SIERRA BLANCA, TX, May 20, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Texas Mineral Resources Corp. (OTCQB: TMRC):

• TMRC will continue to own 20% of the Round Top project through Round Top Mountain Development LLC
• TMRC continues to pursue its REEs from coal initiatives as well as its silver exploration project in New Mexico

Texas Mineral Resources Corp. (TMRC), an exploration company targeting heavy rare earths and a variety of other high-value industrial elements and minerals, is pleased to announce that pursuant to the terms of the amended and updated option agreement of 2019 approved by TMRC shareholders, USA Rare Earth fully funded its $ 10 million pledge to earn its 70% stake in the Round Top Heavy Rare Earth, Lithium and Critical Minerals project in Hudspeth County, TX, and exercised its option to acquire an additional 10% of the Round. Top Project. As a result of USA Rare Earth’s performance under the 2019 Amended and Updated Option Agreement, we formed Round Top Mountain Development LLC to own the joint venture interests of TMRC and USA Rare Earth. TMRC will hold a 20% interest in Round Top Mountain Development LLC. All of the company’s other activities such as TMRC’s REEs from coal initiatives as well as its silver exploration project in New Mexico are not part of the USA Rare Earth JV and remain 100% with TMRC .

USA Rare Earth recently completed a $ 50 million Series C funding round and is now funded through the completion of the Definitive Feasibility Study (DFS), which includes the Pre-Feasibility Study (PFS), the pilot plant and a demonstration plant to be built at the Round Top site later this year, which will include heap leach test pads and continuous ion exchange treatment (CIX). The demonstration plant will support the DFS and permits as well as the production of representative materials for evaluation by potential customers. The Round Top joint venture has received stormwater construction permits from the Texas Commission on Environmental Quality (TCEQ) and has started a 20,000 tonne bulk sample to support feasibility studies and the demonstration plant. USA Rare Earth will continue to explore additional financing as needed with its advisers, Goldman Sachs and the Bank of Montreal.

“USA Rare Earth continues to be an exceptional project partner and we are pleased to finalize our joint venture with the creation of Round Top Mountain Development LLC,” commented Anthony Marchese, President of TMRC. “I was impressed with their unwavering vision to help the United States build a nation-based supply chain for essential minerals. Their recently completed financing and the expertise of their financial advisors reinforce our belief that our joint venture will have the resources to succeed.

Highlights of the mid-2019 PEA Round Top include:

• Net Present Value (NPV): $ 1.56 billion at a 10% discount rate, before taxes.
• Internal rate of return (IRR): 70%.
• Payback period: 1.4 years.
• Capital cost: $ 350.4 million, including a complete on-site rare earth oxide (REO) and mineral separation plant, and a 25% contingency allowance of $ 65.7 million.
• Mid-2019 spot market pricing assumptions: 70% IRR returns.
• Extraction rate: 20,000 tonnes per day (TPD).
• All on-site mineral processing: Deployment of conventional ion exchange and ion chromatography (CIX / CIC) technology to generate individual high-purity rare earth oxides on site as well as engineering metals and industrial minerals.
• REO production: average of 2,313 tonnes per year (TPY) in total, of which about 180 TPY of neodymium (Nd) and 67 TPY of praseodymium (Pr).
• New lithium resource: estimated production of 9,800 TPY of lithium carbonate
• Heap Leach Treatment Technology: Proven conventional technology using leach pads built to Texas environmental standards.
• Economic mine life: 20 years, based on mining only 14% of the existing mineral resource estimate, implying an overall potential mine life of 140 years.
• Direct employment: 179 employees.
• Easy Navigational Access: Just 3 miles north of Interstate Highway 10 and less than 3 miles from a major railroad track. 137 km on the southeast of El Paso, Texas.
• Located on state property: 6.25% net smelter royalty (NSR) owed to the Texas General Land Office (GLO).

About Texas Mineral Resources Corp.
The goal of Texas Mineral Resources Corp. is to develop and commercialize, with its joint venture partner USA Rare Earth LLC, its Round Top heavy rare earths, technological metals and industrial minerals project located in Hudspeth County, Texas. , 85 miles southeast of El Paso. In addition, the company’s strategy is to develop alternative sources of strategic minerals through the processing of waste coal and other related materials, as well as to develop other national mining projects in more traditional metals. The company’s common stock trades at the US level OTCQB under the symbol “TMRC”.

Company contact:
Texas Mineral Resources Corp.
Anthony Marchese, President
Email: [email protected]