Domain 100) and an inner three-dimensional mineralization was based on copper assay criteria (Domain 200).

Grade estimation by ordinary kriging and check grade estimation inverse distance using 1 m composite lengths except for Jungle where 0.6 m and 1.2 m composite lengths were applied.

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Block model dimensions: [10] x [10] x [10] metres and Sub-block [5] x [5] x [2]

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High-grade capping applied:

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Bob: Ag 25 g/t and Zn 4%

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Cold Lake: Au 5 g/t and Zn 12%

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Lost Lake: Au 6 g/t Ag 50 g/t for Domain 100 only

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Jungle: Domain 100 Cu 0.8%, Ag 15 ppm, Au 0.7 g/t, Zn 3.5 ppm, Domain 200 Cu 4%, Ag 20 g/t, Au 1.5 g/t, Zn 3ppm

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NSR cut-off grades: US$20/t (open pit), based on estimated mining, processing and site operating costs, and US$55/t (underground), based on estimated marginal operating costs, using current metal price assumptions.

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Bulk density determinations (Table 2) were available in each of the four mineralized deposits. Since bulk density is a function of sulphide content, a variable Cu+Zn+Pb was created for each sample containing a specific gravity determination. The correlation between this combined sulphide variable and BD was as follows:

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Bob: 80 measurements

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Cold Lake: 607 measurements

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Lost Lake: 171 measurements

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Jungle: 182 measurements

Table 2: Sherridon Project Bulk Density Measurements.

| Bulk Density FOR BOB, COLD AND LOST DEPOSITS AS A FUNCTION OF CU+ZN+PB GRADES | | | | | | Deposit | Cu+Zn+Pb Range | Number | Average Cu+Zn+Pb | Average SG | | Bob | 0 to 0.1% | 25 | 0.040 | 2.72 | | = 0.1 < 0.5% | 26 | 0.230 | 2.81 | | | = 0.5 <2.0% | 11 | 1.210 | 3.26 | | | = 2.0% | 18 | 3.960 | 3.74 | | | Cold Lake | 0 to 0.1% | 395 | 0.022 | 2.74 | | = 0.1 < 0.5% | 85 | 0.265 | 2.77 | | | = 0.5 < 2.0% | 71 | 1.125 | 2.84 | | | = 2.0% | 56 | 6.423 | 3.19 | | | Lost Lake | 0 to 0.1% | 134 | 0.022 | 2.75 | | = 0.1 < 0.5% | 19 | 0.260 | 2.77 | | | = 0.5 < 2.0% | 8 | 1.003 | 2.84 | | | = 2.0% | 10 | 11.194 | 3.29 | |