Exploration Update

Summit Minerals Limited (ASX: $SUM) has released the first assay results from the Equador Niobium and REE Project in Brazil, confirming high grade niobium and tantalum over a 1.2km strike length. The project has also identified multiple new potential pegmatites and previously unmapped artisanal mines across the site. With a cash balance of approximately $3.6M, Summit is well funded to accelerate its exploration program.

Executive Commentary

The highly encouraging assays from Equador have further solidified the prospectivity of the project and has given us tremendous confidence to accelerate our exploration program. We eagerly anticipate the results of further rock chip assays and look forward to keeping the market updated with the results as they are received. Our Equador project is located on an existing road within close proximity to established highways (20 km away), it also has direct access to water and renewable electricity supplied by a windfarm nearby. During my recent trip to the project, I had the opportunity to meet and engage with the local landowners. It was pleasing to learn that they are extremely supportive of mining in general and of Summit in particular. We look forward to advancing our project and providing employment opportunities to the local communities in the region.

Summary

Summit Minerals' assay results from the Equador Niobium and REE Project in Brazil have confirmed high grade niobium and tantalum, along with the discovery of multiple new potential pegmatites and previously unmapped artisanal mines. The company is well funded to accelerate its exploration program and is currently conducting a drone magnetic survey to better map out the potential pegmatite pathways. With Brazil being the world's leading niobium producer, Summit's project holds significant potential. The ongoing exploration and sampling program, along with the upcoming rock chip assays, are expected to provide further insights into the project's prospectivity. Summit's commitment to engaging with local communities and its focus on sustainable mining practices bode well for the project's future development and the region's economic growth.