USCM Retains Haynes Cobalt Asset in Idaho Amid US Stockpiling and Lack of Domestic Production

Executive Summary

• U.S. Critical Metals Corp. (USCM) confirms it has retained 100% ownership of the Haynes Cobalt Project, a past-producing asset located in the Idaho Cobalt Belt adjacent to Jervois Mining’s operations.
• The Company highlights the strategic importance of the asset in the context of U.S. national security, citing a recent $500 million Defense Logistics Agency program to acquire cobalt for strategic stockpiles and a $400 million DoD equity investment in MP Materials.
• Historical and recent exploration data indicates significant cobalt mineralization, including high-grade rock samples from 2021 and historical drilling by Noranda, with potential for REE (Rare Earth Element) correlation.

Key Details

• Asset Ownership: USCM retains 100% ownership of the Haynes Cobalt Project.
• Location & Proximity: The property covers approximately 470 acres in the Blackbird Mining District, Lemhi County, Idaho, directly contiguous to Jervois Global’s Idaho Cobalt Operations (the only primary cobalt mine in the U.S.).
• Strategic Context:
  • U.S. dependence on external cobalt sources is over 75%.
  • The U.S. Defense Logistics Agency initiated a five-year, $500 million program to acquire ~7,480 tonnes of cobalt for defense stockpiles (first major purchase since the 1990s).
  • CEO Darren Collins cites increased U.S. government support for critical metals, referencing the DoD’s $400 million equity investment in MP Materials Corp.
• Historical Exploration (Noranda, 1979-1981):
  • Defined a two-kilometer trend of tourmaline-bearing breccia rocks.
  • Drilling Results:
    • Hole HS-80-2A: 1.77m at 0.53% Cobalt.
    • Hole HS-81-3F: 1.52m at 0.35% Cobalt.
    • Hole HS-81-3G: 1.83m at 0.45% Cobalt.
  • Sampling Results:
    • Sample 8583: 1.0% Cobalt (0.61m wide tourmalinized breccia, 5% euhedral cobaltite).
    • Sample 8592: 0.1% Cobalt (Fluidized sediments, adit 12m long).
  • Heavy Rare-Earth Element (REE) mineralization (xenotime) associated with cobaltite was observed but not yet investigated as a target.
• Recent Exploration (2021):
  • 76 rock samples collected from historical workings (pits, trenches, adits) and outcrops.
  • Significant 2021 Rock Sample Results:
    • HS21SD-010: >1.0% Co, 0.908 g/t Au, >10,000 ppm As, >500 ppm Y.
    • HS21SD-011: 0.502% Co, 1.28 g/t Au, >10,000 ppm As, >500 ppm Y.
    • HS21SD-007: 0.4% Co, 0.091 g/t Au, 7,540 ppm As.
    • HS21SD-073: 0.415% Co, 0.017 g/t Au, 8,740 ppm As.
    • HS21SD-006: 0.219% Co, 0.276 g/t Au, 4,230 ppm As.
    • HS21SD-046: 0.238% Co, 0.44 g/t Au, 6,300 ppm As.
• Future Plans: USCM is planning its next phase of exploration for the Property.
• Qualified Person: Robert J. Johansing, BSC Geology, MSc Economic Geology, has reviewed the technical information.

Notable Quotes

• "Retaining the claims comprising the Haynes Cobalt Project underscores our conviction in the long-term importance of cobalt to U.S. supply chains. We are also encouraged to see increased U.S. government support for critical metals... We anticipate these strategic transactions to continue within the U.S., both by government and corporates, as issues with under supply become increasingly prevalent." — Darren Collins, CEO and Director of USCM