Further the Company's announcement (31 October 2025) of positive test results from its Pioche Sepiolite Project in Nevada, USA, the Company is pleased to provide the following report on a field-work programme carried out at Pioche in December 2025.
Summary:
· New field programme completed in December 2025.
· Sepiolite outcrops located and sampled for further performance testing - seven mini-bulk samples collected.
· Detailed review of core samples from 2024 drilling suggests additional layers and thicknesses of sepiolite not previously sampled or tested.
Ø Forty-four additional core samples selected for performance testing.
· New samples provided to interested party, a large European industrial minerals company.
· Samples collected will also support a planned Phase 3 testwork programme to apply Company's processing methodology across a wider range of samples, particularly for sepiolite applications in the valuable US oil and gas drilling markets.
More detailed information and field photographs are provided below.
Commenting today, Executive Chairman Patrick Cheetham said:
"We have made considerable progress with the Pioche Sepiolite Project in 2025, building on the good work carried out by Tolsa in 2024.
"Tolsa's work has demonstrated that there are extensive sepiolite beds at Pioche, extending over several square kilometres, and our process development testwork in 2025 has laid a good foundation for the commercial development of this deposit, one of just a handful of commercial sized deposits in the World for this rare industrial mineral.
The samples resulting from the December field programme provide a bank of samples available to interested parties with the first batch of samples having now been received by a large European industrial minerals group."