Mr. Jamil Sader reports

MONUMENTAL MINERALS PROVIDES UPDATE ON DRILLING AT THE JEMI HEAVY RARE EARTH ELEMENT PROJECT, MEXICO

Monumental Minerals Corp. has provided an update on drilling at the Jemi rare earth element (REE) project in Coahuila, Mexico, about 40 kilometres south of the Texas, United States border.

One diamond drill rig from Globexplore Drilling SA commenced drilling on the Veladora North prospect area within Monumental's claims starting in early July to test areas with high concentrations of REE-mineralized dykes and sills at the surface (see Company's news release dated July 12, 2023). To date, 1800 meters (m) have been drilled, with borehole depths ranging from 50 to 321 m. Twelve holes have been completed, and drilling of a final 13th hole is currently underway, with a target depth of 50 to 75 m. The first batch of 188 samples has been sent to ALS Laboratories (Zacatecas, MX) and results are expected in approximately 3 weeks.

Dr. Jamil Sader, CEO and Director comments:

"Core samples at the Jemi REE project demonstrates that eudialyte minerals, which host most of the rare earths, extend into the subsurface peralkaline dyke and sills. It is encouraging to see that the intrusive bodies intersected during drilling are significantly larger than their surface expressions. We are keenly optimistic that laboratory assay results will further quantify visual assessments of rare earth mineralization in core samples."

Numerous intrusive peralkaline dykes, sills, and veins, with identifiable eudialyte (Figure 1) were intersected in the completed holes. Eudialyte is the mineral that is most commonly associated with REEs at Jemi. These peralkaline dykes and sills tend to occur in structural zones that appear to be adjacent to larger bodies of syenitic intrusions and are associated with irregular skarn mineralization at the contacts with the host carbonate sedimentary rocks. These zones are as much as several tens of meters in width downhole. The syenite may be the feeders for the peralkaline features (parental rocks) and pegmatitic intrusive rocks. Light rare earth element (LREE) bearing minerals such as monazite and xenotime have also been identified by visual inspection.

The Jemi project is characterized by broad areas of peralkaline intrusion-related REE mineralized dykes and sills at the margins of the La Vasca igneous complex observed at that surface (see Company's news release dated April 4, 2023). These intrusive bodies contain high grades of heavy rare earth elements (HREEs) dysprosium (Dy) and terbium (Tb), light rare earth elements (LREEs) neodymium (Nd) and Praseodymium (Pr), all critical to permanent magnets for EVs. Additionally, samples contain high concentrations of niobium (Nb) and tantalum (Ta).

Rare Earth Element Value and the Global Energy Transition

Because of their unusual physical and chemical properties, REEs have diverse energy, industrial, and military technology applications. It is projected that rare earth magnets will maintain dominant market share, powering EVs as well as other types of electric motors (e.g., wind turbines, water pumps) this decade, as there is minimal to no substitution risk. The strongest magnets are neodymium-iron-boron (NdFeB) and are used when space and weight restrictions are present. The addition of terbium and dysprosium to NdFeB 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 (Nd, Pr, Dy, Tb) represent 94% of the REE market by value, all of which are enriched in surface samples collected at Jemi (see Company's news release dated April 4, 2023). Concentrations of Nb and Ta are also enriched and could potentially be economically significant.

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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