Temas Resources Closes $1.5M Private Placement

• Event: Temas Resources Corp. closed a non-brokered private placement on April 24, 2026.
• Amount: Gross proceeds of approximately CAD $1,500,000.
• Instrument: 8,333,334 flow-through shares issued at CAD $0.18 per share.
• Subscriber: Maple Leaf Critical Minerals 2026 Enhanced Fund (single subscriber).
• Ownership Impact: Maple Leaf Group now holds approximately 9.9% of the Company's equity.
• Use of Proceeds: Exploration expenses for La Blache and Lac Brule titanium projects in Quebec, specifically gallium/scandium assaying and re-assaying work.
• Timeline: Qualifying expenditures to be incurred by December 31, 2027; tax renunciation effective December 31, 2026.
• Context: This closes the offering announced on April 15, 2026. The price ($0.18) is at a premium to the recent trading range (~$0.14).

• Liquidity Injection: The CAD $1.5M provides immediate liquidity but is relatively small compared to the A$11M raised during the ASX listing in October 2025. It extends the runway rather than solving long-term capital requirements for full-scale development.
• Premium Pricing: Issuing shares at $0.18 when the market price was ~$0.14 is positive sentiment-wise, indicating institutional confidence and avoiding dilution at lower levels. However, it remains below the ASX listing price of A$0.20 (approx CAD $0.19-$0.20 depending on FX), suggesting the stock has underperformed since dual-listing.
• Flow-Through Structure: The use of flow-through shares offers tax advantages to Canadian investors but requires strict adherence to expenditure timelines (Dec 31, 2027). Failure to incur expenses could result in penalties or renunciation issues.
• Single Subscriber Risk: Reliance on a single institutional investor (Maple Leaf) for this tranche creates concentration risk. If Maple Leaf exits post-hold period, it could create selling pressure.
• Operational Continuity: The funds are earmarked for exploration and assaying, which aligns with the current development phase but does not fund construction or major infrastructure.

• Overview: Temas Resources is a dual-listed company (CSE: TMAS, ASX: TIO) focused on critical minerals in Quebec, Canada. It operates a unique business model combining resource ownership with proprietary metallurgical technology licensing.
• Flagship Project: La Blache Titanium-Vanadium-Iron Project (Quebec).
  • Resource: Inferred resource of 208.5 Mt @ 16.5% TiO2 Eq (Oct 2025 data). Includes significant Vanadium and Iron content.
  • Technology: Regenerative Chloride Leach (RCL) platform, acquired via 100% ownership of ORF Technologies Inc. in Oct 2025. Claims >65% cost reduction vs conventional processing.
• Secondary Projects: Lac Brule Titanium Project and Lac Schmoo target.
• Status: Exploration and metallurgical testing phase. No production or feasibility study completed yet for mining operations.