Mr. Carmelo Marrelli reports

BE RESOURCES ANNOUNCES APPLICATION FOR RESUMPTION OF TRADING AND CORPORATE UPDATES

BE Resources Inc. has provided the following corporate update. Further to its press release dated Jan. 6, 2025, the TSX Venture Exchange has accepted the company's trading resumption application, and the common shares of the company are expected to commence trading on the NEX shortly. Trading in the shares will resume on Feb. 18, 2025.

As previously announced, the company's non-binding letter of intent (the LOI) with Bio Graphene Solutions Inc. (BGS), announced on Aug. 17, 2020, and extended multiple times, most recently until Dec. 31, 2024, has been terminated without renewal. During the period the LOI was effective, the company and BGS negotiated definitive terms for the proposed business combination but were not able to come to terms that were acceptable to the company. While the LOI is no longer in effect, BE Resources continues to evaluate potential business opportunities, including the possibility of re-engaging with BGS or pursuing alternative transactions to enhance shareholder value.

In addition, the company further announces it has initiated planning for its next annual general meeting (AGM), anticipated to take place in second quarter 2025. Further details regarding the AGM will be provided in a management information circular to be mailed to shareholders of the company and filed under the company's profile on SEDAR+. The company held its last AGM on Oct. 15, 2021, and has not held an AGM since that time to preserve cash while the shares were halted as the company anticipated holding a shareholder meeting in connection with the proposed business combination with BGS.

The company's current directors and officers bring a range of expertise and leadership experience to guide its strategic repositioning.

Carmelo Marrelli -- chief executive officer and non-independent director

Mr. Marrelli is a seasoned executive with extensive experience in financial management and corporate governance. Mr. Marrelli is the principal of Marrelli Support Services Inc., a firm that delivers accounting and regulatory compliance services to listed companies. In addition, Mr. Marrelli beneficially controls DSA Corporate Services LP, a firm providing corporate secretarial and regulatory filing services, as well as Marrelli Trust Company Ltd., a provincially regulated trust company.

Marie-Josee Audet -- chief financial officer, non-independent director and audit committee member

Ms. Audet is a Canadian chartered professional accountant, and has a master of business administration with specialization in management of small and medium business.

Jing Peng -- independent director and audit committee member

Mr. Peng is a Canadian chartered professional accountant. He has worked in public accounting for the past 10 years providing financial services primarily to junior exploration companies.

Robert Suttie -- independent director and audit committee member

Mr. Suttie brings over 20 years of experience in financial reporting and advisory services, with a focus on public companies. He specializes in management advisory services, accounting and financial disclosure, and serves as chief financial officer for several TSX Venture Exchange- and Canadian Securities Exchange-listed companies.

The company also announces that the debt settlement transaction, as announced on Feb. 3, 2021, did not proceed due to the trading halt on the shares, and such debt remains a liability of the company. The company expects to evaluate its options with respect to such debt once trading in the shares is resumed.

About BE Resources Inc.

BE Resources is listed on the TSX Venture Exchange, and is focused on repositioning its business to pursue opportunities that will optimize its operations and potential. BE Resources' shares are currently listed on the NEX board under the symbol BER.H.

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