Mr. Rahim Suleman reports

NEO COMPLETES TRANSFER OF SARFARTOQ INTEREST TO GREENLAND MINES

Neo Performance Materials Inc. has closed the previously announced transaction under which its wholly owned subsidiary, Neo North Star Holdings LLC (NNSH), together with the other shareholders of NNSR Holdings Inc., transferred all outstanding shares of NNSR Holdings and Neo North Star Resources Inc., a wholly owned subsidiary of NNSR Holdings, via merger of NNSR Holdings to Greenland Mines Ltd. Greenland Mines holds a mineral exploration licence covering the Sarfartoq carbonatite complex in southwest Greenland. The transaction closed following receipt of approval from the government of Greenland under the Greenland Mineral Activities Act.

Total consideration for the transaction was $35-million (U.S.), comprising $20-million (U.S.) in cash and $15-million (U.S.) in shares of Greenland Mines. NNSH held 43.47 per cent of the outstanding shares of NNSR Holdings and maintains offtake rights for up to 60 per cent of the ore or mineral concentrate produced from the project.

"With the transaction now closed, Greenland Mines can move ahead with the focused leadership and investment Sarfartoq needs to advance," said Rahim Suleman, president and chief executive officer of Neo. "We remain invested in the project's success as both a shareholder and an offtake partner, while staying focused on Neo's mid-stream and downstream growth strategy, keeping our capital working where it generates the greatest value for customers and shareholders."

About Neo Performance Materials Inc.

Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo's advanced industrial materials -- magnetic powders, rare-earth magnets, magnetic assemblies, specialty chemicals, metals and alloys -- are critical to the performance of many everyday products and emerging technologies. Neo's products fast-forward technologies for the net-zero transition. The business of Neo is organized along three segments: magnequench, chemicals, and oxides and rare metals. Neo is headquartered in Toronto, Ont., Canada; with corporate offices in Greenwood Village, Colorado, United States; Singapore; and Beijing, China. Neo has a global platform that includes manufacturing facilities located in Canada, Estonia, China, Germany, Thailand and the United Kingdom, as well as a dedicated research and development centre in Singapore.

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