Expansion of Equador Niobium and Rare Earth Elements Project

Summit Minerals Limited (ASX: $SUM) has successfully acquired 6 new tenements in the Paraiba and Rio Norte States of Brazil, expanding its land holding by 1,555 Hectares. The newly acquired tenements, particularly the Equador North tenement, are strategically located adjacent to Summit's Equador Niobium and Tantalum Project, with exploration work set to commence immediately after the expected settlement in October 2024. The company's internal studies indicate that the Equador North tenement is likely a continuation of the geology from the existing Equador project. Summit continues to focus on an expedited initial drilling program to validate the quality of the Equador Niobium and Tantalum Project, which has been funded through its most recent capital raise.

Executive Commentary

We are pleased to have secured the additional tenement packages to expand our Equador Project. The tenement to the North of Equador has been a key strategic priority for Summit for some time, as it holds an existing mining lease directly situated to the North, providing Summit with significant exploration potential to host further Niobium bearing pegmatites given its geological similarities to our existing Project area. With the completion of the LiDAR survey and upcoming commencement of the Drone Magnetic Survey, Summit remains well positioned to fast-track the development of our Project. All these accomplishments within a ~3-month timeframe is a testament to all the hard work the team is doing. I thank our team for their work ethic, and our shareholders for their support.

Summary

Summit Minerals Limited (ASX: $SUM) has expanded its Equador Niobium and Rare Earth Elements Project by acquiring 6 new tenements, increasing its land holding in Brazil by 1,555 Hectares. The newly acquired tenements, particularly the Equador North tenement, are strategically located adjacent to Summit's existing Equador Niobium and Tantalum Project, with settlement expected in October 2024. The company's internal studies indicate that the Equador North tenement is likely a continuation of the geology from the existing Equador project. Summit is focused on an expedited initial drilling program to validate the quality of the Equador Niobium and Tantalum Project, which has been funded through its most recent capital raise. The completion of the LiDAR survey and upcoming commencement of the Drone Magnetic Survey positions Summit well to fast-track the development of the Project. The company's efforts demonstrate its commitment to unlocking value in its projects and its determination to capitalize on the exploration potential in the region.