High Tide Resources Corp. provide an update for its flagship Labrador West Iron Project ("Lab West" or "The Project"). The Company has sent out a metallurgical testwork Request for Proposal ("RFP") to several innovative firms globally recognized for their high levels of technical expertise in iron ore beneficiation, pelletizing, as well as metallurgical testing of iron ore feedstock for direct reduction and steelmaking. The Company will utilise a portion of the plus 5 tonnes of iron bearing material, known as a coarse rejects, that it has retained from its 2022 drill program that was used to define the maiden inferred resource of 655 Mt @ 28.8% Fe announced in February 2023. The coarse rejects are the unused portion of the "split" drill core sample that was used in the assaying process. The metallurgical testwork is focused on providing a potential sale product that will support the shift to a low-carbon emission future. Steel making is moving towards initially a low-carbon to the eventual zero-carbon emission production of steel. The Steel Industry produces approximately 8% of the world's carbon emissions and it needs high-grade and low-impurity raw material inputs to support the reduction of these emissions. These raw material inputs are direction reduction iron or hot briquetted iron ("virgin iron credits") to add/supplement scrap steel and add to the scrap availability in the electric arc furnace steel making process. The
Company is focused on producing direct reduction quality pellets that will allow these virgin iron credits to be made. The Labrador Trough of western Labrador and adjoining Quebec constitutes Canada's primary iron producing district and is host to world-class deposits that have been mined for more than sixty years. The high quality of the deposits in the region allows for a wide range in product diversity, which includes premium fines, concentrate and pellet grades. Importantly, the low-carbon emission future will require Direct Reduction quality concentrate and pellets, two products that the Trough is producing and is considered to have significant growth potential to help support a "Green Iron and Steel" future. The Property is strategically located near the mining communities of Wabush and Labrador City in the province of Newfoundland & Labrador and Fermont in Quebec. The area is home to Champion Iron Ore's Bloom Lake Mine, ArcelorMittal's Mont-Wright Mine, Tacora Resources' Scully Mine, and Rio Tinto IOC's Carol Lake Mine. The Wabush and Labrador City region is very well served with skilled labour, a highway, as well as access to abundant low-cost hydroelectricity and a common carrier railway. The railway has an estimated ~80 million tonnes per year of capacity for transport of iron products to the deep-water port of Sept Isles, Quebec, which provides year-round access to global markets.