Mr. Kiril Mugerman reports

MAGNET RECYCLING DEMO PLANT UPDATE AND WARRANT EXTENSION

Geomega Resources Inc. has provided an update on its rare earth magnets recycling demonstration plant. In addition, the corporation would like to provide details of its upcoming annual general meeting of shareholders (AGM) and to notify of warrants extension.

Demonstration plant update

The demonstration plant is one of Geomega's main projects as it incorporates several of its core technologies such as reagent recycling, iron recovery and valorization and critical metal extraction and refining. Since the latest announcement on March 19, 2024, Geomega's team advanced significantly with its work on detailed engineering of the continuous demonstration plant. The main deliverables for the process engineering work (P&ID and layout) are now approaching completion. That allowed procurement to advance accordingly and now over 90 per cent of the long lead items have been ordered. Procurement of the short lead items will continue in priority sequence.

The primary crushing unit has already been received but the remaining process equipment and utilities are expected to begin arriving in November and will continue arriving progressively throughout the upcoming months.

The civil engineering work, including fire protection, HVAC, structural, concrete work, drainages and more, has continued over the last six months and purchase orders are now being issued progressively as the items get ready for execution. All the required demolition work on site was completed and work to prepare the new concrete floors, drains, water access, grounding and more has begun at the end of October.

The approval from Hydro Quebec to increase the power supply has been received and installation of the necessary equipment for that purpose is planned for the upcoming months. Municipal permits are gradually being received in sequence as the required documentation for each permit is prepared and submitted.

"It has been a very busy six months period to bring the continuous demo plant design to the current stage of engineering. A lot of progress has been achieved and we are now entering the final steps before equipment installation and plant assembly begins. Our shareholders have been waiting a long time for this and we will provide more updates in a timely manner. Our lab and piloting teams similarly continue being very active as they work on our other promising projects such as bauxite residues valorization where important progress is being done on a regular basis. More information on each of the projects will be provided once it is ready to be released," commented Kiril Mugerman, president and chief executive officer of Geomega.

Annual general special meeting of shareholders

Geomega will hold its AGM at the offices of Fasken Martineau DuMoulin LLP located at 800, Square-Victoria St., No. 3500, Montreal, Que., on Nov. 20, 2024, at 10 a.m. More details about the AGM will be provided closer to the date of the event on the company's website.

Warrants extension

In addition, Geomega has filed to extend the expiry date of 11,459,093 warrants for one year as per the attached table, subject to the 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) and were extended for one year in October, 2023 (see press release of Nov. 6, 2023). 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 return value to shareholders while working directly with the main players in these industries to recycle the magnets that power all those technologies.

We seek Safe Harbor.