Global Energy Metals' Partner Enters MOU With Austral Resources To Assess Toll Treatment Opportunities At The Millennium Project

(TheNewswire)

Vancouver, BC -TheNewswire - February 17, 2026 - Global Energy Metals CorporationTSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the“Company” and/or “GEMC”), a multi-jurisdictional, multi-commoditycritical mineral exploration, development and project generatingcompany focused on growth-oriented projects supporting the globaltransition to the new energy economy, is pleased to report thatASXlisted Metal Bank Ltd.,  (“Metal Bank”and/or “MBK”) as project operator has signed a non-bindingMemorandum of Understanding (“MOU”) with ASX listed AustralResources Australia Ltd (“Austral”) in relation to a strategicalliance regarding future toll treating of ore from theMillennium Copper Cobalt Gold GraphiteProject (“Millennium”and/or the “Project”) through Austral’s newly acquired Rocklandsprocessing facility (“Rocklands”).  

Rocklands is located approximately 19km from Millennium and Australis pursuing a consolidation strategy to establish Rocklands as aprocessing hub capable of servicing multiple regional ore sources.Feasibility work has been commenced by Austral and the re-start ofRocklands is expected within 2 years.

Highlights:

•  Metal Bank has signed anon-binding MOU with Austral to evaluate potential toll treatment ofore from the Millennium Project at Austral’s Rocklands processingfacility 

• Rocklands is located approximately19km from Millennium representing another positive step towardsconsolidation in Queensland’s Cloncurry and Mt Isa region that wouldbenefit greatly from such a strategy. 

• Provides the potential tosignificantly bolster the mill feed for Rocklands, ahead of restartstudy phase. 

• Millennium holds a JORC 2012 MineralResource Estimate (MRE) of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Aufor a 1.23% CuEq*: 

  • Located on 5 granted miningleases 

  • Significant potential for expansionwith an application for an additional mining lease recentlylodged 

• Global Energy holds a 49% interestin Millennium and is fully carried on exploration spend as part ofMetal Bank’s earn-in for 80% of the Millennium. 

*CuEq = Cu% +(Co% x 9.16) + (Au g/tx 0.678) using long term metal prices of Cu: US$3.50/lb ($7716/t);Co:US$32.00/lb ($70 547.84/t); Au: US$1900/oz; Cu recovery=95.1%; Corecovery=95.3%; Au recovery=81.4%; Cu payability=80%; Co payability =80%; Au payability = 80%

Mitchell Smith, President and CEO ofGlobal Energy Metals Corp. comments:

“This MOU between our partnerMetal Bank Limited and Austral Resources Australia Ltd highlights thestrategic value of the Millennium Project, with Rocklands located just19 kilometres away. Itreinforces the potential benefits of regional consolidation in theCloncurry–Mt Isa district while underscoring Millennium’s existingJORC resource and expansion upside. Importantly, Global Energy MetalsCorp. remains fully carried on exploration as Metal Bank advances itsearn-in, preserving shareholder exposure without dilution.”

Details of the MOU

Under the MOU, Austral and Metal Bank will workcollaboratively to assess the technical, commercial, logistics andfeasibility of toll treatment of Millennium ore at Rocklands.

The scope of evaluation includes:

• Metallurgical testwork and processingcompatibility;

• Haulage methodology and mine-to-process plantlogistics;

• Commercial tolling structures, including pricingthresholds; and

• Alignment of project development timelines.

The MOU enables both parties to advance collaborationnow, ahead of binding commercial agreements, ensuring timing alignmentas both assets progress toward production readiness. The MOU isnon-binding, non-exclusive, and does not commit either party toproceed with a formal transaction. Any binding arrangement will besubject to due diligence, metallurgical testwork, feasibilityanalysis, and the execution of definitive agreements.

Significance of the MOU

The MOU strengthens Austral’s ambition to positionRocklands as a regional processing hub, providing improved confidencearound early mill feed optionality and restart planning. Access tothird-party ore has the potential to accelerate throughput ramp-up,reduce operating unit costs through higher utilisation, and supportstronger returns on existing infrastructure. Importantly, thealignment of timing between Metal Bank’s advancing project andRocklands feasibility work creates a clear pathway to coordinateddevelopment, mutual cost efficiencies, and a stronger commercialcertainty at restart. The MOU reinforces Austral’s role as thelogical regional consolidator and a value-accretive partner foremerging deposits across Northwest Queensland.

