Major Rare Earth Discoveries at Colossus: Setting the Stage for a World-Class Resource

Exceptional Grades and Thickness Validate Colossus Project's Potential

In a groundbreaking development, Colossus Mining Limited (ASX: COL) has announced significant discoveries of Ionic Adsorption Clay (IAC)-hosted rare earths at their Fazenda and Cupim South prospects. The initial set of assays from auger and diamond drilling has confirmed the presence of a world-class deposit with remarkable weighted average grades. These findings position Colossus to potentially become the highest-grade deposit globally for Ionic Clay Rare Earths.

Unveiling Extraordinary Grades and Thickness

The first round of diamond drilling at the Fazenda prospect has unveiled an IAC body ranging from 10 to 20 meters thick. Even more impressive is the weighted average grade of 2,938 ppm Total Rare Earth Oxide (TREO). At the Cupim South prospect, an even more substantial IAC body, ranging from 15 to 45 meters thick, was discovered with a remarkable weighted average grade of 3,460 ppm TREO. These extraordinary grades affirm the confidence that Executive Chairman Agha Shahzad Pervez has in the Colossus Project.

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Potentially Becoming a Leader in Ionic Clay Rare Earths

The results indicate that Colossus may possess the highest-grade deposit worldwide for Ionic Clay Rare Earths. The management team's ongoing exploration program has encountered widespread thick saprolite clay profiles, signaling the potential for a world-class resource in terms of size and grade. In light of these exciting developments, the company plans to undertake deeper RC/diamond holes in parallel with auger drilling to better understand the true depths of the REE-enriched saprolitic clay.

Optimizing Resource Estimate and Identifying High-Grade Zones

While auger drilling has been successful in progressively building up a resource and identifying high-grade zones, it has limitations in terms of depth. Auger drills terminate upon hitting boulders or reaching the water table. To overcome this obstacle, Colossus plans to conduct deeper drilling to include these deeper intercepts in the company's maiden resource estimate. Deep diamond drilling at Cupim South has already yielded exceptional results, with Diamond Hole CS-DDH-003 ranking as the third-best intercept in the entire complex in terms of grade and thickness. These stellar findings further underline the significant potential at the Cupim South Prospect.

Widespread Saprolite Profiles and High-Tonnage Potential

In Colossus' Northern Concessions, diamond drilling has unveiled incredibly thick profiles of saprolite, reaching up to 60 meters. Auger drilling has confirmed high-grade and widespread Ionic Rare Earth Element (REE) mineralization hosted in the intermediate saprolite horizon. These encouraging signs confirm the potential for the Northern Concessions to host a high-tonnage, REE-rich resource.

Recognizing the Contributions of the In-Country Team

Executive Chairman Agha Shahzad Pervez commended the exceptional work of the dedicated in-country team. Their unwavering commitment has led to the remarkable results achieved thus far. With additional assays expected in the near-term, Colossus Mining Limited remains poised to make further strides in unlocking the immense potential of the Colossus Project.

The recent major discoveries of Ionic Clay Rare Earths at Colossus have set the stage for the development of a world-class resource. The remarkable grades and thickness revealed through auger and diamond drilling cement Colossus' position as a potential global leader in Ionic Clay Rare Earths. As exploration efforts continue and deeper drilling commences, Colossus Mining Limited is on track to unlock the full potential of its deposits, paving the way for a transformative impact on the rare earth industry.

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