Resouro Market Update
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
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TSX-V Release ASX Release
11 August 2025 12 August 2025
Resouro Market Update
Resouro Strategic Metals Inc. (ASX: RAU ; TSX-V: RSM ; OTCQB: RSGOF ; FSE: 8TX; )
("Resouro" or the "Company") is pleased to provide updates on several activities as it advances
development of its flagship Tiros Titanium and Rare Earth Elements Project (“ Tiros Project” or
“Tiros” or “Project”) in Minas Gerais, Brazil.
Key Highlights:
o Preliminary Economic Assessment and Project Management Structure
o Metallurgical Test Work
o Non-equity Funding:
• Proposals for the sale of Novo Mundo Gold Project;
• Approval for DTC Eligibility, electronic clearing and settlement in the United
States;
• BNDES-Finep Joint Support Plan;
• DFC Application;
• Royalties; and
o Campos Altos Critical Minerals Park.
The Company remains focused on delivering long -term value through disciplined execution and
advancement of key initiatives to support the Tiros Project. Together, these initiatives mark
important steps forward as Resouro progresses its strategic priorities and positions itself for the
next phase of growth.
Preliminary Economic Assessment (PEA) and Project Management Structure
Resouro is advancing a Preliminary Economic Assessment (“PEA”) in accordance with 43-101
standards, focusing on the near-surface high-grade zone of the Tiros Central Block.
This zone contains 104 million tonnes at 23% titanium dioxide (“TiO2”) and 9,100 ppm Total Rare
Earths Oxides (“TREO”) in the Measured and Indicated categories as reported in the JORC
compliant updated Mineral Resource Estimate (MRE) announced by Resouro on 8 April 2025
TSX-V/9 April 2025 ASX1.
The PEA will be based on initial processing of 500,000 tonnes per annum through a demonstration
treatment plant, followed by scenarios scaling up to 5 to 10 million tonnes annually.
Resouro has retained the services of global engineering and consulting firm Ausenco to oversee the
PEA, including the development of the metallurgical flowsheet and the estimation of process
capital and operating costs. Ausenco has a 30-year track record of providing consulting, studies,
project delivery, and operations to the sector and employs approximately 300 employees in Belo
1 The MRE was also filed in accordance with National Instrument – 43-101 – Standards of Disclosure for Mineral Projects in
Canada on 22 May, 2025/ASX on 23 May, 2025.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
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Horizonte, a short distance from Resouro’s office. Ausenco will be supported by a group of leading
firms and independent consultants, each contributing speciali zed expertise to key components of
the PEA, as outlined below.
o Mine Planning, Mining Capital and Operating Costs
Andre Rati - Consultant Mining Engineer (Belo Horizonte, Brazil)
Andre Rati is a mining engineer with hands-on experience in the operations for large Brazilian
mining companies, including Nexa Resources and V otorantim.
o Environmental Impact and Water Management
Sete Soluções e Tecnologia Ambiental (Belo Horizonte, Brazil)
Sete's organizational structure is designed t o support strategic execution across a range of
project complexities . With more than 600 employees distributed across multiple units
throughout Brazil, Sete is well positioned to develop and implement projects of varying scale
and technical challenge.
o Metallurgical Test Work
SGS Lakefield Canada, SGS Geosol Brazil, and CIT Senai Brazil
SGS is the world’s leading testing, inspection and certification company, operating a global
network of more than 2,500 laboratories and business facilities across 115 countries. CIT Senai
Brazil is a nationally recogni zed centre for industrial innovation and technology, delivering
applied research, technical services and development solutions including mining and
metallurgy.
o Senior Metallurgical Consultant
John Goode - J.R. Goode and Associates (Toronto Canada)
John Goode is a highly respected metallurgist with extensive experience in the design, oversight
and interpretation of beneficiation and hydrometallurgical test programs, as well as in the
engineering and economic evaluation of new and existing processing operations for the
recovery of gold, base metals, uranium, rare earth elements (“REE”) and other elements from
ore and other sources.
o Senior Metallurgical Consultant and Strategic Advisor
Steve Williams – Blue Coast Research (Lakefield, Canada)
As Executive Chairman and Senior Metallurgist at Blue Coast Research, Steve Williams brings
deep expertise in g eometallurgical and metallurgical strategy, testing and consulting . He is
recognized for his leadership in geometallurgy, sulphide mineral flotation and comminution,
supported by a strong background in management, sales and marketing.
o Project Manager – Owners Representative
Jordana Ferreira – Progesys (Belo Horizonte, Brazil)
Jordana Ferreira is an accomplished process engineer with a strong track re cord in project
management, engineering, research, development, and process optimization for complex
processing operations. She previously served as Manager of Processing at SVPM Mineração
Serra Verde , Brazil ’s only producing rare earths project where she led the research,
development, and process optimization department and oversaw extensive bench and pilot -
scale testing programs to define and optimize the process route. Her responsibilities included
managing metallurgical test campaigns, overseeing technical and eco nomic evaluations (pre-
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
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feasibility studies (“PFS”), and definitive feasibility studies (“DFS”)) and ensuring compliance
with product specifications and operational performance targets.
o Senior Consultant
Rodrigo Mello – RBM Consulting (Belo Horinzonte, Brazil)
Rodrigo Mello is a seasoned geologist and a 10% minority shareholder in the Tiros Project,
with nearly 40 years of experience in the mineral industry. A Qualified Person (QP), he brings
deep expertise in exploration, resource evaluation and project development. He has held senior
roles with leading mining companies such as Anglo American, AngloG old and Goldcorp. As
Technical Director at Vicenza, he played a key role in the discovery of the Tiros Project.
