Appia Unveils Significant REE, Cobalt and Scandium Assay Results From 47 RC Drill Holes at the Buriti Target Within Its PCH IAC REE Project, Brazil

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to report substantial results from a comprehensive exploration campaign, comprising a total of 47 Reverse Circulation (RC) holes as part of our 2023 drilling program in the Buriti REE Target. This target spans approximately 2 km by 1.2 km and is open to the south. The average drill hole depth was 14 metres, with a total weighted average grade of 853 parts per million (ppm) Total Rare Earth Oxide (TREO), 148 ppm Cobalt Oxide (CoO), and 67 ppm Scandium Oxide (Sc2O3) across all 47 drill holes. Scandium is most commonly used in aluminum-scandium alloys for aerospace industry components and for specialized sports equipment such as bicycle frames. Current Scandium average metal price, provided by the Institute for Rare Earths and Metals AG, is US$3,100.00Kg (99.99% purity) and US$5,200.00 (99.999% purity). Cobalt is primarily used in lithium-ion batteries and in the manufacture of magnetic, wear-resistant and high-strength alloys.

Stephen Burega, President, stated, "There is significant potential in this newly identified REE mineralized zone. While the Buriti Zone has a completely different geological setting from the Target IV alkaline breccia to the north, we continue to see impressive REE results with the addition of significant Scandium and Cobalt values within the same drill holes. Drill holes PCH-RC-116 and PCH-RC-130, both remaining open at depth, highlight this potential. As previously reported, a standout among the analyses is hole PCH-RC-116, exhibiting mineralization averaging 2,109 ppm TREO, 272 ppm CoO, and 128 ppm Sc2O3 to a depth of 24 metres from surface." (Click HERE for press release dated December 12, 2023).

Highlights:

PCH-RC-116, 0-24m (EOH):
- Total Weighted Average of 2,109 ppm or 0.21% of Total Rare Earth Oxide (TREO), 396 ppm or 0.04% Magnet Rare Earth Oxide (MREO), 272 ppm CoO, and 128 ppm Scandium Oxide (Sc2O3), including:
  - 2,665 ppm or 0.26% TREO, 515 ppm or 0.05% MREO, 397 ppm CoO, and 136 ppm Sc2O3 across 17 m (from 4- 20 m).
  - 2,938 ppm or 0.29% TREO, 548 ppm or 0.05% MREO, 258 ppm CoO, and 191 ppm Sc2O3 across 17 m (from 11- 24 m).
PCH-RC-119, 0-18m (EOH):
- 893 ppm or 0.09% TREO, 222 ppm or 0.02% MREO, 130 ppm CoO, and 71 ppm Sc2O3, including:
  - 1,838 ppm or 0.18% TREO, 471 ppm or 0.05% MREO, 398 ppm CoO, and 93 ppm Sc2O3 across 4 m (from 9-13 m).
PCH-RC-130, 0-12m (EOH):
- 4,071 ppm or 0.41% TREO, 854 ppm or 0.08% MREO, 130 ppm CoO, and 39 ppm Sc2O3, including:
  - 4,963 ppm or 0.50% TREO, 1,044 ppm or 0.10% MREO, 131 ppm CoO, and 39 ppm Sc2O3 across 9 m (from 1-12 m).
PCH-RC-138, 0-13m (EOH):
- 1,172 ppm or 0.12% TREO, 370 ppm or 0.04% MREO, 211 ppm CoO, and 87 ppm Sc2O3, including:
  - 1,526 ppm or 0.15 % TREO, 495 ppm MREO, 196 ppm CoO, and 50 ppm Sc2O3 across 7 m (from 2-6 m) and,
  - 1,043 ppm or 0.1 % TREO, 332 ppm MREO, 249 ppm CoO, and 124 ppm Sc2O3 across 7 m (from 6-13 m).

The clay/saprolite hosted Buriti REE Target is underlain by mafic and ultramafic lithologic units associated with a Cretaceous-age regional alkaline complex. Despite Buriti's proximity to the south of Target IV, where the lithology consists of granites and alkali breccias, this new target is predominantly composed of intensively weathered gabbro, diorite and pyroxenite.

Tom Drivas, CEO, commented: "Having surpassed a milestone of over 300 combined auger, reverse circulation, and diamond drill holes to date, the Company has commissioned SGS Canada to deliver in the coming weeks a NI 43-101 Technical Report on the PCH Project including a Mineral Resource Estimate (MRE) on the Target IV and Buriti zones."

