Texas Mineral Resources Issues Fiscal Year End Corporate Update

SIERRA BLANCA, TX, Nov. 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Texas Mineral Resources Corp. (OTCQB: TMRC)

Texas Mineral Resources Corp. (“TMRC” or the “Company”), is pleased to announce a fiscal year-end corporate update concurrent with the filing of its Annual Report on Form 10-K with the SEC.

Round Top:

USARE, the operating manager of Round Top Mountain Development, LLC (“Round Top”), has advised TMRC that it continues to progress Round Top toward operations.  Over the last twelve months, Round Top achieved several major milestones including: (i) favorable breaker trials with the goal to increase mine throughput; (ii) favorable CIX separation trials for rare earth elements indicating that the CIX technology employed can extract commercial quality rare earths from Round Top ore; and (iii) favorable membrane concentration trials.  The USARE Round Top team continues its work to determine an efficient means of managing alumina content, adding gallium to its output and is working with a major lithium company to maximize the value of the lithium content.  USARE has advised the Company that it (i) currently expects that (A) a preliminary feasibility study (“PFS”) reflecting this work should be completed during calendar 2024 and (B) a small manufacturing unit should be established to begin processing Round Top ore in calendar 2025, and (ii) believes that Round Top remains an attractive economic venture and is in the process of updating the Round Top economic model.

Anticipated Round Top expenditures during the fiscal year ending August 31, 2024 are being made to optimize the leaching and developing of the CIX/CIC processing of Round Top. Initial process design work will be carried out at USARE’s facility in Wheat Ridge, Colorado. Pending completion of the initial process development, this facility will either be relocated to or replicated at USARE’s Oklahoma facility where a pilot plant is expected to be established.  It is estimated that Round Top will require additional time and further expenditure to complete a bankable feasibility study after completion of the PFS. As such, it is possible that the Round Top Budget will increase in the current fiscal year.  Additional information regarding planned expenditures is set forth in the Company’s Form 10-K.