Metallurgical Testwork and Preliminary Economic Assessment Update
TSX-V News Release ASX News Release 27 February 2026 28 February 2026
Metallurgical Testwork and Preliminary Economic Assessment Update
Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; FSE: 8TX; OTCQB: RSGOF) (“Resouro” or the “Company”) provides an update on ongoing metallurgical testwork and advancement of the Preliminary Economic Assessment (“PEA”) for its Tiros Titanium and Rare Earths Project (“Tiros” or “Tiros Project” or the “Project”) located in Minas Gerais, Brazil.
Metallurgical testwork completed to date highlights that a conventional process flowsheet can produce a titanium dioxide (“TiO2”) concentrate and achieve high Total Rare Earth Oxide (“TREO”) extractions using Sulphuric Acid Leach (SAL).
Highlights of the results include:
Fine particle flow sheet (< 20 micron) using sulphuric acid;
- 88.8% to 95.2% stage extraction of TREO; and
- 71.2% to 94.2% of TiO2 stage recovery.
Coarse particle flow sheet (>75 micron) using conventional flowsheet;
- 76.8% TiO2 concentrate grade; and
- TiO2 stage recovery of coarse feed 39%.
Important notice: These results must be read along with Appendix I (Details of Results) and Appendix II (JORC Table).
Commenting on the latest results and update for Tiros, Christopher Eager, Resouro’s CEO, said;
“Resouro is well advanced in testing a conventional process flowsheet for recovery of titanium dioxide to concentrate and high leach extractions of rare earth elements. The latest metallurgical testwork results provide increasing confidence that the Tiros Project has the potential to be developed into a globally significant regolith (highly weathered soft rock) type titanium and rare earths project.”
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, Vancouver, British Columbia, Canada V6B 3M1 – Tel: +1 403 807 2948 Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Ongoing metallurgical testwork and optimization
The current phase of the metallurgical testwork, being conducted at SGS Lakefield (Canada), and at CIT Senai and SGS Geosol, (Brazil), is focused on reducing sulphuric acid consumption and further optimizing recoveries.
Preliminary sulphuric acid consumption ranged from 700kg/t to 1,320kg/t. These acid consumption figures are for raw sample minus 20 micron fraction prior to beneficiation activities and before sulphuric acid recycling. The minus 20 micron sample makes up about 56% of the raw sample weight and therefore equates to 392kg/t to 739kg/t of acid per tonne of raw sample.
Iron oxides and alumina make up approximately 54% of the minus 20 micron feed and are significant consumers of acid. Beneficiation testwork is aimed at reducing iron oxide and alumina and other worthless gangue minerals from the leach feed. Beneficiation is intended to decrease the volume of material to be leached by reducing low value acid consuming minerals, increasing the TiO2 and TREO grades of the leach feed, with the aim of improving overall project economics.
Ongoing work is evaluating:
- Magnetic separation to remove iron oxides which are significant acid consumers;
- Flotation to remove non-valuable silicate and gangue materials prior to leaching;
- Optimization of reductive calcination and acid bake conditions;
- Acid regeneration and acid recycling; and
- Potential on-site sulphuric acid production to reduce operating costs.
Initial testwork on magnetic and electrostatic separation and flotation have been encouraging, indicating potential to materially reduce acid consumption while maintaining high metal recoveries.
Resouro will also investigate acid regeneration and recycling and the feasibility of producing sulphuric acid at site to take advantage of abundant elemental sulphur and sulphur mineralizations available in Brazil.
Preliminary economic assessment update
The PEA continues to advance, however, to be more economical and respectful of budgets, consideration is being given to placing the PEA on hold pending completion of ongoing metallurgical testwork optimization. The key milestones achieved or in progress include:
- Initial mine planning substantially completed pending final processing cost inputs;
- Environmental Impact Assessment and Project permit process advancing;
- Infrastructure, processing plant capital and operating costs to be finalized following completion of beneficiation, the current stage of metallurgical testwork; and
- Initial independent TiO2 and rare earth oxides market study received; update to follow completion of beneficiation.
Finalization of processing cost inputs remains the key workstream prior to completion of the PEA.
This announcement has been authorized for release by the Chief Executive Ojicer of Resouro Strategic Metals Inc.
