New Earth Resources begins exploration at Lucky Boy

Executive Summary

• New Earth Resources Corp. announced the initiation of a new exploration program at its flagship Lucky Boy uranium project in Arizona, scheduled to begin in January 2026.
• The company simultaneously announced an increase in the size of its previously announced flow-through private placement, raising gross proceeds from $1 million to $1.1 million.
• The exploration activities involve geological mapping, geochemical surveys, and scintillometer surveys to delineate high-priority zones for future work.

Key Details

• Exploration Program (Lucky Boy Project):
  • Location: Gila County, Arizona.
  • Start Date: January 2026.
  • Activities:
    • Geological Mapping: To identify rock formations, mineralization patterns, and structural features.
    • Geochemical Surveys: Soil and rock chemistry sampling to identify potential uranium mineralization.
    • Scintillometer Surveys: Real-time radioactivity measurement to identify prospective areas.
  • Objective: Enhance understanding of uranium mineralization and provide a roadmap for future exploration.
• Financing Update (Flow-Through Private Placement):
  • Transaction Type: Increase in previously announced flow-through unit offering.
  • New Quantity: Up to 2,444,444 flow-through units (increased from 2,222,222 units).
  • Price: 45 cents per flow-through unit.
  • Gross Proceeds: Up to $1.1 million (increased from $1 million).
  • Unit Composition: Each unit consists of one flow-through share and one share purchase warrant.
  • Warrant Terms: Entitles holder to purchase one share at $0.60 per share for 36 months from issuance.
  • Use of Proceeds: To incur eligible Canadian exploration expenses (CEE) that are flow-through mining expenditures on mineral exploration properties in Canada.
• Company Portfolio Context:
  • Lucky Boy Project: 100% owned, past-producing (1950s and 1970s), 14 lode claims, ~273 acres.
  • Saskatchewan Claims: 3 claims, 365 hectares.
  • SL Project (Quebec): Option to acquire 100% interest in 23 claims (~1,101 hectares) for rare earth elements.
  • Red Wine Project (Labrador): Option to acquire 100% interest in 2 claims (~1,575 hectares) for rare earth elements.

Notable Quotes

• "We are very excited to commence this phase of our exploration program at our past-producing, flagship uranium property, the Lucky Boy project," stated Lawrence Hay, chief executive officer of New Earth Resources. "Building on the project area's legacy of production, our team is deploying geological mapping, geochemical surveys and scintillometer surveys to assist with delineating high-priority zones, effectively providing a road map for future exploration efforts."