Mr. Tim Fernback reports

TEMAS HIGHLIGHTS STRATEGIC ADVANTAGE OF RCL TECHNOLOGY AMID GLOBAL SULPHURIC ACID MARKET DISRUPTIONS

Temas Resources Corp. has provided an update on global sulphuric acid market conditions and the resulting strategic implications for its patented regenerative chloride leach (RCL) metallurgical processing platform.

Highlights

• Global sulphuric acid (H2SO4) markets are experiencing significant disruption due to China's export restrictions and geopolitical supply constraints.
• China has ordered a reduction in sulphuric acid exports to prioritize domestic demand, with restrictions expected throughout 2026.
• Tightening supply is impacting key industries, particularly mining in Chile, the Democratic Republic of the Congo and Zambia.
• Sulphuric acid prices are rising sharply in import-dependent regions.
• Temas's regenerative chloride leach (RCL) technology uses hydrochloric acid (HCl), providing a distinct supply chain advantage.
• HCl supply is regionally diversified and produced domestically in key jurisdictions such as the United States and Australia.
• RCL's closed-loop design reduces reagent consumption, lowers costs and enhances environmental performance.
• Platform offers scalable, commodity-agnostic processing with reduced exposure to global reagent supply volatility.

Global sulphuric acid market disruption

Global supply chains for sulphuric acid are currently under significant strain. China, a major global producer and exporter, has implemented restrictions on exports in order to prioritize domestic requirements, particularly for fertilizer production. These restrictions are expected to remain in place throughout 2026.

This policy shift has materially impacted global availability. At the same time, sulphur supply flows through the Middle East have been disrupted due to continuing geopolitical conflict, further tightening supply and exacerbating shortages.

Industries heavily dependent on sulphuric acid are already experiencing the effects. Mining operations in Chile, the Democratic Republic of the Congo and Zambia -- where sulphuric acid is a critical input for heap leaching -- are facing increasing cost pressures and supply uncertainty. In global markets where imports from China have historically played a key role, prices for sulphuric acid have already begun to rise sharply.

Sulphuric acid production is also structurally linked to oil and gas refining, meaning supply is inherently dependent on refinery throughput and broader energy market dynamics, adding another layer of volatility.

RCL technology: a differentiated approach

Against this backdrop, Temas's RCL technology provides a fundamentally different and strategically advantageous processing pathway.

Unlike conventional hydrometallurgical processes that rely on sulphuric acid, the RCL platform utilizes hydrochloric acid (HCl) as its primary reagent. This distinction is critical.

Hydrochloric acid is both used and produced as a byproduct of the novel RCL metallurgical process, and as a result, RCL can benefit from HCl's:

• Stable, non-cyclical supply dynamics;
• Regional production across industrialized economies;
• Reduced reliance on international trade flows.

Importantly, hydrochloric acid is produced domestically in key jurisdictions such as the United States and Australia, significantly reducing exposure to geopolitical disruptions and export restrictions.

RCL platform overview and benefits

RCL is an advanced hydrometallurgical processing platform designed for the efficient extraction of metals from complex mineralization, concentrates, slags and tailings in an environmentally responsible manner.

Key attributes of the RCL platform include:

• Closed-loop reagent recycling, significantly reducing net acid consumption;
• Lower operating costs driven by reagent efficiency and co-product recovery;
• Reduced environmental footprint relative to conventional processing methods;
• Operation at atmospheric pressure and moderate temperatures;
• Capability to process complex and low-grade feedstocks;
• Enhanced recovery of critical, battery and strategic metals.

By decoupling from sulphuric acid dependency and leveraging a regenerative hydrochloric acid system, RCL provides improved supply chain security and cost predictability.

Strategic implications and market opportunity

The current sulphuric acid market disruption highlights a broader structural vulnerability within conventional mineral processing flowsheets.

As supply constraints persist and pricing volatility increases, alternative processing technologies are expected to play an increasingly important role in maintaining production stability and economic viability across the mining sector.

Temas believes its RCL platform is uniquely positioned to address these challenges by offering:

• A domestically supported reagent supply chain;
• Reduced exposure to global commodity and geopolitical risks;
• Improved economic performance through lower operating costs;
• Scalable deployment across multiple commodities and jurisdictions.

Management commentary

Tim Fernback, Temas chief executive officer, commented:

"What we are seeing in the sulphuric acid market today reinforces the importance of resilient and diversified processing technologies. With China restricting exports and global supply chains tightening, industries reliant on sulphuric acid are facing increasing uncertainty and cost pressure.

"Our RCL technology was designed to address exactly these types of challenges. By utilizing and regenerating hydrochloric acid, which is domestically produced and widely available, we significantly reduce supply chain risk while also delivering strong economic and environmental performance."

