Mr. Tim Fernback reports

TEMAS PROVIDES A SHAREHOLDER UPDATE ON ITS FISCAL YEAR AND BUSINESS ACTIVITIES SINCE ITS OCTOBER 2025 ASX IPO

Temas Resources Corp. would like to provide its shareholders with additional information regarding the performance of the company over the past fiscal year, its current status, as well as its proposed operating plan for 2026 and beyond.

Highlights:

• Temas has secured multiple third party RCL-based (regenerative chloride leach) metallurgical technology services contracts during Q1 2026 as it rolls out its new business unit using this novel metallurgical platform technology;
• Temas secured the location for its RCL metallurgical lab near Toronto, Canada;
• Reutilizing historic drill core is expected to save approximately $40-million and several years of development time by replacing the need for additional drilling; assays are focused on identifying additional commercial quantities of gallium, scandium and chromium, in addition to its previously stated deposit containing titanium, vanadium and iron;
• Company is on track with stated use of proceeds from its Oct. 28, 2025, ASX (Australian Securities Exchange) IPO (initial public offering) prospectus;
• Company has sufficient capital reserves in place for 2026 and beyond;
• Temas anticipates receiving a tax refund of approximately $1.2-million (Canadian) from its recently completed 2025 La Blache drilling exploration program as part of the Quebec government mineral tax credit program.

Letter from the chief executive officer to Temas's shareholders

Dear shareholders,

The fourth quarter ended Dec. 31, 2025, was a transformative one for Temas with its listing on the ASX and concurrent financing of $11-million (Australian). This has set up the company to execute on its strategy of developing its RCL technology and flagship La Blache titanium and vanadium critical minerals project in Quebec, Canada. We are encouraged by the growing level of external interest in Temas, including the initiation of research coverage by Pitt Street Research.

Temas has been able to closely track is expenditure alongside its proposed budget in the use of proceeds section of the ASX IPO prospectus without material variance, with the one exception of shifting Lac Brule-related expenditures to focus on the company's flagship property La Blache to take advantage of new opportunities at La Blache that would materially increase overall shareholder value.

As described in our IPO use of proceeds:

• During Q4, Temas acquired the remaining 50 per cent of ORF Technologies Ltd, which holds a series of innovative RCL patents that enhance the recovery of critical and precious minerals.
• Temas also completed a 2,300-metre drill program on La Blache and is currently completing the assays on the drill core, along with reassaying approximately 36,000 metres of historic drill core targeting gallium, scandium and other critical mineral and rare earth elements, which will ultimately expand and upgrade the inferred resource of the La Blache project;
• Additional expenditures as referenced in our ASX IPO use of proceeds include approximately $166,000 (Canadian) spent in calendar 2025 for metallurgical testing and metallurgical IP (induced polarization) development, which also includes the hiring of new RCL metallurgical staff.

Significant financial highlights from Q4 include:

• Completed its listing on the ASX and raised $11-million (Australian);
• Completed the acquisition of the remaining 50 per cent of ORF Technologies, as outlined in the ASX IPO use of proceeds, now owning 100 per cent of the RCL patented platform technology;
• Incurred $2.8-million (Canadian) in exploration expenditures during Q4, primarily on its 2,300-metre drill program at La Blache and as outlined in the ASX IPO use of proceeds;
• Cash on hand of $4.7-million (Canadian) as of Dec. 31, 2025;
• Approximately $1.2-million (Canadian) in Quebec government tax credits available to Temas in 2026;
• The successful exercise of all remaining Temas warrants and options would yield approximately $2,167,000 (Canadian) in additional capital to the company;
• Quarterly G&A (general and administrative expenses) stabilized at $375,000 (Canadian) in Q4 2025.

Temas's regenerative chloride leaching (RCL) technology -- a metallurgical game changer

We would like to begin by highlighting what we believe is one of the most significant value drivers for Temas, our proprietary RCL technology.

We have made significant advancement over a very short period of time since we acquired 100 per cent rights to the RCL technology. This includes the signing of two agreements within the first calendar quarter of 2026, generating the first Temas revenue for RCL testing services on third party mining projects. Similarly, in Q1 2026, we announced the formation of the company's RCL scientific advisory board and secured a location for the Temas RCL metallurgical lab, a location to both service our RCL clientele and carry out the required engineering work associated with the scale-up of the technology.

For 2026 and beyond, it is the intention of the company is to continue to test RCL in both lab and pilot settings with third parties, ultimately creating both a stable and growing income stream through licensing and joint venture projects. Management believes that we are well on our way to achieving this goal.

Our RCL technology, acquired through 100-per-cent ownership of ORF Technologies, consists of 11 granted patents and represents decades of metallurgical research and development. This technology has been successfully pilot tested by different run-of-mine and mine tailings operators and has been shown to be effective with the extraction of feedstocks containing refractory gold, titanium, polymetallic sulphides, nickel laterite, critical minerals and rare earths.