Alistair Stephens has resigned as Chief Executive Officer, and Christopher Eager is assuming the
position. Resouro is also initiating the process to appoint a chairman to further strengthen the team.
With 34 years of experience as a mining engineer and based in South America, Christopher Eager
will provide both strategic oversight and hands-on involvement to support the Company’s growth
and successful execution of its objectives.
Metallurgical Test Work
Metallurgical test work is underway to advance and validate a flowsheet for the integrated recovery
of TiO₂ and Mixed Rare Earth Carbonate (“MREC”).
The program includes removal of magnetic minerals through magnetic separation and flotation
targeting the removal of gangue minerals. The u pgraded mineralization will then be tested using
sulphuric acid digestion trials, paving the way for selective downstream recovery of TiO₂ and Rare
Earth Oxides (“REOs”).
At SGS Geosol Brazil, initial sul phuric acid digestion tests will be conducted on the total
mineralized material to provide an early indication of extraction rates for both titanium and rare
earth elements. The flotation stage (of gangue) is designed to maximize the recovery of these target
minerals, while acid digestion focuses on producing a high-value, high-purity TiO₂ product.
A separate trial at SGS Geosol Brazil will beneficiate product by gravity separation techniques to
produce a size fraction suitable for the mineral sands market. While this route is expected to yield
lower overall recovery, it offers the potential for a higher purity product once washed with sulphuric
acid.
Based on results from preliminary trials at SGS Geosol Brazil, advanced sulphuric acid digestion
testing will be conducted at SGS Lakefield (Canada) providing further refinement of the flowsheet
and process parameters.
In parallel, tailings and water recovery studies are underway to support the design of an
environmentally responsible dry -stack residue solution , aligned with Resouro’s broader
commitment to sustainable development practices.
Resouro will continue to provide updates as metallurgical test work advances and results are
integrated into the broader development strategy, including the Company’s scoping study. Findings
from the test work and scoping study will guide the design of a pilot plant and underpin
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
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development toward a pre-feasibility study (“PFS”), targeted for completion late 2026 or early
2027.
Resouro remains focused on producing high -value, titanium and rare earth products to support
global critical minerals supply chains.
Non-Equity Funding of Resouro
In addition to traditional forms of equity and financing, and a s part of its strategy to advance the
Tiros Project while minimizing shareholder dilution, Resouro is actively pursuing a range of non -
equity financing opportunities.
These include engagement with development -focused institutions, exploration of innovative
financing mechanisms and pursuit of grant and royalty-based support.
Collectively, these initiatives reflect Resouro’s commitment to securing strategic, non -dilutive
capital to fund project development and drive long-term value creation.
o Proposals for Sale of Novo Mundo Project
Over the past nine months, Resouro has received a number of non-binding indicative proposals
from mining companies to acquire the Novo Mundo Gold Project.
Resouro is considering proposals that would deliver a significant amount of firm cash upfront
rather than granting options or payment in equity. Should a transaction be concluded, proceeds
received would be allocated toward advancing the Company’s flagship Tiros Project.
This approach reflects Resouro’s focus on prioritizing capital allocation toward assets with the
highest potential to generate long -term shareholder value. There is no guarantee that any
proposal received will result in a transaction for Resouro.
o Approval for DTC Eligibility
Resouro’s common shares are now eligible for electronic clearing and settlement in the United
States through the Depository Trust Company (“DTC”).
DTC eligibility is expected to simpl ify the trading process and enhance the liquidity of the
Company’s shares for US investors by enabling Resouro’s shares to be traded through a wider
network of U.S. brokerage firms, facilitating faster settlement and improved market access.
This represents a meaningful step toward increasing the Company’s visibility and accessibility
within the U.S. capital markets.
o BNDES-Finep Joint Support Plan
Resouro has been shortlisted under the Joint Support Plan of Brazilian agencies Banco Nacional
de Desenvolvimento Econômico e Social (National Bank for Economic and Social
Development – “BNDES”) and Financiadora de Estudos e Projetos (Study and Project
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
5 | P a g e
Financing Agency – “Finep”), as announced by the Company on 15 June 2025 (ASX 16 June
2025).
The Joint Support Plan, which comprises total funding of BRL 5 billion (approximately CAD
1.2 billion), is designed to stimulate investment in production, innovation and manufacturing
of strategic minerals essential for clean and renewable technologies.
The Tiros Project was shortlisted among other high quality, high interest project s and the
BNDES will send qualified invitations for the next phase of the process. A decision on the next
stage of the program is expected in coming months with no finance contracts signed between
the selected companies and the BNDES/Finep to date.