REVERSE CIRCULATION DRILL HOLE COMPOSITE ASSAY RESULTS BY SGS LAB (PPM)

Hole ID	From	To	Width	Sc2O3	CoO	TREO	MREO	HREO	MREO/ TREO	HREO/ TREO
PCH-RC-093	0,0	22,0	22,0	TBD	TBD	565	194	78	35%	14%
PCH-RC-094	0,0	20,0	20,0	108	182	719	182	65	26%	9%
Including	12,0	19,0	7,0	150	178	559	145	56	26%	10%
PCH-RC-095	0,0	21,0	21,0	60	122	746	209	74	28%	10%
PCH-RC-096	0,0	14,0	14,0	102	223	547	159	58	31%	11%
Including	7,0	12,0	5,0	139	204	368	122	47	33%	13%
PCH-RC-097	0,0	15,0	15,0	86	169	546	165	72	31%	13%
PCH-RC-098	0,0	17,0	17,0	84	133	777	224	88	29%	11%
Including	7,0	15,0	8,0	114	156	895	277	108	32%	13%
Including	13,0	15,0	2,0	107	124	1.407	361	143	26%	10%
PCH-RC-099	0,0	18,0	18,0	129	184	672	210	103	32%	15%
Including	4,0	15,0	11,0	158	203	566	190	89	34%	16%
PCH-RC-100	0,0	14,0	14,0	47	109	811	229	106	28%	13%
Including	2,0	4,0	2,0	92	142	1.248	328	220	26%	18%
PCH-RC-101	0,0	3,0	3,0	30	54	685	181	67	27%	10%
PCH-RC-102	0,0	12,0	12,0	38	84	1.272	327	105	27%	8%
PCH-RC-103	0,0	6,0	6,0	21	36	573	162	76	28%	13%
PCH-RC-104	0,0	7,0	7,0	22	60	727	200	75	28%	10%
PCH-RC-105	0,0	4,0	4,0	70	201	950	199	78	21%	8%
PCH-RC-106	0,0	6,0	6,0	16	34	429	113	59	26%	14%
PCH-RC-107	0,0	8,0	8,0	9	22	434	135	68	31%	16%
PCH-RC-108	0,0	10,0	10,0	63	114	828	255	91	31%	11%
PCH-RC-109	0,0	14,0	14,0	29	45	616	174	76	28%	12%
PCH-RC-110	0,0	20,0	20,0	76	147	699	221	89	32%	13%
PCH-RC-111	0,0	14,0	14,0	87	176	455	124	51	30%	11%
Including	9,0	14,0	5,0	132	186	245	107	52	43%	21%
PCH-RC-112	0,0	13,0	13,0	60	76	694	152	63	22%	9%
PCH-RC-113	0,0	23,0	23,0	87	180	699	217	86	30%	12%
Including	12,0	18,0	6,0	115	250	721	234	96	32%	13%
PCH-RC-114	0,0	10,0	10,0	25	93	610	178	68	29%	11%
PCH-RC-115	0,0	22,0	22,0	98	189	640	201	85	31%	13%
Including	9,0	19,0	10,0	127	200	715	240	106	33%	15%
PCH-RC-116	0,0	24,0	24,0	128	272	2.109	396	137	20%	6%
Including	4,0	20,0	16,0	136	397	2.665	515	179	21%	8%
Including	11,0	24,0	13,0	191	258	2.938	548	178	21%	7%
PCH-RC-117	0,0	21,0	21,0	40	176	1.333	342	136	25%	10%
Including	5,0	21,0	16,0	36	204	1.506	404	163	27%	11%
PCH-RC-118	0,0	14,0	14,0	57	46	685	165	61	24%	9%
PCH-RC-119	0,0	18,0	18,0	71	130	893	222	83	24%	9%
Including	12,0	16,0	4,0	122	145	934	225	93	25%	10%
Including	9,0	13,0	4,0	93	398	1.838	471	180	25%	10%
PCH-RC-120	0,0	21,0	21,0	55	88	848	224	88	26%	10%
Including	11,0	13,0	2,0	81	147	1.504	435	156	29%	11%
PCH-RC-121	0,0	14,0	14,0	109	413	868	260	121	28%	14%
Including	5,0	10,0	5,0	120	703	854	227	106	28%	13%
Including	11,0	14,0	3,0	164	370	1.086	510	257	44%	23%
PCH-RC-122	0,0	15,0	15,0	97	178	813	247	98	30%	12%
Including	4,0	9,0	5,0	115	214	1.100	352	129	32%	12%
PCH-RC-123	0,0	15,0	15,0	70	155	818	216	86	26%	11%
PCH-RC-124	0,0	15,0	15,0	24	27	446	115	46	26%	10%
PCH-RC-125	0,0	8,0	8,0	14	19	223	49	22	22%	10%
PCH-RC-126	0,0	18,0	18,0	44	199	834	233	92	28%	11%
Including	12,0	14,0	2,0	60	436	1.696	427	176	25%	10%
PCH-RC-127	0,0	18,0	18,0	51	216	809	238	91	28%	11%
Including	13,0	15,0	2,0	97	315	1.381	443	152	21%	11%
PCH-RC-128	0,0	14,0	14,0	59	190	586	174	77	29%	13%
Including	8,0	11,0	3,0	109	339	343	103	56	29%	16%
PCH-RC-129	0,0	11,0	11,0	27	92	693	190	65	26%	9%
PCH-RC-130	0,0	12,0	12,0	39	130	4.071	854	276	21%	7%
Including	1,0	12,0	11,0	39	131	4.963	1.044	334	21%	7%
PCH-RC-131	0,0	9,0	9,0	35	92	767	186	74	24%	10%
PCH-RC-132	0,0	10,0	10,0	41	106	595	158	61	26%	10%
PCH-RC-133	0,0	11,0	11,0	44	125	637	153	60	25%	9%
PCH-RC-134	0,0	12,0	12,0	14	45	1.300	308	105	24%	8%
Including	2,0	6,0	4,0	22	70	1.315	326	108,0	25%	8%
PCH-RC-135	0,0	14,0	14,0	87	155	839	265	106	32%	13%
Including	9,0	13,0	4,0	131	184	641	191	84,0	31%	14%
PCH-RC-136	0,0	11,0	11,0	98	288	793	239	101	31%	13%
Including	7,0	11,0	4,0	139	300	590	176	83,0	30%	14%
PCH-RC-137	0,0	13,0	13,0	77	107	580	169	68	30%	12%
Including	3,0	5,0	2,0	116	139	569	175	73,0	31%	13%
PCH-RC-138	0,0	13,0	13,0	87	211	1.172	370	146	31%	12%
Including	2,0	6,0	4,0	50	196	1.526	495	197,0	32%	13%
Including	6,0	13,0	7,0	124	249	1.043	332	133,0	32%	13%
PCH-RC-139	0,0	12,0	12,0	105	198	516	170	75	35%	15%
Including	6,0	10,0	4,0	143	199	262	102	50,0	38%	19%

