Appia Announces Corrected Target IV Total Area

Appia Discovers an Unprecedented High-Grade Mineralized Zone: Total Weighted Average Grade of 7,578 PPM or 0.76% Total Rare Earth Oxide Across 10 Reverse Circulation Drill Holes at Its PCH Ionic Clay Project, Brazil

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0.F) (FSE: A0I0.MU) (FSE: A0I0.BE) (the "Company" or "Appia") is pleased to announce that, further to the press release issued earlier today, the total area shown for Target IV has been updated to 193 hectares, and the further delineation of the SW Extension Zone, a significant high-grade Rare Earth Elements (REE) mineralized zone located in the Southwest (SW) corner of the Target IV zone. This discovery spans an area of over 1,000 metres by 500 metres, with an average thickness of approximately 19 metres, and builds on the previously announced remarkable PCH-RC-63 results. (See Oct. 31st, 2023 Press Release). The Press Release issued earlier today erroneously listed the total area shown for Target IV as 1,702 hectares, rather than 193 hectares.

Highlights:

High-Grade SW Extension Zone:
- 10 Reverse Circulation (RC) holes with a total weighted average of 7,578 ppm or 0.76% Total Rare Earth Oxide (TREO), including:
  - 1,744 ppm or 0.17% Magnet Rare Earth Oxide (MREO), and 416 ppm or 0.04% Heavy Rare Earth Oxide (HREO); 7,162 ppm or 0.71% Light Rare Earth Oxide (LREO)
  - The SW Extension Zone currently spans approximately 0.5 km² with average hole depths of 19 metres - all open at depth.
Highest-Grade RC and Auger (AH) Intercepts:
- PCH-RC-067 from 0 to 11m EOH:
  - 24,309 ppm or 2.43 % TREO, 5,717 ppm or 0.57% MREO, 1,452 ppm or 0.15% HREO, and 22,857 ppm or 2.29% LREO.
- PCH-RC-066 from 0 to 13m EOH:
  - 12,858 ppm or 1.29% TREO, 2,789 ppm or 0.28% MREO, 524 ppm or 0.05% HREO, and 12,334 ppm or 1.23% LREO.
- PCH-RC-063 from 0 to 24m EOH:
  - 27,188 ppm or 2.72% TREO, 6,293 ppm or 0.63% MREO, 1,369 ppm or 0.14% HREO, and 25,819 ppm or 2.59% LREO.
- 2 AH holes have a total weighted average of 10,249 ppm or 1.02% TREO, including:
  - PCH-AH-29 from 0 to 7m EOH:
    - 4,122 ppm or 0.41% TREO, 1,066 ppm or 0.11% MREO, 361 ppm or 0.04% HREO, and 3,762 ppm or 0.38% Light Rare Earth Oxides (LREO).
  - PCH-AH-30 from 0 to 7m EOH:
    - 16,375 ppm or 1.64% TREO, 2,955 ppm or 0.30% MREO, 457 ppm or 0.05% HREO, and 15,918 ppm or 1.59% Light Rare Earth Oxides (LREO).

"We believe that the high-grade nature of the SW Extension Zone, which contains Magnet Rare Earth Oxides sample values of up to 13,212 ppm or 1.32%, places this discovery on a global stage. The fact that all of these holes are still open at depth creates an opportunity to discover additional mineralization at depth," stated Tom Drivas, CEO.

"Appia's work with exploratory auger drilling has delivered compelling results, particularly when the 2023 auger holes PCH-AH-29 and PCH-AH-30 are included, which returned a total weighted average of over 10,000 ppm or +1% TREO over 7m of depth," noted Stephen Burega, President, "Follow-up RC drilling successfully expanded the overall total depth of the high-grade mineralization to an average of approximately 19 metres across this zone, and we've observed mineralization throughout the length of all RC and Auger holes. For instance, holes PCH-RC-063 with a total depth of 24m and PCH-RC-067 with a total depth of 11m, each yielded grades exceeding 24,000 ppm or 2.4% TREO and over 5,000 ppm or 0.5% MREO at the bottom of each drill hole."

The lateral extension and the depth of the SW Extension high-grade zone has not been fully tested, and the Company eagerly awaits results from the remaining 7 RC holes drilled within this new zone, in addition to the numerous RC drill holes to the south located outside of the Target IV boundary. Target IV encompasses 193 hectares, with the Southwest extension zone occupying about 50 hectares. In total, the PCH project spans 17,551 hectares across 10 claims.

