St George to Acquire Advanced High-Grade Araxa Niobium Project in World’s Leading Niobium Producing Address

St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) is pleased to announce that it has entered into a binding conditional agreement to acquire all the issued capital of Itafos Araxá Mineracao E Fertilizantes S.A (“Itafos Araxá”) which owns 100% of the advanced niobium-REE Araxá Project in Minas Gerais, Brazil (“Araxá” or “the Project”). The closing of the transaction is subject to the completion (or waiver) of certain conditions by November 3, 2024.

Highlights

• Binding Agreement: St George has entered into a binding conditional agreement to acquire 100% of the Araxá niobium-REE Project in Minas Gerais, Brazil (the “Project”)
• World class location: The Project is immediately adjacent to, and within the same carbonatite complex as, the niobium mine of CBMM that produces approximately 80% of the world’s niobium
• High-grade mineralisation: Historical drilling at the Project has defined extensive high- grade niobium, REE and phosphate mineralisation with:
  • More than 500 intercepts of high-grade niobium, >1% Nb₂O₅
  • Ultra-high grades up to 8% Nb₂O₅, 33% TREO and 32% P₂O₅
  • Mineralisation commencing from surface and open in all directions
• Strong foundation to deliver resource: Outstanding opportunity for St George to define a globally significant niobium-REE resource
• Enviable development potential: Located in an established mining district with existing infrastructure (roads and power), proven route to market and access to workforce
• Capital raising locked-in: St George has received firm commitments from investors to raise new funds of $21.25 million for application towards acquisition costs, exploration expenses and working capital

Drilling by previous explorers at the Project has confirmed significant niobium and rare earths element (REE) mineralisation – see Tables 1, 2 and 3.

Table 1: Historical high-grade niobium drill intercepts at Araxá include (cut-off grade of 1% Nb₂O₅)¹:

The intercepts in Tables 1 and 2 have been selected to demonstrate, respectively, the outstanding prospectivity for near-surface high-grade niobium and TREO mineralisation at the Project. For a full list of significant historical drill results, see Table 3 at the end of this ASX Release.

The historical drill results use categories of mineralisation consistent with those defined in the 2012 JORC Code. These results confirm the presence of high-grade niobium and REE mineralisation, providing St George with a strong platform to expand the mineralised footprint at the Project with further drilling.

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