Exploration Efforts at Aratapira REE Project

Summit Minerals Limited (ASX: $SUM) has identified a Large-Scale Surface Saprolite Clay System at its 100%-owned Aratapira REE project in southwest Minas Gerais, Brazil. The project, part of the transformational Brazilian Niobium, REE & Li acquisition, covers a total strategic and dominant area of 29,267 ha in the mining friendly and mineral-rich states of Minas Gerais and Paraiba. Summit plans to expedite exploration to reiterate and confirm the potential of the identified saprolite clay system, with its in-country exploration team mobilisation-ready.

Executive Commentary

Summit is extremely encouraged by the finding of a thick saprolite layer at the Aratapira project. The identified saprolite clay system, starting from the surface and extending to depth, has the potential to support a large-scale Rare Earth Deposit. We are excited to carry out an aggressive Phase 1 exploration program, paving the way for a cost-effective maiden Auger Drilling program expected shortly after. With the finalization of acquiring the tenement packages in geologically prospective areas, we aim to unlock previously unrealized value in our projects.

Summary of Exploration Findings

Summit Minerals Limited has uncovered a significant Large-Scale Surface Saprolite Clay System at its Aratapira REE project in Brazil. The project lies near Araxá, in south-eastern Minas Gerais State, and spans parts of the Alto Paranaíba Igneous Province, known for its global niobium production. The identified saprolite clay system, crucial in Ionic Absorption Clay (IAC) deposits, has the potential to support a large-scale Rare Earth Deposit. Summit plans to expedite exploration to confirm the full potential of this discovery and is mobilisation-ready with its in-country exploration team. The company aims to unlock previously unrealized value in its projects through focus, diligence, and execution.