Temas Resources Corp. — Capital/Financing Update 2026

Apr 24, 2026

TEMAS

CSE: TMAS | ASX: TIO | OTCQB: TMASF | FSE: 26P0

24 April 2026

TEMAS RESOURCES CLOSES $1.5M PRIVATE PLACEMENT

Globally recognised process development expert strengthens Regenerative Chloride Leaching (RCL) with world-class technical leadership in hydrometallurgy and commercialisation

Temas Resources Corp. ("Temas" or the "Company") (ASX: TIO | CSE: TMAS | OTCQB: TMASF | FSE: 26P0) is pleased to announce that, further to its news release dated April 15, 2026, the Company has closed its non-brokered private placement for total gross proceeds of approximately CDN $1,500,000 (the "Offering") at a premium price to the current market price of the Company's common shares.

The Offering consisted of 8,333,334 flow-through shares of the Company to be issued as "flow-through shares" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") at a price of CDN $0.18 per FT Share to a single subscriber and current shareholder, Maple Leaf Critical Minerals 2026 Enhanced Fund.

The Maple Leaf Group of Critical Minerals Funds is a current shareholder of Temas Resources and with this offering will own approximately 9.9% of the Company's equity.

Commenting on the financing, Tim Fernback, President & CEO of Temas Resources, stated: "We appreciate the ongoing support from Maple Leaf Funds, one of our key institutional investors. This financing, secured at a price above the current market level, positions us to keep building value by advancing our understanding of gallium and scandium at La Blache, while directing most of our resources toward business development and the commercialization of our RCL Metallurgical Platform Technology."

The gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's exploration programs on its the La Blache and Lac Brule titanium projects in Quebec Canada, including the critical mineral and rare earth element assaying and re-assaying work currently underway at La Blache, on or before December 31, 2027. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2026.

The FT Shares issued pursuant to the Offering are subject to a four-month and one day hold period from the date of issuance under applicable Canadian securities laws. No finder's fees were paid in connection with the Offering.

• ENDS -

Approved for release by Temas Resources' Board of Directors.

Temas Resources Corp | ARBN 687 644 248 | Unit 6, 389 Oxford Street, Mount Hawthorn WA 6016

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TEMAS
CSE: TMAS | ASX: TIO | OTCQB: TMASF | FSE: 26P0

For further information, contact:

Tim Fernback
President & CEO
Temas Resources Corp.
timf@temasresources.com

Jane Morgan
Investor & Media Relations
Jane Morgan Management
jm@janemorganmanagement.com.au
+61 (0) 405 555 618

Follow Temas Resources Corp:
https://temasresources.com
https://x.com/TMASResources
https://www.linkedin.com/company/temas-resources-corp/

Foreign Resource Cautionary Statements

Details regarding the foreign mineral resource estimate, project details and associated exploration results are set out in the Company's Prospectus dated 29 August 2025 (Prospectus), which is available on the Company's website and on the ASX platform.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the La Blache Project description in the Prospectus. The Company confirms that all material assumptions and technical parameters underpinning the foreign estimates and exploration results in the Prospectus continue to apply and have not materially changed.

The estimates of the quantity and grade of mineralisation for the La Blache Project referred to in this announcement are "foreign estimates" within the meaning of the ASX Listing Rules and are not reported in accordance with the JORC Code (2012). A competent person has not undertaken sufficient work to classify the foreign estimates as mineral resources in accordance with the JORC Code (2012). It is uncertain that following evaluation and further exploration work that the foreign estimates will be able to be reported as mineral resources in accordance with the JORC Code (2012).

Disclaimer

No representations or warranty, express or implied, is made by the Company that the material contained in this announcement will be achieved or proved correct. Except for the statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors, and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this announcement and excludes all liability whatsoever (including in negligence) for an loss or damage which may be suffered by any person as a consequence of any information in this announcement or any effort or omission therefrom. The Company will not update of keep current the information contained in this announcement or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the announcement are subject to change without notice.