Table 1 - Denotes weighted average chemical assay results of composites RC samples from Buriti Zone. For a full list of assay results for all 47 RC drill holes, Click HERE.

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]).

*The Lanthanum values used to convert to oxides were adjusted from 1.1688 to 1.1728 based on James Cook University standard. This change explains the small difference for TREO values previously released.

Table 2 - Buriti Zone RC drill collar details (click HERE) - SIRGAS 2000 - UTM zone 22S.

Figure 1 - Logs of Lithology, Scandium, Cobalt and REE for RC hole PCH-RC-130.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/198515_53e29d0174936a44_001full.jpg

Figure 2 - Logs of Lithology, Scandium, Cobalt and REE for RC hole PCH-RC-116.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/198515_53e29d0174936a44_002full.jpg

Map 1 - Map of RC drilling locations at the Buriti Zone, PCH Project, Brazil.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/198515_53e29d0174936a44_003full.jpg

Appia is continuing to explore additional targets through an ongoing auger drilling program across the expansive 40,963.18 Ha of the PCH property.

Appia will be participating at this year's Prospectors and Developers Association of Canada's (PDAC) event from March 3-6^th 2024 at the Metro Toronto Convention Centre. Please visit our booth #2715. Also, Stephen Burega will also be presenting the Appia Corporate Update on March 6^th at 10:50 am during the Electric Materials 2 session located in room 801B.

QA/QC

Reverse circulation (RC) drill holes are vertical and reported intervals are true thickness. The material produced from drill holes 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 of the material 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 bagged samples are sent to the SGS laboratory in Vespasiano, Minas Gerais. In addition to the internal QA/QC of the SGS Lab, Appia includes its own control samples in each batch of samples sent to the laboratory.

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

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 (REE) and uranium sectors. The Company is currently focusing on delineating high-grade critical REE and gallium on the Alces Lake property, as well as exploring for high-grade uranium deposits in the prolific Athabasca Basin on its Loranger, Otherside, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 94,982.29 hectares (234,706.35 acres) in Saskatchewan. The Company also has a 100% interest in 13,008 hectares (32,143 acres), with REE 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 Ionic Adsorption Clay Project (See June 9^th, 2023 Press Release - Click HERE) which is 40,963.18 ha. in size and located within the Goiás State of Brazil. (See January 11^th, 2024 Press Release - Click HERE)

Appia has 136.3 million common shares outstanding, 144.5 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 more information, visit www.appiareu.com.

As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (X, Facebook, LinkedIn) please feel free to send direct messages.

To book a one-on-one 30-minute Zoom video call, please click here.

Contact:

Tom Drivas, CEO and Director
(c) (416) 876-3957
(e) tdrivas@appiareu.com

Stephen Burega, President
(c) (647) 515-3734
(e) sburega@appiareu.com

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198515

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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

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