Energy Transition Minerals Ltd. advised that, on 16 December 2022, it submitted an amendment to its existing application for an exploitation licence for the Kvanefjeld Project in Greenland to Mineral Resource Authority. The amendment supplements the Company's existing application to include an alternative development scenario for which an exploitation licence may be granted for the Kvanefjeld Project. Specifically, under the alternative development scenario the Company will exploit only rare earth elements, zinc and fluorspar (and not uranium).

Under the alternative development scenario, rather than being exploited, uranium will be removed as an impurity and safely treated and stored in the tailings facility. This modification is documented in the amended Process Flow Sheet, Feasibility Study and Environmental Impact Assessment (EIA) submitted by the Company with the amendment. The alternative development scenario does not require any significant amendments to the EIA, which has already been the subject of extensive public consultation and review by the Greenland Government's mandated advisers (the Danish Centre for the Environment and the Greenland Institute of Natural Resources).

In preparing the amendment and its supporting documentation, the Company sought the opinion of an internationally accredited radiological expert, Arcadis, who has confirmed that the alternative treatment of uranium will not materially change the radiological impact of the Kvanefjeld project. As set out in the amended Feasibility Study submitted with the amendment to the application, treating uranium as tailings (rather than processing into a saleable product) will not impact the commercial viability of the Kvanefjeld Project. This is due to the significant and sustained increase in rare earth element prices since the Company filed its original exploitation licence application.

The Company maintains its original exploitation licence application, by which it continues to apply for an exploitation licence for the Kvanefjeld Project inclusive of uranium exploitation rights. The Company has confirmed this to the Greenland Government along with its expectation that the Federal International Holdings Berhad announced Single-tier first interim dividend of 0.8 sen per Redeemable Convertible Preference Shares B. Ex - Dividend Date is January 4, 2023. The last date of lodgment is 05 January 2023 and Date Payable is 19 January 2023.

Greenland Government will continue to process its exploitation licence application on that original basis.