Metalsource Mining Inc. — Share Issue/Capital Change 2026

Jan 8, 2026

Form 51-102F3
Material Change Report

1. Name and Address of Company

Metalsource Mining Inc.
700-838 West Hastings Street
Vancouver, BC, V6C 0A6

(the "Company")

1. Dates of Material Change(s)

December 31, 2025

1. News Release(s)

A news release was issued on January 2, 2026 and disseminated via Globe Newswire pursuant to section 7.1 of National Instrument 51–102.

1. Summaries of Material Changes

The Company is pleased to announce that, further to its news release dated December 24, 2025, it closed the non-brokered private placement for total gross proceeds of $1,020,000 (the “Offering”) on December 31, 2025.

The Company has allotted and issued 3,400,000 units (the “Units”) at a price of $0.30 per Unit. Each unit consists of one common share of the Company (the “Shares”) and one-half of one transferable share purchase warrant (each whole, a “Warrant”), with each Warrant entitling the holder to acquire one additional common share at an exercise price of $0.40 for a period of two (2) years from the closing date.

1. Full Description of Material Changes

News Release dated January 2, 2026 – See Schedule “A”

1. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

1. Omitted Information

No information has been omitted.

1. Executive Officer

Mr. Joseph Cullen, CEO of the Company, is knowledgeable about the material change contained herein and may be reached at (778) 919-8615.

1. Date of Report

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This report is dated January 7, 2026.

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SCHEDULE "A"
to the Material Change Report dated January 7, 2026

METALSOURCE MINING CLOSES PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, January 2, 2025 – METALSOURCE MINING INC. (the "Company" or "Metalsource") (CSE: "MSM") is pleased to announce that, further to its news release dated December 24, 2025, it closed the non-brokered private placement for total gross proceeds of $1,020,000 (the "Offering") on December 31, 2025.

The Company has allotted and issued 3,400,000 units (the "Units") at a price of $0.30 per Unit. Each unit consists of one common share of the Company (the "Shares") and one-half of one transferable share purchase warrant (each whole, a "Warrant"), with each Warrant entitling the holder to acquire one additional common share at an exercise price of $0.40 for a period of two (2) years from the closing date.

The Units issued pursuant to the Offering are subject to a four-month and one day hold period from the date of issuance under applicable Canadian securities laws. No finders fees were paid in connection with the Offering.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,400,000 Units pursuant to the Offering for total consideration of $1,020,000. Prior to the Offering, Mr. Sprott beneficially owned or controlled 7,500,000 Shares and 3,750,000 Warrants, representing approximately 12.7% of the outstanding Shares on a non-diluted basis and 17.9% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.

As a result of the Offering, Mr. Sprott now beneficially owns or controls 10,900,000 Shares and 5,450,000 Warrants, representing approximately 17.5% of the outstanding Shares on a non-diluted basis and 24.1% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Metalsource Mining's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).

The Company intends to use the proceeds of the Offering to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, with a primary focus on expanding Silver Hill's silver potential, to continue work on the Company's Aruba manganese project in Botswana, and for general working capital.

About Metalsource Mining Inc.

The Company is engaged in acquisition, exploration and development of mineral property assets. The Company's objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Aruba Property. The Aruba

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Property is located in the Kalahari Desert region of Botswana, covering 4,663 square kilometers in an area prospective for platinum group metals, gold, silver, and manganese mineralization.

For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company's profile.

ON BEHALF OF THE BOARD OF DIRECTORS

Joseph Cullen, Chief Executive Officer and Director

For more information please contact:

Mr. Joseph Cullen

Phone: 778-919-8615

Email: jpacullen@gmail.com

Website: https://www.metalsourcemining.com

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