Temas Files Preliminary Economic Assessment Report for La Blache and Clarifies February 7th Release - Seite 2

CAD $ Billion

15.9

14.9

Post-Tax IRR

%

55.1

60.8

Post-Tax Net Present Value (NPV8)

CAD $ Billion

6.8

6.6

Tim Fernback, President of Temas comments, "We are extremely pleased with the strong economics presented in this PEA on the La Blache Titanium-Vanadium-Iron Project in Quebec. Titanium has been trading well above our assumptions of USD $2,200 per tonne for over three years and at over USD $3,000 per tonne since August 2022. We believe this trend will continue due to the increasing demand for TiO₂, major global supply coming to end of life, and lack of both brownfield expansion and new projects coming online in North America. The PEA further increases our confidence in the Project and showcases our proprietary, environmentally friendly extraction technology. With a current market cap of CAD $5M, I am excited to engage with all our stakeholders to unlock the value of this highly robust Project as we advance the asset forward."

Summary of Preliminary Economic Assessment

The PEA report posted to SEDAR+ was prepared independently by ERM, under the supervision of QP Garth Liukko, P.Eng. (PEO); and the mineral resource estimate was prepared under the supervision of Jacques Dumouchel, P.Geo (OGQ).

The PEA was prepared in accordance with the requirements of National Instrument 43-101 and is based on the Mineral Resource Estimate for La Blache with an effective date of March 27, 2024.

Cautionary Note

The PEA summarized in this news release is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for La Blache. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade, or quality are estimated based on limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized mine plan (within the constraints of a PEA) and meet the test of reasonable prospects for economic extraction.