Mr. Kiril Mugerman reports

GEOMEGA RECEIVES $2.7M FROM EXERCISE OF WARRANTS AND PROVIDES UPDATE ON BAUXITE RESIDUE OPPORTUNITY

Geomega Resources Inc. has provided an update on the recent financial instrument exercises and observations and take-aways on the growing bauxite residue valorization opportunity as seen during the ICSOBA and IFCURM 2025 conferences.

Financial instrument exercises

Since the beginning of the current fiscal quarter (Sept. 1, 2025), the corporation has raised $2,728,773 through the exercise of various financial instruments (warrants and options). In addition, some convertible debentures were converted as well. All inclusive, this resulted in the issuance of a combined total of 11,991,819 common shares. Only 110,000 warrants expired on Nov. 6, 2025. Insiders exercised all their options and warrants that were approaching their expiry as well. All the major shareholders who held warrants exercised and added to their position, including Michael Gentile, an important shareholder, an adviser and a strong financial backer of the corporation. The updated corporate structure is presented in the table below.

Issued and outstanding                               160,748,007             
Stock options                                       6.16 million
Deferred share units                                   2,104,000             
Restricted share units                                 2,616,000             
Warrants (40 cents, expiry February, 2026)               704,028             
Convertible debentures (12%, 12-cent conversion)      16,431,350             
Fully diluted                                        188,763,385             

"We extend our sincere gratitude to all shareholders for their continued support over the past years and especially in recent months," said Kiril Mugerman, president and chief executive officer of Geomega. "Our mission to develop clean and sustainable processing technologies for some of the world's most challenging mining and industrial residues is both ambitious and complex. Advancing these game-changing solutions takes time, and your patience and commitment remain essential to our progress and long-term success."

Update on recent conferences and the bauxite residue opportunity

Geomega's delegation attended and delivered presentations at both the ICSOBA and IFCURM 2025 conferences in China, held between Oct. 26 and Nov. 3, 2025. As part of these events, Geomega's chief technology officer, Dr. Pouya Hajiani, presented the corporation's multistep processing technology designed to recover bulk metals (iron, aluminum and sodium) and produce high-value metal concentrates (scandium/rare earth elements), while achieving more than a 90-per-cent reduction in residue volume. The process also enhances project economics through the generation of multiple marketable offtakes, including caustic soda, DRI-grade iron and smelter-grade alumina.

The presentation to leading alumina industry participants emphasized key process objectives: minimizing the number of processing steps, maximizing reagent recycling and significantly reducing effluent generation. Bench-scale test results from six bauxite residue samples sourced from around the world were shared to demonstrate the robustness and versatility of the technology. Importantly, three samples were taken from legacy sites and three from active refineries, underscoring the process's ability to be applied effectively in both contexts.

Dr. Hajiani also touched on the primary characteristics influencing each extraction stage, their effects on metal recoveries and the relationship to the BR feed characteristics. The presentation concluded with a summary of technoeconomic assessments and life cycle analyses completed on all six feed sources.

Later in the conferences, Mr. Mugerman, together with Dr. Laurent Birry, research and development principal adviser for Rio Tinto, delivered a presentation on the bauxite residue to resources project: extraction of strategic and critical minerals from BR. The presentation highlighted progress from the pilot study completed earlier in 2025 for circuits 1 and 2, with work on circuit 3 currently in progress (see April 16, 2025, press release for further details).

The presentation outlined several key achievements from the pilot study, including the successful production of 20 kilograms of high-purity and crystallinity iron oxide (99.3 per cent Fe2O3). In addition, the process demonstrated control over particle size distribution and iron ore speciation during the extraction stage, technical advantages that support an estimated commercial potential of 460 kilograms of Fe2O3 per tonne of BR (dry basis).

The presentation concluded with an overview of the project's next phase: the development of a demonstration plant, recently announced as part of the company's joint development and demo licence agreement (see Oct. 8, 2025, press release for more information).

"It is no secret that the industry is urgently seeking effective solutions to address the growing challenge of bauxite residue," said Mr. Mugerman. "This is a critical issue in every region where alumina is produced. As the aluminum industry continues to expand, so does the opportunity, and Geomega is well positioned to benefit through its technology. The global decline in bauxite quality will only increase both the cost of alumina production and the volume of residue generated per tonne of alumina. These trends will make our technology even more valuable as producers look for new revenue streams to support their operations.

"Geomega's unique approach, which enables the valorization of both legacy and fresh bauxite residue, significantly expands the total addressable market we are targeting. In addition to advancing work with our existing clients and partners, we look forward to collaborating with the new companies we engaged with over the past several weeks as we continue to advance our technology toward global commercialization."

Quebec Mines + Energy Conference

Mr. Mugerman will be presenting at the Quebec Mines + Energy 2025 conference in Quebec City on Nov. 19, 2025. Mr. Mugerman will be discussing the results of Geomega's work on the new process for recycling hydrochloric acid and its impact on recovery of rare earth elements and other critical metals from primary and secondary sources.

About Geomega Resources Inc.

Geomega develops innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future. Geomega works with various feed streams to apply its technologies to waste valorization. This includes NdFeB magnet recycling, bauxite residue and sulphide tailings processing. Geomega's strategy revolves around gradually derisking its innovative technology and delivering cash flow and return value to shareholders while working directly with the main players in their respective industries.

As its technologies are demonstrated on larger scales, Geomega is committed to work with major partners to help extract value from mining feeds, tailings and other industrial residues which contain rare earths and other critical metals. Irrespective of the metal or the source, Geomega adopts a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases emissions through recycling the major reagents in the process.

Geomega also owns the Montviel rare earth carbonatite deposit, the largest National Instrument 43-101 bastnaesite resource estimate in North America and holds over 16.8 million shares of Kintavar Exploration Inc., a mineral exploration company that is exploring for copper and gold projects in Quebec, Canada.

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