Contents

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1.0 EXECUTIVE SUMMARY

1.1 Introduction

This technical report summary (the Report) was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, LLC for Rare Earths Americas, Inc. (Rare Earths Americas) on the Alpha Project (the Project) in Bahia, Brazil.

1.2 Terms of Reference

The Report was prepared to support the filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits at four areas within the Alpha Project: Rio Preto, Sapacaia, Nova Canaã, and Rio das Pombas.

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

1.3 Property Setting

The Project is located approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The Project concessions lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Project area.

Elevations in the Project area range from 400–900 meters above sea level (masl) and include both gently undulating and sloped terrain, as well as areas with greater relief.

All Rare Earth Americas concessions are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The concessions can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. Exploration sites within the properties can be accessed using off-road vehicles via existing agricultural tracks or tracks established by the company through open pasture, plantations, or forests.

The climate in the Project area is tropical savanna. Rainfall is irregularly distributed, with most of the rain occurring from October–April. Field exploration operations can be conducted throughout the year except for short periods of intense rainfall during the summer season, which may diminish drilling capabilities. It is expected that any future mining activity in the Project area would be year-round.

The closest municipality to the Project center, Iguaí, has a population of approximately 27,000 and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. The Project is <500 km by road from Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid, which are key reagents that would be required for any process plant treating the mineralization within the Project area. The Port of Ilhéus, located about 120 km from the Project, can be accessed via highway BR-415 and could be used for the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

A 500 kV electrical transmission line passes 30 km to the east of the Project area, and a natural gas pipeline runs 80 km to the east of the Project area.

The concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity that is not considered to be sensitive to mining extraction.

All of the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

1.4 Ownership

The Project is wholly owned by Rare Earths Americas.

1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

The Project comprises nine granted exploration permits registered with Brazil’s National Mining Agency (ANM) with a total area of approximately 99.76 km². The concessions are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results. Although a number of concessions were originally granted for iron ore or granite, the company has submitted formal notices to ANM seeking amendment of these titles to cover rare earth elements. Where titles have reached the end of their original exploration term, renewals have been lodged on time. Where titles have reached the Final Exploration Report due date, reports have been lodged on time.

The Project includes four deposit areas within the following concessions:

To date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Alpha Project. However, the company does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the project progresses.

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Alpha Project. Exploration to date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources. Any future mining and processing operations will require a dedicated water supply, expected to be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

The Project is not subject to any private royalties. It is subject to the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral - CFEM), which is a royalty to be paid to the Federal Government at rates that can vary from 1–3.5%, depending on the substance. The CFEM rate for mining rare earth elements is 2%.

1.6 Environmental, Permitting and Social Considerations

Current activities at the Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos (INEMA) is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities. All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

Project concessions 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit. In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This authorization is contingent upon conducting thorough Environmental Impact Assessment (EIA) studies.

No formal environmental baseline studies were conducted on the Project at the Report date.

All exploration activities to the Report date were conducted in accordance with applicable federal and state regulations. The next permit milestones will include:

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all concessions.

For the three concessions with granted Exploration Permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due between 2026 and 2027. For one of these concessions a substance change notice will be submitted when the Final Exploration Report, which is due in 2026. For the six concessions with Final Exploration Reports and substance change notices submitted, the review and authorization process timeline is determined by ANM. Reviews are expected to be completed within the statutory period of six months; however, this timeframe is often exceeded, and COVID-19 impacts have further extended processing times. While Rare Earth Americas may formally request prioritization, the sequencing of reviews remains at ANM’s discretion.

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company’s interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

1.7 Geology and Mineralization

The Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the crystalline basement. Although ionic adsorption clay deposits are not currently classified within the United States Geological Survey Mineral Deposit Model series, the deposit type is well defined in the geological literature.

The Project sits within the Jequié Block, a tectono-structural block of the northeastern São Francisco Craton that contains the Jequié Complex assemblage of granitic intrusions and supracrustal rocks that have been metamorphosed to granulite facies. At approximately 2.6 Ga, the Jequié Complex was intruded by the Volta do Rio and Poço Preto Plutonic Suites. These suites form large, north–northeast–south–southwest-trending batholiths that extend through the Project area and continue both to the north and south.

The Volta do Rio Suite, consists of high-potassium, slightly peraluminous, calcium-alkaline orthogneisses enriched in thorium, uranium and rare earth elements, which generate a pronounced gamma-spectrometric signature, easily distinguishable on regional aero geophysical maps, and characterizes it as a major source of the ionic clay-type mineralization found in the regolith in the area.

Bedrock exposure at the Project is limited to occasional outcrops at erosional scarps and along drainage channels. Due to poor exposure, mapping and effective remote sensing of bedrock at the deposit scale can be challenging.

The weathering profile can be divided into a rare earth element-leached zone in the upper part of the profile and a rare earth element accumulation zone with more ion-exchangeable rare earth elements in the lower part of the profile. Laterite horizons are absent within the Project area. Rare Earths Americas have used a weathering intensity proxy for the identification of ionically adsorbed to clay rare earth element enrichment within the Project area. This is defined geochemically using the “chemical index of alteration”, a recognized measure for chemical weathering during the production of clastic sediments, being the degradation of feldspars and the formation of clay minerals during weathering.

