Mr. Kiril Mugerman reports

GEOMEGA OBTAINS $2.04M IN FUNDING FROM NGEN FOR RARE EARTHS RECYCLING DEMONSTRATION PLANT

Geomega Resources Inc. has obtained $2.04-million funding from Next Generation Manufacturing Canada (NGen) for the construction of Geomega's rare earths recycling demonstration plant in St-Hubert, Que. The funding is part of a total envelope of $2.96-million awarded to Geomega and a private Quebec-based research and development company to perform the project titled "Recycling and Production of Rare-Earth Oxides from Permanent Magnet Scrap."

The collaborative project will see magnet scrap supplied to Geomega to be recycled using its technology in the demonstration plant. The resulting rare earth oxides will then be used to produce rare earth metals by the project partner. The project is funded by NGen within its Advanced Manufacturing Projects program that aims at derisking, commercializing and scaling up innovative manufacturing capabilities in Canada. A successful project will strengthen the competitiveness of Canada's manufacturing sector, drive more innovation and investment in advanced manufacturing technologies in Canada, generate new commercial opportunities for Canadian companies in global markets, grow world-leading Canadian enterprises, and develop a modern and inclusive work force with the skills to excel in advanced manufacturing.

"We are excited to work with NGen on our rare earths recycling demonstration plant. We believe that recycling will play an important role in closing the loop within the rare earths and magnets supply chain and provide a local recycling solution for end-of-life magnets and a sustainable supply of rare earths for the developing metal and magnet industries. The construction of the demonstration plant in 2024 will be a major development milestone for Geomega and our innovative technology and we look forward to continue working with all our stakeholders in making it a reality," commented Kiril Mugerman, president and chief executive officer of Geomega.

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 return 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.

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