Resouro Strategic Metals • Press release Page 1 of 12
Resouro Strategic Metals • Press release Page 1 of 12
TSX-V News Release ASX News Release
29 July 2026 30 July 2026
Resouro Files Technical Report for Tiros Project
NI 43-101 compliant report supports previously announced PEA results for titanium and
rare earths project
Vancouver, British Columbia, July 29, 2026 (GLOBE NEWSWIRE): Resouro Strategic Metals Inc. (TSX-
V: RSM; ASX: RAU; OTCQB: RSGOF; FSE: 8TX) (“Resouro” or the “Company”) has filed an independent
technical report (“Technical Report”) for the Tiros Titanium and Rare Earths Project (“Tiros Project”),
located in Minas Gerais, Brazil. The Company previously disclosed the results of a preliminary
economic assessment (“PEA”) on the Tiros Project in its June 14/15, 2026 news release and the
Supplementary Information released on June 17, 2026 in response to ASX Listing Rule 5.16
requirements.
"This report independently supports the strong technical and economic foundations of our staged
development strategy,” said Christopher Eager, Resouro’s Chief Executive Officer. "It demonstrates that a
relatively small, high-grade starter operation has the potential to generate attractive economics while
targeting less than one percent of our current Measured and Indicated Mineral Resource. This approach has
been designed to reduce upfront capital requirements, shorten the pathway toward production, lower
execution risk and preserve exceptional long-term expansion potential.”
The Technical Report evaluates the development of a staged, high-grade starter operation based on a
500,000 tonne per annum processing facility operating over a 20-year mine life. The study targets
approximately 9.5 million tonnes of high-grade run-of-mine ("ROM") material that represents less than
one percent of the Company's 1.4 billion tonne Measured and Indicated Mineral Resource grading 12%
titanium dioxide (“TiO2”), 4,000 ppm total rare earth oxides (“TREO”) and 1,100 ppm magnetic rare earth oxides
(“MREO”).
The PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them
to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. It is not
a feasibility study. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability. There is a low level of geological confidence associated with Inferred Mineral
Resources, that there is no certainty further exploration will convert them to Indicated Resources, and
that there is no certainty the production target itself will be realised.
Highlights:
• Strong Project Economics: The PEA outlines positive project economics, with an after-tax NPV (8%
discount rate) of US$714.9 million, and after-tax internal rate of return of 44.2%, an estimated
after-tax payback period of 1.9 years, and a mine life of 20 years.
• Capital-efficient Development Strategy: The PEA supports a capital-efficient, staged development
strategy centered on a 500,000 tonne per annum high-grade starter operation that targets less
than 1% of the current Measured and Indicated Mineral Resource, r educing initial capital
requirements while providing a pathway to production and preserving significant long -term
expansion potential.
• Favorable Project Fundamentals: The Project combines conventional free-digging open-pit mining
with a low strip ratio, the production of three potential product streams assumed in the PEA including
a coarse titanium dioxide concentrate, a fine titanium dioxide concentrate and a Mixed Rare Earth
Carbonate, and a location in the established mining jurisdiction of Minas Gerais, Brazil, with access
to existing infrastructure and a skilled workforce. The conceptual design also incorporates dry-
stack tailings.
Resouro Strategic Metals • Press release Page 2 of 12
Other than as set out below, Resouro confirms that it is not aware of any new information or data that
materially affects the forecast financial information and production target for the Tiros Project as
previously disclosed in the June 14/15, 2026 news release, and that all other material assumptions
underpinning the after-tax NPV, after-tax IRR, after-tax payback period and mine life referred to above
continue to apply and have not materially changed. The form and context in which those economic
outcomes are presented in this news release have not been materially modified from the original
announcement.
The Technical Report titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the
Tiros Rare Earths and Titanium Project, Minas Gerais, Brazil” dated July 29, 2026, and effective July 10,
2026, was prepared by an independent multidisciplinary team led by Norda Stelo Inc. (“Norda Stelo”)
in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-
101") and Form 43-101F1. The Technical Report is available on the Company’s profile at
www.sedarplus.ca and on its website at www.resouro.com.
The Technical Report provides the detailed scientific, engineering and economic basis for the PEA
previously announced by the Company in the June 14/15 news release and June 17 Supplementary
Information. Compared with those announcements, the Technical Report corrects an overstatement
of acid reagent consumption in the process model. Considered in isolation, this correction would
increase the project NPV. The cost and economic models also incorporate a corresponding revision to
the reagent unit price, which offsets the effect of the consumption correction. Consequently, these
corrections have no net effect on the previously reported project NPV. The QPs have reviewed these
revisions and are comfortable with these updates.
