Resouro Strategic Metals • Press release Page 1 of 18
Resouro Strategic Metals • Press release Page 1 of 18
TSX-V News Release ASX News Release
14 June 2026 15 June 2026
PEA for Resouro’s Tiros Project outlines strong economics
with after-tax NPV(8%) of US$714.9 M and IRR of 44.2%
Initial operation to target mining and processing of 500,000 tonnes per year over 20 years
Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; OTCQB: RSGOF) (Resouro or the Company)
has delivered on a major milestone: it has completed a Preliminary Economic Assessment (PEA) for a
starter operation at its flagship Tiros Rare Earths and Titanium Project (Tiros) in Minas Gerais, Brazil.
The PEA was prepared by a team led by Norda Stelo according to National Instrument 43-101
Standards of Disclosure for Mineral Projects (NI 43-101). All financial figures are expressed in U.S.
dollars unless otherwise stated.
“The project’s robust economics are based on high levels of total rare earth oxides (TREO) and titanium
oxide (TiO2) grades,” said Christopher Eager, Resouro’s CEO. “We believe that starting with a small
high-grade operation will minimize the social and environmental impacts, reduce the time to
production, and significantly de-risk the Project. Our goal with this staged approach is to support future
financing and provide a pathway for larger scale development.”
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.
Key highlights of the PEA include:
• The PEA indicates an after-tax net present value (NPV) of US$714.9 million using an 8% nominal
discount rate and an after-tax internal rate of return (IRR) of 44.2%
• The proposed operation contemplates annual processing throughput of 500,000 tonnes per
annum (tpa) over an initial mine life of 20 years for a total run of mine (ROM) feed of 9.5Mt of high
grade at 26.3% TiO2, 10,832 ppm total rare earth oxides (TREO), and 2.7 strip ratio
• Operation targets a high-grade area of mineralization that makes up less than 1% of the Company’s
previously announced 1.4 billion tonne Measured and Indicated Resource
• Significant expansion potential supported by a very large titanium and rare earth mineral resource
• Simple open-pit mining with free digging near-surface mineralisation
• Proposed processing flowsheet incorporates grinding and sizing beneficiation, calcination,
magnetic separation/electrostatic separation and gravity separation, acid leach, sulphation/water
leach, hydrolyzation, precipitation, and solid liquid separation
• The overall recovery of titanium dioxide is 68.7% (recovered to two products: coarse TiO2 and fine
TiO2) and the recovery of the rare earth elements to a mixed rare earth carbonate (MREC) product
is 67%
• Dual-revenue model based on titanium dioxide and rare earth product streams
• Environmentally conscious design, assuming dry-stack tailings
• Favourable jurisdiction: Minas Gerais, Brazil with established infrastructure
Investor Webinar
Resouro will host an investor webinar on June 16, 2026, to discuss the results of the PEA, provide an
overview of the Tiros Project, and outline the Company’s proposed next steps.
Date: Tuesday, June 16, 2026
Time: 8 a.m. ET / 1:00 p.m. BST/10 p.m. AEST
Registration: https://6ix.com/event/resouro-tiros-project-pea-webinar
A replay will be made available on the Company’s website following the event.
Resouro Strategic Metals • Press release Page 2 of 18
Cautionary Statement JORC CODE 2012
The PEA referred to in this release is equivalent to a Scoping Study under JORC Code (2012) reporting
guidelines. It has been undertaken for the purpose of initial evaluation of a potential development of the
Tiros Project in Minas Gerais, Brazil. The PEA is presented in U.S. dollars to an accuracy level of +/- 50%.
The PEA is preliminary in nature. There is no certainty of economic viability or that the Tiros Project
envisioned by the PEA will be realized. Future studies (Prefeasibility Studies and Feasibility Studies)
may yield material changes.
The PEA is based on the material assumptions highlighted throughout this announcement. Anyone or
more of these material assumptions may not prove correct, with the result that the actual outcomes for
the Tiros Project may differ materially from those described in this announcement.
