Mr. Tom Drivas reports

APPIA ANNOUNCES CLOSING OF $1,070,000 NON-BROKERED PRIVATE PLACEMENT

Further to its press release dated Oct. 22, 2024, Appia Rare Earths & Uranium Corp. has closed its non-brokered private placement for an increased amount of 9,531,250 working capital units of the company at a price of eight cents per WC unit for $762,500 and 3,075,000 critical-mineral flow-through units at a price of 10 cents per FT unit for $307,500, for total gross proceeds of $1.07-million.

Each WC unit consists of one common share of the company priced at eight cents per common share and one common share purchase warrant. Each WC warrant entitles the holder to purchase one common share at a price of 15 cents until the earlier of: (i) Oct. 29, 2026; or (ii) in the event that the closing price of the common shares on the Canadian Securities Exchange is at least 25 cents for 10 consecutive trading days, and the 10th trading day is at least four months from Oct. 29, 2024, the date which is 30 days from the final trading day.

Each FT unit consists of one flow-through common share priced at 10 cents per FT share and one common share purchase warrant, with each warrant entitling the holder to acquire one common share of the company at a price of 15 cents until the earlier of: (i) Oct. 29, 2026; or (ii) the trigger date.

Eligible finders were paid $3,660 in cash and issued 45,750 brokers' warrants in relation to the sale of WC units. Each broker's warrant issued entitles the holder to acquire one common share of the company at a price of eight cents until Oct. 29, 2026. Securities issued on the offering will be subject to a resale restriction expiring on March 1, 2025.

One insider has subscribed for 875,000 WC units and 2.5 million FT units for aggregate proceeds of $320,000 ($70,000 as to the WC offering and $250,000 as to the FT offering). The insider private placement is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101, as the fair market value of the consideration for the securities of the company issued to the insider does not exceed 25 per cent of the company's market capitalization.

Proceeds from the WC offering will be used for general working capital and for exploration on the company's PCH project in Brazil.

The gross proceeds from the FT offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) which qualify as flow-through critical-mineral mining expenditures for purposes of the tax act related to the exploration program of the company to be conducted on the company's properties located in Saskatchewan. The company will renounce such Canadian exploration expenses with an effective date of no later than Dec. 31, 2024. The Canadian exploration expenses to be renounced by the company will qualify for the critical-mineral exploration tax credit under the tax act.

About Appia Rare Earths & Uranium Corp.

Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The company holds the right to acquire up to a 70-per-cent interest in the PCH ionic adsorption clay project (see June 9, 2023, press release), which is 40,963.18 hectares in size and located within Goias state, Brazil (see Jan. 11, 2024, press release). The company is also focused on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, and exploring for high-grade uranium in the prolific Athabasca basin on its Otherside, Loranger, North Wollaston and Eastside properties. The company holds the surface rights to exploration for 94,982.39 hectares (234,706.59 acres) in Saskatchewan. The company also has a 100-per-cent interest in 13,008 hectares (32,143 acres) with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake camp, Ontario.

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