Geomega Resources Inc. provided shareholders with a technical update on the rare earths recycling demo plant located in Saint-Bruno-de-Montarville, Quebec. With an expanded team of engineers since the end of 2021, Geomega has been able to advance on many aspects of the engineering work: Process design ­ The process flow diagrams, process control diagrams, stream tables, utility list, process description, control philosophy and operation schedule for the project are now complete with minor changes expected to be integrated periodically as the project advances. The Piping & Instrumentation Diagrams are approximately at 50% completeness level providing sufficient support to start ordering equipment.

Line sizing, instrumentation and control hardware selection is ongoing. Equipment and packages ­ The engineering team has now completed the internal review of the equipment design, datasheets, and quotes. Updated quotes based on the latest datasheet modifications are being requested from selected vendors.

Detail design work will continue after the purchase orders submission in coming weeks and upon receiving vendor complete specifications. Layout ­ An updated layout in 3D has been generated. More information will be integrated with additional data to be received from vendors and once the line sizing is complete.

Pre-construction activities ­ The Corporation is now in discussions with service providers who will be handling the peripheral engineering design (civil and architectural, HVAC system, drain system designs, etc.), construction permitting, performing the safety related activities such as independent HAZID and HAZOP, and eventually contribute to construction and commissioning. The external service providers will be working along with the Corporation internal engineering team. Complementary testwork ­ Certain pilot testwork has been continuing internally and externally throughout the last 6 months focused on magnet crushing and solid handling.

Various pilot equipment for this testwork continued to arrive at the Boucherville and Saint-Bruno-de-Montarville's facilities where testing is conducted. Furthermore, bench scale testwork has been performed intermittently to optimize the process and to improve final purity of the products. Relevant results have been integrated to the process.

More testwork to support and adjust the design will be performed as needed as the project advances.