NewPeak Metals to Acquire Treuer Range UraniumVanadium Project, Northern Territory

About this update from Newpeak Metals Ltd.

NewPeak Metals Ltd (ASX:NPM) (NewPeak or the Company) is pleased to announce that it has executed a Binding Term Sheet with Yacimiento Pty Ltd (Vendor) to acquire the Treuer Range Uranium-Vanadium Project (EL 33611) in the Northern Territory, Australia . NewPeak has completed the legal, financial and technical due diligence investigations of the Treuer Range Project , is satisfied with the results, and is now moving to finalise a formal sale agreement, with a view to progressing to completion of the transaction within several weeks. This acquisition will mark the next significant step of the Company's rejuvenation plans in entering the strategic critical minerals space and provides NewPeak with a unique opportunity in an excellent jurisdiction that complements the recent acquisition of its Canadian George River Uranium and Rare Earths Elements Project , and its ongoing search for other critical mineral projects in prime jursidictions. The Company is confident that the recent Finland , Sweden and New Zealand projects sales, the successful $500,000 Placement and $529,811 Entitlement Issue capital raisings, and additional future assets sales provide both immediate cash, as well as the receipt of staged cash payments and tradeable shares over the near to medium term, to support both the Company's exploration plans for these critical mineral properties and its expansion plans. TREUER RANGE PROJECT The Treuer Range Project includes Exploration Licence (EL) 3361, which is located in the Northern Territory's Ngalia Basin , one of Australia's most promising basins for sandstone-hosted Uranium, some associated with Vanadium. Covering 230.7 km2 , the Treuer Range tenement is prospective for sandstone-type Uranium-Vanadium mineralisation associated with the Carboniferous Mount Eclipse Sandstone. The project is located 315 km northwest of Alice Springs . It surrounds the Bigrlyi (pronounced 'Big-a-lee') Uranium-Vanadium deposit, which includes the Uranium-Vanadium resources at BigWest and A15E. The current JORC Indicated and Inferred resources at Bigrlyi are 7.5 Mt grading 0.13% U3O8 and 1.12% V2O5, for 9,600 t U3O8 and 8,900 t V2O5 at a cut-off grade of 500 ppm for both metal oxides ( Energy Metals Ltd , ASX announcement, 28 June 2011 ). Most resources are within 200 m of the surface and are potentially accessible via open-cut mining, with potential to increase resources at depth and along strike at all the current resource areas The Bigrlyi Deposit is secured by three granted Exploration Licences in Retention (ELR 31754, 31755 & 32552), owned by other parties. These licences are excluded from the Treuer Range Project . The Treuer Range Project has the potential for structural repetitions and strike extensions of Bigrlyi-style Uranium-Vanadium mineralisation hosted within the Mount Eclipse Sandstone. Much of the project's southern and southwestern portions has old drainage systems that may have the potential for paleochannel-type Uranium, but have been underexplored due to Quaternary cover, which obscures the drainages and any likely radiometric responses. Recent historic exploration confirms that Uranium mineralisation also occurs at higher (younger) stratigraphic levels in the Mount Eclipse Sandstone, as opposed to the basal sequence that hosts the 3 Bigrlyi Deposit (Kerr and Lui, 2016). This significantly increases the Mount Eclipse Sandstone's prospectivity, as there are more stratigraphic levels able to host Uranium-Vanadium mineralisation than previously thought. Airborne radiometric maps show several Uranium responses in the tenement's western, eastern, and southern parts. These seem to be associated with the Mount Eclipse Sandstone, and while highly significant, most remain untested and justify investigation. NEWPEAK'S FUTURE EXPLORATION PLANS NewPeak intends to conduct exploration at the Treuer Range Project , with the objective of defining JORC mineral resources. The exploration program would include: A detailed review and evaluation of historic exploration including a reinterpretation of geochemical, airborne, and ground geophysical and drill hole-derived data. The acquisition and interpretation of ASTER or other high-definition satellite imagery. Reconnaissance geochemical sampling (including portable XRF), scintillometer transverse and broad-scale geological mapping. Geochemical samples will be submitted for multielement analyses, including a suite of indicator elements for Bigrlyi-style UraniumVanadium. Priority areas would be followed up with wide-spaced, low-detection soil sampling, and areas with shallow cover tested by trenching, RAB and/or aircore drilling. Ground geophysical surveys such as magnetics, radiometric, and IP, or even Sub-Audio Magnetics (SAM), may be carried out over potential areas to better define geology and mineralised zones. RC drilling will test the mineral potential at priority areas, and to improve the geological understanding. CAUTIONARY STATEMENT NewPeak and the Company's Competent Person recognize that these historic exploration results have not been reported in accordance with JORC Code 2012 and a Competent Person has not done sufficient work to disclose the Exploration Results in accordance with JORC Code 2012. It is possible that further evaluation and/or exploration may reduce confidence in these results as further sampling is undertaken to advance the project to JORC Code 2012 compliance. To date northing has come to the Company's attention that causes it to question the accuracy or reliability of the historic sampling but as the Company has not independently validated these results it is not to be regarded as reporting, adopting or endorsing these results. Contact: Mr David Mason Chief Executive Officer Company Secretary Email: [email protected] Web: www.newpeak.com.au Forward Looking Statement This announcement may contain certain statements and projections provided by or on behalf of NewPeak Metals Limited (NewPeak, the Company) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of the Company. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with exploration and/or mining which may be beyond the control of the Company which could cause actual results or trends to differ materially, including but not limited to price fluctuations, exploration results, reserve and resource estimation, environmental risks, physical risks, legislative and regulatory changes, political risks, project delay or advancement, ability to meet funding requirements, factors relating to property title, dependence on key personnel, share price volatility, approvals and cost estimates. Accordingly, there can be no assurance that such statements and projections will be realised. The Company makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved. Additionally, the Company makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by the Company or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, the Company undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. (C) 2024 Electronic News Publishing, source ENP Newswire

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