THE CANADIAN CHROME COMPANY INC. DELIVERS NOTICE OF EXTENSION OF MATURITY DATE FOR ITS SECURED CONVERTIBLE PROMISSORY NOTE AND GRANTS STOCK OPTIONS

The Canadian Chrome Company Inc. announced the extension of its $34.5 million secured convertible promissory note maturity date from September 1, 2026, to August 31, 2027. This debt instrument was originally issued to Fancamp Exploration Ltd. in September 2022 as part of the acquisition of Fancamp's interest in the Koper Lake-McFaulds mineral properties in Ontario's Ring of Fire district, a region known for its significant chromite deposits.

The extension reflects the company's ongoing strategic review process, having retained Origin Merchant Partners as financial advisor to assess various strategic alternatives. These options include potential sale or divestiture through merger, consolidation, business combination, take-over bid, or asset sale, as well as possible joint venture arrangements. CEO Frank Smeenk indicated that while management believes a transaction may occur in the coming months potentially before the original note maturity, the extension provides prudent protection against timing uncertainties.

Concurrently, the company granted 2.7 million stock options to directors, officers, and consultants on February 27, 2026, exercisable at $1.60 per share with immediate vesting and five-year terms. This equity compensation aligns management incentives during the strategic review period.

The development signals potential consolidation activity in the Ring of Fire chromite sector, where transportation infrastructure challenges have historically limited development. As an exploration-stage company focused on large-scale chromite and base metal deposits, Canadian Chrome's strategic repositioning could catalyze broader sector activity in this critical minerals region, particularly given growing demand for chromium in stainless steel production and emerging battery technologies.