Canamera Commences 1,500-Metre Maiden Diamond Drill Program at Schryburt Lake Rare Earth-Niobium Project, Ontario and Announces Record Date for 6:1 Share Consolidation

Edmonton, Alberta--(Newsfile Corp. - November 2, 2026) - Canamera Energy Metals Corp.(CSE: EMET) (OTCQB: EMETF) (FSE: 4LF0) ("Canamera" or the "Company") is pleased to announce that diamond drilling commenced on October 22, 2026 at the Schryburt Lake Rare Earth Element-Niobium Project (the "Project") in northwestern Ontario. The program is the first diamond drilling ever conducted on the Project and comprises approximately 1,500 metres in three inclined NQ holes, designed to test the near-surface projections of pipe-like magnetic anomalies modelled beneath the Blue Jay, Starling and Blackbird targets.

Highlights

• Drilling has commenced: Forage Fusion Drilling Ltd. began drilling on October 22, 2026. This is the first diamond drill program on the Project, and the first drilling of any kind since six shallow reconnaissance holes totalling 293 metres were completed in 1977.
• Designed to test: Three inclined NQ holes of approximately 500 metres down-hole length each, for a total of approximately 1,500 metres, at the Blue Jay, Starling and Blackbird targets.
• Local participation: The 12-person field crew includes members of Nibinamik First Nation and is working under the exploration agreement between the Company and Nibinamik First Nation announced on October 8, 2026 (the "Exploration Agreement").
• Advancing the earn-in: Program expenditures are in furtherance of the C$1.5 million expenditure condition of the first option of the JV Option Agreement (as defined below), through which Canamera may earn an initial 51% interest in the Project.

"This is the first diamond drill program ever undertaken at Schryburt Lake, and the first time a drill has turned on the Schryburt Lake carbonatite complex (the "Complex") in nearly 50 years," said Brad Brodeur, Chief Executive Officer of Canamera. "The holes we are drilling reflect the convergence of two approaches: the tried-and-tested groundwork of prospecting, mapping, sampling and geophysics, and ExploreTech's AI-driven modelling, which we used to position the holes. With members of Nibinamik First Nation on the crew and core coming out of the ground, this is a milestone for the Company and for the Project, and we look forward to seeing what the Complex holds."

Drill Program

The program comprises three inclined NQ diamond drill holes of approximately 500 metres down-hole length each, for a total of approximately 1,500 metres, at the Blue Jay, Starling and Blackbird targets, with a budget of approximately C$1.7 million. Magnetic inversion modelling converts airborne magnetic survey data into a three-dimensional model of the distribution of magnetic rock below surface. At Schryburt Lake, this modelling has defined pipe-like magnetic anomalies beneath the Complex extending from approximately 600 metres to more than 1,000 metres below surface. The current holes are designed to test the near-surface projections of these anomalies.

Hole locations were selected from historical exploration data, the magnetic inversion modelling, radiometric and surface sampling results, and drill-targeting work was completed by ExploreTech, which the Company engaged in May 2026.

The program is authorized under the three-year exploration permit (the "Exploration Permit") issued by the Ontario Ministry of Energy and Mines, effective September 10, 2026 to September 9, 2029, which allows mechanized diamond drilling at up to 19 drill sites. Results will be released once assays have been received and reviewed by the Company's Qualified Person.

Program Team

Warren Robb, P.Geo., Vice President Exploration of Canamera and the Qualified Supervisor named under the Exploration Permit, oversees the program. The Company has engaged Nemo Resource Group to manage program logistics under the direction of Ben Kuzmich, M.Sc., P.Geo.(Ont.), Principal of Nemo Resource Group. Bayside Geoscience Inc. of Thunder Bay, Ontario operates the program on behalf of Nemo, with a Bayside geologist on site. Drilling is being conducted by Forage Fusion Drilling Ltd. of Hawkesbury, Ontario. The 12-person field crew, which includes members of Nibinamik First Nation, is based at a nearby lodge and supported by helicopter.

The Project is located on the traditional homelands of Nibinamik First Nation, an Anishinaabe community at Summer Beaver, Ontario, and a signatory to Treaty No. 9.

Figure 1: Schryburt Lake Proposed Drill Locations

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About the Schryburt Lake Project

The Schryburt Lake Project consists of 252 unpatented mining claims covering approximately 4,947 hectares, located north-northeast of Pickle Lake in the District of Kenora, Ontario. The Project hosts the Complex, a Mesoproterozoic carbonatite intrusion dated at approximately 1,145 Ma, with carbonatite and silicocarbonatite phases extending over a mapped diameter of approximately 3.3 kilometres. Five target areas have been identified: Blue Jay, Goldfinch, Starling, Blackbird and Hummingbird.

Under a joint venture option agreement (the "JV Option Agreement") dated November 14, 2025 with Dixon Metals (Ontario) Corporation and Bindi Metals Limited (ASX: BIM), Canamera may earn up to a 90% interest in the Project through a three-stage earn-in requiring aggregate expenditures of C$9.0 million. The Project is subject to a 1.0% net smelter return royalty in favour of the original vendors. Further details are available in the Company's technical report on the Project prepared in accordance with NI 43-101 (as defined below), entitled "NI 43-101 Technical Report on the Schryburt Lake Project" dated effective April 15, 2026, prepared by J Garry Clark, P. Geo. of Clark Exploration Consulting Inc., available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Warren Robb, P.Geo. (British Columbia), Vice President Exploration of Canamera Energy Metals Corp. and a "Qualified Person" as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Robb is not independent of the Company within the meaning of NI 43-101.

