Summit Minerals Limited Quarterly Activities Report, September 2024

Summit Minerals Limited (ASX:SUM)

• In July, ongoing exploration field work uncovered previously unknown pegmatite outcrops and Garimpeiro’s (artisanal workings) at the Company’s 100% owned Niobium and Tantalum Equador Project in Brazil. 
• The addition of new pegmatite discoveries running parallel to the known pegmatites indicated a much larger prospective system than what was previously understood. 
• Acquired six new strategic tenements in August, and an additional area in September, significantly increasing Summit’s strategic holdings in the area. 
• In September, the newly acquired Mining Lease at Equador North returned the highest-grade hand sample results to date, including: 
  • 64.61% Nb2O5, 10.56% Ta2O5 and 2,830 ppm PREO (SUMSS081) 
  • 62.42% Nb2O5, 11.82% Ta2O5 and 38,440 ppm PREO (SUMSS099) 
  • 61.09% Nb2O5, 6.86% Ta2O5 and 15,430 ppm PREO (SUMSS080) 
  • 50.47% Nb2O5, 12.00% Ta2O5 and 87,970 ppm PREO (SUMSS082) 
  • 45.89% Nb2O5, 19.36% Ta2O5 and 11,720 ppm PREO (SUMSS078)
  • 44.60% Nb2O5, 21.10% Ta2O5 and 3,690 ppm PREO (SUMSS063) 
  • 43.97% Nb2O5, 23.38% Ta2O5 and 12,840 ppm PREO (SUMSS079) 
  • 36.64% Nb2O5, 15.98% Ta2O5 and 25,400 ppm PREO (SUMSS061) 
• Equador central and southern areas continued to show potential with further promising Niobium and Tantalum hand sample results: 
  • 35.52% Nb2O5, 30.57% Ta2O5 and 1,930 ppm PREO (SUMSS095) 
  • 23.94% Nb2O5, 20.41% Ta2O5 and 62,510 ppm PREO (SUMSS071) 
  • 20.10% Nb2O5, 39.64% Ta2O5 and 1,540 ppm PREO (SUMSS070)
• Bulk sampling collection was completed at Equador and metallurgical test work of samples to commence.  
• Commenced and completed LiDAR surveys across both the Equador and Juazeirihno Niobium Projects, LiDAR imagery identified previously unknown pegmatite trends across the Equador Project. 

Corporate

• Completed a heavily oversubscribed $2.4m placement with funds to be used to accelerate exploration and drilling programs at the Company’s 100% owned Niobium and Tantalum Equador project in Brazil. 
• Appointed Mr Leonard Math as the Company’s Chief Financial Officer and Company Secretary, a Chartered Accountant with more than 15 years of resources industry experience. 
• Appointment of experienced mining executive, Mr Jamie Wright as Non-Executive Director in October 2024. 

Summit’s Managing Director, Gower He, commented: 

“The September Quarter was an outstanding period for Summit, ongoing exploration fieldwork in July uncovered previously unknown pegmatite outcrops and Garimpeiro workings, and we now realise that the system is substantially larger and more prospective than we had originally understood. New discoveries of pegmatites running parallel to known systems position us well for exciting future growth. 

“Further assay results were highly encouraging, showing significant Partial Rare Earth Oxides from surface pegmatite hand samples. Notably, the acquisition of several tenements during August and September substantially expanded our holdings, further reinforcing our footprint in this highly prospective region. 

“In September, we achieved a milestone with the best grades to date from hand sample results from our newly acquired Mining Lease at Equador North. The central and southern parts of Equador continue to return good results for both niobium and tantalum. Bulk sampling collection has been completed, and metallurgical testing of the will be completed in Australia, which we expect will greatly increase the prospectivity of our project.

“I would like to thank all shareholders for their continued support during the Quarter and we look forward to updating shareholders as we progress our projects towards the end of 2024.” 

Summit Minerals Limited (“Summit” or the “Company”) (ASX:SUM) is pleased to provide an overview of activities for the period ending 30 September 2024 (“Quarter”, “Reporting Period”). 

Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration company with a portfolio of projects in demand-driven commodities. It is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources.

Jane Morgan

jm@janemorganmanagement.com.au