VANCOUVER, British Columbia, May 12, 2026 (GLOBE NEWSWIRE) -- Miata Metals Corp. (TSX.V: MMET) (OTCQX: MMETF) (FSE: 8NQ) ("Miata" or the "Company") is pleased to announce the signing of a Memorandum of Understanding ("MOU") with the Okanisi People through their Okanisi Development Fund ("ODF"), for its Sela Creek Gold Project ("Sela Creek" or the "Project") in Suriname. The Okanisi (Ndyuka) Maroon People are one of the major Maroon communities in Suriname. They live mainly along the Tapanahony River and assert their traditional rights over an area encompassing Sela Creek. Miata currently holds a 70% interest in Sela Creek and is working toward satisfaction of an option to acquire a full 100% interest in the Project.
The MOU between Miata and the ODF establishes a framework for collaboration with the Okanisi People. The MOU has been approved by the Gaaman (who is highest traditional authority among the Okanisi People), and recognizes the ODF as a coordinating body representing the Okanisi People in community development matters and outlines a shared commitment to sustainable development, transparency, and ongoing dialogue with traditional leadership. Since acquiring Sela Creek in 2024, Miata has maintained a collaborative relationship with the Okanisi People, especially those living in the Upper Tapanahony River area, by preferential employment and contracting of Okanisi People and service providers. Currently, the majority of the personnel in Miata's exploration field team is Okanisi.
As part of this agreement, Miata will provide an initial contribution of US$10,000 to support the establishment and operational readiness of the ODF. The MOU reflects the intention of both parties to work collaboratively toward a formal Mutual Benefits Agreement.
"Signing this MOU with the Okanisi People is a meaningful milestone for Miata and reflects our commitment to working in partnership based on respect of their traditional rights, transparency, and open communication. This agreement establishes a foundation for ongoing dialogue and good faith collaboration as we advance Sela Creek in a responsible and sustainable manner. We view this MOU as an important step toward a formal Mutual Benefits Agreement with the Okanisi People," says Dr. Jaap Verbaas.
"In parallel, we continue to move Sela Creek forward on multiple fronts, including the commencement of detailed environmental baseline work and metallurgical testwork at Jons Trend. Together, these initiatives support a disciplined approach to development, ensuring we generate value while upholding high environmental and technical standards."
Environmental Baseline Planning, Metallurgical Testwork, and Drilling Update
Miata completed an initial environmental desktop study with CARI Environmental and Regulatory Services (CARI ERS) across a 30,000-hectare project area. The study, which is the first-ever at Sela Creek, identified key environmental and social factors to support a multi-season environmental baseline assessment. This is a prerequisite for the eventual submission of an Environmental and Social Impact Assessment (ESIA) and feasibility studies, and is one of the longest lead-time items required in development. Advancing this deliverable early in the exploration phase will allow the Company to shorten development timelines in the future while executing on its ongoing drill program.
Miata has also initiated metallurgical testwork on composite drill core samples from the Jons Trend discovery area to evaluate gold habit, gold grain size, and liberation grinding size. This will support future process selection and design. The program includes ore analysis, mineralogical characterization, gravity recovery testing and cyanidation leach tests.
Two drill rigs are currently operating across multiple targets at Sela Creek, including at the Jons Trend discovery, where ongoing drilling is testing mineralization at depth and along strike.
Miata has completed over 7 km of drilling in 2026 across several priority zones at Sela Creek. Drilling has led to an additional gold discovery at Big Berg that is now being systematically expanded. One drill rig is currently testing targets in the Puma Trend while another drill rig continues to test the mineralized extent of Jons Trend and Big Berg, two substantial discovery zones at Sela Creek.
Corporate Update
Miata is pleased to announce the appointment of Ms. Nikki McEachnie as Director of Investor Relations. Nikki will lead the Company's investor communication strategy and support ongoing engagement with shareholders and the investment community.
Nikki brings over 10 years of investor relations and capital markets experience with a strong focus on the mining sector, having worked with multiple companies across various stages of exploration and development. Her expertise includes shareholder engagement, strategic communications, and capital markets positioning with a track record of building strong relationships with both institutional and retail investors.
About Miata Metals Corp.
Miata Metals Corp. (TSX.V: MMET) is a Canadian mineral exploration company listed on the TSX Venture Exchange, as well as the OTCQX (OTCQX: MMETF) and Frankfurt (FSE: 8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215 km2 Sela Creek Gold Project with an option to acquire a full 100% interest in the Project, and a 70% beneficial interest in the Nassau Gold Project with an option to acquire 100%. Both exploration properties are located in the greenstone belt of Suriname.
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
For Further Information, please contact:
Nikki McEachnie
Director of Investor Relations
nikki@miatametals.com
1-778-486-1500
Forward-Looking Statements
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated", "expected", "intends", "will" or variations of such words and phrases or statements that certain actions, events or results will occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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