Dr. Fernando Tallarico reports

SPARK EXPANDS ARAPAIMA'S GALLIUM-RARE EARTH PORTFOLIO WITH BOA VISTA SURFACE RESULTS

Spark Energy Minerals Inc. has released surface sampling results that helped guide the discovery drilling at Boa Vista, its second gallium-rare earth mineralized centre at the approximately 91,900-hectare Arapaima project in Brazil. The results provide a foundation for follow-up exploration alongside the more advanced Cruzeta discovery.

Boa Vista expands the portfolio of critical mineral targets at Arapaima, joining the Cruzeta target -- where Spark maintains an active exploration program, including continuing metallurgical work at ANSTO in Australia. Both targets are undergoing continuous technical evaluation, with exploration activities planned for both in parallel.

"Boa Vista expands Spark's critical minerals portfolio at Arapaima. Our team used a distinctive surface geochemical signature to guide drilling: a gallium and scandium horizon with more moderate rare earth values, which we interpret as reflecting different levels of enrichment within the weathered rock. The first holes then returned near-surface gallium and deeper rare earth mineralization, supporting that exploration approach. We now have two mineralized centres under active technical evaluation at the project. Cruzeta is more advanced, with material already undergoing metallurgical testing at ANSTO in Australia, while Boa Vista offers an earlier-stage opportunity to investigate the extent and sources of mineralization. These surface results help us focus that work, from locating source rocks to selecting targets for follow-up drilling. Both centres give our team concrete opportunities to advance our understanding of Arapaima," stated Dr. Fernando Tallarico, PGeo, FSEG, chief executive officer and chairman.

Corporate highlights:

• Reported drilling results: As of the Sept. 10, 2026, news release, all 33 reported RC (reverse circulation) holes across Cruzeta and Boa Vista had returned gallium and rare earth mineralization: 28 at Cruzeta and five at Boa Vista. Results from nine other completed holes had not yet been reported.
• Arapaima land position: The approximately 91,900-hectare Arapaima project remains Spark's principal focus, with multiple exploration targets for gallium, scandium, rare earth elements and lithium.
• Tungsten exploration under way: Spark announced on Sept. 16, 2026, that tungsten-focused reconnaissance had commenced at Serido in Rio Grande do Norte, Brazil, including geological mapping and rock and stream-sediment sampling.

Key results

1. Soil -- continuous gallium halo extending approximately two kilometres northeast-southwest

A total of 86 soil samples were collected, with selected results from 23 samples presented in Table 1.

Twenty-three soil samples define a continuous anomalous zone approximately two kilometres long, trending northeast-southwest within the Boa Vista corridor.

Samples ARA-SL-101 (86.0 grams per tonne Ga2O3 (gallium oxide)) and ARA-SL-102 (94.1 g/t Ga2O3) are located a few hundred metres from drill collars ARA-RC-007 and ARA-RC-031. Drilling at these same locations returned near-surface gallium intervals of 92.2 g/t Ga2O3 over 10 m and 69.2 g/t Ga2O3 over four m, respectively, with peak two-metre intervals of 114.3 g/t in ARA-RC-007 and 83.3 g/t in ARA-RC-031. The agreement between the soil value and the near-surface drill interval is within a few percentage points in both cases.

Along a profile spanning more than four kilometres between ARA-SL-064 and ARA-SL-103, soil Ga2O3 values remained within the range of 75.3 to 94.1 g/t. This low dispersion across consecutive points is characteristic of regional supergene enrichment, distinguishing it from point anomalies associated with veins or localized mechanical concentrations.

2. Stream sediment -- regional gallium, with rare-earth peaks south of the Boa Vista target

A total of 58 stream sediment samples were collected, with selected results from 12 samples presented in tables 2 and 3.

Seven consecutive samples from the Boa Vista target returned Ga2O3 values between 64.5 and 83.3 g/t -- the highest gallium values in stream sediment recorded for the project -- along with Sc2O3 (scandium oxide) levels of 13.8 to 24.5 g/t and Nb2O5 (niobium pentoxide) concentrations of up to 748 ppm.