Millennium

The Millennium Copper Cobalt Gold GraphiteProject project holds a 2012 JORC InferredResource across 5 granted Mining Leases with significant potential forresource expansion. Additionally, graphite has been identified over>2km strike length within and adjacent to the existing JORCResource. MBK submitted an application for an additional mining lease(ML) at Millennium in 2025 to facilitate further exploration andoperations for both Co-Cu-Au and graphite resources (Figure 1).

Figure 1. Millennium projectoverview showing current and proposed ML boundaries, 2023

Click Image To View Full Size

This application area consists of some 159Ha whichencompass the southern granted leases and

importantly includes the Gap Zone, a previouslyinaccessible 200m x 200m area not included in

the current MRE.

Previous RC drilling of this Gap Zone in 2013 and 2014demonstrated strong mineralisation continuity on the Millennium Trend,including downhole results of 23m @ 0.48% Cu, 0.16% Co and 0.16g/t Aufrom 16m (Q-001) and 13m @ 0.53% Cu, 0.30% Co and 0.24g/t Au from 40m(Q-014). The additional lease also encompasses further area to thewest to cover potential extensions of graphite mineralisation, and tothe east for operational infrastructure.

Please refer toASX:CYU announcement 4 December 2013: ‘Completion of InitialCopper/Gold Drilling Program and Millennium – Large Mineral SystemIdentified’ and ASX:CYU announcement 23 July 2014: ‘June 2014Quarterly Report’.

The additional lease also encompasses further area tothe west to cover potential extensions of

graphite mineralisation, and to the east foroperational infrastructure.

In line with this, Metal Bank, in full support byGlobal Energy Metals, is assessing the potential for further value tobe unlocked from the Millennium Project via developing the graphitepotential over the coming months. This includes additional surfacemapping and sampling, metallurgical testing to determine recovery,graphite flake size, sphericity and purity, including this currentdrill program to refine near term scope for an Exploration Targetand/or Mineral Resource. 

The Company looks forward to the results from thepreviously announced drilling program (referto GEMC news release dated November 28, 2025) and will keep shareholders informed as to the progress ofthe mining lease application in due course.

Qualified Person

Mr. Paul Sarjeant, P. Geo., is the qualified person forthis release as defined by National Instrument 43-101 - Standards ofDisclosure for Mineral Projects.  He is a shareholder and Director ofthe Company.

ForFurther Information:

Global Energy Metals Corporation

Email: info@globalenergymetals.com

t. + 1 (604) 688-4219

www.globalenergymetals.com

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Global Energy MetalsCorporation

(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals Corp. providesinvestors with direct exposure to the rapidly expanding new energymarket through the development of a diversified, global portfolio ofexploration and growth-stage critical mineral assets.

The Companyrecognizes that the accelerating electrification of the global economyis fundamentally dependent on the secure supply of critical batterymetals, including cobalt, nickel, copper, lithium and other essentialraw materials. To help address this challenge and participatemeaningfully in the electrification movement, Global Energy Metals hasadopted a disciplined consolidate, partner and invest strategy,assembling and advancing a portfolio of strategically significantbattery metal investments.

Through its copper,nickel, cobalt, silver, lithium and uranium projects in Canada,Australia, Norway and the United States, Global Energy Metals isinvesting in, exploring and developing prospective, scalable assetslocated in established mining and processing jurisdictions, often inclose proximity to end-use markets. The Company prioritizes projectswith low logistical and processing risk, positioning them foraccelerated development and potential entry into the battery supplychain within the current cycle.

Global Energy Metalsalso collaborates with industry peers to enhance its exposure tocritical minerals and the technologies required to support a cleaner,more sustainable future.

Securing exposure tothe minerals that power the eMobility revolution represents agenerational investment opportunity. Global Energy Metals believes nowis the time to be part of the electrification movement.

Cautionary Statement on Forward-LookingInformation:  

Certain information in this release may constitute forward-lookingstatements under applicable securities laws and necessarily involverisks associated with regulatory approvals and timelines. AlthoughGlobal Energy Metals believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in theforward-looking statements. Except as required by law, Global Energymetals undertakes no obligation to update these forward-lookingstatements in the event that management’s beliefs, estimates oropinions, or other factors, should change.  

For more information on Global Energy and the risks and challengesof their businesses, investors should review the filings that areavailable at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of thisrelease.

We seek safe harbour.

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