The Rio Preto deposit extends approximately 5,500 m north to south and 3,000 m east–west, and has a surface area of 14 km². The average depth of the deposit is approximately 23 m. Saprolite is of variable thickness and has been intersected to depths of up to 49 m below surface. It occurs at an average depth of 2.8 m, with typical thicknesses between 9–17 m, with the thickest intervals intersected along the slopes to the south of the River Preto. In most areas, the regolith exhibits an ionic clay rare earth profile with leached upper horizons transitioning downward into a discontinuous rare earth accumulation zone, variably exposed by erosion and characterized by neodymium–praseodymium (NdPr):total rare earth oxide (TREO) ratios >20%. The rare earth profile remains only partially tested by auger drilling, with most holes terminating in mineralization.

The Sapacaia deposit has a defined north–south extent of approximately 6,000 m and an east–west extent of 1,900 m, covering a surface area of 12.1 km². The average depth of the deposit is approximately 24 m. The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7.3 m below surface, with typical thicknesses ranging from 14–21 m. The average modelled thickness is 13 m, and maximum thickness of 40 m. The highest-grade rare earth concentrations occur along the north–south trend of the folded Volta do Rio Suite protolith. The regolith exhibits an intermittent ionic clay rare earth profile, with enriched zones characterized by high NdPr:TREO ratios of 20% or more, indicative of remobilized rare earths in ionic clay horizons. These enriched zones are typically restricted to well-developed saprolite preserved on gentle hills. Within the Sapacaia deposit saprolite has been found to contain secondary monazite grains visually identified in a panned concentrate. Where present, secondary monazite is interpreted to be derived from primary rare earth mineralization within the magmatic stratigraphy of the Volta do Rio Suite.

The Nova Canaã deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m. The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7 m below surface, with typical thicknesses ranging from 16–22 m. The average modelled thickness is 18 m, and maximum thickness of 42 m. A broad enriched zone spanning 1.5 km north–south and 300 m east–west is characterized by high NdPr:TREO ratios of 20% or more and grades above 1,000 ppm TREO occurring over thickness of 10–20 m.

The Rio das Pombas deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m. Saprolite is of variable thickness and has been intersected to depths up to 65 m below surface in the southwestern portion. It occurs at an average depth of 10 m, with typical thicknesses between 14–24 m. Ionic clay mineralization with significant rare earth grades exceeding 2,000 ppm TREO is intersected by auger drilling at the break of slope along the east and west of this plateau along a strike length of 7 km. The rare earth profile is only partially tested by auger drilling at the deposit, and most drill holes end in mineralization.

The extent of the mineral resource models is predominantly limited by the availability of exploration data and by tenement boundaries. Although individual rare earth element-bearing horizons may pinch out, many deposit areas are open at depth and also have potential for the delineation of well mineralized ionic adsorption clay zones, highly enriched in rare earth elements. Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized saprolite. There is potential to extend the mineralization model deeper with core drilling.

The most intense enrichment Ionic clay mineralization by mobilized rare earth elements occurs in slope zones and within the deep regolith mantle of hill tops. The close association between topography and ionic adsorption clay mineralization means there is potential to delineate higher-grade zones with targeted infill drilling by auger or core drilling methods at prospective terrain features.

1.8 History

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas’ interest in the Project. Rare Earth Americas acquired a regional-scale airborne geophysical survey dataset from Companhia Baiana de Pesquisa Mineral (CBPM), a state mineral research agency. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite and was used by Alpha Minerals Brazil Participações Ltd, a wholly-owned subsidiary of Rare Earth Americas in the period 2021–2023, to select exploration concession areas. Rare Earth Americas was created as the holding company for the Project in January 2023 with Alpha Minerals Brazil Participações Ltd, becoming a wholly-owned subsidiary of Rare Earth Americas.

1.9 Exploration

Exploration grids used to position drill holes are orientated to the geographic projection system SIRGAS 2000 Universal Transverse Mercator zone 24 South. A topographic digital terrain model is used to locate drill collars and for the topographic surface constraining the mineral resource estimates.

During initial reconnaissance and prospecting in 2023, Rare Earth Americas collected 107 surface samples from limited regolith and bedrock exposures across its concessions for geochemical analysis. surface grab sampling has not yet materially influenced targeting, though future follow-up may demonstrate correlations with broader mineralized zones and validate the method.

1.10 Drilling and Sampling

Drilling consists of 30 diamond core holes (1,013 m), 15 sonic drill holes (398 m) and 936 auger holes (15,422 m). The mineral resource estimate was based on all drilling data completed to July 16, 2024. The database close-out date reflects the date of the last assay information and is August 13, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltda., a wholly owned subsidiary of Rare Earth Americas, who used a hand-held petrol-powered auger, Brazil Royalty Corp. Participações e Investimentos Ltda, who used an Eijkelkamp Compact RotoSonic V rig for sonic and diamond core drilling. Holes were collared using HQ drill, producing 63.5 mm diameter core, and advanced with NQ rods, producing 47.6 mm diameter core, once fresh, and unoxidized bedrock was encountered.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic and diamond core holes were transported from the drill site to logging facilities in covered boxes. The sonic and diamond core drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger, sonic and diamond core drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

Recovered auger sample material, and sonic and diamond drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger drilling in regolith is 99%. The average recovery for sonic core drilling in regolith is 95%. The average recovery for diamond core drilling is 78% in regolith and 95% in rock. For core drilling methods, poor recoveries less than 85% typically occur 5–10 m below surface in areas of unconsolidated cover. There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

Drill collars were located using a handheld global positioning system (GPS) instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Drill hole spacing varies across the Project area from a maximum grid size of 320 m spacings which is infill drilled using a diamond pattern to 225 m spacings and 160 m in the most densely drilled places. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Core and sonic drill samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm3 in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in March 2022. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations. Approximately 74% of the assays (3,642 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the assays (1,293 samples) in the database were generated by ALS Lima.

Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS

code ME-MS81), to generate a multi-element suite. Both methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis.

All exploration conducted was accompanied by a quality assurance and quality control (QA/QC) program, which included the systematic insertion of certified reference materials (CRMs), blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

1.11 Data Verification

Rare Earth Americas maintains all exploration data in a secure, web-based database that incorporates automated validation protocols. The system performs continuous checks for overlapping from–to intervals within assay and geological tables and enforces standardization of lithology, alteration, and assay codes through defined pick lists to ensure consistency in data entry.

Karst Geo Solutions concluded, following a site visit, that the majority of the data, drilling, and geological records were well maintained by Rare Earths Americas personnel and comprehensive field procedures were developed.

McGarry Geoconsulting completed a site visit, and conducted independent validation checks, including: verification of collar coordinates against survey control, review of downhole survey data for consistency, and validation of assay tables for overlapping intervals or values beyond recorded hole depths. The database supplied by Rare Earth Americas was cross-checked against original laboratory certificates and field logs on a representative basis to confirm data integrity. Any discrepancies identified during this process were resolved in collaboration with Rare Earth Americas’ geology team prior to resource estimation. McGarry Geoconsulting is satisfied that the data has been appropriately verified and is adequate to support the mineral resource estimates presented in this Report.

1.12 Metallurgical Testwork

1.12.1 Ionic Adsorption Clay Processing

The processing of ionic adsorption clay rare earth mineralization is an emerging technology that differs significantly from traditional hard rock rare earth extraction methods. Ionic adsorption clay deposits typically host rare earth elements loosely bound to clay particles near the surface. These rare earth

elements are not locked within minerals but are instead adsorbed onto the surface of clay minerals, which allows for relatively simple extraction techniques.

The proposed processing route is based on ion-exchange leaching using ammonium sulphate ((NH₄)₂SO₄) solution under acidic conditions (target pH ≈ 2). The acidity enhances ion mobility and exchange efficiency, facilitating the desorption of rare earth elements from the clay matrix. The process takes advantage of the electrostatic nature of rare earth element adsorption onto clays, replacing the rare earth element³⁺ ions with NH₄⁺ ions from solution. This reaction occurs readily under ambient pressure and temperature, provided that solution chemistry (pH, ionic strength, contact time) is properly controlled.

The resulting slurry is then subjected to solid-liquid separation, typically through pressure or vacuum filtration, to produce a pregnant leach solution (PLS) enriched in rare earth elements. This PLS is subsequently processed through chemical precipitation, where specific reagents—commonly oxalic acid or sodium carbonate—are added to selectively remove the dissolved rare earth elements from solution. The precipitated material, known as mixed rare earth concentrate, contains the suite of rare earth elements present in the deposit, except for cerium, which is only minimally recovered in this process due to its prevalent oxidized state. Depending on market requirements and product specifications, the mixed rare earth concentrate may undergo further purification and upgrading stages.

Globally, only a limited number of ionic adsorption clay projects are in production outside of China. The technology remains relatively new, with few operations having progressed to commercial-scale development. In Brazil, the Serra Verde Project, operated by Serra Verde Pesquisa e Mineração Ltda., is currently the only known ionic adsorption clay operation in production, highlighting the early stage of adoption of this processing method within the country.

The technology in use at the Serra Verde operation is considered suitable for application at the Project

1.12.2 Metallurgical Testwork

SGS Geosol in Lima, Peru was used to undertake bench scale leaching tests during the period 2022 to 2023. ALS Geochemistry in Lima, Peru was used to undertake bench scale leaching tests during the period 2023 to 2024. Both facilities are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. There are currently no globally recognized accreditations for metallurgical testwork.

SGS Geosol performed bench-scale ionic exchange tests using an ammonium sulphate solution equivalent to approximately 0.5 molar (M) ammonium sulfate solution (0.5 moles of solute per liter of solution; SGS code ICM655) on 50 g sample aliquots. A total of 1,078 leach tests were completed on samples from 117 auger holes between 2022 and 2024.

ALS Lima carried out bench-scale ammonium sulphate ionic exchange tests using a 0.5 M ammonium sulfate solution (0.5 moles of solute per liter of solution; ALS code ME-MS19) on 30 g sample aliquots. A total of 1,154 leach tests were completed on samples from 56 auger holes between 2023 and 2024.

For both laboratories, the samples were agitated in ammonium sulphate solution for 20 minutes and then filtered. The resulting filtrate was collected, an aliquot diluted with 2% nitric acid, and analyzed by ICP-MS.

In total, 17% of drill holes were subject to 2,232 ammonium sulphate leach tests, of which 2,199 are within modelled deposit area.

The average TREO-cerium oxide (CeO₂) extraction into leach solution across all deposit areas was 22%, with comparable extractions observed for the economically significant magnet rare earth oxides. Leach extraction varied both between and within deposit areas. Of the samples submitted, 601 samples (25%) contained saprolite with total rare earth oxide concentrations greater than a threshold of >209 ppm TREO–CeO2 extracted into the leach solution. This threshold was applied to determine reasonable prospects for economic extraction during mineral resource estimation.

Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions typical of ionic clay processing. As a result, its extraction does not contribute to leach solution grades and is therefore not considered in determining economic cut-off parameters. For samples above the selected threshold and representative of the mineral resource, the mean leach extraction for rare earth elements is 40%, with comparable extractions for the magnet rare earths neodymium, praseodymium, dysprosium, and terbium.

The leaching results were comparable to those published for ionic adsorption clay projects on adjacent properties and infer that the ionic clay rare earth mineralization is amenable to ionic exchange leaching at standard temperatures, pH, and atmospheric pressure.

The sample distribution covered the defined saprolite mineralization domain used in estimation, ensuring that the extraction data were representative of the mineral resource estimates.

For ionic adsorption clay deposits in general, the most common deleterious elements are thorium and uranium due to their impact on product radioactivity, and iron and aluminum due to their influence on reagent consumption and pregnant leach solution chemistry. Bench-scale leach tests indicated that both elements are largely immobile under the selected ion-exchange leaching conditions, with generally low levels detected in the pregnant leach solution.

1.13 Mineral Resource Estimation

1.13.1 Estimation Methodology

Geological and block modelling was undertaken Leapfrog version 2025.1 with the Edge extension. Statistical analysis was carried out using Snowden Supervisor software version 8.6.

The Alpha Project was sub-divided into four deposit areas for mineral resource estimation purposes. Deposit boundaries defined areas characterized by consistent topographic trends, which exert a primary control on the distribution of ionic adsorption clay mineralization, and by airborne radiometric thorium equivalent anomalies associated with rare earth element mineralization. Where appropriate, deposit boundaries coincided with concession limits.

The base of saprolite and base of the mottled zone were modelled as offset topography surfaces. The base of saprolite was modelled using manually digitized control points. The resultant wireframes followed the trend of the topography model and have a 50 m2 resolution. The saprolite geology model was used to control the lower estimate extent. The base of mottled zone was a ceiling. A single mineralization domain is generated for each deposit area. Continuity of mineralization was limited by erosional incisions, or barren underlying rock types.

High grade assays were not capped but retained for grade interpolation using a “clamping” method. McGarry Geoconsulting selected a nominated distance equal to the first search pass radius. Beyond this distance, samples were capped to a nominated 95th percentile from the population statistics.

Compositing was based on the maximum composite length as defined by the dominant sample length of 1 m.

Semi-variogram models were developed for TREO–CeO2 across the Rio Preto, Sapacaia, and Nova Canaã domains. Experimental semi-variograms were generated, transformed, and assessed for anisotropy before being modelled using two nested spherical structures in addition to a nugget effect.

Mineral resources were estimated using ordinary kriging (OK) into block models created in Leapfrog 2025.1 using the Edge Extension. Fifteen rare earth element grades (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y) and deleterious elements uranium and thorium were estimated independently in a univariate sense using the same parameters. The consistent estimation approach was selected to ensure block compositional grade proportions honored those of the input samples. The estimation was in a 5 x 5 x 5 discretization of the block and in the parent cell.

Up to three search passes were used if block was not estimated in the first pass. The first search distance was equal to the variogram range; subsequent searches were undertaken using two and four times this distance with successive searches using more relaxed parameters for selection of input composite data.

Validation of block model grade estimates was completed by visual checks on screen, statistical comparison of composite and block grades, and generation of swath plots.

Mineral resources were classified based on drill spacing and the estimator’s judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the saprolite horizons and grade estimates, quality control results, search and interpolation parameters and an analysis of available density information.

Mineral resource estimation is supported by an Initial Assessment. A conceptual open-pit shell was used to constrain the estimate. The shell was defined using a mining cost of US$1.98/t, a processing cost of US$9.39/t, appropriate recovery and dilution factors, and the basket value estimated for each block. A

maximum pit slope of 35° was used and the extent of the shell was limited to within the boundary of each tenement.

A marginal reporting cut-off of 1,000 ppm TREO was selected. This threshold is consistent with cut-off grades applied at comparable ionic clay-hosted rare earth deposits developed by open-pit mining and supports a reasonable expectation of economic extraction.

1.13.2 Market Assessment

The Project is expected to produce a mixed rare earth carbonate, an intermediate product used in the manufacture of refined, separated rare earth oxides. These oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in US dollars per kilogram. Pricing is negotiated through private contracts and reflects product purity, oxide composition, delivery terms, and prevailing demand. Payability represents the proportion of contained rare earth elements value (based on spot oxide prices) that is realized upon sale of mixed rare earth carbonate. It depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. Rare Earth Americas intends to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. This Report assumes a payability of 70% relative to the spot value of contained separated oxides.

Rare earth elements are sold as neodymium and praseodymium are the most valuable rare earth elements in rare earth mines due to their relatively high price and large market. Rare earth mineral production is geographically constrained, with about two-thirds of global production occurring in China and another 20% in the U.S. and Australia. The processing of rare earth elements is further constrained, with most processing occurring in China and some elements exclusively being processed in China. With a small market and geographically constrained production, prices for rare earth elements can be volatile.

The expected increase in demand, and high price volatility, means that commodity pricing for rare earth studies is predominantly based forecasts made by expert research companies such as Adamas Intelligence. Rare Earth Americas have used the average rare earth oxide price over a 10-year period up to 2040 forecast by Adamas Intelligence in their Q1 2025 Rare Earth Pricing Quarterly Outlook. This period is selected to align with potential timeframes for construction of all infrastructure and mining of the deposit. Prices include 13% value-added tax; forecast prices are in Real US 2025 dollars.

