Nuinsco Evaluates Starter Pit MRE Sensitivity at Prairie Lake Critical Minerals Project with Significant Tonnage and Substantially Higher Grade P2O5 and REE

(TheNewswire)

Highlights:

• High-grade phosphate mineralization identified and quantified, as announced June 25, 2024.

• 5% P cut-off grade leads to 74% higher phosphate (“) grade and corresponding increase in grade of high-value neodymium (“Nd”) and praseodymium (“Pr”) rare earth elements (“REE”) than previously reported.

• cut-off of 5% selected as a potential starter pit option for future engineering study.

Toronto, August 13, 2024 – TheNewswire – Nuinsco Resources Limited (“Nuinsco” or the “Company”) (CSE: NWI, FRA: NJX) today announced that recent review and sensitivity analysis of high grade P2O5 and REE mineralization at the Prairie Lake Critical Minerals Project (“Prairie Lake” or the “Project”) has established substantially higherP2O5and REE grades than previously reported, which may have great significance to the development of the Project.

“The ongoing evaluation of Critical Minerals mineralization at Prairie Lake, using a 5% P2O5 cut-off grade, has led to a 65 million tonne Inferred Mineral Resource sensitivity grading 5.9% P2O5 and a 1.2 million tonne Indicated Mineral Resource sensitivity grading 5.8% P2O5 within the existing, nearly 900 million tonne Mineral Resource Estimate (“MRE”),” said Paul Jones, Nuinsco’s CEO. “This represents a near 74% increase in P2O5 grade, 41% increase in neodymium grade and a 6% increase in Praseodymium grade over the 2022 MRE, all other parameters remaining equal. The delineation of these higher-grade phosphate and REE mineralization will allow greater leeway in planning and development – for instance development of a starter pit. The higher-grade Mineral Resource sensitivity is defined by existing drill hole configuration and, while already substantial, we are confident that additional work can expand the size of the MRE further. The Prairie Lake Project is a large and vitally significant Critical Minerals asset located in the heart of North America, readily accessible to existing transportation and logistics networks making it strategically significant to a secure supply chain.”

The P2O5 % cut-off in the 2022 MRE was 2% for Indicated and Inferred Mineral Resources; the 5% P2O5 cut-off sensitivity was chosen as a potential starter pit option for a future engineering study.

The Identification of high-grade apatite/phosphate mineralization in diamond drill holes (news release - June 25, 2024), with intersections tens of metres wide in a mineralized domain at least 1,200m long, has resulted in an MRE sensitivity, using a 5% P2O5 cut-off grade, of an Inferred Mineral Resource sensitivity of 65 million tonnes grading 5.9% P2O5 and an Indicated Mineral Resource sensitivity of 1.2 million tonnes grading 5.8% P2O5. Ample room exists to expand the mineralization to other parts of the Project with similar geology.

*TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3; tantalum, Ta2O5; yttrium, Y2O3.

A full description of methodology used to estimate the Prairie Lake project Mineral Resource Estimate is contained in the NI 43-101 compliant Technical Report, effective date 31 May 2022 prepared by P&E Mining Consultants Inc. that is filed on SEDAR.

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.

4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

5. US$ Metal prices used were $80/Kg Nd2O3, $80/Kg Pr6O11, $1,500/Kg Sc2O3, $50/Kg Nb2O5, $250/t P2O5, $1.35/Kg CeO2, $1.35/Kg La2O3, $3.50/Kg Sm2O3, Nil$/t Ta2O5 and $13/kg Y2O3, 0.78 FX all with combined process recoveries and payables of 50%, except P2O5 at 75%.

6. The constraining pit optimization parameters were C$2.50/t mining cost for all material, C$25/t process cost, C$5/t G&A cost and 45-degree pit slopes.

Prairie Lake is located near Terrace Bay, Ontario. It is a very substantial Mineral Resource of phosphate mineralization, has amongst the world’s highest known light rare earth element content in apatite and contains a host of other REE bearing minerals, as well as niobium-bearing pyrochlore. Metallurgical studies to date demonstrate that a clean phosphate concentrate, grading 26% P2O5 at 76% process recovery with ample room for improvement, and with valuable rare earth element co-concentrate, can be reliably produced from Prairie Lake feed.

Prairie Lake contains a large, well-located Mineral Resource of Critical Minerals in North America. It is a potential source of elements needed for applications in transportation, power distribution, green technologies and a host of other applications, including agriculture. It is of immense value to a secure Critical Minerals supply chain; a strategic concern identified by numerous governments in the recent past and addressed with incentives and programs to encourage development of the Critical Minerals sector. The Project is located near the north shore of Lake Superior, putting it in close or easily accessible reach of:

• The Towns of Marathon, Terrace Bay and other affected communities - all able to supply a local, skilled workforce.

• All weather forest access road crossing the project and deposit.

• Paved Highways 17 and 11 to the south and north.

• Canadian Pacific Railway and Canadian National Railway networks.

• High capacity (230kV) electrical power transmission line.

• 50km from the Marathon deep water port project. Deep-water ports are also located at Thunder Bay and Sault Ste. Marie, able to handle ocean going ships.

• The Marathon airport.

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical content of this news release. Eugene Puritch, P.Eng., FEC, CET, president of P&E Mining Consultants Inc. and an independent Qualified Person has reviewed and approved the technical content of his news release.

About Nuinsco Resources Limited

Nuinsco Resources has over 50 years of exploration suc­cess and is a growth-oriented, multi-commodity mineral explora­tion and development company focused on prospective oppor­tunities in Canada and internationally. Currently the Company has the large multi-commodity (phosphate, rare earth element, niobi­um, tantalum) Prairie Lake Project near Marathon-Terrace Bay, the Zig Zag Lake Property (lithium, tantalum) near Armstrong optioned to First Class Metals PLC and retains a NSR royalty on the Sunbeam Gold Property near Atikokan.

Prairie Lake Project 2022 Pit-Constrained MRE(1-6)

*TREO = Total Rare Earth Oxides: neodymium, Nd2O3 ; praseodymium, Pr6O11; scandium, Sc2O3; Cerium, CeO2; lanthanum, La2O3; samarium, Sm2O3; yttrium, Y2O3.

A full description of methodology used to estimate the Prairie Lake project Mineral Resource Estimate is contained in the NI 43-101 compliant Technical Report, effective date 31 May 2022 prepared by P&E Mining Consultants Inc. that is filed on SEDAR.

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.

1. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

5. US$ Metal prices used were $80/Kg Nd2O3, $80/Kg Pr6O11, $1,500/Kg Sc2O3, $50/Kg Nb2O5, $250/t P2O5, $1.35/Kg CeO2, $1.35/Kg La2O3, $3.50/Kg Sm2O3, Nil$/t Ta2O5 and $13.00/kg Y2O3, 0.78 FX all with combined process recoveries and payables of 50%, except P2O5 at 75%.

6. The constraining pit optimization parameters were C$2.50/t mining cost for all material, C$25/t process cost, C$5/t G&A cost and 45-degree pit slopes with a C$30/t NSR cut-off.

Forward-Looking Statements

This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate, “expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in Mineral Resource Estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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