Mr. Al Shefsky reports

THE COUNCIL OF THE CITY OF ELLIOT LAKE SUPPORTS PELE MOUNTAIN'S PLANS TO RECYCLE MONAZITE AT ECO RIDGE

The Mayor and Council of the City of Elliot Lake have unanimously approved the issuance of a letter of support for Pele Mountain Resources Inc.'s recently announced initiative to recycle high-grade-rare-earth-bearing monazite in Elliot Lake, Ont.

Elliot Lake Mayor Dan Marchisella stated: "The City of Elliot Lake welcomes and supports Pele's plans for the sustainable development of a monazite recycling operation to produce rare earths in Elliot Lake. The project has excellent potential to bring high-paying jobs to our city and can support value-added processing and green energy manufacturing in Northern Ontario. As our city council begins its new four-year mandate, we will pro-actively support sustainable economic development in our city."

Pele president Al Shefsky stated: "We are very pleased to receive this support from the Mayor and the council. We believe that monazite recycling is the most effective way to kick-start the sustainable development of a low-cost, early-to-market, critical rare earths supply chain in Elliot Lake."

The expansion of Pele's business model is designed to achieve relatively low-cost, early-to-market critical rare earth production at the same location as its Eco Ridge rare earth and uranium mine project. The monazite will be sourced from mineral sand mine tailings in countries that embrace sustainable mining practices and are allied trading partners with Canada. Pele is engaged with all levels of government, local communities and first nations, rare earth industry leaders, and end-users of rare earths, to advance the sustainable development of Canada's first critical rare earth supply chain in Elliot Lake.

Elliot Lake is Canada's only proven historic critical rare earth mining camp, offering many competitive advantages as the hub of an early-to-market critical rare earth supply chain. It has outstanding regional infrastructure including highways, a railway, electricity, natural gas, an airport, deepwater ports and a qualified work force. The city also hosts vast undeveloped rare earth and uranium resources, such as those at Eco Ridge.

We seek Safe Harbor.