Minas Gerais, Brazil · Exploration stage

Minas Americas

A magnet-rich rare-earth system, with Nd, Pr, Dy and Tb at the centre of the project's strategic focus, supported by 879 holes in the combined assay compilation.

MAV_RC_0063 returned 30 metres from surface at 1,853 ppm MREO, including 60 ppm DyTb, with 270 ppm HREO. MAV_AD_0691 returned 8 metres from surface at 2,194 ppm MREO; MAV_AD_0639 returned 11 metres from surface at 2,179 ppm MREO and 335 ppm HREO. These are selected cumulative auger profiles, not an all-new cohort.

Head-grade assays · 879 holes compiled · Results dated 6 October 2026

Review the drilling results October 2026 investor presentation (PDF)

Investor one-pager · 4 October 2026 (PDF, English)Historical project profile · 16 June 2026 (PDF)

SELECTED RC INTERVAL FROM SURFACEHEAD GRADE

MAV_RC_0063

30 m from surface

1,853 ppm MREO

Selected head-grade drilled interval

01879

compiled assay holes

7,468.8 m of compiled assays

0230 m

1,853 ppm MREO

from surface

038 m

2,194 ppm MREO

from surface

04270 ppm

HREO over 30 m

Including 60 ppm DyTb

Selected head-grade drilled intervals, not recovered grades. True widths and continuity are not established. Nested intervals are included, not additional metres. MREO and HREO overlap through DyTb. Combined compilation: 879 holes / 7,468.8 assayed m. Separate drilling records: 1,191 holes / 12,640.6 recorded m; not a 2026-only physical-drilling total.

Field programme · Minas Americas

Drilling recorded through 23 September 2026

More than 12,000 metres drilled in 2026.

Magnes is advancing the field programme at Minas Americas, with more than 12,000 metres drilled during 2026—a measure of drilling activity, separate from the assay results published to date.

The next step is to turn fieldwork into checked geological and assay data. Drilling metres alone do not establish mineralisation, continuity, a mineral resource or economic viability.

Drilling progress is not the published assay total.

The 6 October 2026 release reports 879 holes and 7,468.8 m assayed cumulatively. Physical drilling and this dated assay population are different measures.

Read the published assay results

Magnes Minas Americas graphic over a field photograph: Drill baby drill — 12,000 m+ drilled in 2026. — Management-supplied graphic, updated to 12,000 m+. Open the image to view the full-size version.

Drilling results · 6 October 2026

Broad RC intervals and selected cumulative auger profiles.

CURRENT TECHNICAL SOURCE · 6 October 2026

6 October 2026 magnet and heavy rare-earth update

Data cutoff 25 September 2026. Combined assay compilation, coverage of this update and drilling-record totals are different populations. Selected head grades do not establish true widths, continuity, mineral resources, reserves, metallurgical recovery or economics. MREO and HREO overlap through DyTb. Companion-annex approval and new spatial collars are not asserted by this source selection.

Read the latest results

Project + regional context

Minas Gerais, Brazil.

Minas Americas is in Minas Gerais, Brazil. Explore the published locations in the drill-hole map below; Verde regional reference locations are labelled separately and are not Magnes project infrastructure.

Explore the drill-hole map

Spatial disclosure record

Where shallow repeats.

Search published drill-hole IDs, compare disclosure rounds and inspect individual assay intervals and their issued sources. A collar is a location; each interval remains a separate observation tied to its own disclosure date.

Head-grade drilled intervals only. The map does not establish continuity, true thickness, a mineral resource or recovery.

SPATIAL DISCLOSURE MAPFind a hole, select a release, read its source.

Spatial disclosures through 6 October 2026. The preview and full map share the same data and controls. A separate dated archive retains June regional geography.

~5,500 ha: Reported project area
13 reported mineral rights: Current corporate disclosure

Spatial disclosures through 6 October 2026. The reported 879-hole population is accounted for across mapped positions, unlocated assay records and withheld records. The October compilation and selected highlights remain separate dated observations with their own sources. Search, filters, navigation zones and the accessible interval table are available in the full-screen map.

