Strange Lake West (Rare Earths)

Property Description

The Corporation acquired claims by map staking in 2024. The property covers a surface area of about 6,505 hectares located in northeast Quebec. This property is adjacent to Torngat Metals’ Strange Lake rare earths deposit, which boasts an indicated resource of 278 million tonnes at 0.93% TREO and inferred resources of 214 million tonnes at 0.85% TREO (Micon International, 2017). NeoTerrex Strange Lake West property is reported (Sigeom database) to contain rare earth occurrences that warrant further exploration as the nearby deposit advances towards production. To date, no work has been carried out on the property.

Exploration work on the property

Management has engaged in discussions with local stakeholders, particularly the Kativik Regional Government (“KRG”), which oversees activities within its jurisdiction. The KRG was receptive to the Corporation conducting exploration work on the property, provided that activities are limited during periods of migratory fauna. NeoTerrex has agreed to postpone its exploration program until August 2026, when it will undertake a maiden reconnaissance, prospecting and geology survey over specific portions of the project.

The Corporation also explored potential collaboration with Torngat Metals to share certain fixed costs and utilize their Strange Lake camp facilities. However, due to limited capacity, this arrangement was not possible. Given these logistical constraints, Management has made the strategic decision to defer work on the property until 2026, directing resources toward other priority properties in 2025.