The Ultra Hard Rock/IAC Project in Goiás, Brazil is a large-scale dual-style rare earth opportunity with exposure to both ionic adsorption clay and hard rock carbonatite mineralization. Covering approximately 42,932 hectares, the Project offers investors exposure to a maiden NI 43-101 Mineral Resource Estimate, strong NdPr and heavy rare earth distribution, and meaningful exploration upside with only about 20% of the property tested to date.
The Project stands out for its combination of scale, growth potential, and development flexibility. Its ionic clay mineralization supports low-capex, scalable potential, while the hard rock component adds further opportunities as drilling advances.
The Project is currently being advanced through a US$6 million JV-funded program with Ultra Rare Earth Inc., including completed diamond drilling and a larger 2026 RC and auger campaign, with a further Mineral Resource Estimate and Pre-Feasibility Study planned for 2026.
Appia retains a 25% interest in the Project with equity conversion at the PFS stage, providing shareholders with continued exposure to one of the Company’s key growth assets in the global rare earths sector.
Situated in the heart of Goiás State, Brazil, the Ultra Hard Rock/IAC Project is strategically located approximately 216 km from Goiânia, the state capital, and 410 km from Brasília, the capital of Brazil. The Project is also located approximately 30 km from Iporá, a regional centre that provides access to labour, services, and infrastructure.
Access to the Project is supported by a well-developed network of regional roads, including hard-surfaced and gravel roads, allowing for efficient transportation to and within the property. Existing gravel-surfaced rural roads and farm roads provide strong internal access throughout the Project area.
The Project also benefits from access to power and water, which may support future development scenarios. In addition to its rare earth potential, the property has also shown potential for associated niobium and scandium mineralization, providing additional upside.
The Ultra Hard Rock/IAC Project comprises 23 claims covering a total area of 42,932 hectares within a highly prospective mineralized corridor. With only a limited portion of the total property tested so far, the Project continues to offer meaningful exploration upside.
The Ultra Hard Rock/IAC Project Ionic Adsorption Clay REE project boasts 23 claims over a total area of 42,932 hectares, strategically located within a prime mineralization zone. Only ~20% of the property has been explored to-date.
Diamond drilling at the Ultra Hard Rock/IAC Project continues to confirm a large, high-grade rare earth system with long mineralized intervals starting at surface. Assay results received to date from 13 drill holes show broad TREO mineralization, including several higher-grade zones that support the scale and strength of the carbonatite target (please refer to Appia’s press release dated Feb.24, 2026). Additional results from the remaining 13 drill holes will be public soon.
Highlighted drill results include:
These results show both strong grades and meaningful thickness, with mineralization beginning at or near surface in several holes. The table also shows encouraging Magnet Rare Earth Oxide (MREO) values, including neodymium, praseodymium, terbium, and dysprosium, which are the rare earths most closely tied to permanent magnet demand.
The drillholes have reached depths of up to 300 metres, helping define most of the carbonatite intrusion, while the results received so far clearly outline the mineralized body. Appia also notes that mineralization remains open at depth and reappears to the northeast, indicating room for further growth as additional assays are received and drilling continues.
| Drillhole | Thickness | TREO% | Nb205% | From | ||
| PCH-DDH-002 | 150 metres | @ | 1.34% | 0.13% | Surface | |
| including | 10 metres | @ | 4.11% | 0.23% | 37 metres | |
| including | 10 metres | @ | 2.24% | 0.17% | 91 metres | |
| including | 6 metres | @ | 3.94% | 0.22% | 144 metres | |
| PCH-DDH-003 | 147 metres | @ | 2.00% | 0.23% | Surface | |
| including | 31 metres | @ | 3.60% | 0.53% | 3 metres | |
| including | 8 metres | @ | 3.68% | 0.31% | 47 metres | |
| including | 9 metres | @ | 2.35% | 0.11% | 117 metres | |
| PCH-DDH-004 | 153 metres | @ | 1.32% | 0.20% | Surface | |
| including | 9 metres | @ | 3.01% | 0.26% | 11 metres | |
| including | 10 metres | @ | 5.68% | 0.44% | 42 metres | |
| including | 22 metres | @ | 1.13% | 0.44% | 138 metres |
The Project includes multiple Ionic Adsorption Clay targets that continue to be advanced through auger drilling, sampling, and desorption testing. Newly identified IAC zones, including Merope, Taygeta, Maia and Electra, are being tested to better define grade distribution and recovery characteristics. A Mineral Resource Estimate has been completed on the ionic clay discoveries (link below), with an additional MRE and a prefeasibility study planned for 2026.
These new IAC zones are interpreted to be associated with the Iporá Granite. As of 2026, Appia currently has 4 RC and 2 auger drills expanding the IAC discovery, with 952 planned RC holes and as many auger holes as possible across the property.
Desorbability testing has been carried out (see February 4, 2025 press release) using ammonium sulfate at 0.5M, pH2, for 20 minutes, with additional testing at pH4 underway. These test programs are intended to better understand the recoverability of rare earths from the clay-hosted mineralization.
Preliminary recovery results from the new IAC zones include:
Maia
Merope
Electra
Taygeta
These IAC results continue to support the Project’s potential to host a significant clay-based rare earth system with attractive magnet rare earth distribution, including NdPr and heavy rare earth elements.
Please click on the below buttons to view Mineral Resource Estimate and the associated NI 43-101. Please note these documents are in the process of being updated and will be posted when available.
The current 2026 program is ongoing and includes:
This program is designed to continue expanding both the ionic clay and hard-rock mineralized systems, improve geological confidence, support updated resource work, and advance the Project toward future technical studies, including an updated Mineral Resource Estimate and a Pre-feasibility Study.
