Geomega begins piping work at Quebec plant

Executive Summary

• Geomega Resources provided a significant operational update on the construction of its rare earth magnet recycling demonstration plant in Saint-Hubert, Que., noting that long-lead process equipment is delivered, conveyors are on-site, and the piping contract has been awarded.
• The company filed an application with the TSX Venture Exchange to extend the expiry date of 704,028 warrants by one year (to Feb. 8, 2027), subject to regulatory approval.
• Geomega issued a clarification regarding its omnibus incentive plan, correcting a previous disclosure to reflect a single rolling reserve of up to 10% of issued shares for all equity-based awards, replacing the previous split reserve structure.

Key Details

• Plant Construction Status:
  • Engineering, procurement, construction, and integration of process equipment are advancing.
  • All long-lead process equipment has been delivered; the majority of units are assembled, positioned, and anchored.
  • Conveyors for material handling systems have been delivered to the site.
  • The piping contract for the process area has been awarded, with detailed routing, installation, and insulation proceeding in coordination with mechanical and electrical activities.
  • Control system installation is underway.
  • Environmental permitting remains in process, with Geomega engaging relevant authorities regarding submissions.
• Warrant Extension:
  • Application filed to extend 704,028 warrants expiring on Feb. 8, 2026, by one year.
  • Warrants were originally issued in a private placement on Feb. 8, 2022, alongside 1,408,055 units.
  • These warrants were previously extended for two years in January 2024.
  • No other changes to warrant terms are proposed.
• Incentive Plan Clarification:
  • Correction to Oct. 23, 2025, press release regarding the omnibus incentive plan approved at the annual general and special meeting.
  • Plan amended from a split reserve (8% rolling for options + 5 million fixed for other awards) to a single rolling plan reserving up to 10% of issued and outstanding common shares for all equity-based awards (including options, RSUs, DSUs, etc.).

Notable Quotes

• "With conveyors now on site and the piping contract awarded, the team is focused on completing installation, automation and permitting so that we can move into staged cold and hot commissioning before proceeding to gradual start-up of what is expected to be Quebec's first rare earth magnet recycling demonstration plant," commented Kiril Mugerman, president and chief executive officer of Geomega.