Open full-screen map Read October selected intervals Download historical A3 plate · June 2026

Historical map plate · 16 June 2026

Historical June 2026 map: 61 surface or trench locations and 297 drill collars, coloured by first disclosure. — Dated historical plate; it is not the current drill-hole map.

CHAPTER 1 · THROUGH 16 JUNE 2026

The visual below preserves the selected shallow intervals and 253-hole aggregate reported in the June update. It is retained as a dated part of the project record.

Shallow. Repeated. Twelve selected new hole-level intervals from the 16 June 2026 assay update, all beginning at surface and compared on one common 0 to 15 metre scale. The intervals are ordered by TREO, not spatial position, with the full 253-hole June dataset summarized separately. — Table 1 of the 16 June 2026 release listed 12 selected new hole-level intervals, each beginning at surface, with drilled lengths from 6 to 14 metres. Selected interval data, in descending TREO order: MAV_AD_0200, 0 to 10 metres, 9,736 ppm TREO and 2,407 ppm MREO; MAV_AD_0288, 0 to 10 metres, 9,090 ppm TREO and 2,121 ppm MREO; MAV_AD_0299, 0 to 8 metres, 8,998 ppm TREO and 2,327 ppm MREO; MAV_AD_0138, 0 to 6 metres, 8,608 ppm TREO and 2,242 ppm MREO; MAV_AD_0287, 0 to 6 metres, 8,548 ppm TREO and 2,196 ppm MREO; MAV_AD_0237, 0 to 14 metres, 8,527 ppm TREO and 1,954 ppm MREO; MAV_AD_0205, 0 to 11 metres, 8,113 ppm TREO and 1,761 ppm MREO; MAV_AD_0097, 0 to 8 metres, 7,965 ppm TREO and 1,845 ppm MREO; MAV_AD_0077, 0 to 12 metres, 7,927 ppm TREO and 1,811 ppm MREO; MAV_AD_0320, 0 to 6 metres, 7,698 ppm TREO and 2,018 ppm MREO; MAV_AD_0201, 0 to 12 metres, 7,677 ppm TREO and 1,764 ppm MREO; and MAV_AD_0236, 0 to 8 metres, 7,654 ppm TREO and 1,868 ppm MREO. Across the 253-hole June dataset, the disclosed length-weighted averages were 3,640 ppm TREO and 800 ppm MREO. The 16 June 2026 release reported 94 hole-level composites at or above 4,000 ppm TREO over 826 metres, including 17 at or above 7,000 ppm TREO over 163 metres. All intervals shown are selected head-grade drilled lengths; true thickness has not been determined.

Selected June 2026 drilled intervals shown in the visual
Hole	Drilled interval	TREO (ppm)	MREO (ppm)
MAV_AD_0200	0–10 m	9,736	2,407
MAV_AD_0288	0–10 m	9,090	2,121
MAV_AD_0299	0–8 m	8,998	2,327
MAV_AD_0138	0–6 m	8,608	2,242
MAV_AD_0287	0–6 m	8,548	2,196
MAV_AD_0237	0–14 m	8,527	1,954
MAV_AD_0205	0–11 m	8,113	1,761
MAV_AD_0097	0–8 m	7,965	1,845
MAV_AD_0077	0–12 m	7,927	1,811
MAV_AD_0320	0–6 m	7,698	2,018
MAV_AD_0201	0–12 m	7,677	1,764
MAV_AD_0236	0–8 m	7,654	1,868

HISTORICAL JUNE 2026 UPDATE

16 June 2026 drilling update

Selected results are head-grade drilled intervals. The release provides no mineral resource, recovery estimate, economics, production guidance or development decision. The later 8 September 2026 disclosure expands the reported drilling record.

Read the 16 June 2026 assay update

Published section context

PT-34 cross-section.

A schematic redraw of the published A–B section, showing four intervals reconciled to the assay tables.

