Geomega receives $2.72M from warrant, option exercises

Executive Summary

• Geomega Resources raised $2,728,773 through the exercise of warrants, options, and convertible debentures since September 1, 2025, resulting in the issuance of 11,991,819 common shares.
• The company presented its bauxite residue valorization technology at the ICSOBA and IFCURM 2025 conferences in China, highlighting pilot study results including the production of 20kg of high-purity iron oxide and a commercial potential of 460kg Fe2O3 per tonne of residue.
• Geomega announced the next phase of its project: the development of a demonstration plant, supported by a joint development and demo license agreement, while also noting upcoming presentations at the Quebec Mines + Energy 2025 conference.

Key Details

• Financing Details:
  • Gross proceeds raised: $2,728,773.
  • Source: Exercise of warrants, options, and conversion of convertible debentures.
  • Shares Issued: 11,991,819 common shares.
  • Warrants Expired: 110,000 warrants expired on Nov. 6, 2025.
  • Insider Activity: Insiders exercised all options and warrants approaching expiry; major shareholder Michael Gentile exercised warrants and added to his position.
• Capitalization Table (Post-Exercise):
  • Issued and Outstanding: 160,748,007 shares.
  • Stock Options: 6.16 million.
  • Deferred Share Units: 2,104,000.
  • Restricted Share Units: 2,616,000.
  • Warrants: 704,028 (Strike: 40 cents, Expiry: February 2026).
  • Convertible Debentures: 16,431,350 (12% interest, 12-cent conversion price).
  • Fully Diluted Shares: 188,763,385.
• Bauxite Residue Technology & Pilot Results:
  • Technology: Multistep processing to recover bulk metals (iron, aluminum, sodium) and high-value concentrates (scandium/rare earths).
  • Efficiency: >90% reduction in residue volume; generates multiple offtakes including caustic soda, DRI-grade iron, and smelter-grade alumina.
  • Pilot Study Achievements:
    • Produced 20 kilograms of high-purity iron oxide (99.3% Fe2O3).
    • Demonstrated control over particle size distribution and iron ore speciation.
    • Estimated commercial potential: 460 kilograms of Fe2O3 per tonne of bauxite residue (dry basis).
  • Testing Scope: Bench-scale tests on six samples (three from legacy sites, three from active refineries) to demonstrate versatility.
• Project Development:
  • Next Phase: Development of a demonstration plant.
  • Agreement: Part of a joint development and demo license agreement (referenced from Oct. 8, 2025 release).
  • Current Status: Work on Circuit 3 is in progress; Circuits 1 and 2 pilot study completed earlier in 2025.
• Conference Activities:
  • ICSOBA and IFCURM 2025 (China, Oct 26 - Nov 3, 2025): Presentations by CTO Dr. Pouya Hajiani and CEO Kiril Mugerman (with Dr. Laurent Birry of Rio Tinto).
  • Quebec Mines + Energy 2025 (Quebec City, Nov 19, 2025): Mr. Mugerman to present on hydrochloric acid recycling and rare earth recovery.

Notable Quotes

• "We extend our sincere gratitude to all shareholders for their continued support over the past years and especially in recent months... Advancing these game-changing solutions takes time, and your patience and commitment remain essential to our progress and long-term success." — Kiril Mugerman, President and CEO
• "It is no secret that the industry is urgently seeking effective solutions to address the growing challenge of bauxite residue... Geomega's unique approach, which enables the valorization of both legacy and fresh bauxite residue, significantly expands the total addressable market we are targeting." — Kiril Mugerman, President and CEO