David Caldwell, Temas chief operating officer, commented:

"The advantage of RCL lies not only in its technical performance, but in its underlying chemistry and supply chain independence. Hydrochloric acid offers a far more stable and regionally controlled supply compared to sulphuric acid, which is tied to refining and global trade flows.

"Combined with our closed-loop reagent recycling and proven cost efficiencies, RCL represents a highly differentiated and commercially relevant solution in today's evolving market environment."

Foreign resource cautionary statements

Details regarding the foreign mineral resource estimate, project details and associated exploration results are set out in the company's prospectus dated Aug. 29, 2025, which is available on the company's website and on the Australian Securities Exchange platform.

The company confirms that it is not aware of any new information or data that materially affects the information included in the La Blache project description in the prospectus. The company confirms that all material assumptions and technical parameters underpinning the foreign estimates and exploration results in the prospectus continue to apply and have not materially changed.

The estimates of the quantity and grade of mineralization for the La Blache project referred to in this announcement are "foreign estimates" within the meaning of the ASX Listing Rules and are not reported in accordance with the JORC (Joint Ore Reserves Committee) code (2012). A competent person has not undertaken sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC code (2012). It is uncertain that following evaluation and further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC code (2012).

Disclaimer

No representations or warranty, express or implied, is made by the company that the material contained in this announcement will be achieved or proved correct. Except for the statutory liability which cannot be excluded, each of the company, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this announcement and excludes all liability whatsoever (including in negligence) for an loss or damage which may be suffered by any person as a consequence of any information in this announcement or any effort or omission therefrom. The company will not update of keep current the information contained in this announcement or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the announcement are subject to change without notice.

About Temas Resources Corp.

Temas Resources is a technology-driven critical minerals company advancing a dual-business model built around proprietary processing innovation and strategic mineral ownership. The company's patented regenerative chloride leach (RCL) technology platform delivers significant operational cost reductions -- validated at up to 65 per cent lower than traditional processing -- while dramatically reducing energy use and environmental impact.

Temas's RCL process is the foundation of its technology licensing and partnership business, enabling global mining and materials companies to adopt sustainable, high-margin metal extraction methods across a range of critical minerals including titanium, vanadium, nickel and rare-earth elements.

Complementing its technology division, Temas also owns 100 per cent of two advanced titanium-vanadium-iron projects in Quebec, Canada -- La Blache and Lac Brule -- which are strategically positioned to feed directly into the company's proprietary processing platform, creating a fully integrated mine-to-market supply chain for Western metals.

Through this combination of innovative IP commercialization and resource ownership, Temas Resources is positioned to deliver scalable, low-carbon solutions that strengthen Western critical mineral independence and create long-term value for shareholders.

Benefits the ORF-RCL technology

The RCL platform technology involves the hydrometallurgical mineral extraction of concentrates, whole ores, slags and tailings to enhance recovery of critical metals, battery metals, platinum group minerals (PGMs), precious and base metals, and rare-earth element (REE) recovery at materially higher through yields and lower capital and operating costs than many of the conventional approaches that are in use traditionally. This novel RCL technology is ideally suited to treat increasingly complex ores in an environmentally sensitive manner.

Pilot testing complete: The company has completed a pilot test of approximately one ton of material from its La Blache TiO2 mineral property yielding 88 kilograms of a 99.8-per-cent pure TiO2 commercial grade product.

Validated cost reduction: A significant cost reduction of over 65 per cent is validated for TiO2 processing using the RCL platform technology (for example, reagent recycling, potentially lower energy use and optimized recovery). These fundamental process efficiencies are expected to translate into economic advantages when applying the platform to nickel or other target minerals hosted in complex ores.

Environmental performance: The closed-loop design and high reagent recycling rates are core to the RCL platform, irrespective of the target mineral. Over 69 per cent lower operating costs compared with conventional processing due to its core features operating at near ambient temperatures. This means the reduced environmental footprint and enhanced ESG (environmental, social and governance) profile are benefits that extend to ores and minerals previously noted, not just TiO2.

High recovery potential: Just as the company has demonstrated high-quality, 99.8 per cent TiO2 product from pilot testing the RCL platform is engineered for high recovery and purity of all target metals. The company's metallurgical expertise focuses on optimizing these recoveries and maximizing margins for each specific mineral.

RCL results in a quicker and more complete liberation of the target metals using atmospheric pressure and lower temperatures than competing methods and improves the selectivity and efficiency of subsequent solvent extraction steps. Management believes that this novel metallurgical process can be applied to many complex resource deposits worldwide, enhancing both extraction and recovery for the operator.

We seek Safe Harbor.