Map #1 - Map of RC and Auger drilling locations at the high-grade SW extension zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/188997_e664042904522b07_001full.jpg

REVERSE CIRCULATION AND AUGER HOLE COMPOSITE (ASSAY IN PPM, BY SGS LAB)
Total depth	PCH-RC-017	PCH-RC-018	PCH-RC-039	PCH-RC-040	PCH-RC-063	PCH-RC-064	PCH-RC-065	PCH-RC-066	PCH-RC-067	PCH-RC-068	PCH-AH-029	PCH-AH-030
TREO	1,549.61	1,676.84	2,163.97	3,900.03	27,188.70	2,388.26	2,023.14	12,857.62	24,308.97	2,840.66	4,122.37	16,374.88
MREO	312.58	362.95	508.42	883.95	6,293.19	523.79	466.63	2,788.80	5,717.47	688.93	1,065.97	2,954.46
HREO	109.90	112.13	137.18	229.03	1,369.46	161.29	166.32	524.08	1,452.30	185.43	360.54	456.82
LREO	1,439.71	1,564.71	2,026.79	3,671.00	25,819.24	2,226.97	1,856.81	12,333.54	22,856.67	2,655.23	3761.8355	15,918.07
Magnet -MREO
Magnet -MREO
Total depth	0-9m (EOH)	0-18m (EOH)	0-27m (EOH)	0 - 15m (EOH)	0-24m (EOH)	0-16m (EOH)	0-22m (EOH)	0 - 13m (EOH)	0 - 11m (EOH)	0-33m (EOH)	0-7m (EOH)	0-7m (EOH)
Nd2O3	197.72	233.85	337.41	582.01	4,511.49	337.13	295.04	1,952.89	4,032.79	464.44	689.29	2,018.79
Pr2O3	60.31	71.77	98.40	179.67	1,026.18	105.97	89.35	552.87	935.84	131.38	189.48	668.72
Sm2O3	32.68	36.50	48.48	83.43	524.14	49.36	48.61	207.84	469.36	61.78	123.43	209.44
Dy2O3	18.70	17.59	20.23	32.57	191.04	26.72	28.51	62.17	236.98	26.49	53.20	47.39
TbO3	3.18	3.24	3.91	6.27	40.33	4.61	5.12	13.04	42.50	4.84	10.57	10.13
MREO	312.58	362.95	508.42	883.95	6,293.19	523.79	466.63	2,788.80	5,717.47	688.93	1,065.97	2,954.46
Heavy - HREO
Total depth	0-9m (EOH)	0-18m (EOH)	0-27m (EOH)	0 - 15m (EOH)	0-24m (EOH)	0-16m (EOH)	0-22m (EOH)	0 - 13m (EOH)	0 - 11m (EOH)	0-33m (EOH)	0-7m (EOH)	0-7m (EOH)
Sm2O3	32.68	36.50	48.48	83.43	524.14	49.36	48.61	207.84	469.36	61.78	123.43	209.44
Eu2O3	7.30	8.57	11.21	20.96	133.04	13.48	14.50	49.01	125.46	16.28	31.96	46.95
Gd2O3	24.39	26.30	31.52	53.97	332.05	36.69	40.15	121.62	329.05	41.15	85.26	100.49
TbO3	3.18	3.24	3.91	6.27	40.33	4.61	5.12	13.04	42.50	4.84	10.57	10.13
Dy2O3	18.70	17.59	20.23	32.57	191.04	26.72	28.51	62.17	236.98	26.49	53.20	47.39
Ho2O3	3.26	2.93	3.36	5.22	30.73	4.67	4.88	10.77	43.46	4.89	9.04	7.34
Er2O3	9.43	7.94	8.70	13.13	69.69	12.57	12.85	29.10	110.41	13.82	23.79	18.07
Tm2O3	1.23	1.00	1.06	1.56	7.33	1.59	1.54	3.78	13.56	1.85	2.91	2.10
Yb2O3	8.51	7.00	7.59	10.40	36.79	10.24	9.02	23.48	72.89	12.54	18.14	13.22
Lu2O3	1.23	1.07	1.11	1.51	4.31	1.36	1.14	3.26	8.64	1.78	2.23	1.70
HREO	109.90	112.13	137.18	229.03	1,369.46	161.29	166.32	524.08	1,452.30	185.43	360.54	456.82
Light -LREO
Total depth	0-9m (EOH)	0-18m (EOH)	0-27m (EOH)	0 - 24m (EOH)	0-24m (EOH)	0-16m (EOH)	0-22m (EOH)	0 - 13m (EOH)	0 - 11m (EOH)	0-33m (EOH)	0-7m (EOH)	0-7m (EOH)
La2O3	406.30	427.54	587.20	1,046.29	9,004.33	705.08	553.75	3,870.80	7,837.68	724.34	977.03	5,063.70
CeO2	775.38	831.54	1,003.79	1,863.03	11,277.23	1,078.79	918.68	5,956.99	10,050.36	1,335.07	1,906.04	8,166.86
Pr2O3	60.31	71.77	98.40	179.67	1,026.18	105.97	89.35	552.87	935.84	131.38	189.48	668.72
Nd2O3	197.72	233.85	337.41	582.01	4,511.49	337.13	295.04	1,952.89	4,032.79	464.44	689.29	2,018.79
LREO	1,439.71	1,564.71	2,026.79	3,671.00	25,819.24	2,226.97	1,856.81	12,333.54	22,856.67	2,655.23	3,761.84	15,918.07