Share Consolidation

Further to its news release dated September 14, 2026, the Company announces that, subject to the approval of the Canadian Securities Exchange (the "CSE"), it intends to consolidate its common shares (the "Shares") on the basis of one (1) post-consolidated Share for every six (6) pre-consolidated Shares (the "Consolidation"), with a record date of November 6, 2026 (the "Record Date"). The Shares are expected to begin trading on the CSE on a consolidated basis at the opening of trading on or about November 6, 2026 (the "Effective Date").

As a result of the Consolidation, on the Effective Date, a total of approximately 25,516,517 Shares will be issued and outstanding, subject to adjustments for rounding. No fractional Shares will be issued, and any post-consolidated fraction of a Share will be rounded to the nearest whole number. The exercise price and number of Shares issuable upon the exercise of the Company's outstanding warrants and stock options will be proportionately adjusted in accordance with their respective terms. The name of the Company has not been changed, and the trading symbol remains "EMET". The new CUSIP number for the post-consolidated Shares will be 13711A209 (ISIN: CA13711A2092).

The Consolidation is being conducted on a "push-out" basis. Registered shareholders holding Shares represented by a direct registration system ("DRS") statement, and non-registered shareholders holding Shares through a broker or other intermediary, will have their holdings adjusted automatically to reflect the Consolidation and are not required to take any action.

Registered shareholders holding physical share certificates will receive a letter of transmittal from the Company's transfer agent, National Securities Administrators Ltd. (operating as Endeavor Trust Corporation), with instructions on how to exchange their pre-consolidated share certificates for DRS statements representing the post-consolidated Shares to which they are entitled. A copy of the letter of transmittal will also be available under the Company's profile on SEDAR+ at www.sedarplus.ca. Until surrendered, each share certificate representing pre-consolidated Shares will be deemed to represent the number of post-consolidated Shares to which the holder is entitled as a result of the Consolidation.

About Canamera Energy Metals Corp.

Canamera Energy Metals Corp. is a rare earth elements exploration and development company with an expanding project portfolio across Brazil, the United States, and Canada. The Company is focused on advancing ionic clay REE projects in Brazil and critical mineral assets in North America to support Western rare earth supply chain independence. For more information, visit www.canamerametals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the conduct, scope, budget, objectives and completion of the Company's drill program at the Schryburt Lake Project; the number, length, orientation and targets of the planned drill holes; the testing of the near-surface projections of modelled magnetic anomalies; the interpretation and significance of historical exploration data, magnetic inversion modelling, radiometric and surface sampling results, and drill-targeting work; the expected application of program expenditures toward the first option expenditure condition under the JV Option Agreement; the Company's ability and intention to earn an interest in the Project; the Company's relationship with Nibinamik First Nation and community participation in the program; the potential for rare earth element and niobium mineralization at the Project; the timing of the release of results; and the Consolidation, including the receipt of CSE approval, the Record Date, its completion and effectiveness on the Effective Date, the number of Shares to be issued and outstanding following the Consolidation, and the exchange of pre-consolidated share certificates.

Forward-looking information is based on the opinions, estimates and assumptions of management as of the date such statements are made and is inherently subject to significant business, economic, operational, geological, regulatory and competitive uncertainties and contingencies. Such assumptions include, without limitation: that the Company will maintain all required permits, approvals and property rights and comply with the terms of the Exploration Permit, the Exploration Agreement and the JV Option Agreement; that weather, ground conditions, helicopter availability and site access will permit drilling to continue; that contractors, equipment, consumables, accommodations and qualified personnel will remain available on acceptable terms; that the Company will have sufficient working capital to complete the program; that the planned holes can be completed at the lengths and costs currently contemplated; that the historical data and the geological, geophysical, geochemical and modelling interpretations used to define the targets are reliable; that the CSE will approve the Consolidation; that the Consolidation will become effective on the Effective Date as anticipated; and that the Company will maintain constructive relationships with Nibinamik First Nation, governmental authorities, contractors and other stakeholders.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such information. These risks include, but are not limited to: changes to the scope, design or cost of the drill program; delays, suspension or early termination arising from weather, freeze-up, access, helicopter, equipment, contractor, personnel, safety or other operational constraints; cost escalation and unanticipated expenses; the inability to maintain required permits, approvals, financing or property rights; the inability to satisfy expenditure requirements or other conditions under the JV Option Agreement; the possibility that drilling does not intersect mineralization, or does not intersect mineralization of the grade, width, continuity or significance anticipated; the possibility that modelled magnetic anomalies do not reflect mineralization; uncertainties respecting the accuracy and interpretation of historical data, modelling and other exploration information, including probabilistic targeting models; the preliminary nature of exploration targets and the absence of a mineral resource estimate on the Project; changes in the Company's relationship with Nibinamik First Nation or other Indigenous communities; regulatory, environmental, health and safety, title and third-party risks; adverse changes in rare earth element and niobium prices, market demand, capital markets or general economic conditions; the failure to receive CSE approval for the Consolidation; delays in, or the failure to complete, the Consolidation as anticipated; and the other risks inherent in mineral exploration. Readers are referred to the risk factors described in the Company's most recent continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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