Canadian Energy Metals Corp. is pleased to announce the results of its Preliminary Economic Assessment, which outlines the scale, quality, and potential economic viability of Canada’s first major domestic alumina resource. The PEA was prepared by two leading engineering firms and supports CEM’s Thor Project as a discovery of possible global significance.

“This PEA confirms that the Thor Project is a possible game changer for North America’s aluminum supply chain,” said Christopher Hopkins, President & Chief Executive Officer, CEM. “In our world, anything that moves products, transmits power or stores energy uses aluminum. We have established a world-leading, secure source of alumina right here in Saskatchewan. Our next focus is to engineer a demonstration facility while moving Thor towards commercialization.”

The PEA mineral resource estimate includes a Measured and Indicated Resource of 49.5 billion tonnes, containing 6.8 billion tonnes of alumina, with an Inferred Resource of 86.6 billion tonnes. This estimate is confined to 600 square kilometres (230 square miles), representing 23% of the main property.

Through CEM’s ongoing piloting efforts, the Company has successfully produced two types of alumina: 3N (99.9% – low soda) Chemical Grade Alumina and 4N (99.99%) High Purity Alumina. Additional metallurgical and process testing on the polymetallic nature of this significant deposit is underway, specifically with respect to Smelter Grade Alumina, Scandium, and Vanadium.

The financial results of a PEA are important as they provide an initial economic analysis that informs the potential viability of mineral resources based on drilling and metallurgical test results. CEM’s PEA financial model contemplates a surface mining and processing operation with an average throughput of 16.5 million tonnes per year of ore feed, supporting alumina production of 1.8 million tonnes per year over a 25-year project life.

Economic assumptions include initial capital expenditures of US$6.3 billion, operating costs of US$1.6 billion per year, and product price assumptions of US$5,000 per tonne for CGA and US$25,000 per tonne for HPA. The modelled internal rate of return is 72% (after-tax) and net present value of cash flows is US$72.3 billion (discounted at 10% after-tax).

With a substantial Measured and Indicated Resource, the PEA highlights Thor as a deposit of major scale within the alumina sector. Based on current projections and assumptions more fully described in the PEA, if developed and commercialized, the Thor Project has the potential to create an entirely new processing and value-added industry for Saskatchewan and North America. The construction and operations could support high-paying jobs, royalty and tax revenues, and spur regional economic growth for decades.

Saskatchewan’s Premier Scott Moe added, “The Thor Project discovery pairs our province’s pro-mining investment policies with a substantial geological advantage. We’re excited about the prospect of a new alumina industry setting up shop in our province, where people are ready for more jobs and investment from around the world.”

The Company recognizes the importance of collaborating with local Indigenous communities to integrate their perspectives into development plans, including equity discussions. CEM has met regularly with community leadership to gain an understanding of their economies and is working with them to develop employment and retention plans as the Project develops.

The Thor Project represents a large resource with the potential to support long-term development. Geographically, it is located near the centre of North America in Saskatchewan, regarded as one of the best mining jurisdictions in the world. It has well-developed infrastructure, including power, roads and services. On-site rail provides transport to markets throughout North America, and to both coasts.

Technically, the processes developed with Hatch demonstrates strong economic and environmental advantages over producing alumina from bauxite. From a geopolitical perspective, the Thor Project has the potential to position Canada as a secure North American source of alumina, providing a long-term alternative to imported bauxite and strengthening critical supply chains.

Background

CEM was incorporated in 2021 to focus on the exploration of mineral claims it acquired in East-Central Saskatchewan. Following Thor’s discovery in 2022, the Company has moved quickly to delineate its resources, initiate metallurgical testing, and accelerate development.

CEM’s management team and Board possess decades of experience in energy and mineral development. In addition, the Thor Project is supported by leading technical and advisory partners, including Stantec Consulting Ltd. and Hatch Ltd.

Thor is located within CEM’s holdings of 2,557 square kilometres (987 square miles) in East Central Saskatchewan. It is strategically positioned close to established infrastructure, including roads, railways, services and power.

Mineral Resource Estimate

About the PEA Results

These PEA results are positive and support the rapid advancement of the project. It should be noted that the financial results are neither definitive, nor do they represent the valuation of Thor or the Company. They do not provide the same level of detail and assurance as prefeasibility or feasibility studies, which are the next steps for CEM. The Company continues to evaluate the project scenarios, sensitivities and risks associated with the assumptions applied.


CEM’s 2026 Objectives Include

• Updating the mineral resource estimate based on the successful 2025 drill program.
• Confirming the potential for new products and by-products including SGA, scandium and vanadium.
• Preparing a Prefeasibility Study including engineering the design of a commercial demonstration plant.
• Pursuing opportunities to advance, finance and monetize the Thor Project for its shareholders.

About Canadian Energy Metals Corp.

CEM is a private company with an unencumbered 100% interest in the Thor Project. The Company’s primary focus is the development of its alumina resource and associated metals. Led by an experienced financial and technical team, CEM is driven to create value for all its stakeholders. The company maintains an active dialogue with key financial and industry partners.

Learn more: www.canadianenergymetals.com