Qualified Person and Competent Person Statements
This news release has been reviewed and approved by the relevant Qualified Persons under NI 43-
101 and Competent Persons under the JORC Code, each in respect of the scientific and technical
information falling within the area of responsibility attributed to that person below.
Competent Person (JORC)
The information in this announcement that relates to Mineral Resources is based on, and fairly
represents, information compiled or reviewed by Mr. Simon Mortimer (M.Sc., MAusIMM, FAIG), a
Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a
Member of the Australian Institute of Geoscientists, and an independent consultant engaged by the
Company through Atticus Geoscience Consulting.
The information that relates to production targets and mining factors is based on, and fairly represents,
information compiled or reviewed by Mr. Giorgio de Tomi (FIMMM, CEng), an independent consultant.
The information that relates to mineral processing and metallurgical testing, including laboratory test
work results and test work recoveries, is based on, and fairly represents, information compiled or
reviewed by Mr. Richard Wagner (P.Eng., a Member of Professional Engineers Ontario) of Richard Herman
Otto Wagner.
The information that relates to recovery methods, process design criteria, design recovery
assumptions, process plant design and process-related infrastructure is based on, and fairly represents,
information compiled or reviewed by Mr. Gavin Beer (FAusIMM CP(Met)), independent consultant of
Met-Chem Consulting Pty Ltd.
The information that relates to tailings and waste management is based on, and fairly represents,
information compiled or reviewed by Mr. Aleksandar Spasojevic, (PhD, P.Eng., a Member of Professional
Engineers Ontario) of Ausenco.
Resouro Strategic Metals • Press release Page 3 of 12
The information that relates to environmental, permitting and social impact is based on, and fairly
represents information compiled or reviewed by Mr. Jean-Marc Lopez, (B.Sc, FAusIMM) of JML
Geology & Consulting.
The information that relates to capital and operating cost estimates and marketing assumptions is
based on, and fairly represents, information compiled or reviewed by Mrs. Kerrine Azougarh (P.Eng., a
Member of Professional Engineers Ontario) of Norda Stelo.
The information that relates to economic analysis, including NPV, IRR and payback period is based on,
and fairly represents, information compiled or reviewed by Mr. João Augusto Hilário de Souza, a
Member of the Australian Institute of Geoscientists (MAIG #4084), of L&M Assessoria.
Each Competent Person named above has sufficient experience that is relevant to the style of
mineralization and type of deposit under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC C ode), and consents to the
inclusion in this news release of the matters based on their information in the form and context in
which it appears.
The Mineral Resources underpinning the production target in the PEA have been prepared , in
accordance with the requirements of the JORC Code 2012 as previously reported by the Company in
its June 14/15, 2026, news release. The Company confirms that it is not aware of any new information
or data that materially affects the information included in that news release and that all material
assumptions and technical parameters underpinning the estimates referred to therein continue to
apply and have not materially changed.
Qualified Persons
The scientific and technical information in this press release (including the appendix) has been
reviewed and approved by the Qualified Persons listed below, each in respect of the information within
the area of responsibility stated after their name. Each Qualified Person is independent of the
Company as defined in and required by NI 43-101.
• Simon Mortimer, M.Sc., MAusIMM, FAIG, of Atticus Geoscience Consulting Ltd. — Geology and
Mineral Resource Estimation
• Richard Wagner, P.Eng., a Member of Professional Engineers Ontario, of Richard Herman Otto
Wagner — Mineral Processing and Metallurgical Testing
• Giorgio de Tomi, FIMMM, CEng, QMR, an independent consultant — Mining Engineering
• Gavin Beer, FAusIMM CP(Met), independent consultant of Met-Chem Consulting Pty Ltd —
Process Plant, Recovery Methods and Infrastructure
• Aleksandar Spasojevic, PhD, P.Eng., a Member of Professional Engineers Ontario, of Ausenco —
Tailings and Waste Management
• Jean-Marc Lopez, B.Sc, FAusIMM, Senior Principal Consultant of JML Geology & Consulting -
Environmental, Permitting and Social Impact
• Kerrine Azougarh, P.Eng., a Member of Professional Engineers Ontario, of Norda Stelo — Capital
and Operating Costs and Marketing
• João Augusto Hilário de Souza, Member of Australian Institute of Geoscientists (AIG), of L&M
Assessoria — Economic Analysis
Resouro Strategic Metals • Press release Page 4 of 12
This announcement has been authorized for release by Resouro’s Board of Directors.
