Geomega Announces $3M in Funding from Government of Canada’s Critical Minerals Research, Development and Demonstration Program

MONTREAL, March 07, 2023 - Geomega Resources Inc. ("Geomega" or the "Corporation") (TSX.V: GMA) (OTC: GOMRF), a developer of clean and alternative technologies for the extraction, refining, and recycling of rare earths and other critical materials, is pleased to announce that it is receiving $3M in funding from the Government of Canada's Critical Minerals Research, Development and Demonstration (CMRDD) Program, administered by Natural Resources Canada (NRCan), towards the construction of the magnet recycling demonstration plant.

The Government of Canada is investing in the development of Canadian critical minerals value chains that will contribute to Canada's goal of being a net-zero emitter of carbon by 2050. These critical minerals are essential inputs for renewable energy and clean technology applications such as permanent magnets that are used in wind turbines, electric vehicles, consumer electronics and many more applications. This non-dilutive NRCan funding will contribute to the construction of the magnet recycling demonstration plant in Quebec, Canada. This facility will be used to demonstrate the economic and environmental benefits and the efficiency of the technology as Geomega strives to establish a circular economy for rare earth magnets. This funding will help advance the technology development to the pre-commercialization phase, cover costs arising from the detailed engineering work and equipment cost increases.

"Canadian innovators are leading the way towards a cleaner future. Today's investment of $3 million in Geomega Resources will help to advance the development of a dynamic and competitive critical minerals sector through the development and demonstration of innovative processing technologies. This means good jobs for workers, more investment in Canadian innovation, and lower emissions across the country - all part of our plan to build a cleaner Canada and a prosperous, sustainable economy that works for everyone." commented the Honourable Jonathan Wilkinson, Canada's Minister of Natural Resources.

"We are very grateful to the Federal Government for their support. Government's support in moving the Canadian innovations towards commercialization is a major advantage in what is becoming a very competitive global field. The need to develop sustainable technologies to recover critical minerals from secondary sources is very real, especially taking into consideration the 2050 net-zero targets. We are proud to be developing this first-of-a-kind facility to recycle permanent magnets here in Canada. This contribution provides us with the needed funding and support to deliver on our major milestones throughout this year as we move forward with the demonstration plant development." commented Kiril Mugerman, President & CEO of Geomega.

About Geomega (www.geomega.ca)
Geomega develops innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future. With a focus on renewable energies, vehicle electrification, automation and reduction in energy usage, rare earth magnets or neo-magnets (NdFeB) are at the center of all these technologies. Geomega's strategy revolves around gradually de-risking its innovative technology and delivering cashflow and return value to shareholders while working directly with the main players in these industries to recycle the magnets that power all those technologies.

As its technologies are demonstrated on larger scales, Geomega is committed to work with major partners to help extract value from mining feeds, tailings and other industrial residues which contain rare earths and other critical metals. Irrespective of the metal or the source, Geomega adopts a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases emissions through recycling the major reagents in the process.

Geomega's process is based around its proprietary, low-cost, environmentally friendly way to tap into a C$1.5 billion global market to recycle magnet production waste and end of life magnets profitably and safely.

Geomega also owns the Montviel rare earth carbonatite deposit, the largest 43-101 bastnaesite resource estimate in North America and holds over 16.8M shares, representing approximately 14% of the issued and outstanding shares, of Kintavar Exploration Inc. (KTR.V), a mineral exploration company that is exploring for copper projects in Quebec, Canada.

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This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" "target" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's annual management's discussion and analysis for the fiscal year ended May 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.