Eastport Commences Drilling at Semarule Rare Earth Project

Executive Summary

• Eastport Ventures Inc. (formerly Penbar Capital Ltd.) announced the start of Phase 1 drilling at its Semarule Rare Earth Element Project in Botswana, targeting seven diamond drill holes across three target areas (Semarule Hill, South and East).
• The release highlights the geological potential of the Semarule intrusion, prior encouraging rock‑chip sampling results, and strategic importance of rare‑earth supply for critical minerals.
• Management emphasized the project’s proximity to infrastructure (≈40 km west of Gaborone) and signaled that further drill results will be communicated as they become available.

Key Details

• Project & Location: Semarule REE Project, Botswana; situated ~40 km west of Gaborone along the A12 highway, near Molepolole.
• Drilling Scope – Phase 1: 7 diamond drill holes:
• Targets include Semarule Hill (3 km × 5 km intrusion with syenite and carbonatite dykes), Semarule South (geophysically identified larger intrusion), and Semarume East.
• Geological Highlights:
• Semarule Hill hosts rare‑earth enriched syenite; intrusive plug outcrops over ~15 km², up to 75 m above surrounding terrain.
• Semarule South & East are inferred to be 2–3× larger than the Hill target based on geophysical interpretation.
• Prior Exploration: Targeted rock‑chip sampling in 2023 returned encouraging Total Rare Earth Oxide (TREO) + Y₂O₃ grades.
• Strategic Context:
• The U.S. Export‑Import Bank announced a $100 billion investment to secure critical mineral supply chains, underscoring market relevance of rare‑earth projects like Semarule.
• Eastport positions the project as part of a multi‑commodity development strategy across five Botswana assets.
• Management Comments:
• Rick Bonner (Director & VP Exploration): Emphasized the size and rarity of the intrusive bodies and their potential to host a strategic rare‑earth deposit.
• Burns Singh Tennent‑Bhohi (CEO): Highlighted rapid drill start after becoming public, infrastructure advantages, and commitment to “dollars into the ground.”
• Qualified Person: Liz de Klerk Pri.Sci.Nat., FIMMM (Micon International) reviewed and approved the technical information per NI 43‑101.

Notable Quotes

“Semarule Hill is an intrusive plug with rare‑earth enriched syenite… Collectively, the three target areas create a compelling target for the potential discovery of a rare‑earth deposit…” – Rick Bonner, Director & VP Exploration

“We are delighted to have commenced drilling at the Semarule project… The strategic importance of Rare Earth supply has been recognised globally…” – Burns Singh Tennent‑Bhohi, CEO

Materiality Assessment: Non‑Material – Positive (the announcement provides material operational information but does not yet include quantitative results or financial impact).