Significant Light Rare Earth Enrichment Results Received at Nexcel's Lac Ducharme REE Project in Quebec

On October 14, 2025, Nexcel Metals Corp. announced assay results from its Summer 2025 sampling program at the Lac Ducharme REE Project in Quebec. The program, which included 107 rock samples, confirmed significant light rare earth element (LREE) enrichment. Highlights include channel samples returning values up to 6,802 ppm (0.68%) total LREEs. Specifically, sample 146250 returned 0.323% Cerium, 0.169% Lanthanum, and 0.1305% Neodymium. The company's CEO stated the results are "very encouraging" and demonstrate the project's potential, with plans for further exploration.

The assay results are incrementally positive for the Lac Ducharme project. They confirm the presence of LREE mineralization suggested by prior work and validate the company's exploration model for this specific asset. The grades, with a peak of 0.68% total LREEs from surface channel sampling, are interesting for a grassroots program and certainly warrant follow-up work. The presence of Neodymium, a critical magnet metal, is a key positive.

However, the impact of this news is assessed as non-material for several reasons: * Early Stage: These are surface and backpack drill samples. While encouraging, they do not define tonnage or a coherent mineralized body. This is a very early step in a long process. * Grade Context: While 0.68% LREE is a good start, it is not a "discovery hole" grade that would be considered game-changing at this stage. The economic viability will depend on discovering much larger zones with consistent grades, a favourable distribution of the more valuable REEs, and successful metallurgical testing. * Company Context: This news follows the much more significant announcement on October 8, 2025, where Nexcel entered into an option agreement for the Burnt Hill Tungsten Project. Burnt Hill is a more advanced asset with an existing NI 43-101 compliant resource. That acquisition fundamentally alters the company's focus and flagship asset. The market's attention is likely centered on the tungsten project, making these early-stage REE results secondary in importance.

In conclusion, the news de-risks the Lac Ducharme project to a minor degree and provides a basis for continued exploration. It supports the existing valuation but is unlikely to be a significant driver of the stock price, especially when viewed against the backdrop of the more material Burnt Hill acquisition.

Nexcel Metals Corp. is a junior mineral exploration company. Following recent news, it now has two primary projects: 1. Burnt Hill Tungsten Project (New Brunswick): This is arguably the new flagship project. The company has an option to acquire a 58% interest. It is an advanced-stage asset with a historical NI 43-101 compliant resource estimate containing 8.99 million lbs of Indicated and 6.99 million lbs of Inferred tungsten (WO3), a designated critical mineral. 2. Lac Ducharme REE Project (Quebec): An early-stage exploration project focused on Rare Earth Elements. Recent work has confirmed LREE mineralization at surface.

The company has pivoted from being a pure-play REE explorer to a multi-asset company with a more advanced tungsten project.