The Company views this engagement as a significant step toward securing strategic, non-equity
funding and will provide further updates as the initiative advances.
o DFC Application
Resouro has applied to the U.S. International Development Finance Corporation (“ DFC”) for
technical assistance funding to support key pre-development activities at its Tiros Project.
The application is currently under review and Resouro is awaiting a decision. If approved, the
funding would provide targeted support for technical workstreams that contribute to advancing
the project.
o Royalties
Unlike many of its peers, Resouro currently has no royalties in place on its Tiros Project apart
from the standard Brazilian statutory royalty which would be granted to the government at the
start of production.
An opportunity exists for a Net Smelter Royalty (“NSR”) to be sold at completion of the PEA
in exchange for a percentage of future revenues, allowing Resouro to raise non-equity funding.
Discussions are ongoing with potential royalty partners aligned with Resouro’s long -term
vision.
Campos Altos Critical Minerals Park
Resouro has initiated the development of the Campos Altos Critical Minerals Park (“CACMP”) to
establish a logistics hub and an integrated downstream ecosystem for further processing of TiO2
and MREC from the Tiros Project.
Resouro has identified various sites to locate CACMP near the Tiros Project, adjacent to the existing
railway line that connects to the Port of Santos, approximately 500 kilometres away. The CACMP
is being developed as a consortium, led by Resouro, and is designed to host multiple in dustrial
partners who would construct and operate midstream and downstream processing facilities.
CACMP would provide processing companies access to renewable hydroelectric power, water and
local labour. Tiros would supply TiO2 concentrates and MREC for feedstock.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
6 | P a g e
Resouro plans to facilitate permitting and logistics arrangements to support downstream operations
and would sell its feedstock through long -term offtake agreements . The Company is in active
discussions with several global industrial groups interested in establishing facilities at the CACMP
and is working with local government authorities to explore a potential partnership to support the
development and long-term success of the initiative.
Initial development activities are underway, with a view to advancing permitting, securing
industrial participation, and finalizing site planning over the coming months. Resouro anticipates
announcing further milestones as agreements are executed and consortium members are confirmed.
Chris Eager, Chairman of Resouro Strategic Metals, said:
“Resouro has made significant advances towards the completion of Preliminary Economic
Assessment at the Tiros Titanium and Rare Earths Project. We are aiming to produce two different
process flowsheets to produce saleable titanium dioxide concentrates and mixed rare earth
carbonates. This will be the culmination of over 18 months of metallurgical test work and results
from the ongoing program. Results from these programs will be announced with the PEA so that
investors can have a full understanding of the economic implications of these results.
Resouro is well advanced. Other components of the PEA are environmental studies, identifying and
developing relationships with buyers for the products, and project finance.
Resouro has a highly experienced and qualified team in place to deliver the PEA, and I thank them
all for their hard work and dedication. I also thank Resouro’ s long term, supportive shareholders
for their continued support”
This announcement has been authorized for release by the Board of Directors.
Contact Information:
Chris Eager,
Executive Chair
(Santiago)
+44 7388 0579809
Emily Evans, SPOKE
Media and Content Manager
+61 401 337 959
About the Company
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 totalling 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 R esource 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 at 12% TiO2 and 4,000 ppm TREO.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
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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 affects 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.
Resouro Strategic Metals Inc., capital structure
ASX Chess Depositary Interests 47,883,723
TSXV Common Stock 44,706,326
Total on Issue 92,590,049
Options issued under the Company Plan 12,495,000
Options issued to Brokers 1,843,643
Warrants issued to Brokers 600,616
Performance Rights 750,000
Fully Diluted Securities 108,279,308
Competent Person Statement
The information in this announcement that relates to Mineral Resources , Preliminary Economic
Assessment and Metallurgical Test Work is based on, and fairly represents, information compiled
and approved by Mr. Rodrigo Mello, a Competent Person who is a Fellow of The Australian
Institute of Mining and Metallurgy (FAusIMM 209332). Mr Mello is a consultant for Resou ro
Strategic Metals Inc. and has sufficient experience that is relevant to the style of mineralisation and
the type of deposit under consideration and to the activity being undertaken to quali fy him a s a
Competent Person as defined in the 2012 Edition of the “A ustralian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr. Mello has a financial interest in the
Project, both as the owner of a minority stake (10% free carried interest) and as a minority
shareholder of Resouro. Mr. Mello consents to the inclusion of this information in this
announcement of the matters based on his information in the form and context in which it appears.
DOMAIN Category Million Tonne TiO2 % TREO (ppm) MREO (ppm)MREO/TREO ratio
HG (High Grade) 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%
MG (Medium Grade) 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%
TOTAL (HG+MG) 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%
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Suite 250, 997 Seymour Street, V ancouver, 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
8 | P a g e
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", "esti mate" 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 wi ll 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 differ materially from those anticipated in the forward-
looking information. Some of the risks and other factors that could cause the results to differ
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 fr om
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 exp ectations 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.