PT-34 target area · A-B section · looking northwest

1MAV_AD_0012

4.0 m at 10,143 ppm TREO (1.01%)

10–14 m depth · 2,475 ppm MREO (0.25%)

2MAV_AD_0013

5.0 m at 10,185 ppm TREO (1.02%)

5–10 m depth · 2,561 ppm MREO (0.26%)

3MAV_AD_0002

6.0 m at 8,013 ppm TREO (0.80%)

4–10 m depth · 1,941 ppm MREO (0.19%)

4MAV_AD_0001

5.0 m at 6,620 ppm TREO (0.66%)

From surface · 1,610 ppm MREO (0.16%)

drill trace selected interval interpreted clay horizon

Head-grade exploration results. Holes are vertical and downhole intervals are interpreted as approximate true thickness. The ~1.7 km span is collar-to-collar among qualifying reported intercepts; it is not a claim of uninterrupted mineralization. No mineral resource, reserve, recovery or economics has been established.

TREO = total rare-earth oxides. MREO = Nd₂O₃ + Pr₆O₁₁ + Dy₂O₃ + Tb₄O₇. 10,000 ppm = 1.0%. Sources: releases dated 2 December 2025 and 26 January 2026. Technical disclosure approved by Leonardo Deringer Fraga, P.Geo.

SGS BENCH-SCALE PROGRAMME

From diagnostic screening to process-development decisions.

SGS bench work covers seven geological samples from four auger holes plus one quality-control duplicate. Leach liquor, two separately analysed washes and residue were tested.

Reporting of the SGS bench-scale results is the next milestone, after results reconciliation and technical review.

No numerical results from this programme are disclosed here. An optimised flowsheet and commercial recovery have not been established; timing and outcomes are not guaranteed.

Review the next milestone

Magnet and heavy rare earths gain share in solution. Four selected 2025 trench intervals and one later auger interval compare original-sample and dissolved-mix MREO and HREO shares. HREO share more than doubles in all five selected diagnostic tests. Composition comparison, not extraction recovery. — **Magnet and heavy rare earths gain share in solution.** Figure 2 from the 6 October 2026 release: four selected 2025 trench intervals, plus a later auger interval. HREO represented 6.6–12.1% of the dissolved rare-earth mix, compared with 3.0–4.1% in the original samples.
These are composition shares, not extraction recovery or an increase in absolute solution concentration. MREO and HREO overlap through DyTb and must not be added. Selected diagnostic tests are separate from the current SGS bench programme and do not establish an optimised flowsheet or project-wide recovery.
Open full-size graphic Read Figure 2 in the issued release
Read the graphic values as a table
Figure 2 · original sample (share of TREO) and dissolved mix (share of DREO)
Selected interval MREO · original MREO · dissolved HREO · original HREO · dissolved HREO share multiple
PT-34 · 0–1 m 23.7% 41.9% 3.3% 9.3% 2.81×
PT-34 · 1–2 m 25.3% 41.6% 4.1% 10.9% 2.68×
PT-36 · 0–1 m 22.2% 41.6% 3.0% 6.6% 2.20×
PT-42 · 0–1 m 23.8% 43.6% 3.9% 8.2% 2.09×
MAV_AD_0002 · 2–3 m (later auger) 26.3% 48.1% 3.6% 12.1% 3.34×
Later auger interval DyTb share: 0.94% → 2.08%. Shares and multiples use unrounded oxide totals; below-detection values use half the detection limit. SGS ICM694: 0.5 M ammonium sulphate, initial pH 4, 30 minutes. MREO comprises Nd, Pr, Dy and Tb oxides; HREO comprises Y, Dy, Tb, Ho, Er, Tm, Yb and Lu oxides. The graphic panels use different scales.

Figure 2 · original sample (share of TREO) and dissolved mix (share of DREO)
Selected interval	MREO · original	MREO · dissolved	HREO · original	HREO · dissolved	HREO share multiple
PT-34 · 0–1 m	23.7%	41.9%	3.3%	9.3%	2.81×
PT-34 · 1–2 m	25.3%	41.6%	4.1%	10.9%	2.68×
PT-36 · 0–1 m	22.2%	41.6%	3.0%	6.6%	2.20×
PT-42 · 0–1 m	23.8%	43.6%	3.9%	8.2%	2.09×
MAV_AD_0002 · 2–3 m (later auger)	26.3%	48.1%	3.6%	12.1%	3.34×

Diagnostic composition · October source basis

These are the five selected historical diagnostic intervals, not the seven geological samples in the separate SGS bench-scale programme. Values describe desorbed oxide equivalents on the laboratory mg/kg reporting basis—not increased absolute solution concentration or recovery.

