CEM's Thor Project Emerging as a Potential Strategic Alternative to Global Bauxite Supply

TISDALE, SK, Jan. 29, 2026 /PRNewswire/ - Canadian Energy Metals Corp. (CEM) is pleased to announce the results of its Preliminary Economic Assessment (PEA), which outlines the scale, quality, and potential economic viability of Canada's first major domestic alumina resource. The PEA was prepared by two leading engineering firms and supports CEM's Thor Project as a discovery of possible global significance. 

"This PEA confirms that the Thor Project is a possible game changer for North America's aluminum supply chain," said Christopher Hopkins, President & Chief Executive Officer, CEM. "In our world, anything that moves products, transmits power or stores energy uses aluminum. We have established a world-leading, secure source of alumina right here in Saskatchewan. Our next focus is to engineer a demonstration facility while moving Thor towards commercialization."

The PEA mineral resource estimate includes a Measured and Indicated Resource of 49.5 billion tonnes, containing 6.8 billion tonnes of alumina, with an Inferred Resource of 86.6 billion tonnes. This estimate is confined to 600 square kilometres (230 square miles), representing 23% of the main property.

Through CEM's ongoing piloting efforts, the Company has successfully produced two types of alumina: 3N (99.9% - low soda) Chemical Grade Alumina (CGA) and 4N (99.99%) High Purity Alumina (HPA). Additional metallurgical and process testing on the polymetallic nature of this significant deposit is underway, specifically with respect to Smelter Grade Alumina (SGA), Scandium, and Vanadium.

The financial results of a PEA are important as they provide an initial economic analysis that informs the potential viability of mineral resources based on drilling and metallurgical test results. CEM's PEA financial model contemplates a surface mining and processing operation with an average throughput of 16.5 million tonnes per year of ore feed, supporting alumina production of 1.8 million tonnes per year over a 25-year project life.

Economic assumptions include initial capital expenditures of US$6.3 billion, operating costs of US$1.6 billion per year, and product price assumptions of US$5,000 per tonne for CGA and US$25,000 per tonne for HPA. The modelled internal rate of return (IRR) is 72% (after-tax) and net present value of cash flows is US$72.3 billion (discounted at 10% after-tax).

With a substantial Measured and Indicated Resource, the PEA highlights Thor as a deposit of major scale within the alumina sector. Based on current projections and assumptions more fully described in the PEA, if developed and commercialized, the Thor Project has the potential to create an entirely new processing and value-added industry for Saskatchewan and North America. The construction and operations could support high-paying jobs, royalty and tax revenues, and spur regional economic growth for decades.

Saskatchewan's Premier Scott Moe added, "The Thor Project discovery pairs our province's pro-mining investment policies with a substantial geological advantage. We're excited about the prospect of a new alumina industry setting up shop in our province, where people are ready for more jobs and investment from around the world."

The Company recognizes the importance of collaborating with local Indigenous communities to integrate their perspectives into development plans, including equity discussions. CEM has met regularly with community leadership to gain an understanding of their economies and is working with them to develop employment and retention plans as the Project develops.

The Thor Project represents a large resource with the potential to support long-term development. Geographically, it is located near the centre of North America in Saskatchewan, regarded as one of the best mining jurisdictions in the world. It has well-developed infrastructure, including power, roads and services. On-site rail provides transport to markets throughout North America, and to both coasts.

Technically, the processes developed with Hatch demonstrates strong economic and environmental advantages over producing alumina from bauxite. From a geopolitical perspective, the Thor Project has the potential to position Canada as a secure North American source of alumina, providing a long-term alternative to imported bauxite and strengthening critical supply chains.

Background

CEM was incorporated in 2021 to focus on the exploration of mineral claims it acquired in East-Central Saskatchewan. Following Thor's discovery in 2022, the Company has moved quickly to delineate its resources, initiate metallurgical testing, and accelerate development.

CEM's management team and Board possess decades of experience in energy and mineral development. In addition, the Thor Project is supported by leading technical and advisory partners, including Stantec Consulting Ltd. and Hatch Ltd.

Thor is located within CEM's holdings of 2,557 square kilometres (987 square miles) in East Central Saskatchewan. It is strategically positioned close to established infrastructure, including roads, railways, services and power.

Mineral Resource Estimate

About the PEA Results

These PEA results are positive and support the rapid advancement of the project. It should be noted that the financial results are neither definitive, nor do they represent the valuation of Thor or the Company. They do not provide the same level of detail and assurance as prefeasibility or feasibility studies, which are the next steps for CEM. The Company continues to evaluate the project scenarios, sensitivities and risks associated with the assumptions applied.

CEM's 2026 Objectives Include

• Updating the mineral resource estimate based on the successful 2025 drill program.
• Confirming the potential for new products and by-products including SGA, scandium and vanadium.
• Preparing a Prefeasibility Study including engineering the design of a commercial demonstration plant.
• Pursuing opportunities to advance, finance and monetize the Thor Project for its shareholders.

Qualified Persons

Scientific and technical information contained in this press release was reviewed and approved by Mr. Gary Billingsley, P.Eng, P.Geo, CPA (Ret.), Chief Operating Officer of the Company, a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). Mr. Billingsley is not independent of the Company.

The qualified persons from Stantec Consulting Ltd. and Hatch Ltd. listed below have prepared the content that forms the basis for the PEA and this press release.

Mr. Derek J. Loveday, P.Geo., Ms. Joan C. Kester, P.Geo, and Mr. Satjeet Pandher, P.Eng., of Stantec Consulting Ltd., are independent Qualified Persons as defined in NI 43-101. Messrs. Loveday, Kester and Pandher have prepared the geological and mining contents for the PEA and included in this press release.

Mr. David Dobney, M. Eng, P.Eng, of Hatch Ltd., is an independent Qualified Person as defined under NI 43-101. Mr. Dobney has prepared the recovery methods section, and associated process plant capital and operating costs for the PEA and included in this press release.

About Canadian Energy Metals Corp.

CEM is a private company with an unencumbered 100% interest in the Thor Project. The Company's primary focus is the development of its alumina resource and associated metals. Led by an experienced financial and technical team, CEM is driven to create value for all its stakeholders. The company maintains an active dialogue with key financial and industry partners.

Learn more: www.canadianenergymetals.com

CAUTIONARY NOTE REGARDING RESULTS OF PEA AND MINERAL RESOURCE ESTIMATES

This economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described on the Company's website. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a "inferred" or "indicated" or "measured" Mineral Resource Estimates will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using CIM Standards in accordance with NI 43-101.

CAUTIONARY NOTE REGARDING FORWARD‐LOOKING INFORMATION

Certain of the statements and information in this news release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to statements regarding: the results of the PEA; expectations regarding the Thor Project; estimates regarding Mineral Reserves and Mineral Resources; anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; and estimates of the Company's revenues and capital expenditures; and other future plans, objectives or expectations of the Company.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of public health crisis; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Saskatchewan and Canada. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company's ability to carry on current and future operations, including: public health crisis on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the Company's ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company is not a reporting issuer in any jurisdiction in Canada and, as a result, is not subject to the continuous disclosure requirements applicable to reporting issuers under Canadian securities legislation. Notwithstanding the foregoing, the Company has prepared the PEA in accordance with the principles and standards of NI 43-101 and the PEA has been completed by Stantec Consulting Ltd.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada which differ from the requirements of United States securities laws. The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of Mineral Reserves and Mineral Resources, may not be comparable to similar information disclosed by United States companies subject to the disclosure requirements of the SEC.

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SOURCE Canadian Energy Metals