Neotech Metals Corp. announced it has entered into an option agreement (the "Option Agreement") with Willoughby & Associates PLLC (the "Vendor"), dated December 13, 2023, pursuant to which, the Vendor has granted the Company the right, at its option, to acquire a 100% interest in 22 mining claims comprising the Thor Rare Earth Elements ("Thor REE") Project, a mid-stage exploration property located in the eastern Mojave Desert Region, approximately 119 kilometers south of Las Vegas. The Thor REE Project, previously under the ownership of Elissa Resources Ltd., comprises contiguous unpatented lode mining claims staked between late 2009 and 2010.

This acquisition marks a significant step in Neotech's ongoing commitment to securing and developing a portfolio of rare earth element ("REE") projects. Key Highlights of the Thor REE Project: Proximity to REE Deposit: The project is strategically located near one of North America's significant REE deposits - the Mountain Pass Mine, currently owned by MP Materials Corp. ("MP Materials"), approximately 30 kilometers away.

Based on the 2021 Technical Report Summary Pre-Feasibility Study of the Mountain Pass Mine, (the "MP Technical Report", which may be accessed on MP Materials' EDGAR profile) the operation returns an after-tax net present value (NPV) with a 6% discount of USD 2.6 billion. According to MP Materials*, the mine accounts for approximately 15% of the global rare earth supply, with a long-term focus on Neodymium- Praseodymium (Nd-Pr). Historical Context: The area has a history of exploration, with earlier programs targeting precious metals, turquoise, and uranium.

REE-thorium (Th) occurrences identified during the 1950s uranium rush highlight the area's favorable geology for prospecting, growth, and development. Geological Advantage: The region is characterized by Precambrian age rocks known for hosting significant REE deposits. The Thor REE Project area's principal mineralization is monazite- apatite-xenotime vein systems. Findings: The primary REE mineralization zone, known as the Lopez Trend, stretches over an area that is 2500 meters long.

Initial exploration and grab sample assays have returned significant REE values, with the highest-grade sample from the historical pile within a trench showing 10.6% total REE+Y and 1.45% Th. An 11-meter-long composite channel sample from a trench along the mineralized 'Lopez Trend' returned an average of 1.00% total REE+Y, including a 1.5-meter of 3.71% total REE+Y and 0.49% Th. Enriched in Valuable Heavy REE: The project demonstrates an enrichment in valuable heavy REE (HREE), a critical component for various high-tech and green energy applications.

Favorable Infrastructure: The claims are readily accessible by road in a climate and terrain that allows year-round work. The claims are approximately 60 kilometers due south of Las Vegas and 60 kilometers northwest of Bullhead City, with a wide array of services to support exploration and mining activities. Pursuant to the Option Agreement, the Company has the right to acquire a 100% ownership interest in and to the Thor REE Project upon the Company paying the Vendor an aggregate of USD 200,000 in cash and issuing to the Vendor common shares of the Company ("Common Shares") with an aggregate value of USD 400,000, with the number of Common Shares determined by the value-weighted average price of the Common Shares on the CSE.

The aggregate consideration is payable by the Company on or before December 1, 2025, as follows: (1) USD 50,000 in cash within 7 business days of the date of the Option Agreement (the "Effective Date") and USD 75,000 in Common Shares within 10 business days of the Effective Date; (2) USD 75,000 in cash and USD 125,000 in Common Shares on or before December 1, 2024; and (3) USD 75,000 in cash and USD 200,000 in Common Shares on or before December 1, 2025.