Initial exploration has defined a >35km² ring-shaped magnetic anomaly exceeding 6.5km along its major axis, while shallow drilling has confirmed rare earth and niobium mineralization across the target area (See Table 1 – Comparison of Mineralized Carbonatites).

Building Confidence in the Discovery Model —Carbonatite-hosted deposits represent a rare geological occurrence and are associated with some of the world's significant rare earth and niobium deposits. Identifying a potential alkaline-carbonatite system is considered an important step in rare earths exploration, as this geological environment is associated with meaningful mineralization potential. At Homer, multiple independent datasets have returned results consistent with an alkaline-carbonatite system. Each phase of exploration has produced data supportive of this model. The convergence of these datasets supports advancing the project to systematic follow-up drilling.

It is noteworthy that initial auger drilling tested only the upper, chemically weathered portion of a deep weathering profile. Despite sampling this upper weathered horizon, drilling intersected meaningful rare earth and niobium mineralization (See Table 2), several holes demonstrated increasing grades with depth, and most terminated in mineralization. Select holes from subsequent reverse circulation (RC) drilling has confirmed more than 120 meters of continuous weathering, demonstrating that the mineralized system extends beyond the limits of the initial auger program and that only a small portion of the overall weathering profile has been evaluated to date.

Collectively, these results have strengthened REA's geological discovery model and supported the decision to commence an expanded 15,000-meter RC and diamond drilling program in June, which will continue throughout the remainder of the year. The objective of this next phase is to determine the scale, continuity and grade of the underlying mineralized alkaline-carbonatite system. While exploration remains at an early stage and additional drilling is required to determine the extent and economic significance of mineralization, the combination of a large alkaline-carbonatite footprint, strong agreement across multiple independent exploration datasets, meaningful shallow mineralization, increasing grades with depth and mineralization remaining open at depth provides a compelling geological foundation for the next phase of discovery.

REA’s disclosed value is anchored by our three established material projects—the Shiloh monazite project in Georgia, and separately the Alpha and Constellation ionic clay deposits in Brazil, which together host over 460 million tonnes of inferred resources. The Homer project highlights the rapid advancement of our broader exploration pipeline. Originally categorized as an early-stage exploration prospect during the recent initial public offering, the initial drill results and the validation of the >35km² magnetic footprint are rapidly elevating Homer's strategic profile.

In addition to its extensive rare earth’s potential, the niobium enrichment at Homer represents a strategic opportunity for REA. Niobium is a critical industrial metal with demand driven by infrastructure, advanced manufacturing, and aerospace applications, while global supply remains highly concentrated in Brazil. Against this backdrop, the Homer-A project has the potential to emerge as a meaningful new source of niobium supply within a tightly controlled market.