These include assumptions about the availability of funding. To achieve the potential project
development outcomes indicated in the PEA, CAPEX of approximately US$159M and US$32M of
contingency is needed (Resouro presently has a market capitalization of approximately US$2 3.5
million). Investors should note that there is no certainty that the Company will be able to raise funding
when needed, however the Company has concluded it has a reasonable basis for providing the forward-
looking statements included in this announcement and believes that it will be able to fund the
development of the Tiros Project. It is also possible that such funding may only be available on terms
that may be dilutive to or otherwise affect the value of the Company’s existing shares. It is also possible
that the Company could pursue other strategies to provide alternative funding options. Given the
uncertainties involved, investors should not make any investment decisions based solely on the results
of the PEA.
The Mineral Resources underpinning the production target in the PEA have been prepared by a
competent person in accordance with the requirements of the JORC 2012. For full details on the
Mineral Resource estimate, please refer to the ASX announcement of 9 April 2025. The Company
confirms that it is not aware of any new information or data that materially affects the information
included in that release and that all material assumptions and technical parameters underpinning the
estimates referred to therein continue to apply and have not materially changed. Mine planning
assumptions at the PEA level are conceptual and will be refined in subsequent studies.
PEA Overview
The PEA evaluates the development of a 500,000 tpa processing operation targeting mineralisation
within the previously announced 1.4 billion tonnes Measured and Indicated Resource in the Capacete
Formation in Northern Minas Gerais State, Brazil.
The PEA is based on the TREO -TiO2 resource base and incorporates a flowsheet integrating
beneficiation, calcination, magnetic and electrostatic separation, acid leaching, and rare earth recovery,
producing both titanium dioxide concentrates and rare earth products.
Resouro’s PEA scenario starts with a high-grade initial operation based on a staged development
approach that has been designed to reduce upfront capital requirements, reduce development and
execution risk, shorten the pathway toward production, generate operational cash flow to support
future growth, and preserve significant resource optionality for future expansion.
Resouro Strategic Metals • Press release Page 3 of 18
Table 1: Summary of Tiros Project Metrics
General unit
Life of Mine (LOM)
total/average
TREO price assumption US$ / kg 57.4
Rare earth elements (REE) run of mine grade ppm 10,852
Steady state REE in product tonnes 3,636
Titanium dioxide (TiO2) price assumption – coarse circuit US$ / tonne 900.0
TiO2 run of mine grade % 26.2
Steady state contained TiO2 in concentrate – coarse circuit
thousand
tonnes per
annum (ktpa) 42.3
TiO2 price assumption – fine circuit US$ / tonne 650.0
Steady state contained TiO2 in concentrate – fine circuit ktpa 47.8
Mine life years 20
Processing rate per year tpa 500,000
ROM Feed over Life of Mine (LOM) Mt 9.5
Waste Mt 20
Strip Ratio 2.7:1
Economics (pre-tax)
Net present value (8% discount rate) US$ Million (M) 1,138.8
Internal rate of return % 62.7
Payback years 1.3
Life of Mine (LOM) average annual cash flow US$ M 115.2
LOM cumulative cash flow US$ M 2,535.8
Economics (after-tax)
Net present value (8% discount rate) US$ M 714.9
Internal rate of return % 44.2
Payback years 1.9
LOM average annual cash flow US$ M 70.0
LOM cumulative cash flow US$ M 1,673.9
Costs
Initial capital – net1 US$ M 159.6
Initial capital – gross US$ M 191.1
Sustaining capital – post tax US$ M 59.6
Average annual operating costs US$ M 109.5
Average cost per tonne for run of mine US$ M 219.0
Notes:
1 CAPEX completed to PEA – Class-5 standards and includes US$32 million in Contingency. Tax payable on up-front capital may be partially
redeemed over the life of the operation.
Resouro Strategic Metals • Press release Page 4 of 18
Mineral Resource Summary (effective April 9, 2025)
The Tiros Project hosts a large-scale titanium dioxide and rare earth resource within the Capacete
Formation, comprising:
• Measured and Indicated: 1.4 billion tonnes grading 12% TiO2, 4,000 ppm TREO, and 1,100 ppm
MREO
• Inferred: 500 million tonnes grading 12% TiO2, 3,700 ppm TREO, and 1,000 ppm MREO
• High-grade domain: 103 million tonnes grading 23% TiO2, 9,100 ppm TREO, and 2,400 ppm MREO.