For further information, please contact:
Christopher Eager, Chief Executive Officer [email protected] +44 7388 0579809
About Resouro
Resouro is a Canadian incorporated mineral exploration and development company, listed on the ASX, TSXV, OTC, and FSE, focused on the discovery and advancement of economic mineral projects in Brazil, including the Tiros Titanium-Rare Earths Project and the Novo Mundo Gold Project. The Tiros project has 28 mineral concessions totaling 497 km2 located in the state of Minas Gerais, one of the best infrastructurally developed states of Brazil, 350 km from the state capital of Belo Horizonte. Resouro's Mineral Resource Estimate for the Tiros Project contains 165 million tonnes of titanium dioxide and 5.5 million tonnes of total rare earths oxides within a Measured and Indicated Resource of 1.4 billion tonnes.
| Category Million Tonne TiO2 % TREO (ppm) MREO (ppm) | REO/TREO rat | ||||
|---|---|---|---|---|---|
| Measured | 30 | 24 | 9,300 | 2,500 | 27% |
| Indicated | 74 | 23 | 8,900 | 2,300 | 26% |
| M + I 103 23 9,100 2,400 | 26% | ||||
| Inferred | 33 | 22 | 8,300 | 2,200 | 26% |
| Measured | 340 | 11 | 3,700 | 1,000 | 28% |
| Indicated | 930 | 11 | 3,600 | 1,000 | 28% |
| M + I 1,300 11 3,600 1,000 | 28% | ||||
| Inferred | 470 | 11 | 3,400 | 920 | 27% |
| Measured | 367 | 12 | 4,100 | 1,100 | 28% |
| Indicated | 1,000 | 12 | 4,000 | 1,100 | 27% |
| M + I 1,400 12 4,000 1,100 | 28% | ||||
| Inferred | 500 | 12 | 3,700 | 1,000 | 27% |
Note: Further details of the Company’s JORC MRE are contained within the Company’s ASX announcement of 9 April, 2025/TSX-V 8 April 2025. Resouro is not aware of any new information or data that materially aLects the information included in the Company’s announcement and that all material assumptions and technical parameters underpinning the estimates referred to therein continue to apply and have not materially changed.
Qualified Person Statement
The scientific and technical information in this news release relating to metallurgical testwork and preliminary economic study inputs for the Tiros Project has been reviewed and approved by Mr Richard Wagner, P.Eng., a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr Wagner is an independent Qualified Person within the meaning of National Instrument 43-101.The Qualified Person has verified the metallurgical testwork results from laboratories including SGS Lakefield (Canada), CIT Senai and SGS Geosol (Brazil).
Forward-Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to dider materially from those anticipated in the forward- looking information. Some of the risks and other factors that could cause the results to dider materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in the mining industry; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the ASX, OTC, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix I – Detailed metallurgical testwork results.
Resouro Strategic Metals (Resouro) is advancing the metallurgical process development with testwork on samples from the Tiros Titanium and Rare Earths deposit, Minas Gerais, Brazil. Metallurgical testwork is being conducted in Brazil at CIT Senai and SGS Geosol (Belo Horizonte, Minas Gerais) and in Canada at SGS Lakefield (Lakefield, Ontario).
Metallurgical testwork is aimed at refining and optimizing the conceptual Tiros process flowsheet (Figure1 as previously described in Resouro news release 26 November 2025). Recent metallurgical work has concentrated on enhancing recovery of rare earths and titanium from the fines part of the flowsheet circuit, comprising material finer than 75 micron.
Metallurgical testwork described here was conducted using the BK 09 sample, with head assays results indicated in Table 1. The BK 09 sample was derived from drill holes within the Central Zone of the Tiros deposit. The drill holes used in the BK 09 composite sample are indicated in Figure 2.
Figure 1 - Conceptual Tiros process flowsheet
Figure 2 – Location of samples
Location of samples used in BK 09 samples used in this phase of the testwork are shown as yellow circles. The proposed future high-grade mining starter pits are indicated here in green.
Coarse particle flowsheet development
Work on the coarse particle flowsheet development was carried out at CIT Senai. Testwork on the +75 micron fraction, representing approximately 25.8% of the mass deportment, demonstrated that a coarse titanium oxide product (mineral anatase) can be recovered.
The objective of this phase of testwork was to recover a coarse TiO2 product suitable for the traditional TiO2 market. This testwork realized a concentrate grading 76.8% TiO2 at 39% unit stage recovery and 10.6% overall recovery. The overall testwork results are summarized below in Table 1. The coarse particle metallurgical flowsheet established in this phase of the testwork includes magnetic separation, gravity separation, calcination and acid scrubbing.
Table 1 – Overall summary of metallurgical results - coarse particle +75 micron size results
| Assays | |||||||
|---|---|---|---|---|---|---|---|
| Weight (%) | TiO (%) 2 | TREO (ppm) | Al O (%) 2 3 | FeO (%) 2 3 | SiO (%) 2 | ||
| Head Grade (BK-09) | 100.0% | 16.2% | 5019 | 11.3% | 34.4% | 28.0% | |
| Weight Split | >75µm | 25.8% | 17.1% | 3250 | 3.4% | 42.3% | 30.8% |
| <75µm | 74.2% | 15.9% | 5600 | 14.0% | 31.6% | 27.0% | |
| <20µm (calc.) | 55.7% | ||||||
| Recovery to the coarse separation | Final Concentrate Grade | 2.2% | 76.8% | ||||
| Overall Recovery | 10.6% | ||||||
| Unit Recovery of >75µm | 39.0% |
Overall summary of coarse particle metallurgical results on sample BK 09 (+75 micron material)
Fines particle flowsheet development
Testwork on the fine particle size flowsheet is currently underway at SGS Lakefield (Canada) and at CIT Senai (Brazil).