Contact Information
Christopher Eager
Chief Executive Officer
About Resouro Strategic Metals
Resouro is a Canadian mineral exploration and development company focused on the discovery and
development of economic mineral projects in Brazil. Its flagship Tiros Titanium and Rare Earth Elements
Project comprises 28 mineral concessions totalling 497 km2 in the state of Minas Gerais, one of Brazil’s most
infrastructurally developed states. The Tiros Project is supported by a JORC-compliant Mineral Resource
Estimate and a Preliminary Economic Assessment for a starter operation. Resouro is also developing the
Novo Mundo gold project, located in Mato Grosso state.
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. All statements other than statements of historical fact, included in this news
release are forward-looking information that involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events could differ materially from those
anticipated in such statements. 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 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 conditi ons in Canada, the United States and
globally; changes in national and local government legislation, controls, regulations and political or economic
developments in countries in which the Company carries on or may carry on business in the future; actual results
of exploration activities; estimation or realization of mineral reserves and resources; timing and amount of
estimated future production; costs of production; development of acquired mineral deposits; possible variations
in mineral grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; title disputes; the timing and possible outcome of pending
litigation and the possibility of new litigation; risks associated with international operations; risks related to joint
venture operations or other material customer or supply agreements; risks related to the integration of
acquisitions; fluctuations in the currency markets; operating or technical difficulties in connection with mining
activities; mineral exploration and development, including the risks of obtaining necessary licenses and permits;
geological, technical and drilling problems; competition for and/or inability to retain drilling rigs and other
services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory
authorities; stock market volatility; volatility in market prices for commodities; changes in tax laws and incentive
programs relating to the mining industry; and the other factors described in our public filings available at
www.sedarplus.ca. 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, 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.
Resouro Strategic Metals • Press release Page 5 of 12
Appendix A – Mineral Resource Estimate
DOMAIN Category Million Tonne TiO2 % TREO (ppm) MREO (ppm) REO/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 (MG + HG) Measured 367 12 4,100 1,100 28%
Indicated 1,000 12 4,000 1,110 27%
M + I 1,400 12 4,000 1,100 28%
Inferred 500 12 3,700 1,000 27%
http://www.sedarplus.ca/
Note: Further details of the Company’s JORC MRE are contained within the Company’s ASX announcement of 15 June 2026/TSX-V 14 June2026. 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 • Press release Page 6 of 12
Appendix B – JORC CODE 2012 TABLE 1
The PEA is preliminary in nature. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. No Ore Reserve is declared in this announcement.
Section JORC Table 1 criterion Explanation / requirement Commentary for this announcement
Section 1 – Sampling
Techniques and Data
Sampling techniques Nature and quality of sampling;
measures taken to ensure sample
representativity.
The PEA is supported by the previous 2025 MRE which has been validated and reissued with no
changes for the 2026 NI 43-101 Technical Report and Preliminary Economic Assessment for the
Tiros Rare Earths and Titanium Project, Minas Gerais, Brazil. It incorporates historical Vicenza/Iluka
information and Resouro drilling completed between 2023 and early 2025. Resouro completed air
core, diamond and auger drilling at Sao Gotardo, Tiros Central and Tiros North; the Mineral
Resource estimate is limited to part of Tiros Central. Sampling includes 1 m intervals, with rare earth
and TiO2 assays used for Mineral Resource estimation.
Drilling techniques Drill type, core diameter, downhole
tools and whether core is oriented.
The NI 43-101 mineral resource estimate records 42 air core drill holes totalling 2,339 m, 79
diamond drill holes totalling 5,241.3 m and 25 auger holes totalling 263.5 m. Historical
Vicenza/Iluka air core drilling and historical diamond drilling were also reviewed and, where
validated, incorporated.
Drill sample recovery Method of recording and assessing
sample recoveries and results assessed.
The announcement does not report new drill intercepts. The NI 43-101 report indicates that
assay and drilling information was reviewed by the QP and considered adequate for Mineral
Resource estimation. Recovery recording, sample representativity, and any recovery bias should
be confirmed by the Competent Person in the final ASX release if new exploration data are
reported.
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level sufficient to support
Mineral Resource estimation.
The NI 43-101 report describes the mineralization as hosted in the Capacete Formation, with
lithology, mineralization, and weathering models used in the Mineral Resource estimate. Logging
supported modelling of high-grade and low-to-medium-grade domains and oxidation/weathering
domains. No new logging data are being reported in this PEA announcement.