Temas Resources Corp | ARBN 687 644 248 | Unit 6, 389 Oxford Street, Mount Hawthorn WA 6016

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TEMAS

CSE: TMAS | ASX: TIO | OTCQB: TMASF | FSE: 26P0

ABOUT TEMAS RESOURCES

Revolutionising Metal Production

Proprietary IP. Global Licensing. Titanium & Critical Minerals.

Temas Resources Corp. (ASX:TIO | CSE:TMAS | OTCQB:TMASF | FRA:26P0) is a technology-driven critical minerals company advancing a dual-business model built around proprietary processing innovation and strategic mineral ownership. The Company's patented Regenerative Chloride Leach (RCL) technology platform delivers significant operational cost reductions — validated at up to 65% lower than traditional processing — while dramatically reducing energy use and environmental impact.

Temas' RCL process is the foundation of its technology licensing and partnership business, enabling global mining and materials companies to adopt sustainable, high-margin metal extraction methods across a range of critical minerals including titanium, vanadium, nickel, and rare earth elements.

Complementing its technology division, Temas also owns 100% of two advanced titanium-vanadium-iron projects in Québec, Canada — La Blache and Lac Brûlé — which are strategically positioned to feed directly into the Company's proprietary processing platform, creating a fully integrated mine-to-market supply chain for Western metals.

Through this combination of innovative IP commercialisation and resource ownership, Temas Resources is positioned to deliver scalable, low-carbon solutions that strengthen Western critical-mineral independence and create long-term value for shareholders.

Benefits the ORF - RCL Technology:

The RCL platform technology involves the hydrometallurgical mineral extraction of concentrates, whole ores, slags and tailings to enhance recovery of critical metals, battery metals, Platinum Group Minerals ("PGMs"), precious and base metals and Rare Earth Element ("REE") recovery at materially higher through-yields and lower capital and operating costs than many of the conventional approaches that are in use traditionally. This novel RCL technology is ideally suited to treat increasingly complex ores in an environmentally sensitive manner.

Pilot Testing Complete: The Company has completed a pilot test of approximately 1 ton of material from its La Blache TiO₂ mineral property yielding 88 kgs of a 99.8% pure TiO₂ commercial grade product.¹

Validated Cost Reduction: A significant cost reduction of over 65%²,³ is validated for TiO₂ processing using the RCL platform technology (e.g., reagent recycling, potentially lower energy use, optimised recovery etc.). These fundamental process efficiencies are expected to translate into economic advantages when applying the platform to Nickel or other target minerals hosted in complex ores.

Environmental Performance: The closed-loop design and high reagent recycling rates are core to the RCL platform, irrespective of the target mineral. Over 69% lower operating costs compared to conventional processing

¹ Source: Temas Resources Corp. "Pilot Scale Evaluation of Temas La Blache Ilmenite – Final Report PRO 21-16," 24 June 2022.

² These metallurgical test results and cost-reduction data were first reported in the Company's Canadian market announcement dated 13 April 2021, titled "Temas Resources Acquires 50 % of Green Mineral Process Developer ORF Technologies Inc."

Temas Resources Corp | ARBN 687 644 248 | Unit 6, 389 Oxford Street, Mount Hawthorn WA 6016

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TEMAS

CSE: TMAS | ASN: TIO | OTCQB: TMASF | FSE: 26P0

due to its core features operating at near ambient temperatures.³ This means the reduced environmental footprint and enhanced ESG profile are benefits that extend to ores and minerals previously noted, not just TiO₂.

High Recovery Potential: Just as we've demonstrated high-quality, 99.8% TiO₂ product from pilot testing¹ the RCL platform is engineered for high recovery and purity of all target metals. Our metallurgical expertise focuses on optimising these recoveries and maximising margins for each specific mineral.