Table #1 - Denotes weighted average chemical assay results of composites RC and Auger samples from high-grade SW Extension zone. For full assay results please click here for RC and click here for Auger.

TREO = ([CeO2 ppm] + [Dy2O3 ppm] + [Er2O3 ppm] + [Eu2O3 ppm] + [Gd2O3 ppm] + [Ho2O3 ppm] + [La2O3 ppm] + [Lu2O3] ppm] + [Nd2O3 ppm] + [Pr2O3 ppm] + [Sm2O3 ppm] + [TbO3 ppm] + [Tm2O3 ppm] + [Yb2O3 ppm]). MREO = ([Dy2O3 ppm] + [Pr2O3 ppm] + [Nd2O3 ppm] + [Sm2O3 ppm] + [TbO3 ppm]).HREO = [Dy2O3 ppm] + [Er2O3 ppm] + [Eu2O3 ppm] + [Gd2O3 ppm] + [Ho2O3 ppm] + [Lu2O3] ppm] + [Sm2O3 ppm] + [TbO3 ppm] + [Tm2O3 ppm] + [Yb2O3 ppm]).

Chart #1 - Denotes the Drill Log from CH -RC-063.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/188997_e664042904522b07_002full.jpg

Chart #2 - Denotes the Drill Log from CH -RC-066.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/188997_e664042904522b07_003full.jpg

Chart #3 - Denotes the Drill Log from CH -RC-067.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/188997_e664042904522b07_004full.jpg

Table #2 - PCH Target IV Reverse Circulation and Auger collar details - SIRGAS 2000 - UTM zone 22S - Click Here

Appia has previously provided details on a total of 57 RC drill holes, showcasing an extraordinary overall total weighted average grade of 2,287 ppm TREO, (see press release dated November 9, 2023). The Company will provide timely updates to investors as assay results are received from the remaining 85 RC, 128 Auger, and 1 diamond drill holes which are located both within Target IV and from various extension zones outside of the main Target IV zone.

Background on the PCH Project

The PCH Project is located within the Tocantins Structural Province in the Brasília Fold Belt, more specifically, the Arenópolis Magmatic Arc. The PCH Project is 17,551.07 ha in size and located within the Goiás State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the geochemical exploration work carried out to date indicates the potential forhigh-grade REEs and Niobium mineral resources within the lateritic ionic adsorption clays.

The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.

QA/QC

Reverse circulation (RC) drill holes are vertical and reported intervals are true thicknesses. Each are sampled at one metre intervals, resulting in average sample sizes of 5-25 kg. A small representative specimen was taken from each sample bag and placed into a chip tray for visual inspection and logging by the geologist. Quartering was performed at Appia's logging facility using a riffle splitter and continued splitting until a representative sample weighing approximately 500g each was obtained, bagged in a resistant plastic bag, labeled, photographed, and stored for shipment.

The samples were sent to the SGS laboratory in Vespasiano, Minas Gerais. In addition to the internal QA/QC of the SGS Lab, Appia has included its own control samples in each sample batch sent to the laboratory.

