Mr. Kiril Mugerman reports

GEOMEGA ANNOUNCES ANNUAL MEETING RESULTS; EXTENDS WARRANTS

Geomega Resources Inc. shareholders approved all resolutions put forth at the annual meeting of shareholders (AGM) held in Montreal, Que., on Wednesday, Oct. 25, 2023. Karine Emond was elected for the first time, while Gilles Gingras, Kiril Mugerman, Kosta Kostic, Matt Silvestro and Nick Nickoletopoulos were re-elected to serve as directors of the corporation. In addition, the corporation announces the reappointment of MNP LLP as auditor for the continuing year and the approval of the omnibus equity incentive plan.

Subsequent to the annual meeting, the directors renewed Mr. Mugerman as president and chief executive officer, Pouya Hajiani as chief technology officer, Mathieu Bourdeau as chief financial officer and corporate secretary, and Alain Cayer as vice-president of exploration.

"It has been a year full of exciting progress for Geomega. A new facility to centralize all our operations, major progress on detailed engineering that will take us to construction, bauxite residue valorization technology advanced to pilot plant commissioning and various bench-scale work was done on other exciting applications of our technology that we hope to move forward in coming years. The rare earth magnet industry is growing, more magnet plants are being planned and more magnet scrap is becoming available every year as end of life collection increases. Major companies look at solutions to help them reduce their environmental impact and Geomega is there with our innovative technologies to create shareholder value. As we move diligently forward with our projects in this cleantech journey, I would like to thank our shareholders for their continuous support," commented Mr. Mugerman, president and chief executive officer of Geomega.

Warrants extension

In addition, Geomega has filed to extend the expiry date of 11,459,093 warrants for one year, as per the associated table, subject to TSX Venture Exchange final approval.

These warrants were issued through the private placement of November, 2020, including 14,709,093 units and the same number of warrants (see press release of Nov. 10, 2020). There are no other proposed changes to the terms of the warrants.

About Geomega Resources Inc.

Geomega develops innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future. With a focus on renewable energies, vehicle electrification, automation and reduction in energy usage, rare earth magnets or neo-magnets (NdFeB) are at the centre of all these technologies. Geomega's strategy revolves around gradually derisking its innovative technology and delivering cash flow and returning value to shareholders while working directly with the main players in these industries to recycle the magnets that power all those technologies.

As its technologies are demonstrated on larger scales, Geomega is committed to work with major partners to help extract value from mining feeds, tailings and other industrial residues which contain rare earths and other critical metals. Irrespective of the metal or the source, Geomega adopts a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases emissions through recycling the major reagents in the process.

Geomega's process is based around its proprietary, low-cost, environmentally friendly way to tap into a $1.5-billion global market to recycle magnet production waste and end-of-life magnets profitably and safely.

Geomega also owns the Montviel rare earth carbonatite deposit, the largest National Instrument 43-101 bastnaesite resource estimate in North America, and holds over 16.8 million shares, representing approximately 14 per cent of the issued and outstanding shares, of Kintavar Exploration Inc., a mineral exploration company that is exploring for copper projects in Quebec, Canada.

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