NeoTerrex Discovers Heavy Rare Earths at Surface at Galactic: Grab Samples Yield up to 12.23% TREO and 4.56% HREO

Ottawa, August 22, 2024 - NeoTerrex Minerals Inc. (TSXV: NTX) ("NeoTerrex" or the "Company") is pleased to announce results from its maiden surface exploration program at the Galactic project in eastern Quebec.

Highlights

• A total of 156 grab samples were collected from outcrop and angular boulders ranging from below detection up to 12.23%Total Rare Earth Oxides (TREO).

• 58 samples assayed over 0.1% TREO, including 12 over 1% TREO.
  
  
• Dysprosium content, a critical heavy rare earth element (HREO) content is significant within 39 samples returning between 0.01% Dy2O3 and 0.54% Dy2O3, including one sample having assayed 4.56% HREO.
  
  
• Neodymium, a light rare earth, is also present with 19 samples assaying between 0.1% and 1.6% Nd2O3.
  
  
• 27 samples assayed significant Niobium values ranging from 0.1%Nb to 1.1% Nb.

The Galactic project, spanning 6,160 hectares, is located 50 km northwest of the major mining port of Sept-Îles, Quebec and within 35 km of highway access and electricity. NeoTerrex geologists had identified the area as having excellent potential for heavy rare earth mineralization within a peralkaline granitic complex, a common environment for significant heavy rare earth deposits.

The Galactic project was mostly explored in the 1970s when Niobium was first discovered. It has since remained relatively unexplored until NeoTerrex completed a 3-week, helicopter-assisted exploration program in June 2024 which focused on the southwestern portion of the project where bedrock exposure seemed more prevalent. 156 grab samples were taken over an area covering approximately 2,150 hectares. A map of the area is provided below.

Mathieu Stephens, President and CEO for NeoTerrex commented: "The fact that mineralization is considered high grade in heavy rare earths and has been sampled over a widespread area of 4 kilometres by 1.5 kilometres is very encouraging. The geological environment and ratio of heavy to light rare earths is reminiscent of the Strange Lake area which makes the discovery even more remarkable."

Figure 1: Galactic Project

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Mineralization is principally associated with swarms of synetitic and pegmatitic dykes within larger intrusives or gneiss. The dykes contain various exotic minerals that could not be identified in the field. Mineralogy studies are underway to determine the nature of the minerals observed. A summary of the best samples is provided in Table 1 below. The reader is cautioned that grab samples are selective samples and may not necessarily be representative of the mineralization hosted on the Property.

Table 1: List of new discoveries. TREO and Niobium in grab samples.

Additional samples remain to be reported for the project, including a series of channel samples taken in several locations. Management prioritizes local involvement and plans to engage with nearby communities in preparation for a second phase of exploration on the multiple discoveries and the areas not yet covered.

QAQC

Analyses were performed by ALS Canada Ltd. with the analytical procedure performed in Vancouver (BC). All samples were analyzed for rare earth elements (REEs) using the method ME-MS89L. Ce, Dy, La, Nd, Pr and Y were used for monitoring the analyses.

A total of 8 blanks and 7 certified reference materials (CRMs) with known grades (OREAS 463) were inserted among the samples for an insertion rate of 9.6%. Rare earth element concentrations were provided from a lithium borate fusion with ICP-MS analysis (ME-ICP81 and ME-MS89L).

Qualified Persons

Technical and scientific aspects of this news release have been reviewed, verified, and approved by Mathieu Stephens, P.Geo., President and CEO of NeoTerrex, the Qualified Person, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About NeoTerrex

The Company is currently advancing its prospective rare earths projects located in the province of Quebec with the majority of its projects located within or near areas with excellent infrastructure. Rare earths are critical in manufacturing high-tech products such as smartphones, electric vehicles, and wind turbines as well as to military applications. NeoTerrex is positioning itself to capitalize on the rare earths sector and its lack of any supply chain in North America, including exploration and development of new deposits.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to NeoTerrex's future plans, objectives or goals regarding the Company. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca.

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