For each block, a “basket value” was calculated as the sum of the forecast prices for individual recovered rare earth oxides, adjusted by their typical proportion in the recovered TREO mix and a payability assumption of 70%. The average basket price was estimated at US$57.2 per kilogram of recovered TREO. This block-level basket value served as an input into a Lerchs–Grossmann optimization process, which was used to define a resource-constraining shell for mineral resource reporting and evaluation of reasonable prospects of economic extraction.

1.13.3 Mineral Resource Statement

Mineral resources are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is in situ. The estimate is current as at 31 October 2025 and is provided in Table 1‑1.

The third-party firm responsible for the estimate is McGarry Geoconsulting, Corp.

Table 1‑1: Alpha Project Mineral Resource Estimate

Notes to accompany mineral resource table:

1.13.4 Factors That May Affect the Mineral Resource Estimate

Factors which may affect the mineral resource estimates include the following.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

1.14 Risks

1.14.1 Exploration and Geology Risks

The following risks were identified:

1.14.2 Mineral Resource Estimate Risks

The following risks, in addition to those identified in Chapter 22.10, were also identified:

1.14.3 Environmental, Social and Permitting Risks

The following risks were identified:

1.15 Opportunities

1.15.1 Exploration and Geology Opportunities

The Alpha Project is located in a previously underexplored geological and mining jurisdiction. Rare Earth Americas are building an extensive and well-informed database of information which will provide an opportunity to assess the optimal exploration targeting strategy and exploration potential for the Project.

The recent discovery of rare earth element mineralization by Rare Earth Americas at the Alpha Project has the potential to establish a new and previously unrecognized rare earth element metallogenic province.

As well as ongoing development and resource definition for ionic clay style mineralization, the discovery of high-grade rare earth element materials, indicative of secondary monazite mineralization, suggests there may be strong potential for the discovery of other rare earth mineralization types in regolith and bedrock.

1.15.2 Mineral Resource Opportunities

Opportunities exist to increase existing mineral resources by additional work including infill and extensional drilling at depth.

1.16 Conclusions

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting magnet rare earth oxide (MREO) enrichment with depth. More recent drilling has identified high-grade monazite sand mineralization associated with the Volta do Rio Suite, a geologically prospective unit extending across the Project area.

The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class. The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

Additional work is warranted, and a two-phase work program is recommended (see Chapter 1.16).

1.17 Recommendations

The Alpha Project hosts rare earth element mineral resource that warrants further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted testwork and technical analysis.

Phase A aims to improve understanding of the controls on mineralization and to delineate additional prospective zones. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$2.58 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the Project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to updated the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

Collectively, Phase A and Phase B will require an overall budget of US$3.73 million.

2.0 INTRODUCTION

2.1 Introduction

This technical report summary (the Report) was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, LLC for Rare Earths Americas, Inc. (Rare Earths Americas) on the Alpha Project (the Project) in Bahia, Brazil. The Project location is shown in Figure 2‑1.

2.2 Terms of Reference

2.2.1 Report Purpose

The Report was prepared to support the filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits at four areas within the Alpha Project: Rio Preto, Sapacaia, Nova Canaã, and Rio das Pombas.

2.2.2 Terms of Reference

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

2.3 Qualified Persons

This Report was prepared by the following third-party firms, acting as Qualified Persons (QP):

The QP responsibilities for Report chapters and sub-sections are set out in Table 2‑1.

Figure 2‑1: Project Location Plan

Note: Figure prepared by Rare Earths Americas, 2025.

Table 2‑1: QP Responsibilities

2.4 Site Visits and Scope of Personal Inspection

2.4.1 McGarry Geoconsulting Corp.

McGarry Geoconsulting Corp. visited the Project area on August 15 and 16, 2025. During that visit, McGarry Geoconsulting Corp reviewed:

2.4.2 Karst Geo Solutions

Karst Geo Solutions visited the Project area on June 24 and 25, 2024. During that visit, Karst Geo Solutions:

2.5 Report Date

The Report is current as at October 31, 2025.

2.6 Information Sources and References

The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.

Rare Earths Americas provided input to McGarry Geoconsulting and Karst Geo Solutions in their areas of expertise on request.

2.7 Previous Technical Report Summaries

Rare Earths Americas has not previously filed a technical report summary on the Project.

3.0 PROPERTY DESCRIPTION

3.1 Introduction

The Project is located approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The Project concessions lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Project area.

This report discloses mineral resources for deposit area on nine contiguous concessions which have a combined area of approximately 100 km2. Concessions are distributed across an area that is approximately 12 km east–west by 20 km north–south.

The approximate Project centroid is 40°9′40.51″W and 14°44′27.53″S (375,000E, 8,370,000N SIRGAS 2000 UTM Zone 24S).

Deposit centroids include:

3.2 Property and Title in Bahia

Overview

Under Brazilian laws, the Federal Government owns all mineral resources. Under Article 176 of the Brazilian Constitution, all mineral deposits (jazidas) belong to the Federal Government, whether or not the deposits are in active production. Mineral rights are distinct from surface rights.

Mining is regulated by Decree-Law 227, 1967 (the Mining Code), Mining Regulations that came into force in December 2017, and other regulations issued by the National Mining Agency (ANM), formerly known as National Department of Mining Production (DNPM).

