Summit's Bold New Brazilian Exploration Strategy Unfolds

Summit Minerals (ASX: SUM) has strategically refocused its exploration efforts in Brazil under the leadership of newly appointed CEO Dr. Matthew Cobb. Following a recent site visit, the company has identified high-priority drill targets and initiated a structured work program aimed at unlocking near term value from its Brazilian assets, particularly the Equador Project.

Re-evaluation of bulk samples from the Equador Project have demonstrated elevated grades in Ta2O5 (± Nb2O5) on the basis of head grade analytical results in three of the ten sampled locations:

• SUMMET 9: 997 ppm Ta₂O₅ and 505 ppm Nb₂O₅

• SUMMET 10: 655 ppm Ta₂O₅ and 389 ppm Nb₂O₅

• SUMMET 8: 312 ppm Ta₂O₅ and 222 ppm Nb₂O₅

These areas, SUMMET 8-10, now represent walk up drill targets for the company as the company exclaims in its announcement that, "the values returned from these three specific samples are similar, or higher, than those seen in other pegmatites that have previously been successfully exploited for tantalum (Bald Hill, Western Australia)."

Ecuador Project Expansion

In 2025, Summit says it will conduct a comprehensive prospect-scale mapping initiative. Drill programs will focus on high-priority zones and beneficiation test work on SUMMET 8, 9, and 10 will be conducted to evaluate their potential for upgrading.

Beyond the Ecuador Project, a small reverse circulation (RC) drilling program is planned to test strike extensions at the Miranda Li-Nb-Ta mine. Auger drilling at Juazerinho will also be undertaken to explore potential Ta-Nb-Li mineralization. Furthermore, future assessments are scheduled for Hercules, T1/T2, and Aratapira.

CEO Commentary:

Dr. Cobb, who has a PhD in Geology, emphasized that his previous experience with the Bald Hill lithium and tantalum project in Western Australia has been instrumental in shaping the company’s new exploration strategy.

"My prior experience with the pegmatites at Bald Hill, a successfully developed lithium and tantalum project in WA, has provided valuable context for interpreting these results and shaping the next phase of exploration. With our new in-country technical team in place and fieldwork underway, we are confident that this structured methodical approach will unlock meaningful value from our Brazilian Portfolio.”