SME:CC - Sama Resources Announces Results of its New Preliminary Economic Assessment for the Samapleu-Grata Nickel-Copper Project Cote d'Ivoire

(TheNewswire)

Highlights:

• New PEA Demonstrates the Potential for a 16-Year MineProducing Both a Conventional 26% Copper Concentrate and a 13% NickelConcentrate, with Associated Platinum and PalladiumBy-Products

• The Project Presents a Pre-tax NPV of US$463M and Post-tax NPV of US$257Mwith a Post-tax IRR of 22.3% Together with an Initial Capital Cost ofUS$338M

• Aggregate Indicated Mineral Resources of 19.4 Mt ofNickel, Copper, Platinum, Palladium, Gold and Copper represents a 29%Increase over the 2023 Mineral Resource Statement

• New PEA Includes only the Grata, Main and ExtensionDeposits and the Sipilou Sud Laterite Deposit, which together with theProposed Mine Infrastructure Covers Approximately 3% of the 835km Project Area

• Known Mineralized Zones at Yepleu and Draba ProvideUpside Expansion Opportunities, Together with the More than 10Identified Sectors for Further Exploration Across the Project

• Ivanhoe Electric Completes Earn-In and Acquires 60% ofthe Project

Montreal, Quebec – TheNewswire- March 21, 2024 – Sama ResourcesInc. (“Sama” or the “Company”) (TSX-V:SME, OTC: SAMMF) is pleased to announce the results of the newPreliminary Economic Assessment (“ PEA ”) for the Samapleu-GrataNickel-Copper project located in Côte d’Ivoire, West Africa.

The PEA is a preliminary technical study that examinesthe potential for a conventional open-pit mining operation producingboth a conventional copper and nickel concentrate, together withcobalt, platinum, palladium and gold as by-products. As well theSipilou Sud laterite deposit would produce direct shippingmaterial.

Dr. Marc-Antoine Audet, President and Chief ExecutiveOfficer of Sama Resources commented: “ Today’s preliminary economic assessment reflects our newapproach to the Project. It showcases the value of the Samapleu-GrataNickel-Copper project and improves upon our 2020 PEA. While we presenta lower NPV and IRR than we did in 2020, that is principally afunction of the lower nickel price used in this PEA. In today’s PEAwe have effectively doubled the mill feed and changed the flow sheetto produce conventional nickel and copper concentrates, and in doingso have increased overall nickel concentrate production by 19% andimportantly increased life-of-mine copper concentrate production bymore than 100% over its projected sixteen-year mine life. The projectnow has the potential to produce approximately 38,000 tonnes per yearof copper concentrate on average over the life of mine resulting in10,000 tonnes per year of payable copper on average. ”

Mr. Taylor Melvin, President and CEO of IvanhoeElectric continued: “ We are pleased to havecompleted our earn-in to 60% of the Samapleu-Grata Nickel-CopperProject in the Ivory Coast. We are particularly encouraged to see thepolymetallic nature of the project and the inclusion of all keypayable metals – nickel, copper, gold, cobalt,platinum, and palladium – and the significant improvement in boththe quality and quantity of potential future copper concentrateproduction. The quality results of the preliminary economic assessmentare the product of the hard work put into the project by our team andour partners at Sama. We look forward to the next steps for thisproject. ”

Dr. Audet concluded: “ What isexciting about the PEA is that we believe it to just be the beginning.The Samapleu-Grata Nickel-Copper project presents the rare opportunityfor significant expansion over its 835 km 2 area. We have already identifiedsurface nickel-copper mineralization atprospects such as Yepleu, located 25 kilometers south-west ofSamapleu-Grata, and we have more than ten other targets of interest.Yepleu and these other prospects highlight the significant untappedmineral potential of the entire project area. ”

Highlights of the 2024 Preliminary EconomicAssessment

The 2024 PEA outlines the potential for a conventionalopen pit mining operation supporting 86.5 million tonnes of modelledmill feed together with 1.62 million tonnes of direct shipped lateritematerial entirely from the Grata, Main and Extension deposits and theSipilou Sud Laterite deposit.