Brazil also has legislation and legal guarantees related to the exploitation and use of water rights.

3.2.1 Mineral Title

The Brazilian legal system for obtaining and maintaining mining rights and access to mineralized real estate properties is regulated by the Federal Constitution (article 176), by the Mining Code (Decree-Law no. 227/1967), by the regulation of the Mining Code (Decree No. 9.406/2018) and by ANM legislation.

The mineral title acquisition process begins with an Application for Exploration Permit. In Brazil, mineral titles are administered through an online GIS-based cadastral system known as SIGMINE - Sistema de Gestão de Informações Minerárias (Mining Information Management System). All exploration license applications are submitted electronically by selecting predefined grid polygons on the digital map, which establishes priority on a first-come, first-served basis. Physical ground staking is not required.

Once an application is accepted, an exploration permit (Alvará de Pesquisa) is issued, granting the holder exclusive rights to conduct exploration within the defined area, subject to reporting and compliance requirements set by the National Mining Agency (ANM). The grant is published in the Federal Gazette.

The permit, which has a 3 to 6 year term, allows the license holder to conduct exploration activities. At the end of the permit term, the license holder must provide a Final Exploration Technical Report (Relatório Final de Pequisa) to the ANM. On December 30, 2022, Law No. 14514/2022 was published, extending the term of the exploration permit to 4–8 years; however, no regulations to accompany the law have been promulgated.

The requirements for applying for a renewal of exploration permits are:

If the extension request is granted, the renewal will take place according to the term requested by the holder of the mining right, which can be between 1–4 years. The term of the exploration permit can be renewed more than once under specific situations established in the Brazilian mining code.

If no application is made to extend the license tenure, or convert it to a ‘mining permit,’ the tenure expires.

Following a positive review of the Final Exploration Report, the license holder then has a year in which to apply for a mining concession over any discovered deposit. A mining concession application must include an Economic Exploitation Plan (Plano de Aproveitamento Econômico or PAE), which must be prepared by a legally qualified professional. Once the PAE is presented, the ANM requires an installation license (Licença de Instalação or LI) that is granted by an environmental licensing agency. If the license has not been issued yet, the holder must update ANM with the progress of the environmental licensing process by providing reports every 180 days. Once the LI is granted, it will be lodged with the Agency and, if the PAE is approved, a mining concession will be granted; the grant is published in the Federal Gazette. To start operations, an environmental operation license (Licença de Operação) is also required.

Mining activities must start within six months of the mining concession grant and annual production reports must be provided to the ANM. Assuming all other conditions are met, a mining concession remains valid until the deposit is depleted. Mining operations must be in accordance with the Economic Exploitation Plan approved by ANM. If additional minerals are discovered, ANM must be notified of the discovery, and the mining concession license must be amended to include the new list of minerals before those minerals can be commercially produced and sold.

3.2.2 Surface Rights

Surface rights in Brazil are separate from mineral rights. Under Article 176 of the Federal Constitution and Article 6 of the Brazilian Mining Code (Decree-Law No. 227/1967), mineral resources are the property of the Union, while surface land remains under private or public ownership. Mineral rights holders are granted the right to access and use areas required for exploration and mining operations, subject to regulatory approval.

According to Articles 27 and 64 of the Mining Code, mining right holders may obtain rights of way and easements over public and private lands necessary for the exercise of their mining activities. These rights may include temporary occupation or permanent access, as required by the project.

In most cases, the mining rights holder enters into a private agreement with the surface landowner, which includes a negotiated compensation fee for land use or disturbance. However, where no agreement can be reached, Article 27 allows the mining rights holder to apply to a local court to obtain judicial access. The court may authorize access and establish the compensation amount to be paid to the surface owner, often with input from independent appraisers.

3.2.3 Water Rights

All waters are in the public domain, and are separated into:

Law 9,433 of 1997 established the National Water Resources Policy, created the National Water Resources Management System, and defined a catchment (river) basin as the unit for water resource planning. The law includes the principle of multiple water uses, thereby putting all user categories on an equal footing for access to water resources.

The organizational framework administering water includes the National Water Resources Council, State Water Resources Councils, River Basin Committees, State Water Resources Management Institutions, and Water Agencies.

In 2003, to facilitate the management of Brazilian water resources, the country was divided into 12 hydrographic regions; however, these do not coincide with the 27 state political divisions. The National Water Resources Council is responsible for resolving disputes over use of water for basins at the Federal level, and for establishing guidelines necessary to implement the institutional framework and instruments contained in the National Water Resources Policy. The State Water Resources Councils are responsible for basins at the State level. The State Water Resources Management Institutions are responsible for implementing the guidelines set by the State Water Resources Councils. The River Basin Committees and Water Agencies cover the actual water regions, which may be part of more than one State.

3.2.4 Government Mining Taxes, Levies or Royalties

All mining permits in Brazil are subject to state and landowner royalties, pursuant to article 20, § 1, of the Constitution and article 11, "b", of the Mining Code. In Brazil, the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral or CFEM) is a royalty to be paid to the Federal Government at rates that can vary from 1%–3.5%, depending on the substance. The CFEM rate for mining rare earth elements is 2%.

Under the CFEM terms, the royalty is expected to be paid:

The basis for calculating the CFEM varies, depending on the event that causes the payment of the royalty.

