• Oceana acquires 100% of the Serra Negra rare earths (and niobium) Project in Minas Gerais, Brazil
• Serra Negra is the largest known carbonatite complex in the Alto Paranaíba Igneous Province, a major REE and niobium region
• Assays confirm high-grade REE and niobium mineralization, with plans to re-assay historical drill core and commence 20,000m drilling program

Oceana Lithium Ltd has entered into a binding agreement to acquire 100% of the Serra Negra rare earths (and niobium) Project in Minas Gerais state, Brazil. The 10km-wide Serra Negra carbonatite complex is the largest known alkaline carbonatite intrusion in the Alto Paranaíba Igneous Province, a region recognized for hosting major carbonatite-related REE and niobium deposits. Oceana will pay up to US$10.3m in cash and shares, plus a 2.5% net smelter royalty, to acquire the project. Downhole portable XRF screening and subsequent laboratory assays have confirmed the presence of thick, high-grade REE and niobium mineralization, with TREO grades up to 8.41% including 1.46% MREO. Oceana plans to re-assay the ~8,000m of available historical drill core and undertake an accelerated 20,000m drilling program to define the scale and continuity of the REE mineralization. The project is located in the tier-one mining jurisdiction of Minas Gerais, Brazil, with established infrastructure and a supportive regulatory framework. Oceana has also received firm commitments for a A$20m share placement to fund the acquisition and exploration activities.

Serra Negra represents a global-scale, under-explored carbonatite-hosted REE system in a Tier 1 province in Brazil. Oceana's exploration strategy is focused on establishing and building REE resources, making new district-scale discoveries, and delivering technical milestones to advance the project.