To Lead the Next Phase of Development of the Strange Lake Project
as the Need Intensifies for Secure Supply of Dysprosium, Terbium, Yttrium and other Rare Earth Elements
Montréal, Québec – October 8, 2026 –Torngat Metals Ltd. (“Torngat Metals”), a Canadian-based rare earth development company, is pleased to announce the appointment of Michael McCann as Chief Executive Officer, effective October 13, 2026.
Michael McCann joins Torngat Metals at a pivotal stage in the development of the Strange Lake Project following the completion of an updated Feasibility Study demonstrating technical and economic viability with Environmental Impact Assessment work also nearing completion after years of engineering, environmental and stakeholder engagement efforts. At the same time, the strategic imperative is growing for new rare earth supply from Canada, with rising market demand and the G7’s determination to solve geopolitical supply chain risks. Dysprosium, terbium, neodymium, praseodymium, yttrium, samarium and gadolinium are the critical rare earth elements that Western industries and governments seek to secure and that the Strange Lake Project is uniquely positioned to supply at scale with mining and value-added transformation in Canada.
To lead Torngat Metals into this next chapter, Michael brings more than 30 years of executive experience in the mining industry and a strong track record of leading complex operations across Canada, including in Québec and Newfoundland and Labrador. He joins the company following an accomplished tenure as President and Chief Executive Officer of the Iron Ore Company of Canada (IOC), where he led one of the country’s largest integrated mining, rail and port operations. Throughout his career, he has been recognized for building high-performing organizations, advancing industry-leading safety cultures and delivering large-scale projects in partnership with governments, Indigenous communities and local stakeholders.
Before IOC, Michael led units across Vale Base Metals’ North Atlantic operations in Sudbury, Thompson and Newfoundland and Labrador, and then the division’s strategic business projects, with oversight of operations in Canada, the United Kingdom, Japan and China. He is a former Chair of the Ontario Mining Association.
Management and Continuity
As part of a planned leadership transition, Maryse Bélanger, who has served as Interim Chief Executive Officer and Chair of the Board of Directors, will work closely with McCann to ensure a seamless handover. Following the transition, Maryse Bélanger will continue in her role as Chair of the Board of Directors.
“On behalf of the Board, I am delighted to welcome Michael to Torngat Metals,” said Maryse Bélanger, Chair of the Board. “Michael is a highly respected mining leader with deep operational experience and a strong commitment to safety, people and partnerships. His experience building teams and leading complex integrated operations will be invaluable as we pursue the next phase of development of the Strange Lake Project. At a time when secure and responsible rare earth supply is becoming increasingly important to Canada and its allies, Michael’s leadership will continue to position Torngat Metals to pursue the opportunities ahead. His track record working with governments, Indigenous communities and local stakeholders will also be an important asset as the project advances through its next stages of development.”
“I am excited to join Torngat Metals at such an important time for the global rare earth industry,” said Michael McCann. “What attracted me to Torngat Metals is the opportunity to contribute to a project of strategic importance for Québec, Newfoundland and Labrador and Canada. Demand for secure and responsibly produced rare earth elements continues to grow, creating new opportunities for projects that can help strengthen supply chains. I am excited about the opportunity to collaborate with the outstanding technical and customer partners the company has already established with global leaders such as Carester in France. Throughout my career, I have believed that strong performance begins with an unwavering commitment to health and safety, respect for people, partnerships and collaboration with stakeholders. I look forward to working with the talented Torngat Metals team, Indigenous communities, governments and local communities as we build the next stage together.”
About Rare Earths Market
China produces roughly 90% of the world’s separated rare earths and more than 90% of its permanent magnets, and in 2025 the Government of China placed the most critical rare earths under export licensing. This approach is deliberate since rare earths enable numerous technologies and product supply chains which underpin trillions of dollars of global industries. Permanent magnets containing dysprosium are essential to electric vehicles, wind turbines, robots, drones, electronics and industrial motors. Yttrium-based coatings and products are essential to the manufacturing and maintenance of gas turbines, jet engines, as well as semiconductor manufacturing. Without rare earth supply, Western supply chains and manufacturing would shut down. Therefore, Torngat Metals is pleased to pursue the responsible development of the Strange Lake Project with its potential to become the world’s leading mine- to- separated- oxide supplier of dysprosium and terbium, while also producing neodymium, praseodymium, yttrium, samarium, gadolinium, and the other critical rare earths.
About Torngat Metals
Torngat Metals is a privately held Canadian company working to develop the Strange Lake project and supply responsibly produced rare earth elements used in high-technology and low-carbon-emission solutions. With operations in Québec, as well as in Newfoundland and Labrador, the company aims to become a leading supplier of strategic rare earth elements. Seeking to build solid partnerships with Inuit, First Nations and local communities, complemented by state-of-the-art engineering and new approaches to minimizing environmental impacts, Torngat Metals aims to play a key role in the global transition to clean energy.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws, including statements concerning Torngat Metals’ future plans, objectives, strategy, growth opportunities and expectations regarding the appointment of its new Chief Executive Officer. Forward-looking information is based on management’s current expectations and assumptions and is subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events may differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking information. Torngat Metals undertakes no obligation to update or revise any forward-looking information, except as required by applicable law.
Media Contact
Aline Vandermeer
aline.vandermeer@torngatmetals.com
514-605-3416