Nuinsco MRE Subset at Prairie Lake Confirms Higher Grade and Potential Starter Pit Mineralized Domain

Executive Summary

• Nuinsco announced a new “MRE Subset” within its 2022 mineral resource estimate for the Prairie Lake Critical Minerals and Phosphate Project, highlighting substantially higher phosphate (P₂O₅) and rare earth element (REE) grades.
• The pit‑constrained MRE Subset adds 3.54 Mt of indicated resources at 4.59 % P₂O₅ (+24 %) and 2,204 g/t TREO (+32 %), and 53.45 Mt of inferred resources at 5.11 % P₂O₅ (+51 %) and 2,355 g/t TREO (+17 %).
• Management indicated the higher‑grade subset could define a starter pit location, enhancing development potential and offering flexibility for future drilling and economic studies.

Key Details

• Indicated Resources (Subset): 3.54 Mt @ 4.59 % P₂O₅, 2,204 g/t TREO – 24 % increase in P₂O₅ and 32 % increase in TREO versus the full 2022 MRE.
• Inferred Resources (Subset): 53.45 Mt @ 5.11 % P₂O₅, 2,355 g/t TREO – 51 % increase in P₂O₅ and 17 % increase in TREO versus the full 2022 MRE.
• Elemental Breakdown (Indicated): Nd₂O₃ 449 g/t, Pr₆O₁₁ 108 g/t, Sc₂O₃ 11 g/t, CeO₂ 1,020 g/t, La₂O₃ 418 g/t, Sm₂O₃ 73 g/t, Y₂O₃ 31 g/t, Ta₂O₅ 127 g/t, Nb₂O₅ 0.15 % (by weight).
• Elemental Breakdown (Inferred): Nd₂O₃ 474 g/t, Pr₆O₁₁ 92 g/t, Sc₂O₃ 9 g/t, CeO₂ 1,080 g/t, La₂O₃ 455 g/t, Sm₂O₃ 83 g/t, Y₂O₃ 25 g/t, Ta₂O₅ 1,163 g/t, Nb₂O₅ 0.09 % (by weight).
• Methodology: Subset derived from existing drill data; NI 43‑101 compliant Technical Report dated 31 May 2022 by P&E Mining Consultants Inc. filed on SEDAR.
• Economic Assumptions Used in Original MRE: US$200/t P₂O₅ price, FX 0.72, 75 % process recovery; mining cost C$2.50/t, processing C$35/t, G&A C$10/t, 45° pit slopes, 3.5 % P₂O₅ cut‑off.
• Metallurgical Highlights: Clean phosphate concentrate (≈26 % P₂O₅) at 76 % recovery with valuable REE co‑concentrate; ongoing work to improve recoveries and grades.
• Logistical Advantages: Proximity to Marathon, Terrace Bay, all‑weather forest road, Highways 17/11, CP & CN rail lines, 230 kV power line, deep‑water ports (Marathon, Thunder Bay, Sault Ste. Marie), and Marathon airport.
• Management Quote: CEO Paul Jones emphasized that the higher‑grade subset provides “valuable insight into opportunities to maximize the Project’s economic potential” and noted remaining upside from further work.
• Upcoming Event: Nuinsco will attend PDAC 2026 (March 1‑2) at Booth 2620, inviting investors to discuss the project.

Notable Quotes

“The more detailed evaluation of the 2022 MRE and the identification of the higher‑grade MRE Subset provide valuable insight into opportunities to maximize the Project’s economic potential.” – Paul Jones, CEO

All forward‑looking statements are subject to risks and uncertainties as described in the release.