Sub-sampling techniques
and sample preparation
If core, whether cut or sawn; sample
preparation methods; quality-control
procedures.
Samples were prepared and assayed at SGS Geosol. The NI 43-101 mineral resource estimate
states that 6,141 core samples from the 2023-2024 drilling campaign were submitted for analysis,
including 838 QA/QC samples, representing approximately 13.7% of submissions. Sample
preparation details, including splitting and laboratory procedures, are described in the technical
report and can be cross-referenced rather than repeated in full in this announcement.
Quality of assay data
and laboratory tests
Nature, quality and appropriateness of
assaying and laboratory procedures.
TiO2 was analysed by lithium metaborate fusion followed by ICP-AES, with over-limit values re-
analysed by XRF. Rare earth elements were analysed by lithium metaborate fusion with ICP-MS
determination. QA/QC included certified reference materials, blanks, field duplicates and pulp
duplicates. The QP concluded that the assay methods and QA/QC results were adequate for
Mineral Resource estimation.
Verification of sampling
and assaying
Verification of significant intersections
by independent or alternative company
personnel; use of twinned holes.
The NI 43-101 report states that the QP reviewed historical and current data and that Simon
Mortimer completed a site visit on July 8 to 10, 2026. The QP reported no reason to doubt the
adequacy of the historical sample preparation, security, and analytical procedures as presented
and considered the data suitable for the purposes of the report and Mineral Resource estimate.
Resouro Strategic Metals • Press release Page 7 of 12
Section JORC Table 1 criterion Explanation / requirement Commentary for this announcement
Location of data points Accuracy and quality of surveys used to
locate drill holes, collar surveys and
topographic control.
The technical report includes collar location review and topographic control, including a LIDAR
survey/topographic surface used for the Mineral Resource estimate. The Property is located in
Minas Gerais, Brazil and comprises 28 exploration concessions totalling approximately 49,763 ha.
Data spacing and
distribution
Data spacing for Exploration Results
and Mineral Resource estimation;
whether spacing is sufficient.
The Mineral Resource estimate is based on air core, diamond and auger drilling data, with a block
model prepared using 100 m x 100 m x 10 m parent blocks with sub-blocking. Resource
classification reflects data spacing, data quality, geological continuity and grade continuity. This
PEA announcement does not report new Exploration Results.
Orientation of data in
relation to geological
structure
Whether sample orientation achieves
unbiased sampling of possible
structures.
The deposit is described as a near-surface regolith/sedimentary TiO2-REE system developed
within the Capacete Formation. Vertical air core, diamond and auger drilling is considered
appropriate for the broad, near-surface geometry of the mineralized horizons. No new structural
or true-width interpretation is reported in this announcement.
Sample security Measures taken to ensure sample
security.
The NI 43-101 report describes sample preparation, analysis, and security and concludes that
procedures, policies and protocols for capture and verification of drilling information are sufficient
and appropriate for Mineral Resource estimation.
Audits or reviews Results of audits or reviews of sampling
techniques and data.
The Technical Report provides an independent review of the Mineral Resource estimate by
Qualified Person Simon Mortimer. QA/QC, data verification, block model validation, visual
validation, swath plots, and nearest-neighbour checks are described in the report.
Section 2 – Reporting
of Exploration Results
Mineral tenement and
land tenure status
Type, reference name / number,
location and ownership including
agreements or material issues.
The Tiros Project comprises 28 exploration concessions covering approximately 49,763 ha in
Minas Gerais, held by Tiros Minerais Estrategicos Mineração Ltda, which is 90% owned by
Resouro Strategic Metals and 10% owned by RBM Consultoria Mineral EIRELI. The Property
covers Tiros North, Tiros Central, Sao Gotardo and Campos Altos target zones. The Mineral
Resource estimate is limited to part of Tiros Central.
Exploration done by
other parties
Acknowledgment and appraisal of
exploration by other parties.
The NI 43-101 report acknowledges historical exploration by Aguia Metais, Vicenza, and the
Vicenza-Iluka joint venture, including historical drilling and metallurgical work. Resouro completed
drilling and metallurgical testing after entering into an agreement with RBM in July 2023.
Historical data were reviewed and incorporated where considered adequate by the QP.
Geology Deposit type, geological setting and
style of mineralization.
