Hyperion’s Maiden Resource Confirms Tennessee as Major Untapped Critical Mineral Province

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211006005538/en/

Titan Project Mineral Resource summary (Graphic: Business Wire)

• The Titan Project’s maiden Mineral Resource Estimate (“MRE”) establishes it as the largest titanium, zircon and rare earth minerals project in the USA, and confirms Tennessee as a major new American critical mineral province.
• The MRE for the Titan Project comprises:
  • Total Mineral Resource of 431Mt @ 2.2% Total Heavy Minerals (“THM”), containing 9.5Mt THM at a 0.4% cut-off with 241Mt (56%) classified in the Indicated resource category;
  • Includes high grade core of 195Mt @ 3.7% THM, containing 7.1Mt THM at a 2.0% cut-off;
  • High value THM assemblage of 12% zircon, 10% rutile, 40% ilmenite and 2% Rare Earth Elements (“REE”) concentrate with an excellent ratio of heavy and light rare earths; and
  • Mineralization occurs in a single, large, and coherent near-surface deposit.
• The combination of grade, high value THM assemblage, low-cost jurisdiction and existing infrastructure underwrites the potential to build a low-to-zero carbon, world class critical mineral business in the U.S.:
  • The project is amenable to low-cost and low impact mineral sand extraction techniques (e.g. dozer push) which actively reclaims and rehabilitates the land as the operation progresses;
  • The region is a low-cost jurisdiction for renewable power (US$0.06/kWh), biodiesel (US$0.94/l) and labor (US$50k p.a.) which are major input costs in typical mineral sands operations; and
  • The project is strategically located with low-cost road, rail and water logistics connecting it to world class manufacturing industries and customers.
• The MRE represents the first mineral resource reported in accordance with the JORC Code (2012) within the McNairy Sand in Tennessee and confirms the region as an untapped critical mineral province:
  • The MRE is based on 107 drill holes totaling 4,101 meters;
  • There are another 109 completed drill holes totaling 3,566 meters, which are in the final stages of analysis, and will be incorporated into an upgraded MRE; and
  • Accelerated land consolidation is expected to create a platform for sustained growth of the MRE.
• Hyperion’s low carbon critical mineral business and low-to-zero carbon, low-cost titanium metal technologies build a platform to become the leader in the U.S. critical mineral and metal supply chains.

Anastasios (Taso) Arima, CEO and Managing Director said:

“Hyperion’s mission is to sustainably re-shore the production of American critical minerals and metals, and this maiden MRE is a crucial step towards this goal.

“The maiden MRE has immediately established the Titan Project as a major, untapped potential source of critical minerals rich in titanium, zircon and heavy and light rare earths. The combination of scale and grade of these high value, critical minerals - in a low risk, low cost and low tax jurisdiction - has the potential to drive significant value creation.

“Together with our breakthrough titanium technologies and the strong partnerships we are building with industry, we believe we can deliver a sustainable U.S. critical supply chain that will create long term value for the communities of west Tennessee, future offtake partners and our shareholders.”

Full technical details of the mineral resource estimate can be found here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005538/en/