Quality control samples, such as blanks, duplicates, and standards (CRM) were inserted into each analytical run. For all analytical methods, the minimum number of QA/QC samples is one standard, one duplicate and one blank, introduced every batch which comprise a full-length hole. The rigorous procedures implemented during the sample collection, preparation, and analysis stages underscore the robustness and reliability of the analytical results obtained.

All analytical results reported herein have passed internal QA/QC review and compilation. All assay results of RC samples were provided by SGS Geosol, an ISO/IEC 17025:2005 certified laboratory, which performed their measure of the concentration of rare earth elements (REE) analyses by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) analytical methods.

The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.

About Appia Rare Earths & Uranium Corp. (Appia)

Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goiás State of Brazil. (See June 9^th, 2023 Press Release - Click Here)

Appia has 130.5 million common shares outstanding, 138.0 million shares fully diluted.

Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward- looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Tom Drivas, CEO and Director: (cell) 416-876-3957, (fax) 416-218-9772 or (email) tdrivas@appiareu.com

Stephen Burega, President: (cell) 647-515-3734 or (email) sburega@appiareu.com

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188997

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Appia Rare Earths & Uranium API:CC CSE:API Critical Metals Investing

API:CC

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Assumptions	Unit
Mineral resources	M dmt	73
Project Duration	Years	11
Average annual production (dry)	K tonnes per annum	380
Average total Fe In-situ grade to plant	%	6.7
Average total Fe metallurgical recovery	%	51.6
Average concentrate grade sold	% Fe	66.8
Economic Assumptions
P65 Index CFR China Iron ore price	US$/dmt	121
Average realised price (Inc. high grade premium)	US$/dmt	145
Average shipping cost	US$/dmt	21
Capital Cost
Construction period	Years	2
Initial capex (excl. closure and sustaining)	US$ million	64.6
Operating cost per tonne
Total cash cost (C1 Cost)	US$/dmt	53
Total AISC	US$/dmt	61

Category	Million Tonnes	Total Fe grade %	Total Fe (Mt)	Fe2O3%
Inferred	73	6.7	4.9	9.6

Parameter	Value	Units
Project Production Rate	Mtpa	7.0
Average Strip Ratio	t/t	0.016
Average total Fe Grade in Extracted Tailings	%	6.7
Total Mined Iron	Mt	4.9
LOM	Years	11
Extraction Cost - OPEX	US$/t	0.9
Process Cost - OPEX	US$/t	1.56
Anticipated Average Concentrate Grade	%	66.8

Description	US$ (M)
Processing Plant	44.2
Infrastructure	4.5
Extraction	N/A as will be using contract mining
Indirect Costs (DE Study and EPCM)	8.3
Estimated Sub-Total Cost	57
Contingency 15%	8
Sustaining	3
Closure cost	3
Estimated Total Cost	71

Area	US$/t ROM	US$/t concentrate
Tailings extraction (incl. tailings disposal)	0.90	17.56
Processing	1.56	29.93
Transport all in to port	0.32	6.32
G&A	0.30	5.76
Royalty (0.5% of revenue)	0.035	0.69
Total Opex	3.12	60.26

	Base Case	CAPEX	Selling price (FOB)	LOM OPEX
		15%	-15%	15%	-15%	15%	-15%
IRR	30.3%	25.8%	35.9%	38.8%	20.3%	25.9%	34.3%
NPV
0%	$112,100	$105,974	$117,891	$155,051	$67,795	$90,600	$133,270
5%	$71,415	$65,511	$77,063	$102,257	$39,487	$ 56,146	$86,434
7%	$59,485	$53,652	$65,083	$86,773	$31,192	$46,030	$72,712
10%	$44,910	$39,176	$50,433	$67,844	$21,076	$33,666	$55,953

Economic Assumptions	Unit
P65 Index CFR China Iron ore price	US$/dmt	121
Average realised price (Inc. high grade premium)	US$/dmt	145
Freight	US$/wmt	21
Pre-Tax NPV at 7% discount rate	US$M	93.6
Pre-Tax IRR	%	38
Post-Tax NPV 7% discount rate	US$M	59.5
Post-Tax IRR	%	30
Payback	years	2.5
PI		0.92

Appia Announces Corrected Target IV Total Area

Critical minerals funding

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