This fine particle phase of the testwork is focused on leaching rare earths from the minus 20 micron particles, which represents approximately 56% of the overall weight in the feed. The flowsheet being tested includes process steps of magnetic separation, reductive calcination (at 600oC), and acid baking (at 280oC) using sulphuric acid. Results to date demonstrate that the rare earths and a significant proportion of the TiO2 can be successfully leached under these conditions. The best TiO2 recovery achieved was 94.2% (range71.2% to 94.2%), based on a minus 20 micron feed for the stream being processed in this testwork. The best TREO recovery achieved was 95.2% (range 88.8% to 95.2%) for this stream.
A summary of these results is presented in Table 2.
Table 2 – Fine particle minus 20 micron size results *
| HH SSOO//FReoecdk 22 44 | HHSSOO //RFeoecdk 22 44 | Unit Recovery (%) | ||||
|---|---|---|---|---|---|---|
| kkgg//kkgg aaddddeedd | kgk/gk/kgg c coonnssuummeedd | TiO 2 | TREO | Al O 2 3 | Fe O 2 3 | SiO 2 |
| 1.50 | 1.32 | 94.2% | 95.2% | 93.9% | 88.6% | 25.0% |
| 1.30 | 1.00 | 89.8% | 92.6% | 87.5% | 87.6% | 16.6% |
| 1.10 | 0.95 | 71.2% | 88.8% | 75.3% | 86.3% | 17.0% |
Summary of the key fine particle leach testwork on sample BK 09, 20 micron material
- acid consumption numbers are for the < 20 micron sample weight tested which was about 56% of the raw feed sample weight
The ongoing testwork program is focused on maximizing recoveries while minimizing acid consumption.
Key components of the current testwork program include:
- Use of the higher-grade composite sample BK 19, which is most representative, for the future mine plan, with that sample taken from drilling from within the proposed initial mine plan pits (location of these pits indicated in green in Figure 2 above).
- Optimization of magnetic separation conditions to remove iron oxides which are significant acid consumers.
- Inclusion of a flotation stage to remove non valuable waste material prior to leaching, thereby reducing the total acid consumption.
- Determination of reductive calcination conditions and a second subsequent stage of magnetic separation prior to the acid bake metal recovery.
- Optimization of the acid bake TiO2 and REO leach conditions.
- Evaluation of REO and fine TiO2 product precipitation after leaching.
- Assessment of sulphuric acid re-circulation and regeneration.
- Study of acid neutralization.
JORC Code, 2012 Edition – Table 1 Report
TIROS REE + Ti PROJECT – PRELIMINARY METALLURGICAL TESTWORK DISCLOSURE
Section 1 – Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code Explanation | Commentary | |
| Sampling • Nature and quality of sampling (eg cut channels, random • Two samples were used for the results of this press release: techniques chips, or specific specialized industry standard measurement tools appropriate to the minerals under • BK-09 – Representative of the SOX portion of the investigation, such as down hole gamma sondes, or deposit, the more intense oxidized bed lying at the handheld XRF instruments, etc). These examples should top of the mineralized package. This bed contains not be taken as limiting the broad meaning of sampling. the high-grade zone, but this sample is not restricted to this zone. Coarse laboratory rejects • Include reference to measures taken to ensure sample from Air Core (“AC”) and diamond drilling were representativity and the appropriate calibration of any randomly selected from the drilling at the Tiros measurement tools or systems used. Central block, assuring that the compound grade is similar to the average grade of this zone. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where industry • BK-19 – Representative of the high-grade zone, standard’ work has been done this would be relatively occurring at the SOX bed and located within the simple (eg ‘reverse circulation drilling was used to obtain expected final pit. AC and diamond drilling samples 1 m samples from which 3 kg was pulverised to produce a were used, from holes selected in order to 30 g charge for fire assay’). In other cases, more represent all pits being planned. Half core was explanation may be required, such as where there is selected for the diamond drilling samples selected. coarse gold that has inherent sampling problems. The AC samples were split with a Jones splitter to Unusual commodities or mineralisation types (eg obtain about 3 kg of representative material per submarine nodules) may warrant disclosure of detailed meter. The weighted average was similar to the information. expected assay. |
Drilling • Drill type (eg core, reverse circulation, open-hole • Industry standard work has been done for drilling AC (4”) and techniques hammer, rotary air blast, auger, Bangka, sonic, etc.) and diamond drilling (HQ). Vertical holes only.
details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).