October release Table 3 · selected diagnostic intervals · shares use unrounded source totals
Interval	MREO (mg/kg)	DREO (mg/kg)	MREO share of DREO
PT-34 · 0–1 m	161	384	41.9%
PT-34 · 1–2 m	240	578	41.6%
PT-36 · 0–1 m	278	667	41.6%
PT-42 · 0–1 m	167	383	43.6%
MAV_AD_0002 · 2–3 m	237	492	48.1%

The October source reports PT-34 0–1 m DREO using half detection limits; the reconciled figure is shown above, while the earlier graphic remains unchanged in the dated archive below. MREO and HREO overlap through DyTb and must not be added. Composition is not extraction recovery or commercial process performance.

Historical diagnostic graphic and technical plate · original reporting basis

This is the unchanged earlier illustration, not the October source table or the new SGS bench results. Its original reporting basis must be read in that dated context.

Magnet-Rich in Solution. Five selected shallow SGS diagnostic intervals compared on one common zero-to-700 milligram-per-kilogram scale, with magnet rare-earth oxides highlighted within DREO in solution. — Five selected shallow intervals were tested using the same SGS ICM694 diagnostic method: 0.5 molar ammonium sulphate, nominal pH 4, for 30 minutes. PT-34 from zero to one metre returned 161 milligrams per kilogram MREO in 383 milligrams per kilogram DREO, a 41.9 percent magnet share. PT-34 from one to two metres returned 240 milligrams per kilogram MREO in 578 milligrams per kilogram DREO, a 41.6 percent magnet share. These are two consecutive one-metre intervals from surface. PT-36 from zero to one metre returned 278 milligrams per kilogram MREO in 667 milligrams per kilogram DREO, a 41.6 percent magnet share. PT-42 from zero to one metre returned 167 milligrams per kilogram MREO in 383 milligrams per kilogram DREO, a 43.6 percent magnet share. A later shallow-auger test, MAV_AD_0002 from two to three metres, returned 237 milligrams per kilogram MREO in 492 milligrams per kilogram DREO, a 48.1 percent magnet share. Across the five selected intervals, MREO represented 22.2 to 26.3 percent of TREO in the original samples and 41.6 to 48.1 percent of DREO in solution. This is a composition comparison, not recovery. Each displayed value is a solution concentration, not a recovery percentage. DREO means total desorbable rare-earth oxides expressed as oxide equivalents; MREO comprises the neodymium, praseodymium, dysprosium and terbium oxides. Values are on the laboratory reporting basis. The tests were diagnostic, not optimised, and the results are selected.

Magnet rare-earth oxides within DREO in solution
Interval	MREO in solution	DREO in solution	MREO share of DREO
PT-34 · 0-1 m	161 mg/kg	383 mg/kg	41.9%
PT-34 · 1-2 m	240 mg/kg	578 mg/kg	41.6%
PT-36 · 0-1 m	278 mg/kg	667 mg/kg	41.6%
PT-42 · 0-1 m	167 mg/kg	383 mg/kg	43.6%
MAV_AD_0002 · 2-3 m	237 mg/kg	492 mg/kg	48.1%

HOW TO READ THE RESULT

An initial solution response.

Four selected 2025 trench intervals and one later auger interval show what entered solution under the same mild diagnostic method. Representative extraction, mass balance and impurity work come next.