Landowner royalties could be subject of a transaction, however, if there is no agreement to access the land or the contract does not specify the royalties, article 11, §1, of the Mining Code sets forth that the royalties will correspond to half of the amount paid as the CFEM.

3.3 Ownership

The Project is wholly owned by Rare Earths Americas.

3.4 Mineral Title

The Project comprises nine granted exploration permits registered with Brazil’s National Mining Agency that have a total area of approximately 99.76 km². These concessions are listed in Table 3‑1 and shown on Figure 3‑1. Eight of the concessions host mineral resource estimates.

The Project includes four deposit areas within the following concessions:

The concessions listed in Table 3‑1 are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results.

Although a number of concessions were originally granted for iron ore or granite, the company has submitted formal notices to ANM seeking amendment of these titles to cover rare earth elements.

Where titles have reached the end of their original exploration term, renewals have been lodged on time. Where titles have reached the Final Exploration Report Due Date, reports have been lodged on time. Accordingly, all rare earth results reported herein are associated with active tenure and remain in compliance with Brazilian mining regulations.

In addition to the titles listed in Table 3‑1, Rare Earth Americas holds title to 27 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 386 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made, and they are not included in the Project area that is the subject of this Report.

3.5 Surface Rights

To the Report date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners that allow for exploration and drilling activities at the Alpha Project. However, the company does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the Project progresses.

All concessions have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing concessions, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Project.

At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Alpha Project is largely rural, comprising privately-held pastoral and agricultural land, and land availability is not currently considered by Rare Earths Americas to be a constraint.

3.6 Water Rights

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Alpha Project. Exploration to the Report date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources.

Any future mining and processing operations will require a dedicated water supply, expected to be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

3.7 Royalties

The Project is not subject to any private royalties. It is subject to the CFEM (see Chapter 3.2.4.)

3.8 Encumbrances

Rare Earth Americas have advised McGarry Geoconsulting Corp that it is not aware of any restrictions, liabilities, or claims affecting the Alpha Project mineral titles. To the company’s knowledge, there are no known environmental protections, community access rights, infrastructure easements, or other encumbrances that would materially impact exploration or potential development activities.

Portions of the Alpha Project lie within the Serra do Ouro Environmental Protection Area, a sustainable use conservation unit. While designation does not constitute a title encumbrance and mining within such areas is not prohibited, activities in such areas are subject to additional environmental licensing and permitting requirements, as discussed in Sections 3.9.

3.9 Environmental Considerations

Current activities at the Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos (INEMA) is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

Rare Earth Americas acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

Project concessions 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the Serra do Ouro Environmental Protection Area.

According to Federal Law 9.985/2000, an environmental protection area is classified as a form of conservation unit for sustainable use (Article 14, Item I), with the objective of making nature conservation compatible with the sustainable use of part of its natural resources (Article 7, Paragraph 2). In general, the law does not impose prohibitions on the development of potentially or effectively polluting activities, such as mining. However, it is required that any rules imposed in the Management Plan of the conservation unit be observed and that, within the scope of environmental licensing, there is coordination with the management body of the conservation unit.

In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This Authorization is contingent upon conducting thorough Environmental Impact Assessment (EIA) studies.

To the extent known to McGarry Geoconsulting, there are no environmental liabilities on the Project.

3.9.1 Baseline Studies

No formal environmental baseline studies have been conducted on the Project to the Report date. As at Report date, there are no known material environmental liabilities associated with the Project.

3.10 Permitting Considerations

3.10.1 Permitting Requirements

The Project is currently in the exploration stage. All exploration activities to date have been conducted in accordance with applicable federal and state regulations. The Project is located in the state of Bahia, Brazil, and is subject to oversight by both ANM, the federal mining authority, and INEMA, which is responsible for environmental permitting at the state level.

Next Permitting Milestones

The next permit milestones will include:

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all concessions.

Future Permitting Milestones

Following acceptance of the Final Exploration Reports, Rare Earth Americas will prepare and submit an Economic Development Plan (Plano de Aproveitamento Econômico). The Economic Development Plan, which will be supported by a scoping study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the Economic Development Plan by ANM is required prior to issuance of any mining concession.

In parallel with the ANM process, Rare Earth Americas will initiate the environmental licensing process with INEMA. This process typically consists of three stages:

Each license is granted following the submission and review of the required EIA and supporting documentation.

3.10.2 Permitting Timelines

For the three concessions with granted Exploration Permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due between 2026 and 2027. For one of these concessions a substance change notice will be submitted with the Final Exploration Report, which is due in 2026.

For the six concessions with Final Exploration Reports and substance change notices submitted, the review and authorization process timeline is determined by ANM. Reviews are expected to be completed within a statutory period of six months; however, this timeframe is often exceeded, and COVID-19 impacts have further extended processing times. While Rare Earth Americas may formally request prioritization, the sequencing of reviews remains at ANM’s discretion.

All permitting efforts will be aligned with the advancement of the Project toward more detailed studies.

3.10.3 Permit Conditions

For all permits the applicant must be legally established in Brazil and in good standing with the relevant authorization authorities.

3.10.4 Violations and Fines

There are no current material violations or fines as understood in the United States mining regulatory context that apply to the Project.

