Ottawa, Ontario--(Newsfile Corp. - July 22, 2026) - NeoTerrex Minerals Inc. (TSXV: NTX) ("NeoTerrex" or the "Company") is pleased to announce that it has received confirmation from the Kativik Regional Government ("KRG") authorizing the Company to proceed with its planned 2026 mineral exploration program at the Strange Lake West project (the "Project") in Nunavik, Québec.

The KRG authorization, which represents an important milestone in advancing the Company's exploration activities within the highly prospective Strange Lake district, includes environmental stewardship requirements focused on responsible exploration practices, including waste management, wildlife protection protocols and caribou monitoring and mitigation measures. NeoTerrex is committed to implementing all required measures and conducting its exploration activities in accordance with high standards of environmental and social responsibility.

The approved 2026 exploration program includes geological mapping, examination of rock outcrops, rock sampling, geochemical surveying and lake-bottom sediment sampling across selected target areas within the Project. Field activities are expected to commence in August 2026.

"This authorization represents an important first step forward for the Strange Lake West Project," said Mathieu Stephens, P.Geo., President and Chief Executive Officer of NeoTerrex. "The Project is located within one of the world's most prospective districts for heavy rare earth elements, yet it remains largely unexplored and has never been drilled. With favourable geology, encouraging historical surface samples and a strategic location adjacent to the Strange Lake deposit, we believe the Project offers discovery potential."

"We appreciate the Kativik Regional Government's review of our application and the issuance of this authorization. NeoTerrex remains committed to conducting its activities responsibly and to maintaining open and constructive dialogue with local communities and Indigenous stakeholders as the project advances."

The Company will continue to engage with local and Indigenous communities throughout the exploration program.

Strange Lake West Project

The Project is strategically located adjacent to Torngat Metals Ltd.'s Strange Lake heavy rare earth element deposit, which has received a commitment of up to $165 million in funding from the Government of Canada.

The Project has undergone limited historical exploration and has no recorded drilling. Its geology is considered prospective for rare earth mineralization and displays similarities to the geology associated with the nearby Strange Lake deposit.

Historical exploration identified 21 grab samples collected from outcrops and boulders that returned total rare earth oxide ("TREO") values ranging from 0.10% to 1.40%, including values associated with dysprosium, a high-value heavy rare earth element. The historical results are recorded in the Québec government's Sigeom database. Grab samples are selective by nature and may not be representative of the overall mineralization hosted on the Project. NeoTerrex has not independently verified all the historical sampling information, and the results should not be relied upon as necessarily indicative of mineralization elsewhere on the Project.

The 2026 exploration program is designed to evaluate the historical rare earth occurrences, improve the Company's understanding of the Project's geology, identify additional areas of mineralization and refine priority targets for future exploration.

There has been no recorded exploration on the Project area since 2011, when several rare earth element occurrences were first identified.

Qualified Person

The technical and scientific information contained in this news release has been reviewed and approved by Mathieu Stephens, P.Geo., President and Chief Executive Officer of NeoTerrex Minerals Inc., a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About NeoTerrex Minerals Inc.

NeoTerrex Minerals Inc. is a Canadian exploration company focused on advancing critical mineral and precious metal projects in Québec. The Company is actively exploring its portfolio of tungsten, copper, gold and rare earth element projects with the objective of creating shareholder value through discovery and development.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release may contain certain forward-looking information and statements, including, without limitation, statements pertaining to NeoTerrex's future plans, objectives or goals, as well as the potential of the Project and commencement date of the exploration on the Project, and the historical mineralization contained within the Project. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca.

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