Mr. Jamil Sader reports

MONUMENTAL MINERALS CORP. PROVIDES EXPLORATION UPDATE AND DEFINES DRILL TARGETS AT THE JEMI HEAVY RARE EARTH ELEMENT PROJECT, MEXICO

Monumental Minerals Corp. has provided an update on exploration at the Jemi rare earth element (REE) project, located in Coahuila, Mexico, about 40 kilometres south of the Texas, United States, border. Rock sampling across a broad area has discovered high grades of the critical magnet metals dysprosium (Dy) and terbium (Tb) and defined a series of high priority drill targets.

Four months of exploration has been completed at Jemi, with the objective to delineate discreet drill targets. Recent work consisted of detailed geological mapping, regional stream sediment sampling, ground radiometric geophysical surveys, and lithogeochemical sampling. Exploration focused on the Jemi Dykes and Veladora North areas, which host peralkaline intrusion related REE mineralization.

To date, 188 assays from rocks collected at Jemi Dykes and Veladora North have been received while results for 177 samples from Veladora North are pending. Of the 188 samples with assay results, over one third (76 samples) returned values greater than 0.15% total rare earth oxide (TREO1), including 5 samples that returned values greater than 1.0% TREO1 to a maximum value of 2.4% TREO1 (sample number 22309) (Table 1). The average TREO for all samples is 0.21%, and a minimum value of 9 parts per million (ppm), which was returned in an iron-oxide/calcite vein.

Dysprosium oxide (Dy2O3) and terbium oxide (Tb2O3) in samples classified as peralkaline range between 959 ppm and 3 ppm; and 147 ppm and 0.6 ppm, respectively. The average concentration for Dy2O3 is 83 ppm; and the average for Tb2O3 is 13 ppm. Light rare earth oxides, namely neodymium oxide (Nd2O3) and praseodymium oxide (Pr2O3), return values that range between 3173 ppm and 19 ppm; and 824 ppm and 5.5 ppm, respectively. The average concentration for Nd2O3 is 359 ppm; and for Pr2O3 it is 103 ppm.

Heavy rare earth oxide (HREO2) concentration greater than the 75th percentile is 1062 ppm in peralkaline-classified rocks (31 samples), including ten that exceed 2500 ppm. These values are in trend with LREO3 concentrations and the ratio of HREO2 to LREO3 is consistently on average 1:2, suggesting similar REE-hosting phases in the peralkaline rock samples.

Dr. Jamil Sader, CEO and Director comments:

"Mapping, sampling and geophysics at Jemi Dykes and Veladora North has resulted in the definition of a new previously unknown zone of mineralized dikes. Of most significance, we have discovered what we believe to be some of the highest grades of HREO, including the magnet metals dysprosium and terbium, of any rocks in North America. We anticipate having drill locations mapped out at both the Jemi Dykes and Veladora North areas before Q2 2023."

Rock samples with the highest REE content are those that are classified as peralkaline (sodium plus potassium concentrations are greater than aluminum concentrations). In most hard rock HREE ore deposits, rocks must be peralkaline in order for HREE bearing silicate minerals such as eudialyte to crystalize. Eudialyte is the dominant REE host mineral at Jemi, that can contain up to 10% RE2O3 (enriched in HREEs), and 12% ZrO2.

In addition to being REE-mineralized, samples are also mineralized with respect to tantalum (Ta) and niobium (Nb). Laboratory determination of these critical elements in all samples from the Jemi project return values to 975 ppm Ta2O5 and greater than (>) 3576 ppm Nb2O5, with an average concentration of Ta2O5 of 60 ppm and Nb2O5 of 665 ppm.

At the Jemi Dykes area, the highest REE concentrations are from eudialyte +/- aegirine rich dikes that are clustered in an approximately 150 m wide; 1600 m long zone oriented parallel to the La Vasca intrusive complex (Figure 1). These mineralized dikes are commonly between 0.5 to 2 m in width, with the higher grade ones situated in the southern part of the survey area. Three-dimensional airborne magnetics modeling suggests that magma sources for the mineralized dikes are at a shallow depth (less than 300 m), and that they are spatially associated with the 150 m wide zone of mineralized dikes observed at the surface. These zones of favourable dike geology, lithogeochemistry, and geophysics will be the focus of drilling.

Rare Earth Element Value and Applications for the Energy Transformation

Because of their unusual physical and chemical properties, the REEs have diverse defense, energy, industrial, and military technology applications. Demand for REEs is expected to outstrip supply in less than 2 years, and it is expected that there will be a shortage of the metals until at least 20302 - dominantly due the increase in demand for neomagnets for EV motors, as well as other types of electric motors (e.g., wind turbines, water pumps). Neodymium-iron-boron magnets, which are the strongest known type of magnets, are used when space and weight are restrictions are present. The addition of HREEs terbium or dysprosium to magnets can double their optimal operating temperature from 80degreeC to 160degreeC. In addition, dysprosium with praseodymium increases a magnet's coercivity (the resistance of a magnetic material to change in magnetisation).

The four key REEs represent 94% of the REE market by value (Nd, Pr, Dy, and Tb), all of which are enriched at Jemi. Concentrations of Nb and Ta also meet the threshold to be considered potentially economically significant (Table 2).

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Hermosillo, Mexico (sample preparation) and Vancouver, B.C. (ICP-MS fusion). ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Monumental Minerals and the QP. Rock samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81). Monumental Minerals quality assurance/quality control (QA/QC) program for field rock samples includes the insertion of certified reference standards into the sample sequence to confirm the accuracy of the reported results. Monumental Minerals detected no significant QA/QC issues during review of the data, and is not aware of any sampling, or other factors that could materially affect the accuracy of the results.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.

About Monumental Minerals Corp.

Monumental Minerals Corp. is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties in the critical and electric metals sector. The Company's flagship asset is the Jemi HREE project located in Coahuila, Mexico near the Texas, USA border which the Company has an option to acquire 100% of the 3,650-hectare project. The Company has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile and a 50.01% interest in the Salar De Turi lithium project in Chile.

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