Geomega Receives $2.7M from Exercise of Warrants and Provides Update on Bauxite Residue Opportunity

The November 19, 2025, press release announces that Geomega has received approximately $2.7 million USD (roughly $3.7 million CAD) from the exercise of 11,991,819 warrants. Additionally, the company provided an update on its bauxite residue valorization technology, highlighting recent presentations at the ICSOBA and IFCURM 2025 conferences. The update reiterated results from a pilot study that produced 20 kg of high-purity iron oxide (99.3% Fe2O3) and showed the potential to recover 460 kg of this product per tonne of bauxite residue.

This news is materially positive, primarily due to the significant non-dilutive (at this point) cash injection that resolves a critical near-term financial risk.

• Financial De-risking: The interim financial statements from October 20, 2025 (for the period ending August 31, 2025) showed a dangerously low cash position of only $539,472. The company recorded a net loss of over $617,000 for that quarter alone. The infusion of ~$3.7 million CAD from these warrant exercises provides a crucial lifeline, extending the company's operational runway for well over a year at its current burn rate. This allows management to focus on executing key projects without the immediate pressure of raising capital in the market, which would likely have been dilutive.

• Warrant Overhang Removal: The exercised warrants were primarily from a large block of ~11 million warrants set to expire in November 2025 with a $0.25 exercise price. The stock's strong performance following the Rio Tinto news in October incentivized holders to exercise, effectively removing this potential overhang from the market and converting it into cash on the balance sheet.

• Bauxite Technology Update: The operational update on the bauxite residue project is routine but positively reinforces the narrative established by the game-changing Joint Development Agreement (JDA) with Rio Tinto announced on October 8, 2025. Presenting at industry conferences adds credibility and visibility but does not constitute new material information. It confirms the company is proceeding as expected following the Rio Tinto partnership announcement.

In summary, while the operational update is standard-course, the strengthening of the balance sheet is highly material. It bridges the funding gap needed to advance its rare earth recycling demonstration plant towards commissioning and to service the JDA with Rio Tinto.

Geomega Resources is a Canadian clean technology company focused on developing sustainable technologies for the extraction and recycling of critical and strategic metals. The company has two primary flagship initiatives: 1. Bauxite Residue Valorization: A proprietary process to treat bauxite residue ("red mud"), a toxic waste stream from alumina production. The technology aims to recover valuable products, including high-purity iron oxide, aluminum, and a concentrate of critical metals like rare earth elements (REEs), scandium, and titanium, thereby reducing the environmental footprint of the aluminum industry. This project is being advanced through a Joint Development Agreement with global mining giant Rio Tinto. 2. Rare Earth Magnet Recycling: A technology to recycle REEs from end-of-life permanent magnets used in electric motors, wind turbines, and electronics. The company is nearing completion of a demonstration plant in Saint-Hubert, Quebec, to scale up and commercialize this process.

The company also holds the Montviel project, a large, undeveloped REE and Niobium deposit in Quebec.