The current NI 43-101 Technical Report for the Tiros Rare Earth Elements (REE) Project, Minas Gerais,
Brazil, was prepared for Resouro by Atticus Geoscience Consulting, has an effective date of 9 April
2025, and an issuing date of 23 May 2025.
The Company is not aware of any new information or data that materially affects the information
included in that announcement and that all material assumptions and technical parameters
underpinning the estimates in that announcement continue to apply and have not materially changed.
The report was prepared according to NI 43-101 and Form 43-101 F1 and was signed by Qualified
Persons Simon Mortimer (M.Sc., MAusIMM, FAIG) and Luis Oviedo (P.Geo., QP CCCRRM #013).
Mine Plan and Development Strategy
The grade of the Measured and Indicated Resource at Tiros supports a phased development approach,
with a dual-revenue model based on titanium dioxide and rare earth product streams. The operation
targets a 9.5 Mt high grade area of mineralization that grades 26.3% TiO2 and 10,852 ppm TREO, which
accounts for less than 1% of the Company’s 1.4 billion tonne Measured and Indicated Resource.
It is designed to be 500,000 tonne per annum initial operation over 20 years with potential for future
expansion once the initial operation is advanced and technical, commercial, and permitting milestones
are achieved. It will be a simple open-pit mine with free digging near-surface mineralisation and an
environmentally conscious design that assumes dry-stack tailings.
The mine plan used for this PEA is conceptual and is based on a simplified, flat mining sequence. Mine
scheduling and sequencing are expected to be refined in subsequent studies.
Processing Route / Flowsheet
The PEA assumes a proposed processing route comprising:
• Beneficiation, including crushing, grinding, screening size classification, magnetic separation, and
gravity density separation
• Calcination at approximately 600°C to enhance magnetic removal of iron minerals
• Magnetic / electrostatic coarse separation, acid leaching and solid/liquid separation for recovery of
coarse TiO2 concentrate
• Magnetic separation, acid sulphation/water leach, filtration, hydrolyzation, filtration for recovery
of fine TiO2 product
• Acid sulphation, water leach, precipitation, and filtration for rare earth recovery: TREO is recovered
from the leach liquor as a REE precipitate product (mixed rare earth carbonate).
Final products are expected to include:
• Coarse TiO₂ anatase concentrate (calculated grade 84.7% TiO₂, -300 /+75 micron, from METSIM®
model)
• Fine TiO₂ product concentrate (calculated grade 57.9% TiO₂, -20 micron, from METSIM® model)
• REE concentrate as a Mixed Rare Earth Carbonate (MREC)
Please see Appendix B for process flowsheet diagram.
Resouro Strategic Metals • Press release Page 5 of 18
PEA Economics
The economic analysis is based on a dual-revenue model from rare earth and titanium dioxide product
streams. Revenue assumptions are based on long-term TREO basket pricing and titanium dioxide
concentrate pricing with the TREO basket reflecting the distribution of rare earth elements within the
Tiros deposit.
The PEA estimates initial capital of approximately US$191 million, sustaining capital of approximately
US$59 million, and average annual operating costs of approximately US$109 million, equivalent to
approximately US$219 per tonne of run of mine (ROM) material processed. Estimates are based on an
assumed exchange rate of USD 1.00 = BRL 5.00.
These estimates are preliminary and will be refined through future engineering, metallurgical test work,
permitting work, and PFS level studies.
Capital and Operating Cost Summary
The PEA is based on a Class 5 level capital and operating cost estimate appropriate for a preliminary
economic assessment. The estimates remain preliminary and will be refined through additional
engineering, metallurgical test work, permitting work, and future studies.
Operating costs are primarily driven by reagent consumption, energy, mining, stockpile management,
personnel, and maintenance. The capital and operating cost estimates have been prepared based on
current PEA-level engineering, process assumptions, and supplier / consultant inputs. All costs have
been reviewed by the relevant technical consultants and Qualified Persons / Competent Persons as part
of the PEA process.
