Maiden Drilling Commenced at Florence Project

• Maiden drilling has commenced at the Florence prospect.
• Over 100 auger holes planned to test the clay profile.
• Alvo controls approximately 95% of the Serra Dourada granite.

Alvo Minerals Limited (ASX: ALV) has announced the commencement of maiden drilling at the Florence prospect, located in the southern part of the Bluebush Ionic Adsorption Clay (IAC) Heavy Rare Earth Element (HREE) Project in Goiás, Brazil. The drilling program, which involves over 100 auger holes, is designed to evaluate the extent, thickness, and grade of the ionic clay profile across the prospect. This initiative follows the confirmation of thick, HREE-enriched ionic clays from surface at Boa Vista, including high-grade results. The Florence prospect is situated on the same Serra Dourada granite that hosts the Serra Verde HREE IAC mine, acquired by USA Rare Earth Ltd for US$2.8 billion. Together, Alvo and USA Rare Earth control approximately 95% of the Serra Dourada granite, creating a significant barrier to entry for other players. Drilling at Florence is expected to continue through 2026 and into 2027, contingent on progressive results. Additionally, samples from 188 auger holes at Boa Vista and São Bento are at the laboratory, with first results anticipated from late October, continuing into the new year. These samples will undergo full rare earth suite assays and desorption tests to measure the extractable ionic portion of the rare earths, crucial for the planned Mineral Resource Estimate (MRE) and evaluation of processing routes, including in situ recovery (ISR).