Simple Processing Pathway at High-Grade Garies Project

• Metallurgical testwork confirms a simple and scalable processing pathway to produce a saleable monazite concentrate
• Initial recovery of ~72%, with a pathway to >80% through further optimisation
• Recovered monazite contains valuable magnet and heavy rare earth components

MRG Metals Limited (ASX: MRQ) is pleased to provide an update on metallurgical testwork for the DrillTarg deposit at its Garies Rare Earth Project in South Africa. Testwork was conducted by Light Deep Earth (LDE) Laboratories, Pretoria, on approximately 350kg of representative drill sample material derived from mineralised intersections of the 2025 RC drilling program. Results confirm that DrillTarg mineralisation responds well to a simple processing pathway, producing a monazite concentrate suitable for sale to rare earth processors. The proposed flowsheet builds on earlier work demonstrating that monazite can be recovered using conventional magnetic separation, gravity concentration, and flotation. Testwork delivered an overall monazite recovery of approximately 72%, producing a combined monazite concentrate grading approximately 51% monazite. The recovered monazite contains approximately 60% rare earth oxides (REO), including a valuable magnet and heavy rare earth component. Magnet rare earths NdPr comprise >24% of TREO in the monazite, with heavy rare earths (including Tb, Dy and Y) contributing a further ~9%. The testwork demonstrates a simple, predominantly physical processing route, with flotation as the final stage. MRG will continue advancing the Garies Rare Earth Project through further metallurgical testwork, a Maiden Mineral Resource Estimate, and preparation of a Mining Right Application.

MRG sees significant opportunity to build scale and value in the Garies Project, with a large pipeline of additional targets across the 275km² tenement to be drill tested.