Sama Resources Inc. announce the results of the new Preliminary Economic Assessment for the Samapleu-Grata Nickel-Copper project located in Côte d'Ivoire, West Africa. The PEA is a preliminary technical study that examines the potential for a conventional open-pit mining operation producing both a conventional copper and nickel concentrate, together with cobalt, platinum, palladium and gold as by-products. As well the Sipilou Sud laterite deposit would produce direct shipping material.

The 2024 PEA outlines the potential for a conventional open pit mining operation supporting 86.5 million tonnes of modelled mill feed together with 1.62 million tonnes of direct shipped laterite material entirely from the Grata, Main and Extension deposits and the Sipilou Sud Laterite deposit. Average annual production of approximately 38,627 tonnes of 26% copper concentrate and 55,119 t of 13% nickel concentrate o Average annual nickel metal in concentrate of approximately 7,165 tonnes per year and copper metal in concentrate of approximately 10,043 tonnes per year · 16 year-life of mine · Pre-tax Net Present Value at 8% discount rate of USD 463M and internal rate of return ("IRR") of 28.2% · Post-tax NPV8 of USD 257M and post-tax IRR of 22.3% · Initial capital costs of USD 338M including a contingency of USD 61M · All-in sustaining cash costs1 per pound Ni and Cu of USD 4.05 /lb before by-product credits and USD 3.00 /lb after by-product credits of USD 1.05 /lb · Post-tax payback period of 3.8 years The 2024 PEA is preliminary in nature and includes inferred mineral resources, considered too speculative in nature to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability.

Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the results of the 2024 PEA will be realized. The Samapleu-Grata Nickel Copper Project is located in western Côte d'Ivoire approximately 600 km from the capital Abidjan via paved four-lane highway to Yamoussoukro, followed by paved roads to Daloa and Duékoué to the west and north to Man and Biankouma.

The remaining 35 km is accessed by a dirt road towards the west-northwest. The total area of the Project is approximately 835 km. The Project consists of five exploration permits - PR838 (Samapleu-Est), PR839 (Samapleu-Ouest), PR300 (Zérégouiné), PR604 (Grata) and PR837 (Zoupleu.

The 2024 PEA envisages a conventional open pit mining operation with off-highway haul trucks, hydraulic excavators, and wheel loaders. The mineral resources, contained in three pits, are intended to be mined by surface operations. The mineral processing plant is designed to process 5.475 Mtpa of run-of-mine mineralized material to annually produce 38,627 tonnes of a 26% copper concentrate and 55,119 tonnes of a 13% nickel concentrate.

Both concentrates will be saleable products. No longer is it envisioned that the Project would produce either a carbonyl nickel powder or carbonyl iron powder as set out in the 2020 PEA. This eliminates the need for a refining plant with the impact most noticeable in the reduction in sustaining capital in the 2024 PEA to USD 112M (including contingency) from USD 194M in 2020.

The surface infrastructure and processing plant would be located near the Grata Deposit open-pit mining operation. The mineral processing plant would consist of a crushing, grinding, rougher flotation, and cleaner flotation circuit. The back end of the concentrator includes tailings and concentrate thickening, concentrate filtration, and material handling.

The nickel and copper concentrates would be recovered as separate cleaned concentrates through a conventional flotation process. The tailings from the concentrator would be thickened and pumped to the Tailings Storage Facility. Reclaiming water from the TSF has been considered in the process design to minimize freshwater make-up to the concentrator.

The TSF is designed to provide storage for the total estimated volume of tailings over the 16 year life-of- mine. The TSF would be located approximately 500 meters southwest of the plant site, adjacent to a local village and cemetery and constructed from saprolite and inert waste rock from open pit development. One embankment will be constructed to establish a valley type impoundment.

The freshwater diversion dam will also be constructed to divert freshwater from the upstream TSF catchment area directly to the environment. The TSF location was selected based on the results of a scoping level options comparison for the Project. the project sensitivity to metal prices, operating cost and sustaining capital.

A variation of +-10 % in metals prices modifies the NPV by +-17% while a +-10% variation in operating costs varies the NPV by +- 7%. It is also shown that a variation of +-10% in sustaining capital costs will have an impact of +- 19% on the NPV. The Samapleu-Grata Nickel-Copper Project is hosted within the Yacouba complex, which is an ancient igneous complex that has intruded older gneisses of the West African Craton.

Mineralization in the Yacouba complex consists predominantly of magmatic sulfide mineralization hosted in pipe-like mafic-ultramafic intrusive conduits and is comprised of pyrrhotite, pentlandite and chalcopyrite, with subordinate amounts of pyrite, platinum group minerals (PGMs) and chromite. The style of mineralization observed within the Yacouba Complex is analogous to some of the world's largest Ni-Cu deposits, such as Jinchuan, Voisey's Bay, Kabanga, Eagle, Eagle's Nest, and Nkomati. Sama geologists recognized the prospectivity of the area in the early 2010s and commenced surface mapping and sampling in areas of limited exposure along more than 30 kilometers of strike length.

These efforts resulted in the identification of the Yacouba Complex and the magmatic sulfide mineralization at the Yepleu target as well as the Main and Extension Deposits. Magmatic sulfide mineralization at the Samapleu Project can be highly conductive where `semi-massive' to `massive' accumulations and continuous veins are formed. Recognizing this, Sama flew an airborne electromagnetic survey in 2013 over portions of the Project area, which was further extended in 2018.

Both airborne EM surveys confirmed the presence of highly conductive features coincident with the known nickel-copper-cobalt-platinum-palladium-bearing magmatic sulfide mineralization at the Yepleu target, and at the Main and Extension Deposits. The EM surveys also identified multiple high conductivity anomalies in areas with limited to no surface outcrop that represented high priority exploration targets.