Temas Resources Corp. reported positive results of an Independent Technical Report and Preliminary Economic Assessment ("PEA") for the wholly-owned La Blache Ti-V-Fe Project located in the Cote Nord region of Quebec. Project economics were estimated assuming market demand supports constant prices of USD 2,200/tonne ("t") for titanium dioxide (97.8% purity TiO2), USD 14,200/t for vanadium pentoxide (V205) and USD125/t iron oxide (Fe2O3).

In a similar fashion, the V2O5 is removed as a byproduct using solvent extraction during the finishing stages of the TiO2 extraction process. The performance of the metals in both the pilot plant and previous studies were used to form the design and performance expectations in the PEA CAPITAL and OPERating COSTS A breakdown of the capital and operating costs used in the economic analysis are presented in the tables below. Exploration activities undertaken to date, in conjunction with the results of previous exploratory works, have outlined significant mineralization which, in the opinion of the Authors, justifies further activities.

Studies should be undertaken in order to assess the potential of project development and, ultimately, mine construction. The PEA reports an Inferred Mineral Resource Estimate for the Project which consists of both semi-massive oxide and massive oxide material, for a total MRE of 208.5 Mt with an average grade of 12.3% TiO2. The conceptual LOM plan in the PEA includes the mining and processing of both semi-massive dioxide and massive oxide material for a total of 107.7 Mt with an average grade of12.2% TiO2.

The report shows the potential of the Project by demonstrating a post-tax NPV8 for the Project of CAD 6.8 billion and an IRR of 55.1%. It should be noted that there is a significant amount of future work to be undertaken in order to mitigate the risks before entering the mine construction phase. The authors of this PEA recommended appropriate actions and activities needed to properly assess and address these associated risks.

A future work program will be discussed to define the necessary studies towards the Pre-Feasibility Study ("PFS") stage and ultimately, the mine construction phase in accordance with Quebec regulatory requirements standards and with community engagement and consultation. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results to be anticipated, estimated or intended.

The Company does not intend, and the Company does not intend, and will be undertaken in order to mitigate its potential for the Project.