The Project is in the Sao Francisco Craton and the mineralization is hosted by epiclastic rocks of
the Capacete Formation, part of the Mata da Corda Group. The deposit is interpreted as a
secondary concentration formed through surface weathering and sedimentary processes from
REE- and Ti-bearing source rocks. The Capacete Formation contains the TiO2 and REE
mineralization.
Drill hole information Summary of all information material to
understanding Exploration Results.
No new Exploration Results or individual drill intercepts are reported in this PEA announcement.
Drill-hole information, including collar locations, sample summaries and results for Resouro auger,
air core, and diamond drilling, is set out in the 2025 NI 43-101 Technical Report.
Data aggregation
methods
Weighting, grade truncations, metal
equivalents and aggregation methods.
This announcement reports Mineral Resource and PEA metrics rather than new Exploration
Results. TREO, MREO and TiO2 are reported consistently with the 2025 NI 43-101 report.
Resouro Strategic Metals • Press release Page 8 of 12
Section JORC Table 1 criterion Explanation / requirement Commentary for this announcement
Relationship between
mineralization widths
and intercept lengths
Geometry of mineralization relative to
drill angle and true width.
No new drill intercept widths are reported. The Mineral Resource is a block-model estimate of
near-surface mineralization.
Diagrams Appropriate maps, sections and
tabulations.
The PEA includes a conceptual operation schematic and a process flowsheet. The Technical
Report includes location, tenure, drill-hole, geology, domain, weathering, block model and
classification figures that support the Mineral Resource disclosure.
Balanced reporting Representative reporting of both low
and high grades and widths.
The PEA presents the total, medium-grade, and high-grade Mineral Resource domains and
distinguishes Measured, Indicated and Inferred categories. It does not selectively report new
drilling results.
Other substantive
exploration data
Other exploration data, including
metallurgical, bulk density,
geotechnical, groundwater and
processing information.
The PEA NI 43-101 report includes bench-scale beneficiation testwork and reports titanium
occurring primarily as anatase, with minor ilmenite, and other minerals including kaolinite, quartz,
hematite, and silicates. The technical report describes a conceptual flowsheet including grinding,
size classification, low intensity magnetic separation, gravity density separation, calcination,
medium-intensity magnetic separation, electrostatic separation, hydrochloric acid, and other
leaching and solid-liquid separation.
Further work Nature and scale of planned further
work.
The PEA states that next steps include infill drilling in defined open-pit areas, additional sample
generation, metallurgical testwork for PFS, optimization of beneficiation and acid recycling,
analysis of alternative process routes and staged scale-up from 500,000 tpa to 5-10 Mtpa,
together with permitting and stakeholder engagement.
Section 3 – Estimation
and Reporting of
Mineral Resources
Database integrity Measures taken to ensure data
integrity and validation.
The NI 43-101 report describes database compilation, validation, data handling, and estimation
inputs. The Mineral Resource estimate used 1 m composites, density modelling, domain
interpretation and Ordinary Kriging, with checks against input data and nearest-neighbour
estimates.
Site visits Comment on site visits by the
Competent Person and outcome.
Simon Mortimer, QP, visited the Project and Resouro offices from July 8 to 10, 2026 and
completed a personal inspection of the Tiros Project on July 9, 2026 accompanied by Resouro
geologist Rodrigo Mello. Site-visit details are disclosed in the NI 43-101 certificates and report.
Geological interpretation Confidence in geological interpretation
and any alternate interpretations.
The geological interpretation separates the Capacete Formation mineralization into low-to-
medium-grade and high-grade TiO2-TREO domains, supported by lithology, mineralization and
weathering models. The high-grade domain is reported as 103 Mt M+I at 23% TiO2, 9,100 ppm
TREO and 2,400 ppm MREO, plus 33 Mt Inferred at 22% TiO2, 8,300 ppm TREO and 2,200 ppm
MREO.
Dimensions Extent and variability of the Mineral
Resource.
At a 1,000 ppm TREO cut-off, the Mineral Resource comprises 1.4 Bt Measured and Indicated at
12% TiO2, 4,000 ppm TREO and 1,100 ppm MREO, plus 500 Mt Inferred at 12% TiO2, 3,700 ppm
TREO and 1,000 ppm MREO. The high-grade domain comprises 103 Mt M+I and 33 Mt Inferred
as disclosed above.
Estimation and
modelling techniques
Estimation method, assumptions, block
size, interpolation and validation.
The NI 43-101 report states that estimation used a block model with 100 m x 100 m x 10 m
parent blocks and sub-blocking, 1 m composites, density modelling, Ordinary Kriging with multiple