E-Tech Resources

Overview

E-Tech Resources (TSXV:REE, FSE:K2i) is a Halifax, Nova Scotia-based exploration company developing its high-grade Eureka rare earths project in Namibia, a top-tier and mining-friendly jurisdiction in Southern Africa. The company is focused on exploring for neodymium and praseodymium, two critical minerals necessary for the global energy transition goals.

The company's fully owned flagship Eureka project is located in the Erongo Mining Corridor of Namibia. The Eureka project has a maiden inferred resource of 310 kt at 4.8 percent TREO with grades ranging from 1 to 16 percent. The company believes there is strong potential to increase the inferred and indicated mineral resource by at least 0.5 to 1.5 million tonnes, based on a technical scoping study.

E-Tech Resources completed a combined diamond drilling and reverse circulation drilling campaign at Eureka in 2022, with final assays indicating significant intersections of 11.2 meters at 1.2 percent TREO, 2.2 meters at 2.4 percent TREO, 8.8 meters at 1 percent TREO, and 6.3 meters at 1.9 percent TREO.

In addition, preliminary pXRF drilling results1 for the Adder Target have confirmed a discovery zone with the presence of REE mineralization identified in multiple zones in a drill hole correlating with REE mineralization identified on surface. Mineralization remains open at depth and along strike.

The results are part of the ongoing extended exploration of one of the 17 targets identified through ground radiometric and magnetic geophysical surveys and a geological mapping program completed earlier.

The Eureka project is strategically located near several mines and projects, including Rossing Uranium's Rossing Uranium mine, QKR's Navachab Gold mine, Namib Lead and Zinc Mining's Namib Lead and Zinc mine, and AfriTin's Uis mine. Eureka has excellent infrastructure and access to a major highway, a railway, roads, power, water and skilled professionals.

The company has taken steps to expand its land holdings within the Erongo Mining Corridor in Namibia, by entering into an agreement to acquire an 85-percent interest in EPL 874, which lies adjacent to and surrounds the company’s EPL 6762. The approximately 165-square-kilometer EPL 8748 contains a significant portion of the prospective Eureka Dome, the geological feature hosting mineralised REE-bearing carbonatites. Approximately a third of the Eureka Dome falls within the boundary of E-Tech Resources’ EPL 6762 and the remaining portion falls on the adjoining license EPL 8748.

E-Tech Resources is committed to maintaining the highest ESG standards to sustainably supply the green economy and adhere to the guidelines of the United Nations' Sustainable Development Goals. E-Tech Resources plans to create a sustainability committee to guide its ESG efforts and will be conducting further environmental and social impact assessments as part of ongoing feasibility studies to maintain responsible sourcing. E-Tech Resources' Eureka project is currently expected to have no major negative socio-environmental impact on the region.

The company is exploring the potential of a feasibility study for a rare earth separation plant in Namibia. Recognizing the need for a de-risked supply chain for these strategic critical raw materials, E-Tech is collaborating with Ondoto Rare Earth, a private Namibian company developing the high-grade Ondoto bastnaesite deposit in northern Namibia, and Namibia Critical Metals (TSXV:NMI, OTCQB: NMREF), which is developing the tier-1 heavy rare earth project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Together, the three companies will participate in a joint venture known as Rare Earth Alliance Namibia (REAN).

E-Tech Resources also signed a memorandum of understanding (MOU) with Novamera to evaluate the use of surgical mining and Novamera's technologies as the extraction method for the Eureka Project. The MOU sets out a series of milestones that include a conceptual surgical mining economic desktop evaluation (commencing immediately), Guidance Tool calibration activities and a bulk sample which could provide a more cost-effective and faster path to production, while also radically reducing environmental and social impact.

After evaluating the results of the current exploration program, the company engaged Gecko Namibia and Flightec Namibia to support ongoing exploration and development activities on the project. Phase 1 ultra-high resolution UAV-borne magnetic survey will be conducted by Flightec.

Company Highlights

• E-Tech Resources' fully owned flagship Eureka project is located in the Erongo Mining Corridor of Namibia and has a maiden inferred resource of 310 kilotons at 4.8 percent total rare earth oxide (TREO) with significant growth potential.
• The Eureka project is strategically located near several mines and projects, as well as excellent infrastructure, with access to a major highway, a railway, roads, power, water and skilled professionals.
• E-Tech Resources is focused on exploring for neodymium and praseodymium, critical minerals essential to permanent magnets for electric vehicles.
• Early metallurgical testing has indicated the potential to be one of the simplest REE projects to process in the world.
• Recently completed ground geophysical and exploration mapping programs at the Eureka project identified 17 robust targets for exploration drilling
• Preliminary pXRF drilling results1 for the Adder Target have confirmed a discovery zone with the presence of REE mineralization.
• E-Tech Resources is committed to maintaining the highest ESG standards in adherence to the United Nations' Sustainable Development Goals.
• E-Tech Resources is led by a highly skilled management team with a proven track record of success in the mining industry and capital markets.