Mr. Burns Singh Tennent-Bhohi reports

EASTPORT COMMENCES DRILLING AT SEMARULE RARE EARTH PROJECT

Penbar Capital Ltd., to be renamed Eastport Ventures Inc., has launched phase 1 drilling at the Semarule rare-earth element project (REE), in Botswana consistent with the company's multiasset exploration and development campaigns.

Semarule REE highlights:

• Eastport commenced phase 1 drilling starting with seven diamond drill holes testing targets at Semarule Hill, Semarule South and Semarule East.
• Semarule Hill is a three-kilometre-by-five-kilometre intrusion outcropping at surface, testing a multiphase syenite with carbonatite dikes hosting REE.
• The company conducted a targeted rock chip sampling campaign in 2023 at Semarule Hill, returning encouraging TREO (total rare-earth oxides) plus Y2O3 results.
• Semarule South is a covered intrusions identified in geophysics with an aerial extent two to three times bigger than the target at Semarule Hill.

Director and vice-president of exploration Rick Bonner commented:

"Semarule Hill is an intrusive plug with rare-earth enriched syenite and occasional carbonatite dykes outcropping over 15 square km and up to 75 m above the surrounding plane. The Semarule South and East areas have not been drill tested to date, however, geophysical interpretation suggests they may represent intrusive bodies with footprints two to three times larger than Semarule Hill. Collectively, the three target areas create a compelling target for the potential discovery of a rare-earth deposit with the capacity for new strategic supply of critical minerals from a Western-facing, stable African jurisdiction."

Burns Singh Tennent-Bhohi, chief executive officer, commented:

"We are delighted to have commenced drilling at the Semarule project, one of a portfolio of drill-ready critical mineral projects we have developed over six years of operations as a private company.

"The strategic importance of rare-earth supply has been recognized globally, highlighted by the announcement this week that the U.S. Export-Import Bank (EXIM) will invest $100-billion to secure U.S. and allied supply chains for critical minerals. The Semarule project is located on 40 km from the Botswanan capital Gabarone with excellent links to infrastructure and international export routes. This, combined with compelling geological targets, makes the Semarule project a priority for drill testing as part of Eastport Ventures multicommodity development strategy.

"With two drill projects commenced within the first week as a publicly traded company, we look forward to keeping the market updated as we continue our aggressive exploration campaign, and continue to invest meaningfully in the development of the company's projects through dollars into the ground."

The Semarule project is located approximately 40 km west of Gaborone, the nation's capital, and a few kilometres from Molepolole, the administrative centre of the Kweneng district. Situated within the Gaborone-Molepolole corridor, just off the A12 highway, the project benefits from established infrastructure, including reliable road access, proximity to the national power grid, consistent water availability, and access to drilling contractors and skilled labour.

Qualified person

The information in this news release has been reviewed and approved by Liz de Klerk, PriSciNat,FIMMM, of Micon International, an independent consultant of the company and qualified person as that term is defined in National Instrument 43-101.

About Eastport Ventures Inc.

Eastport Ventures is a disruptive critical minerals development company advancing five projects in Botswana, with cumulative historical and current expenditures approaching $20-million. The company's most advanced asset is the Matsitama copper project, which hosts multiple sizeable targets across the Matsitama copper district.

The company's additional projects include Selebi East, a nickel-copper-cobalt project located seven kilometres east of the historic Selebi Mines; the Semarule rare-earth elements project, positioned within the Gaborone-Molepolole corridor; the Foley uranium project, adjoining the Letlhakane uranium deposit; and the Keng project, which targets nickel, copper and PGEs on the northern margin of the Molopo Farms complex.

Botswana is widely regarded as one of Africa's strongest mining jurisdictions, combining the continent's highest GDP (gross domestic product) per capita with a 50-year record of large-scale mineral development since the Orapa diamond discovery in 1967. The country ranks among the top performers globally on the Fraser Institute's Investment Attractiveness Index and is the highest-rated jurisdiction in Africa on the Policy Perception Index. These rankings reflect Botswana's stable regulatory environment, consistent rule of law and long-standing support for responsible mineral development -- factors that have underpinned significant investment and major M&A (merger and acquisition) activity in the natural resources sector in recent years.

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