Montreal, Quebec--(Newsfile Corp. - June 3, 2026) - Geomega Resources Inc. (TSXV: GMA) ("Geomega" or the "Corporation") is pleased to announce that it has obtained the environmental permit from the Ministère de l'Environnement, de la Lutte contre les Changements Climatiques, de la Faune et des Parcs (MELCCFP) for its rare earth magnet (NdFeB) recycling demonstration plant located in Saint-Hubert, Quebec. The Corporation also provides updates on the ongoing construction of the demonstration plant, the advancement of its new research and piloting facilities, and progress on the bauxite residue valorization demonstration project being developed in collaboration with Rio Tinto.

Environmental Permit

Geomega has received the required authorization allowing the Corporation to operate its demonstration plant and collect the necessary operational data on its innovative process through December 31, 2028. Upon successful completion of this phase and subject to satisfactory results, Geomega intends to apply for a full commercial environmental permit.

"This is the first time that our process will operate at an industrial scale, giving us an opportunity to demonstrate the environmental benefits offered by our technology," commented Kiril Mugerman, President and CEO of Geomega. "Our processes strive to be near zero solid and liquid waste. Through the monitoring program focused on process efficiency and environmental performance implemented at the demonstration plant, Geomega will generate robust data to demonstrate the performance and reliability of its process. These environmental and operational results will enable magnet manufacturers to confidently evaluate and integrate our recycling technology directly into their facilities, paving the way for commercial licensing agreements."

Demonstration Plant Construction Update

Construction of the demonstration plant has progressed significantly over the past six months. All major process equipment has been delivered and installed, with final positioning of certain units being completed in coordination with ongoing piping work.

Piping installation is ongoing and is expected to be completed by the end of July. The control and automation system is at an advanced stage, with all control cable pulling now complete and connection and testing scheduled to continue through July. Construction of the control room is expected to be completed in June.

Based on the current construction schedule and remaining activities, plant construction is expected to be largely completed by the end of the summer. Magnet feed purchases have increased and will continue throughout the coming months in order to build up a sufficient stockpile of feed material. Commissioning will then begin progressively across various sections of the plant, followed by section-by-section start-up.

Progress of Bauxite Residue Valorization Demonstration Project with Rio Tinto

The pre-feasibility engineering phase (PFS) of the Joint Development Agreement announced on October 8, 2025, which included PFDs, P&IDs, HAZID as well as equipment selection and sizing, is now well advanced. All deliverables to be provided by Geomega have been fulfilled, and the balance payment of $100,000 of the originally planned payments for 2025 and 2026 totaling $1,500,000, is expected to be received in the coming weeks. This pre-feasibility study will support Rio Tinto's decision on whether to proceed with definitive engineering, followed by detailed engineering study, prior to making a final decision on the construction of a demonstration plant in Saguenay, Quebec.

"The work completed over the past nine months by the external engineering firm, with support from Geomega's engineering team, represents the first independent evaluation of our technology at this level, including validation of key process parameters, mass balances, and underlying design assumptions," added Mugerman. "We are encouraged by the consistency of the results and the positive technical feedback received to date from both the Rio Tinto team and the engineering firm. Bauxite residue valorization represents a significant opportunity to recover valuable metals including critical minerals from an underutilized industrial waste stream while reducing environmental liabilities. We look forward to advancing to the next phase of development with Rio Tinto as we continue to demonstrate the robustness and scalability of our process."

Progress on the integrated R&D and piloting facility

As announced on December 17, 2025, Geomega has initiated the design and construction of its integrated R&D and piloting facilities in Saint-Hubert, Quebec. The required operational permits for the facility have now been obtained. Plumbing for both the laboratory and piloting sections has been completed while HVAC and sprinkler systems are expected to be completed in June. Main equipment and materials have been ordered and will be installed over the coming weeks. Construction of the new multi-level piloting infrastructure is ongoing and is expected to be completed by the end of the summer.

"Following the federal support announced late last year, this integrated facility represents a key step in strengthening Geomega's capacity to accelerate process development and scale-up under one roof," added Mugerman. "By combining advanced laboratory capabilities with larger and more flexible piloting infrastructure, we will be able to shorten development cycles, validate process improvements more efficiently, and expand the application of our technologies to more diverse industrial and mining waste streams simultaneously. This platform is expected to play an important role in advancing our technologies toward commercialization and supporting future growth opportunities."

About Geomega (www.geomega.ca)

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 de-risking its innovative technology and delivering cashflow 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 that 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 43-101 bastnaesite resource estimate in North America and holds over 16.8M shares of Auriginal Mining Corp. (AUME.V), a mineral exploration company that is exploring for copper and gold projects in Quebec, Canada.

Cautions Regarding Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" "target" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's annual management's discussion and analysis for the fiscal year ended May 31, 2025, which is available on SEDAR+ at www.sedarplus.ca; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

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