RCL is an advanced hydrometallurgical process designed to extract metals from concentrates, whole ores, slags and tailings in a more efficient and environmentally responsible manner. What differentiates this platform -- and positions it as a true industry disruptor -- is its ability to fundamentally improve both economics and sustainability in metal production.

Recent pilot-scale validation using material from our La Blache project has demonstrated:

• Production of commercial-grade titanium dioxide (TiO2) at 99.8-per-cent purity;
• Operating cost reductions of greater than 65 per cent compared with conventional processing methods;
• Strong recovery rates, including 80-per-cent to 85-per-cent titanium recovery and approximately 95-per-cent iron recovery.

These results are highly significant in an industry where processing costs and technical complexity have historically been major barriers to developing titanium projects.

Beyond cost advantages, RCL introduces several key innovations:

• A closed-loop system that regenerates reagents, significantly reducing waste and environmental impact;
• The ability to process lower-grade and more complex ores, unlocking value from deposits previously considered uneconomic;
• Multimetal recovery capability, enabling extraction of titanium, vanadium, nickel, rare earth elements and other critical minerals from a single feedstock.

Importantly, RCL is commodity agnostic and scalable and is currently being evaluated by multiple third party mining companies globally for potential licensing and joint venture opportunities. This creates a pathway for Temas to generate non-dilutive revenue streams through technology deployment, independent of its own mining operations.

From a strategic perspective, RCL aligns directly with the evolving needs of modern critical mineral supply chains. As governments and industries prioritize cleaner, more efficient processing methods, the ability to produce high-purity products at lower cost and with a reduced environmental footprint becomes increasingly important.

We believe RCL represents a step change in metallurgical processing, comparable with past innovations that have reshaped entire commodity sectors. By integrating this technology with our Quebec-based projects, Temas is uniquely positioned to deliver a fully integrated, mine-to-market solution for critical metals in North America.

Unlike traditional mining companies, Temas is advancing a dual business model -- combining resource development with a scalable, technology-driven processing platform.

Strategic positioning in critical minerals markets

Temas is advancing its portfolio of titanium, gallium, vanadium and other critical mineral assets with the objective of becoming a reliable North American supplier. Our strategy is centred on:

• Developing environmentally responsible extraction and processing technologies;
• Advancing high-quality critical mineral projects;
• Aligning with Western supply chain security initiatives.

We believe that ESG-compliant (environmental, social and governance) critical mineral production will be a key differentiator, particularly as governments and major industrial buyers increasingly prioritize sustainable and traceable supply chains.

Corporate outlook and 2026 priorities

As we move through 2026, Temas will focus on:

• Continuing to commercialize RCL, generating both revenue and ultimately income streams for Temas;
• Evaluating downstream RCL processing opportunities with existing mine operators;
• Advancing exploration and development of its titanium, vanadium, gallium and other critical mineral assets in Quebec;
• Strengthening strategic partnerships aligned with defence and industrial supply chains;
• Maintaining disciplined capital allocation to support long-term growth.

Our goal is to position Temas as a key participant in the North American critical mineral supply chain, delivering value to shareholders while contributing to critical infrastructure and national security priorities.

Closing remarks

The global narrative around critical minerals is evolving. While electrification remains important, the increasing emphasis on defence readiness, industrial resilience and supply chain sovereignty is reshaping capital flows and strategic priorities.

We believe Temas and its RCL platform technology is well positioned to benefit from this transition.

On behalf of the board of directors, I would like to thank our shareholders for their continued support as we advance our strategy in this rapidly changing environment.

Sincerely,

Tim Fernback

President and CEO

Temas Resources Corp.

About Temas Resources Corp.

Temas Resources is a technology-driven critical minerals company advancing a dual-business model built around proprietary processing innovation and strategic mineral ownership. The company's patented regenerative chloride leach (RCL) technology platform delivers significant operational cost reductions -- validated at up to 65 per cent lower than traditional processing -- while dramatically reducing energy use and environmental impact.

Temas's RCL process is the foundation of its technology licensing and partnership business, enabling global mining and materials companies to adopt sustainable, high-margin metal extraction methods across a range of critical minerals, including titanium, vanadium, nickel and rare earth elements.

Complementing its technology division, Temas also owns 100 per cent of two advanced titanium-vanadium-iron projects in Quebec, Canada -- La Blache and Lac Brule -- which are strategically positioned to feed directly into the company's proprietary processing platform, creating a fully integrated mine-to-market supply chain for Western metals.

Through this combination of innovative IP commercialization and resource ownership, Temas Resources is positioned to deliver scalable, low-carbon solutions that strengthen Western critical mineral independence and create long-term value for shareholders.