WILMINGTON, DE / ACCESS Newswire / October 20, 2026 / Electric Metals (USA) Limited (TSXV:EML)(OTCQB:EMUS) (the "Company" or "Electric Metals") announces that its previously disclosed definitive purchase and sale agreement dated effective January 30, 2026, as amended May 7, 2026 (the "Agreement"), with Ameerex Corporation ("Ameerex") for the sale of its non-core Nevada silver assets has automatically terminated in accordance with its terms following Ameerex's failure to make the second purchase payment of US$1,100,000.

Electric Metals has retained US$350,000 in previously received payments and fees in accordance with the terms of the Agreement.

The transaction involved the sale of all of the issued and outstanding shares of the Company's wholly owned subsidiary North American Silver Corporation and, indirectly, Centennial Mining, which together hold the Corcoran silver-gold and Belmont silver properties in Nye County, Nevada.

Electric Metals is currently in discussions with groups interested in acquiring these assets and welcomes expressions of interest from additional prospective purchasers.

Brian Savage, Chief Executive Officer of Electric Metals, commented: "We remain focused on monetizing our non-core Nevada silver assets and are encouraged by the interest from other prospective purchasers. Our objective is to complete a transaction that delivers value to Electric Metals and its shareholders while allowing us to concentrate our resources on advancing our U.S. manganese strategy."

The Nevada silver assets are not part of Electric Metals' core manganese business. The Company remains focused on advancing its North Star Manganese Project in Minnesota and developing an integrated domestic manganese supply chain to serve U.S. industrial, battery, defense and technology markets.

About Electric Metals (USA) Limited

Electric Metals (USA) Limited (TSXV:EML)(OTCQB:EMUS) is a U.S.-domiciled critical minerals and advanced materials company focused on establishing a secure, resilient and fully domestic U.S. manganese supply chain.

The Company's principal asset is the North Star Manganese Project, comprising the Emily manganese deposit in Minnesota and a planned high-purity manganese processing facility in the United States. Electric Metals' strategy is to supply high-purity manganese chemical and metal products for battery, defense, technology, steel and industrial applications.

With the United States currently dependent on foreign sources for its manganese requirements, Electric Metals is advancing an integrated mine-to-market strategy designed to strengthen domestic manufacturing, reduce foreign supply-chain dependence and support U.S. economic and national security priorities.

For further information, please contact:

Electric Metals (USA) Limited
Brian Savage
Chief Executive Officer & Director
(303) 656-9197
info@electricmetals.com
www.electricmetals.com

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. Such information includes, but is not limited to, statements regarding discussions with prospective purchasers, the potential sale of the Company's Nevada silver assets, the anticipated benefits of any future transaction, and the Company's plans to advance its North Star Manganese Project and develop an integrated U.S. manganese supply chain.

Forward-looking information is based on management's current expectations, estimates, and assumptions and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. There can be no assurance that discussions with prospective purchasers will result in a definitive agreement or completed transaction, or that the Company's development objectives will be achieved. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise such information except as required by applicable law.

SOURCE: Electric Metals (USA) Limited