Drill sample • Method of recording and assessing core and chip sample • The diamond drilling recovery conference consisted of verifying recoveries and results assessed. runs and recoveries recorded in the core boxes and drilling recovery bulletins with verification undertaken by measuring with tape
- Measures taken to maximise sample recovery and ensure measure the core present in the boxes. The AC recovery is taken representative nature of the samples. by recording the weight of the sample recovered and comparing it with the expected weight for the interval. No bias was detected for both methods.
- Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging • Whether core and chip samples have been geologically • Logging took place, which was important to limit the sampling and geotechnically logged to a level of detail to support horizon to the SOX zone, characterized by intense weathering appropriate Mineral Resource estimation, mining studies and metal enrichment.
and metallurgical studies.
- Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
- The total length and percentage of the relevant intersections logged.
Sub-sampling • If core, whether cut or sawn and whether quarter, half or all • Core was cut in half with a spatula, leaving one quarter in the core taken. box for archive. AC samples were split until a representative techniques and sub-sample was achieved. Laboratory coarse rejects were used sample
- If non-core, whether riffled, tube sampled, rotary split, etc. without splitting.
preparation and whether sampled wet or dry.
- Grade was used to assure the representativity. All samples collected had an ICP analysis from SGS-Geosol.
- For all sample types, the nature, quality and appropriateness of the sample preparation technique.
- Quality control procedures adopted for all sub-sampling • The bulk samples BK-09 and BK-19 were subsampled after stages to maximise representivity of samples. homogenization, using wet screening. The main sample preparation consists of splitting firstly at 75 µm using a
- Measures taken to ensure that the sampling is standard wet screening process followed by further splitting the representative of the in-situ material collected, -75 µm fraction at 20 µm again using a fine wet screening.
including for instance results for field duplicate/second-half sampling.
- Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay • The nature, quality and appropriateness of the assaying • The applied assay method is considered to be the standard for data and and laboratory procedures used and whether the the determination of TiO2 and REE. Chemical analyses were laboratory tests technique is considered partial or total. conducted in the laboratory of SGS Geosol, Vespasiano-MG.
Sample pulps were assayed by ICP-MS, ICP-OES methods. X-
- For geophysical tools, spectrometers, handheld XRF ray Fluorescence is used for over-the-top limit of TiO2 (25%).
instruments, etc., the parameters used in determining The assay technique is considered to be a total rock the analysis including instrument make and model, geochemical analysis method and a standard technique within reading times, calibrations factors applied and their the industry.
derivation, etc.
- QAQC: 1 field duplicates, 3 standards and 2 blanks were
- Nature of quality control procedures adopted (eg inserted for every 50 samples to control the quality of the standards, blanks, duplicates, external laboratory physical preparation. Acceptable levels of accuracy were checks) and whether acceptable levels of accuracy (ie observed. A batch of 150 samples was sent to a second lack of bias) and precision have been established. laboratory (ALS-Chemex) for umpire checking. Results were considered excellent.
- The verification of significant intersections by either • Not applicable for metallurgical results announcement.
Verification of independent or alternative company personnel.
sampling and assaying
- The use of twinned holes.
- Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)
protocols.
- Discuss any adjustment to assay data.
Location of data • Accuracy and quality of surveys used to locate drill • Not applicable for metallurgical results announcement.
points holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
- Specification of the grid system used.
- Quality and adequacy of topographic control.
Data spacing and • Data spacing for reporting of Exploration Results. • Not applicable for metallurgical results announcement.
distribution
- Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
- Whether sample compositing has been applied.
Orientation of • Whether the orientation of sampling achieves unbiased • Not applicable for metallurgical results announcement.
data in relation to sampling of possible structures and the extent to which geological this is known, considering the deposit type.
structure
- If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
- The measures taken to ensure sample security. • Samples prepared and stored by own personnel in a dedicated
Sample security coreyard.
Audits or reviews • The results of any audits or reviews of sampling techniques • Not applicable.
and data.
Section 2 – Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code Explanation | Commentary | |||||
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| Exploration done • Acknowledgment and appraisal of exploration by other • Not applicable for metallurgical results announcement. by other parties parties. | |||||||
| Geology • Deposit type, geological setting and style of mineralization. • Not applicable for metallurgical results announcement. | |||||||
| Drill hole • A summary of all information material to the understanding • Not applicable for metallurgical results announcement. Drilling Information of the exploration results including a tabulation of the coordinates and other relevant data can be consulted on the following information for all Material drill holes: report NI 43.101 report published in the Sedar.com, in May • easting and northing of the drill hole collar 2025. • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth |