VR Resources Ltd. provided an update on work planned in First Quarter 2024 to continue advancing the REE discovery at its Hecla-Kilmer project located in northern Ontario. VR's goal is to assess the potential for the first sustained rare earth element production, including the Permanent Magnet Rare Earth Oxides (PMREO) Nd, Pr, Tb and Dy, in Canada. Plans for First Quarter 2024 include: Phase 2 Metallurgical Studies: Completion of Phase II metallurgical studies at SGS, to evaluate the recovery and beneficiation processes for an apatite-monazite mineral concentrate.

REE Mineral Volume Assessment: Evaluation of REE mineral volume potential within vertical structures at the Pike Zone and South Rim Zone, targeting production at approximately 1% Total Rare Earth Oxide (TREO), with an unusual PMREO content from 18% to 24%. Economic Scoping of Mining Methods: Collaboration with Novamera Inc., Toronto, to evaluate the use of small footprint, low impact, surface bore hole surgical mining methods. Alignment with Pilot Plant Designs: Ongoing discussion with SRC, Saskatoon, to align REE mineralization at Hecla-Kilmer with new REE extraction plants in North America.

Digital Compilation of Magnetic Surveys: Compile all regional and property-scale magnetic surveys covering VR's expanded land holdings across 15 properties in the region and integrate with the high-resolution surveys completed by VR during the past four years. Stakeholder Engagement: Continuation of open communication and collaboration with both the Ontario government (MNDM) and the Moose Cree First Nation. Mineralogy Matters: There are proven and cost-effective extraction processes and new extraction plants in North America for the REE-bearing mineral assemblage of apatite and monazite which occurs at Hecla-Kilmer.

Results from Phase 1 of the bulk sample mineralogy study completed at SGS Lakefield in Ontario in 2023 are positive. They confirm that the phosphate mineral apatite is the primary REE host, and it is uniquely enriched: published resources for LREE carbonatite deposits in Canada typically contain between 12-15% PMREO of TREO, which is roughly 40% lower than the 18-24% proportion in the bulk sample from H-K. Size Matters: Hecla-Kilmer is a large and multiphase, alkaline ultrabasic intrusive complex with carbonatite approximately 4 - 6 km across. There was modern, systematic exploration or drill-testing of the complex for a large-scale, magnetite-fluorite-apatite hydrothermal breccia system with critical metals prior to VR.

REEs were discovered at Hecla-Kilmer by VR in its second drill hole, during the very first reconnaissance drill program in 2020. A total of 9,979 m of drilling has been completed in 24 drill holes in five programs since, with REE mineralization of > 1% TREO intersected in 18 of the 24 holes. Vertical apatite-carbonate vein and vein breccia systems are consistently concentrated in REEs across some 2.5 km of the complex.

The higher grade mineralization occurs within a km-scale footprint of high temperature, potassic alteration (fenite) dominated by hydrothermal biotite and magnetite; it occurs along abrupt, original intrusive host rock contacts, and is commonly structurally controlled. VR plans to complete an independent, 3D model for REE mineralization volumes at Hecla-Kilmer. It will use continuous geochemical and magnetic susceptibility data obtained from all 24 drill holes.

Further constraints from the 3D magnetic inversion models derived from the high-resolution drone survey in 2022, and the high-resolution ground gravity data obtained in 2021 will improve the outlines for mineral volume potential based on the various REE drill intersections. Location Matters: VR plans to evaluate the small footprint, low impact, surface bore hole surgical mining method being developed by Novamera Inc., Toronto, for the high grade veins, dykes and breccia bodies at Hecla-Kilmer based on the polymetallic nature of the REE mineralization including phosphate and niobium and the unique enrichment of the heavy PMREO - yes - but also because of its location attributes. VR submits sawn drill core samples for geochemical assay to the ALS Global Ltd. ("ALS") laboratory facilities in Timmins or Thunder Bay, Ontario, with final geochemical analytical work done at the ALS laboratory located in North Vancouver, BC., including lithium borate fusion, ICP-MS and ICP-AES analyses for base metals, trace elements and full-suite REE analysis, and gold determination by atomic absorption on fire assay.

Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, including the systematic insertion of sample duplicates, blanks and certified reference material (CRM) done both externally on the project site by the Company and internally at the laboratory by ALS. The Hecla-Kilmer complex is located 23 km northwest of the Ontario hydro-electric facility at Otter Rapids, the Ontario Northland Railway, and the northern terminus of Highway 634 which links the region to the towns of Cochrane and Kapuskasing to the south, itself located on the northern Trans-Canada Highway.