Dr. Fernando Tallarico reports

SPARK ENERGY MINERALS ADVANCES ARAPAIMA PROJECT WITH RESUMPTION OF RC DRILLING AND METALLURGICAL WORK

Spark Energy Minerals Inc. has provided an operational update on exploration activities at its flagship Arapaima project, located in Padre Paraiso, within Brazil's Lithium Valley.

Reverse circulation drilling program -- commencement and scope

The company has mobilized to resume its next reverse circulation drilling program at the Arapaima project. The program is designed to include a minimum of 20 drill holes totalling approximately 2,000 metres, with each hole planned to an average depth of 100 metres. Drill holes are expected to be spaced approximately 300 to 400 metres apart, and will target three priority exploration areas across the property.

The primary objectives of the drilling program are to define and expand the company's understanding of ionic adsorption clay mineralization hosting rare earth elements and gallium, and to unlock additional exploration targets to support the continued advancement of the Arapaima project toward a potential maiden inferred mineral resource.

This drilling program marks the beginning of an intensive exploration phase for Spark at Arapaima. The company intends to provide regular updates as laboratory results are received from SGS Geosol. Initial assay results are expected following completion of drilling and laboratory processing, with subsequent results released as they become available, subject to laboratory turnaround times.

Analytical results will enable the company to evaluate anomalous concentrations of REE and gallium and to conduct a more detailed interpretation of the geochemical signature, mineralogy and geological behaviour of the mineralized system.

Metallurgical testing -- Ansto laboratory

In parallel with the RC drilling program, Spark is advancing the design of a metallurgical testing of selected samples from drill holes that yielded the most significant results during the company's previous drilling campaign (see press release dated Feb. 13, 2026).

Sample preparation will include logistical planning for shipment to the Ansto Minerals laboratory in Australia. Samples will be dispatched in batches and prepared as representative aliquots over two-metre intervals from drill holes exhibiting the strongest geochemical responses.

The objectives of the metallurgical testing program are to confirm the ionic adsorption clay character of the mineralized horizons and to evaluate preliminary recovery characteristics for REE and gallium along selected drill intercepts.

Maiden inferred mineral resource -- path forward

Upon completion of the RC drilling program and receipt of metallurgical test results, the company intends to evaluate the technical data necessary to support a future maiden inferred mineral resource estimate prepared in accordance with National Instrument 43-101.

Spark is advancing the Arapaima project in a systematic and disciplined manner, with the objective of establishing a well-defined critical mineral resource in one of Brazil's most prospective emerging rare earth districts.

"Spark is advancing systematically with the objective of a maiden inferred mineral resource at Arapaima. With drilling mobilized across multiple targets and initial metallurgical testwork advancing, we are concurrently laying the technical foundation to support a potential future economic assessment at the appropriate time. If successful, this next phase will represent a critical step in translating our exploration results into a defined critical minerals inventory in Brazil's Lithium Valley," said Dr. Fernando Tallarico, chief executive officer of Spark Energy Minerals.

Brazilian Geological Survey visit

On March 6 and March 7, 2026, the Spark team hosted a group of geoscientists from the Brazilian Geological Survey, led by Dr. Lucy Takehara Chemale. During the visit, the SGB and Spark teams exchanged technical knowledge on ionic adsorption clay-hosted rare earth and gallium mineralization.

The SGB team has been conducting regional research on rare earth mineralization environments in Brazil, and the Arapaima project was of interest as an example of emerging critical mineral exploration within Brazil's Lithium Valley. The visit provided an opportunity to review local geology and discuss continuing scientific research relevant to the project.

Qualified person

The scientific and technical information disclosed in this news release has been reviewed and approved by Jonathan Victor Hill, BSc (honours), FAusIMM, vice-president, exploration, and director, and Dr. Fernando Tallarico, PGeo, chief executive officer and chairman of the board, each of whom is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Hill is a director of Spark and is not independent of the company. Dr. Tallarico is the chief executive officer of Spark and is likewise not independent of the company.

About Spark Energy Minerals Inc.

Spark Energy is a Canadian company advancing the exploration and development of critical minerals essential to the clean energy transition. The company's primary focus is Brazil, where it controls a significant land position within the country's emerging Lithium Valley -- a region recognized for its lithium, gallium and rare earth potential.

Spark's flagship Arapaima project spans approximately 91,900 hectares and hosts multiple targets prospective for lithium and gallium-REE mineralization. Through systematic exploration, Spark aims to help strengthen the secure and sustainable supply of minerals that support electrification, renewable energy and modern technologies. The company is committed to responsible exploration practices and to supporting Brazil's development of a transparent and sustainable critical mineral supply chain.

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