These samples showed comparatively moderate surface TREO values (252 to 853 parts per million). The company interpreted this pattern -- elevated surface gallium and scandium with subordinate rare earths -- as an expression of vertical zonation within the weathering profile, with the rare earth horizon expected at depth.

ARA-SS-271 returned 1.0 per cent TREO (total rare earth oxides) with an MREO/TREO (magnet rare earth oxides/total rare earth oxides) ratio of 22.4 per cent and 2,178 ppm NdPr (neodymium-praseodymium), within the same drainage corridor that hosts the gallium halo. ARA-SS-365 combines 2,651 ppm TREO with 79.3 g/t Ga2O3 -- the only sample in the data set to simultaneously show elevated levels of both elements, indicating spatial overlap of the two systems.

A total of seven rock-chip samples were collected, with selected results from five samples presented in Table 4.

This set establishes the primary source for the surface system. ARA-CR-028 -- a coarse-grained porphyritic granite located approximately 2.5 km north of the drill collars -- exhibits the highest MREO/TREO ratio in fresh rock within the corridor (28.1 per cent), with 188 ppm NdPr; the permanent magnet signature is, therefore, inherited from the source rock rather than generated exclusively by supergene processes.

ARA-CR-240, described as an unaltered granitoid with 944 ppm TREO and an MREO/TREO ratio of 20.6 per cent, demonstrates that the region's high-grade metamorphic lithologies carry anomalous levels of rare earths even in the absence of weathering, thereby expanding the volume of potentially fertile rock.

ARA-CR-189, featuring kaolin occurrences and quartz boulders up to 0.5 m in size, points to an as-yet-unlocated upstream pegmatitic source and combines 1,331 ppm TREO with 59.1 g/t Ga2O3.

ARA-CR-151, a tourmaline-bearing pegmatite collected at the same co-ordinates as ARA-CR-156, returned only 21 ppm TREO. The contrast between the two samples from the same location -- 1,218 ppm in the granitic rock versus 21 ppm in the pegmatite -- indicates that the granitic facies, rather than the pegmatites, is the host for the rare earths; this information is of direct value for guiding future exploration campaigns.

Next steps:

• Close-spaced grid soil sampling over the gallium-scandium horizon to define the lateral extent and boundaries of the anomaly;
• Systematic rock prospecting upslope of ARA-CR-189 and in the vicinity of ARA-CR-028, ARA-CR-156 and ARA-CR-240 to locate and characterize the primary sources;
• Deeper RC or diamond drilling to define the vertical extent of the rare-earth horizon, which remains open at depth;
• Stepout drilling along the north-northeast-south-southwest strike and infill drilling to test lateral continuity between existing drill holes;
• Request for an analytical method with a lower detection limit and reanalysis of retained pulps for scandium;
• Mineralogical characterization of the gallium, scandium and niobium host materials.

Technical notes and reporting basis

TREO means total rare earth oxides and is calculated as the arithmetic sum of CeO2, La2O3, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3. MREO means magnet rare earth oxides and is calculated as Nd2O3 plus Pr6O11 plus Dy2O3 plus Tb4O7. Samarium is not included. NdPr means Nd2O3 + Pr6O11.

Gallium is reported as gallium oxide (Ga2O3) and scandium as scandium oxide (Sc2O3), each in grams per tonne. TREO, MREO, NdPr, Ga2O3 and Sc2O3 values are in situ analytical assay results only. They should not be interpreted as recoverable oxides, metal-equivalent grades, mineral-equivalent grades or implied metallurgical recoveries.

Reported intervals are length-weighted composites over a minimum four metres length, contiguous, with no internal dilution. Rare earth intervals are reported above a 500 ppm TREO basis. Gallium and scandium intervals are reported from surface above a 50 g/t Ga2O3 basis and a 15 g/t Sc2O3 basis respectively. Individual high-grade sample values are not necessarily representative of the mineralization sampled.