Further work during the next study phase is expected to focus on optimising the flowsheet, improving
beneficiation, increasing acid recycling and reducing operating costs.
Resouro Strategic Metals • Press release Page 6 of 18
Sensitivity Analysis Table
Variation
-40% -30% -20% -10% 0% 10% 20% 30% 40%
TREO Basket Price FOB Santos (US$/kg) 34.5 40.2 46.0 51.7 57.4 63.2 68.9 74.7 80.4
Post-tax NPV8 (M, US$) 283.2 390.6 498.7 606.8 714.9 823.0 931.1 1039.2 1147.3
Post-tax IRR (%) 23.2 28.4 33.7 38.9 44.2 49.4 54.6 59.9 65.1
Pre-tax NPV8 (M, US$) 491.0 652.4 814.5 976.6 1,138.8 1,300.9 14,63.0 1,625.2 1,787.3
Pre-tax IRR (%) 32.9 40.3 47.8 55.3 62.7 70.1 77.5 84.9 92.2
Ti02 prices
Fine (US$/t) 390 455 520 585 650 715 780 845 910
Coarse (US$/t) 540 630 720 810 900 990 1080 1170 1260
Post-tax NPV8 (M, US$) 544.3 587.0 629.6 672.3 714.9 757.5 800.2 842.8 885.4
Post-tax IRR (%) 35.9 38.0 40.0% 42.1% 44.2% 46.2% 48.3% 50.4% 52.4%
Pre-tax NPV8 (M, US$) 883.0 946.9 1010.9 1,074.8 1,138.8 1,202.7 1,266.7 1,330.6 1,394.6
Pre-tax IRR (%) 51.0 53.9% 56.8% 59.8% 62.7% 65.6% 68.5% 71.4% 74.4%
TiO2 weight recoveries
Fine 5.74 6.70 7.66 8.62 9.57 10.53 11.49 12.44 13.40
Coarse 5.09 5.93 6.78 7.63 8.48 9.33 10.17 11.02 11.87
Post-tax NPV8 (M, US$) 557.4 596.8 636.1 675.5 714.9 754.3 793.6 833.0 872.4
Post-tax IRR (%) 36.6 38.5 40.4 42.3 44.2 46.1 47.9 49.8 51.7
Pre-tax NPV8 (M, US$) 902.4 961.5 1,020.6 1,079.7 1,138.8 1,197.9 1,257.0 1,316.1 1,375.2
Pre-tax IRR (%) 51.9 54.6 57.3 60.0 62.7 65.4 68.0 70.7 73.4
REE weight recovery (%) 0.44 0.51 0.58 0.65 0.73 0.80 0.87 0.95 1.02
Post-tax NPV8 (M, US$) 284.6 391.7 499.4 607.1 714.9 822.6 930.4 1,038.1 1,145.9
Post-tax IRR (%) 23.2 28.5 33.7 38.9 44.2 49.4 54.6 59.8 65.1
Pre-tax NPV8 (M, US$) 493.1 654.0 815.6 977.2 1,138.8 1,300.4 1,462.0 1,623.6 1,785.2
Pre-tax IRR (%) 33.0% 40.4 47.9 55.3 62.7 70.1 77.4 84.8 92.1
CAPEX 114.7 133.8 152.9 172.1 191.2 210.3 229.4 248.5 267.6
Post-tax NPV8 (M, US$) 791.4 772.2 753.1 734.0 714.9 695.8 676.7 657.5 638.4
Post-tax IRR (%) 70.3 61.1 54.1 48.6 44.2 40.5 37.3 34.6 32.3
Pre-tax NPV8 (M, US$) 1,215.2 1,196.1 1,177.0 1,157.9 1,138.8 1,119.7 1,100.5 1,081.4 1,062.3
Pre-tax IRR (%) 99.1 86.4 76.6 68.9 62.7 57.5 53.2 49.4 46.2
OPEX 111.8 130.4 149.0 167.7 186.3 204.9 223.5 242.2 260.8
Post-tax NPV8 (M, US$) 958.6 897.6 836.7 775.8 714.9 654.0 593.1 532.1 471.2
Post-tax IRR (%) 57.3 54.0 50.7 47.4 44.2 41.0 37.8 34.7 31.6
Pre-tax NPV8 (M, US$) 1,500.7 1,410.2 1,319.7 1,229.3 1,138.8 1,048.3 957.8 867.3 776.8
Pre-tax IRR (%) 81.0 76.4 71.8 67.2 62.7 58.2 53.7 49.3 44.9
Resouro Strategic Metals • Press release Page 7 of 18
Environmental Impact Assessment and Permitting
The Tiros Project environmental and permitting pathway is a critical path item for project development,
financing, construction, and operations. Based on current assessments, the Project is expected to be
licensed in Minas Gerais through the state environmental system, rather than federally, because the
Project is located entirely within Minas Gerais.
