Brazilian Rare Earth Projects Upgrade Resources to Measured Status, Advancing Feasibility Studies

[SMM Rare Earth Daily Review: Rare Earth Prices in the Doldrums; Market Trading Remains Sluggish] Overall, inquiry activity in the rare earth market was lackluster, trading was sluggish, prices were in the doldrums, and actual transactions were stagnant. In the short term, due to persistently sluggish market trading, Pr-Nd product prices are expected to remain in a narrow sideways consolidation pattern.

[Pr-Nd Oxide Retreats After Rapid Rise, Falling Below 720,000/mt; Metal Prices Follow Suit With Stalemated Transactions; Limited Recovery in Magnetic Material Orders] Yesterday, Pr-Nd alloy prices pulled back slightly, mainly affected by the pullback in Pr-Nd oxide prices and sluggish downstream inquiries. Metal enterprises lowered their quoted prices, but their quotes remained firm, and actual transactions were stalemated. In the medium-heavy rare earth market, although inquiry activity was relatively low, terbium metal quotes and dysprosium-iron alloy prices saw no significant adjustments, and the overall market operated steadily.

Volta Confirmed Gallium Mineralization Across the Full Length of All Three Springer Drill Holes, With Total Rare Earth Oxide Grades Up to 6.41% Highlights： The extent of gallium mineralization significantly exceeds the currently defined main rare earth mineralized zone, indicating a broader distribution of gallium. In drill holes SL26-31 and SL26-33, the vertical extent of gallium mineralization extends 210 m beyond the current open-pit boundary; drill hole SL26-32 remained within the mineralized zone at end of hole at a depth of 426 m and remains open at depth, indicating resource growth potential beyond the current pit-constrained resource estimate. Over the full length of drill hole SL26-31, 399.0 m (3.0-402.0 m), the average gallium oxide grade was 51.8 g/mt. The highest-grade gallium interval across the three drill holes occurs in drill hole SL26-31 at 67.1-67.6 m, where over 0.5 m the gallium oxide grade reached 236.6 g/mt and the total rare earth oxide (TREO) grade reached 6.41%, together with elevated concentrations of high-value permanent-magnet rare earth elements: neodymium oxide (Nd₂O₃) 6,730 g/mt, praseodymium oxide (Pr₆O₁₁) 2,598 g/mt, samarium oxide (Sm₂O₃) 414 g/mt, gadolinium oxide (Gd₂O₃) 265 g/mt. In drill hole SL26-32, over 53.9 m (372.1-426.0 m), the total rare earth oxide (TREO) grade was 1.22% and the gallium oxide grade was 47.0 g/mt; this interval extends to the bottom of the drill hole and remained within the mineralized zone at end of hole. Gallium is not included in the current Springer mineral resource estimate.