The analytical detection limit for scandium under the method used is five g/t elemental scandium, equivalent to approximately 7.7 g/t Sc2O3. Scandium is reported by the laboratory to whole units of elemental scandium, where one part per million of scandium is equivalent to approximately 1.5 g/t Sc2O3. In the supporting sample-level data, results below detection are carried at half the detection limit. Spark intends to request a lower-detection-limit method and to reanalyze retained sample pulps. No metallurgical recovery of scandium has been demonstrated.

Quality assurance/quality control, sampling and analytical procedures

The samples were collected at points of occurrence of fresh or altered rock (saprolite), in order to represent the exposure of the material. For soil samples, systematic sampling was carried out, following the access points every 200 m, in addition to sampling at representative points of the horizons of pedological change. The stream sediment samples followed drainages preferably of the second order, at points of deposition of material with a predominantly clayey/silty composition, representing local drainage basins. The QA/QC program adopted aligned with the laboratory's QA/QC program, involving the insertion of blanks, duplicates, and CRMs (certified reference materials) by the SGS Geosol Ltda. laboratory.

Samples were submitted to the independent SGS Geosol laboratory in Vespasiano, Minas Gerais, Brazil. Sample preparation comprised crushing and pulverizing followed by Jones splitting (code PRP70J_A2-PA). Analysis was by ICP-MS/OES following sodium peroxide fusion for 56 elements, including rare earth elements, gallium and scandium (code ICM90A).

Data verification

In accordance with National Instrument 43-101, the qualified persons have verified the data underlying the scientific and technical information in this news release. Verification included review of laboratory certificates of analysis against the company's assay database, review of quality control results, including blanks, field duplicates and certified reference materials, and review of drill-hole collar and survey information.

The data reviewed were found to be consistent with the company's assay database and adequate for the purpose of this disclosure. Verification was limited to data available as of the date of this news release; no independent verification sampling or reassaying was undertaken, and the results have not been verified by and do not constitute a mineral resource estimate.

The qualified persons are not aware of any drilling, sampling or analytical factors that would materially affect the accuracy or reliability of the assay data disclosed, subject to the assumptions, limitations and cautionary statements described in this news release.

Exploration-stage property; no mineral resource or economic analysis

The Arapaima project is an exploration-stage property. No mineral resource or mineral reserve has been estimated for the project, and no preliminary economic assessment, prefeasibility study, feasibility study or other economic analysis has been completed. There is no certainty that further exploration will result in the delineation of a mineral resource or that any mineralization identified will prove economically or technically viable to extract.

No recovery of scandium, gallium or rare earth elements has been demonstrated, and no economic assessment of those elements has been undertaken. Nothing in this release should be interpreted as a statement that they occur in economically recoverable concentrations at Arapaima.

Cautionary statement regarding exploration results

The exploration results disclosed in this release are preliminary. Reported drill intercepts are not necessarily indicative of mineralization elsewhere on the property or at depth. References to a system, horizon, footprint, continuity, repeatability, zonation or deposit style, including any ionic-adsorption-clay interpretation, reflect the company's current geological interpretation only and have not been verified by a mineral resource estimate. Reverse circulation sampling may be subject to contamination, sample loss and downhole dilution.

Qualified person

The scientific and technical information in this release has been reviewed and approved by Jonathan Victor Hill, BSc (honours), FAusIMM, vice-president, exploration, country manager and a director of the company, and Dr. Fernando Tallarico, PGeo, FSEG, chief executive officer and chairman of the company, each a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects. Neither qualified person is independent of the company.

About Spark Energy Minerals Inc.

Spark Energy Minerals is a Canadian critical minerals exploration company whose principal asset, the Arapaima project, comprises approximately 91,900 hectares across several municipalities in the Lithium Valley region of Minas Gerais, Brazil. The company has made gallium and rare earth element discoveries at Cruzeta and, more recently, at Boa Vista, where mineralization is hosted in ionic adsorption clays developed over the Caladao granite. Lithium-bearing pegmatites are a secondary target on the property.

The company also holds the Serido project, comprising 12 exploration permits totalling 21,492.74 hectares in the Serido tungsten district of Rio Grande do Norte, where tungsten-focused reconnaissance exploration is under way.

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