RCL results in a quicker and more complete liberation of the target metals using atmospheric pressure and lower temperatures than competing methods and improves the selectivity and efficiency of subsequent solvent extraction steps. Management believes that this novel metallurgical process can be applied to many complex resource deposits worldwide, enhancing both extraction and recovery for the operator.

COMPARISON OF RCL PROCESS FOR TITANIUM PRODUCTION

1. Cheaper and more energy efficient:

A University of Minnesota study on ORF Technology eil patents concluded that the TiO₂ recovery process could slash production costs by ~90-85%, and the process is also less energy-intensive compared to the industry standard.

2. Massive sector tailwinds:

The global market for TiO₂, valued at US$2123 billion, is anticipated to grow at a compound annual growth rate of 6.2% through 2031, signifying a substantial opportunity for RCL efficient recovery process.

3. Our technology as a platform:

ORF Technologies' patented process can produce high-quality Titanium Seawater (TiO₂) from low-grade materials and is applicable to all inter-fibres, including these rich in Chromium (Cr), Casein (Co), and Vanadium (V), thus enabling the extraction of additional value from elements that are typically not recoverable with other methods.

		Substrate	Unsaturation	RCL
Technical	History	Ion & Cr (2014/2015)	None (Unsaturation)	Potential (Titanium)
	Process Type	Hydrocatal (Acrylic)	Hydrocatal (Acrylic)	Hydrocatal (Acrylic)
	Process Conditions	Hydrocatal (Acrylic) (up to 360°C, 80-90% in EtOH)	Hydrocatal (Acrylic) (up to 1000°C)	Hydrocatal (Acrylic)
	Estimation/Processing in One Location	Rhodate	Not specified	Rhodate
	ORF&Kear installed forms	$2,600-$3,000	$3,000-$5,000	$4,701 (estimated)
Environmental	Health and Safety Requirements	High	Very High	Lowest
	Environmental Challenges	Diseases of acidic waste products	Diseases of water waste product	Waste diseases to decrease (Ecosols, 2000, 2000)
	Critical Footprint	7,861 (2004) / 1 of 7.00	8,981 (2004) / 1 of 7.00	Waste (Titanium, 2000, 2000)
Financial	Energy Consumption and Efficiency	Medium (but inefficient) Retail Process	High (at 2000) $500	Lowest and most Efficient
	Raw Material Flexibility	Flexible and Low Cost (Greenhouse)	Initiation and High Cost (with and off or US$)	Highest (Titanium, 2000, 2000)
	Reagent Cost	Sputter (Titanium, Chromium & Silver)	No Effect, Reagents are Reassurance	No Effect, Reagents are Liquor Reassurance
	Quality - Unit Cost of TiO₂ in Feed (USD/tonne)	$600	$1,000 (10%) to $1,800 (Titanium, 2000)	$2,800 (Titanium, 2000, 2000)
	OPES (USD/tonne)	$700-$1,000 (Ethanol $2,000-$2,000 (Vitamins, 2000)	$1,700 (Chromium) - $2,300 (Sulphur)	~ $900 (estimated)
	Value - Quality of detailed TiO₂ pigment (USD/tonne)	~$1000 ~ $1000	~$3000 ~ $3800	~$8000
	Cost (€/min)	Build investment, reduce management, and higher secondary requirements increase CORE (USD/tonne)	High (at 2000) $500	This work is funded by including the U.S. National Energy, Energy and Labor Institute, under proposed approval by the U.S. National Energy, Energy and Labor Institute, performance.

Cautionary Note Regarding Forward-Looking Statements

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward looking statements

Temas Resources Corp | ARBN 687 644 248 | Unit 6, 389 Oxford Street, Mount Hawthorn WA 6016

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TEMAS

CSE: TMAS | ASX: TIO | OTCQB: TMASF | FSE: 26P0

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with mineral exploration generally and results from anticipated and proposed exploration programs, conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Temas Resources Corp | ARBN 687 644 248 | Unit 6, 389 Oxford Street, Mount Hawthorn WA 6016