Xplore Launches Aeromagnetic Survey at Surge, Adopts New Long-Term Incentive Plan
Xplore Launches Aeromagnetic Survey at Surge,
Adopts New Long-Term Incentive Plan
VANCOUVER, BC, May 26, 2026 – Xplore Resources Corp. (TSX-V: XPLR) (“Xplore” or
the “Company”) is pleased to announce the commencement of a high-resolution airborne
magnetic survey at its Surge Lithium Project in Northwestern Ontario.
Highlights
• High-resolution airborne magnetic survey now underway at the Surge Lithium Project in
Northwestern Ontario
• Survey extends full magnetic coverage to the northern and southern extents of the
property, building on 2025 results
• Prior surveys and prospecting identified magnetic breaks correlating spatially with
fractionated beryl-bearing LCT pegmatites
• Extended magnetic coverage expected to highlight potential new exploration targets
associated with fractionated LCT pegmatite systems across the property
• Results will refine future exploration planning along the Root Bay Lithium Trend
High-Resolution Aeromagnetic Survey
The survey will focus on extensions of previously completed magnetic surveys (see Xplore news
release dated May 22, 2025) along the northern and southern extents of the Surge property
(Figure 1).
Figure 1: Existing and planned aeromagnetic survey coverage at the Surge Lithium Project,
Northwestern Ontario. Coloured areas represent 2025 magnetic data; North and South Block outlines
show planned 2026 survey extensions. LCT pegmatite and beryl-bearing LCT pegmatite occurrences
identified during prospecting are shown. Adjacent Green Technology Metals Root Project deposits
shown for reference.
This survey will build upon the high-resolution magnetic data previously collected on the
property to fully map the magnetic responses of the rocks that underlie the Surge Lithium
Project. Prior surveys documented abrupt magnetic breaks that dismembered laterally continuous
greenstone and iron formation. A two-phase prospecting program completed in 2025 found these
breaks correlate spatially with fractionated beryl-bearing pegmatitic granitoid dykes on the
project.
Devin Pickell, President and CEO of Xplore, commented: “Last year’s magnetic survey showed
us that the Root Bay lithium trend runs right through our property, and our prospecting
confirmed that the magnetic signatures line up with lithium-bearing pegmatites on the ground.
Now we’re extending that coverage across the full property to pinpoint new targets. The more of
this data we collect, the sharper our picture gets and the closer we get to a discovery along the
Root Bay Lithium Trend.”
Long-Term Incentive Plan
The Board of Directors of the Company have approved and adopted a long-term incentive plan
(the “LTIP”). The LTIP is a combined “rolling” and “fixed” Security Based Compensation Plan
(as that term is defined in TSX Venture Exchange Policy 4.4) pursuant to which: (i) the
aggregate number of common shares reserved for issuance pursuant to stock options granted
thereunder may not exceed, at the time of grant, in aggregate 10% of the Company’s issued and
outstanding common shares, and (ii) the aggregate number of common shares reserved for
issuance pursuant to all other equity incentive awards granted under the LTIP, which include
performance share units, restricted share units and deferred share units, cannot exceed 5,260,150
common shares.
The LTIP is subject to approval of the Company’s shareholders, such approval to be sought at
the Company’s upcoming annual general meeting scheduled for June 4, 2026. The LTIP is also
subject to the final acceptance of the TSX Venture Exchange.
About the Surge Lithium Project
The Surge Lithium Project is Xplore’s flagship property located in the rapidly emerging Root
lithium district of northwestern Ontario. The project covers approximately 10 km of strike length
along the eastern extension of the Root Bay–Root Bay East lithium trend and is strategically
positioned adjacent to Green Technology Metals’ Root Bay Project, which currently hosts a
JORC-compliant resource of 14.6 Mt at 1.21% Li₂O.
High-resolution LiDAR combined with airborne magnetics have significantly improved the
geological understanding of the Surge Project. Field mapping and prospecting have confirmed
the presence of key structures and greenstone host rocks, with beryl-bearing LCT pegmatites on
trend with Green Technology Metals’ Root Bay Project.
The technical content of this news release has been reviewed and approved by Devin Pickell,
P.Geo., the President and CEO of the Company and a Qualified Person pursuant to National
Instrument 43-101.
About Xplore Resources
Xplore Resources is a North American lithium and copper exploration company listed on the
TSX Venture Exchange under the symbol XPLR. The Company’s flagship lithium property is
the Surge Lithium Project, on trend and near two lithium deposits and just 25 m from a new
lithium discovery. Copper property acquisitions in New Brunswick mark a new direction to
diversify Xplore’s critical mineral holdings. The Company is led by a highly experienced
management team with a strong track record of growing shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS,
Devin Pickell, CEO
Xplore Resources Corp.
For further information on Xplore, contact:
Telephone: 604-678-5308
Email: [email protected]
Website: www.xploreresources.com
Neither the 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.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities legislation.
Forward-looking statements in this news release include, but are not limited to, statements regarding the planned
aeromagnetic survey and its expected results, the Company’s exploration plans for the Surge Lithium Project, the
anticipated approval of the LTIP by shareholders and the TSX Venture Exchange, and the scheduling of the
Company’s annual general meeting. Forward-looking statements are based on assumptions, estimates, expectations
and opinions 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 projected in
forward-looking statements. These factors include, but are not limited to, the risks inherent in t he mineral
exploration industry, fluctuations in commodity prices, regulatory risks, uncertainties relating to obtaining
necessary approvals and consents, and general economic, market and business conditions. The Company
undertakes no obligation to update these forward-looking statements, except as required by law. Investors are
cautioned that forward-looking statements are not guarantees of future performance.