Neoterrex Minerals receives drill permits for Monument

Executive Summary

• Neoterrex Minerals received official drill permits to begin the first phase of drilling on its wholly‑owned Monument REE project in Quebec.
• The initial program will consist of up to 14 holes totaling ~2,000 m, slated to start in early November, with potential expansion based on early results.
• The company reports a strong financial position (≈ $3 M working capital, no debt) and highlights the strategic importance of neodymium for clean‑energy and defence applications.

Key Details

• Permit Scope: Authorizes drilling on a portion of the most prospective REE targets within 53 mineral claims covering 2,944 ha.
• Drilling Plan: Up to 14 holes, ~2,000 m total depth; start early November 2024; may be expanded if initial results are encouraging.
• Historical Work: Only two legacy drill holes (1990s) exist within the area; they intersected carbonatite but were never assayed for REEs.
• Geophysical Survey: Fall 2024 airborne magnetic and electromagnetic survey identified strong coincident anomalies similar to those at the adjacent Montviel deposit.
• Surface Work 2025: Ongoing soil and till sampling following the geophysical program.
• Resource Context: Adjacent Montviel deposit hosts a NI 43‑101 indicated resource of 183.9 Mt @ 1.45 % TREO and an inferred resource of 66.7 Mt @ 1.46 % TREO (SGS Canada, 2011).
• Financial Position: Approximately $3 M in working capital; no debt, providing flexibility for parallel project advancement.
• Strategic Importance: Emphasizes neodymium’s role in EV drivetrains, wind turbines, robotics, and defence systems; underscores need for Western supply diversification.
• Community Engagement: Ongoing proactive engagement with Indigenous communities throughout project development.

Notable Quotes

“The receipt of our drill permits comes at a very opportune time, coinciding with a surge of global interest and investment in the rare earths sector… we’re eager to initiate this first phase of drilling to further evaluate their potential.” – Mathieu Stephens, President & CEO

Materiality Assessment: Non‑Material – Positive (operational progress but not yet financially material).