The current regulatory assessment classifies Tiros as a large mining project with medium potential
environmental impact requiring a full three-phase environmental licensing process: Preliminary License
(LP), Installation License (LI), and Operating License (LO).
The primary environmental study requirement is expected to be a full Environmental Impact
Assessment (EIA) and Environmental Impact Report (RIMA), supported by baseline studies, public
consultation, fauna licensing, archaeological and cultural heritage work, water and vegetation
authorizations as required, and technical review by the state environmental authorities.
Resouro has initiated a structured environmental permitting workplan for Tiros and has engaged Sete
Soluções e Tecnologia Ambiental Ltda to support the licensing process and environmental study work
program. Formal project-level approvals remain subject to completion and acceptance of the required
environmental studies and the statutory licensing process.
Current community engagement is preliminary and ongoing, including communications with local
communities, landholders, and municipal authorities in Tiros and São Gotardo. Formal project-level
approvals remain subject to completion and acceptance of the required environmental studies and the
statutory licensing process.
Next Steps
The PEA is an important milestone in advancing the Tiros Project toward development. Building on the
outcomes of the study, the Company intends to progress a range of technical, engineering, permitting,
and commercial activities to further de-risk the Tiros Project and support advancement toward the next
stage of development.
Next steps include infill drilling in the defined starter pit areas, additional sample generation, further
metallurgical test work, flowsheet optimization, product specification work, continued environmental
studies, and stakeholder engagement.
The Company also intends to assess staged expansion opportunities beyond the initial 500,000 tonne
per annum initial operation, including future production scenarios in the range of 5 to 10 million tonnes
per annum, subject to technical, economic, permitting, financing, and market outcomes.
A future PFS is expected to focus on flowsheet optimisation, beneficiation improvements, acid recycling
opportunities, alternative process routes, product specification work, and staged scale-up scenarios.
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, as applicable.
Resouro Strategic Metals • Press release Page 8 of 18
Competent Person (JORC)
The information in this announcement that relates to production targets, processing, capital and
operating cost estimates, and forecast financial information derived therefrom is based on, and fairly
represents, information compiled or reviewed by Mr Simon Mortimer (M.Sc., FAusIMM, MAIG), a
Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a
Member of the Australian Institute of Geoscientists. Mr Mortimer is an independent consultant
engaged by the Company through Atticus Geoscience Consulting and has sufficient experience that is
relevant to the style of mineralisation 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 Code). Mr
Mortimer consents to the inclusion in this announcement of the matters based on his 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. For full details on the Mineral Resource
estimate, please refer to the ASX announcement of 9 April 2025. The Company confirms that it is not
aware of any new information or data that materially affects the information included in that 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 has been reviewed and approved by the
Qualified Persons (QP) listed below, each of whom 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., Richard Herman Otto Wagner — Mineral Processing and Metallurgical
Testing
• Giorgio de Tomi, FIMMM CEng QMR, 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., of Ausenco — Tailings and Waste Management
• Kerrine Azougarh, P.Eng., 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
A complete PEA technical report prepared in accordance with NI 43-101 in support of the disclosed
PEA results herein will be filed on SEDAR+ and on the Company’s website within 45 days from today’s
date. The PEA technical report is intended to be read as a whole, and sections should not be read or
relied upon out of context.
This announcement has been authorized for release by Resouro’s Board of Directors.
Contact Information
Christopher Eager
Chief Executive Officer