Metallurgy and product pathway

Rare earths in solution; uranium below the laboratory detection limit in all three selected results. The exact uranium and thorium concentrations are shown for PT-36, PT-34 and PT-42. — In three selected 2025 primary leach solutions, uranium was reported below 0.04 mg/kg in every result; thorium was reported at 2.59 mg/kg, below 0.20 mg/kg and 2.92 mg/kg. The selected intervals were PT-36 from zero to one metre, with 667 milligrams per kilogram DREO, uranium below 0.04 milligrams per kilogram and thorium at 2.59 milligrams per kilogram; PT-34 from one to two metres, with 578 milligrams per kilogram DREO, uranium below 0.04 milligrams per kilogram and thorium below 0.20 milligrams per kilogram; and PT-42 from zero to one metre, with 383 milligrams per kilogram DREO, uranium below 0.04 milligrams per kilogram and thorium at 2.92 milligrams per kilogram. SGS Geosol used method ICM694: 0.5 molar ammonium sulphate, initial pH 4 and 30 minutes, with ICP-OES and ICP-MS measurement. DREO is oxide-equivalent; uranium and thorium are reported as elemental concentrations. A less-than sign means below the stated laboratory detection limit, not zero. Selected diagnostic solution results, not a resource-average or representative radiological dataset. The concentrations do not characterise uranium or thorium in the feed, residue, water, workplace, potential product or property as a whole and do not establish transfer, recovery, mass balance, total radioactivity, product specification, environmental safety or commercial performance.

Uranium, thorium and DREO results for the three selected intervals
Interval	DREO in PLS	Uranium	Thorium
PT-36 · 0-1 m	667 mg/kg	<0.04 mg/kg U	2.59 mg/kg Th
PT-34 · 1-2 m	578 mg/kg	<0.04 mg/kg U	<0.20 mg/kg Th
PT-42 · 0-1 m	383 mg/kg	<0.04 mg/kg U	2.92 mg/kg Th

Regional execution experience

Prior operating experience. Project-specific evidence still comes first.

Cristiano Veloso previously led a mineral business in Minas Gerais through exploration, permitting, financing, mine and plant construction, commissioning and production.

That historical record includes two mines, three plants—two mineral-fertilizer plants and one bioproduction facility—and infrastructure extending to roads, a new bridge and a high-voltage grid connection.

Explore the founder track record

2 mines · 3 plants: Prior-company mines and plants
3.0 Mtpa: Reported mineral-fertilizer capacity
22 km roads: 14 km asphalt · New bridge · grid connection

Historical Verde assets and works do not establish Magnes ownership, access, capital requirements, operating readiness or project economics.

Work programme

From drill record to a possible development decision.

Reporting of the SGS bench-scale metallurgical results is the next milestone, following reconciliation and technical review.

No numerical results from the bench programme are disclosed in this release. Commercial recovery and an optimised flowsheet are not established. Timing and outcomes depend on reconciliation, review, required approvals, suitable samples, funding, personnel, permits and other risks; no date is guaranteed.

01
Reported
Discovery and drilling
Map the distribution, drilled geometry and head grade through fieldwork and assays.
02
In progress
Geological model
Integrate the drilling and supporting datasets without treating exploration footprints as resources.
03
Next workstream
Representative metallurgy
Measure extraction, selectivity, variability and impurity behaviour with a complete mass balance.
04
Management targets
Resource and studies
Integrate drilling, geology, metallurgy, engineering and economics into formal studies.
05
Future gate
Development decision
Bring technical results, permits, financing and corporate approval into one capital decision.

Methods and QA/QC

How the 6 October 2026 samples were analysed and reviewed.

The release identifies SGS Geosol lithium-metaborate fusion followed by ICP-MS (IMS95A) and ICP-OES (ICP95A), with blanks, certified reference materials and duplicates excluded from geological composites. Partial composites cover available contiguous assays, not unassayed gaps.

Carlos Leite, MAusIMM CP(Geo) (No. 1006695), an independent consultant to Magnes Rare Earths, is the Qualified Person identified for technical review under NI 43-101.

Read the technical review in context

QUALIFIED PERSON

Independent technical review.

Carlos Leite, MAusIMM CP(Geo) (No. 1006695), an independent consultant to Magnes Rare Earths, is the Qualified Person identified for technical review under NI 43-101.

Technical disclosure

Current stage

Exploration moving into resource definition and representative metallurgy.

The next phase focuses on continuity, recovery, impurities and the route to a potential product.

Read the current result Review the evidence library

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