3.11 Social Considerations

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company’s interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

In 2023, Rare Earth Americas became members of the Management Council of the Serra do Ouro Environmental Protection Area. This conservation area is located in the municipality of Iguaí, and Project concessions 870701/2021, 872458/2016, 872003/2021 which host the Rio Preto deposit, are situated within its boundaries. Project concessions 872073/2016 and 872585/2015 which host the Sapacaia and Rio das Pombas deposits are partially covered by the Serra do Ouro Environmental Protection Area. As members, Rare Earth Americas are able to participate in council meetings.

3.12 Significant Factors and Risks That May Affect Access, Title, or Work Programs

To the extent known to McGarry Geoconsulting, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Physiography

The Project is situated in a topographic region known as the "Plateaus and Mountain Ranges of the East and Southeast Atlantic" (Ross, 1985). This region includes the eastern portion of Bahia State and encompasses a wide strip of land characterized by crystalline bedrock, forming a north-south running plateau approximately 100 km inland from the coast.

4.1.1 Topography and Elevation

The topography of the region is characterized by the following dominant features:

The elevation difference between the plateau tops and valley floors is up to 400 m but typically ranges from 100–200 m. Elevation and relief should be considered in planning ground exploration and drill access. Measures such as drill pad and access preparation, or man-portable modular drill rigs, may be required. However, terrain conditions are not expected to materially constrain exploration at the Project.

4.1.2 Vegetation

Within the Project region, land is primarily used for cattle grazing, subsistence farming, and plantations. Upland plateaus often support denser primary vegetation. The Project lies within the Bahia Coastal Forests ecoregion (da Silva, 2018), which is characterized by primary Atlantic Forest (Mata Atlântica) with ombrophylous (thriving in heavy rainfall areas) tree cover (IBGE, 1993).

Project concessions 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit. The Serra do Ouro Environmental Protection Area was established because of

the natural characteristics of the area covered, such as the remnants of the Atlantic Forest biome, especially fragments of semi-deciduous seasonal forest of ecological importance.

Remnants of native vegetation are primarily confined to steep-sided valleys and hillsides hitherto unsuitable for cattle grazing or other agricultural use. On the Rare Earth Americas concessions, these occur primarily along the valleys of the Rio Preto, Sapacaia, and Rio das Pombas deposits, with a significant forested area northwest of Nova Canaã in the Rio das Pombas area.

The presence of protected vegetation zones may limit access for exploration activities, require modified drilling methods, and influence mining of and the placement infrastructure to minimize environmental impacts and permitting requirements.

4.2 Accessibility

All Rare Earth Americas concessions are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The concessions can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. All deposit areas are within 1–2 km of municipal road networks. Exploration sites within the concession areas can be accessed using off-road vehicles via existing agricultural tracks or tracks established by Rare Earth Americas through open pasture, plantations, or forests.

4.3 Climate

The climate in the Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system.

The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C.

The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October–April.

4.3.1 Length of Operating Season

Field exploration operations can be conducted throughout the year except for short periods of intense rainfall during the summer season, which may diminish drilling capabilities.

Mining operations in the region, supported by the necessary infrastructure, operate year-round. It is expected that any future mining activity in the Project area would be year-round.

4.4 Infrastructure

The Project area is located approximately 270 km southwest of Salvador, the capital of Bahia State in Northeast Brazil.

The Project is surrounded by small population centers that are classified as cities and towns. The closest municipality to the Project center, Iguaí, has a population of approximately 27,000 and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. Within the Project area, there are several small settlements. The region's land use comprises primarily cattle grazing, subsistence farming, plantations (coffee, cocoa, cereals, and cassava), and tourism.

The Project is <500 km by road from Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid, which are key reagents required for any process plant treating the mineralization within the Project area.

The Port of Ilhéus, located about 120 km from the Project, can be accessed via highway BR-415 and could be used for the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

4.4.1 Water

The concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity (CPRM, 2010) that is not considered to be sensitive to mining extraction.

Piped water supplied by the state utility company can be accessed in the municipalities of Iguaí and Nova Canaã along highway BA-262, which passes through the permit area.

4.4.2 Electricity and Power

A 500 kV electrical transmission line passes 30 km to the east of the Project and could be used to connect the Project to low-cost hydroelectric power generated at the Pedra do Cavalo station (162 MW) located 140 km to the northeast. A natural gas pipeline runs 80 km to the east of the Project, parallel to the Project area.

4.4.3 Personnel

All of the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities.

Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

4.4.4 Supplies

Salvador has a population of approximately three million and provides access to equipment, supplies, and manpower required for mining operations. The city is served by the Salvador Bahia International Airport. Additionally, the Project can be connected to transcontinental road and rail networks, as well as international maritime links.

5.0 HISTORY

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas’ interest in the Project.

A regional-scale airborne geophysical survey was commissioned in 2006 by the Companhia Baiana de Pesquisa Mineral (CBPM), a state mineral research agency. The 18,000 km2 high-resolution airborne magnetic and radiometric survey was completed at 500 m line spacings and covered the east and south of the Jequié Block. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite. This historical dataset was acquired by Rare Earth Americas.

In 2021, Alpha Minerals Brazil Participações Ltd, a wholly owned subsidiary of Rare Earth Americas, conducted a review of the CBPM regional-scale airborne geophysical surveys. Based on the presence of prospective anomalies associated with the Volta do Rio Plutonic Suite, exploration licenses were acquired by Alpha Minerals Brazil Participações Ltd, between 2021 and 2023.

Rare Earth Americas was created as the holding company for the Project in January 2023 with Alpha Minerals Brazil Participações Ltd, becoming a wholly owned subsidiary of Rare Earth Americas.