Mr. Reagan Glazier reports

NEOTECH METALS CORP. COMPLETES HECLA-KILMER REE PROJECT ACQUISITION

Neotech Metals Corp., further to its news release dated March 11, 2024, has completed the acquisition of the Hecla-Kilmer (H/K) rare earth elements (REE) and niobium project in Northwestern Ontario from VR Resources Ltd.

In consideration for the acquisition, the company has paid to VRR $1-million in cash and issued four million common shares of the company on the following basis: 500,000 shares are issued and subject to resale restrictions ending Nov. 20, 2024; 1.5 million shares are subject to resale restrictions ending July 19, 2025; 1.5 million shares are subject to resale restrictions ending July 19, 2026; and 500,000 shares are subject to resale restrictions ending Jan. 19, 2027.

Reagan Glazier, chief executive officer and director of the company, stated: "The acquisition of Hecla-Kilmer is highly strategic to Neotech, as it solidifies the company's position in the REE and critical metals sector, adding both a significant, high-quality REE project with demonstrated potential and a large, prospective land package with significant upside potential. Neotech is advancing a multitrack agenda of aggressive exploration and strategic REE district consolidation, with this transaction representing our commitment to our shareholders in becoming the leading diversified, REE exploration and development company."

About the Hecla-Kilmer REE/Nb (rare earth element/niobium) project

Hecla-Kilmer is a carbonatite and syenite intrusive system hosting REEs, niobium, tantalum and phosphates in a unique setting that features abundant permanent-magnet rare earth oxides (PMREOs) (praseodymium, neodymium, dysprosium and terbium) that are found to be hosted through volcanic-derived apatites (REE mineralization) and pyrochlore (niobium mineralization).

Infrastructure

The deposit is situated approximately 25 kilometres from world-class infrastructure, including the 180-megawatt Otter Rapids hydroelectric-power generation facility, paved highways and active railway. The project has strong community support, with local labour and professional services nearby.

Unique mineralized setting

An important distinction that sets H/K apart from the rest of the REE discoveries in North America -- preliminary mineralogy testing has demonstrated that 80 per cent of REEs are contained within the phosphate mineral apatite, including PMREOs.

Testing was performed through Tescan integrated mineral analyzer (TIMA), EMPA-EDS and laser ablation ICP-MS (inductively coupled plasma mass spectrometry). Eight initial representative samples spanning the 361 metres of REE mineralization from hole HK22-013 were crushed, sorted and analyzed for elemental and mineral mapping of grains ahead of beneficiation studies.

Discovery drilling

Drilling at H/K has been successful, intercepting broad zones of mineralization in 18 out of all 24 holes drilled to date, starting at bedrock surface in many holes. Furthermore, magnetic and gravity surveys have identified structures with correlating intercepted mineralization on a three-kilometre-by-two-kilometre scale, warranting follow-up drilling to determine whether broad-based mineralization occurs outside of the main discovery holes.

2024 exploration plans

The company intends to undertake a diamond drilling program later this year on the H/K project and also intends to undertake metallurgical work this summer with SGS laboratories to strengthen its understanding of the mineralogical and beneficiation attributes of the project.

Jared Galenzoski, PGeo, vice-president, exploration, of Neotech and a qualified person as defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release.

For a discussion of the company's QA/QC (quality assurance/quality control) and data verification procedures, please refer to its techincal report on the TREO rare earth element property dated March 19, 2024, available on the company's profile on SEDAR+.

About Neotech Metals Corp.

Neotech Metals is a mineral exploration company dedicated to discovering and developing valuable mineral resources in promising regions around the world. With a strong commitment to environmental stewardship and sustainable practices, Neotech is positioned to make a positive impact while maximizing the potential of its exploration properties.

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