• Average annual production of approximately 38,627tonnes ( ”) of 26% copper concentrate and55,119 t of 13% nickel concentrate

  • Average annual nickelmetal in concentrate of approximately 7,165 tonnes per year and coppermetal in concentrate of approximately 10,043 tonnes per year

• 16 year-life of mine

• Pre-tax Net Present Value ( NPV ”) at 8% discount rate of US$463Mand internal rate of return (“ IRR ”) of 28.2%

• Post-tax NPV of US$257M andpost-tax IRR of 22.3%

• Initial c apital costs of US$338Mincluding a contingency of US$61M

• All-in sustaining cash costs 1 per pound Ni and Cu of US$4.05 / lb before by-productcredits and US$3.00 / lb after by-product credits of US$1.05 /lb

• Post-tax payback period of 3.8 years

The 2024 PEA is preliminary in nature and includesinferred mineral resources, considered too speculative in nature to becategorized as mineral reserves. Mineral resources that are notmineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convertinferred mineral resources to indicated or measured mineral resources.There is no certainty that the results of the 2024 PEA will berealized.

The 2024 PEA Demonstrates the Potential for a Long-LifeNickel-Copper Mine in Côte d’Ivoire

The Samapleu-Grata Nickel Copper Project is located inwestern Côte d’Ivoire approximately 600 km from the capital Abidjanvia paved four-lane highway to Yamoussoukro, followed by paved roadsto Daloa and Duékoué to the west and north to Man and Biankouma. Theremaining 35 km is accessed by a dirt road towards the west-northwest.The total area of the Project is approximately 835 km 2 .

Figure 1: Samapleu-Grata Nickel-Copper Project Locationin Côte d’Ivoire
Click Image To View Full Size

The Project consists of five exploration permits -PR838 (Samapleu-Est), PR839 (Samapleu-Ouest), PR300 (Zérégouiné),PR604 (Grata) and PR837 (Zoupleu). Figure 2below shows the combined exploration permit areas.

Figure 2: Samapleu-GrataNickel-Copper Project Highlighting Areas Included in the 2024 PEA andKnown Prospective Sectors for Further Exploration

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The 2024 PEA envisages a conventional open pit miningoperation with off-highway haul trucks, hydraulic excavators, andwheel loaders. The mineral resources, contained in three pits, areintended to be mined by surface operations.

The mineral processing plant is designed to process5.475 Mtpa of run-of-mine mineralized material to annually produce38,627 tonnes of a 26% copper concentrate and 55,119 tonnes of a 13%nickel concentrate.  Both concentrates will be saleable products. Nolonger is it envisioned that the Project would produce either acarbonyl nickel powder or carbonyl iron powder as set out in the 2020PEA. This eliminates the need for a refining plant with the impactmost noticeable in the reduction in sustaining capital in the 2024 PEAto US$112M (including contingency) from US$194M in 2020. The surfaceinfrastructure and processing plant would be located near the GrataDeposit open-pit mining operation.

Figure 3: Proposed Layout of Project Infrastructure

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The mineral processing plant would consist of acrushing, grinding, rougher flotation, and cleaner flotation circuit.The back end of the concentrator includes tailings and concentratethickening, concentrate filtration, and material handling.

The nickel and copper concentrates would be recoveredas separate cleaned concentrates through a conventional flotationprocess.   The tailings from the concentrator would be thickened andpumped to the Tailings Storage Facility (“ TSF ”). Reclaiming water from the TSFhas been considered in the process design to minimize freshwatermake-up to the concentrator.

Figure 4 shows the simplified version of the flow-sheetproposed for the Samapleu-Grata Nickel-Copper Project.

Figure 4: Simplified Flowsheet

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The TSF is designed to provide storage for the totalestimated volume of tailings over the 16 year life-of-mine. The TSFwould be located approximately 500 meters southwest of the plant site,adjacent to a local village and cemetery, shown on Figure 3 andconstructed from saprolite and inert waste rock from open pitdevelopment. One embankment will be constructed to establish a valleytype impoundment. The freshwater diversion dam will also beconstructed to divert freshwater from the upstream TSF catchment areadirectly to the environment. The TSF location was selected based onthe results of a scoping level options comparison for the Project.

Table 1 sets out the anticipated operating results forthe potential future mining operations at the Samapleu-GrataNickel-Copper Project.

Table 1: 2024 PEA Estimated Operating Results

Conventional Nickel and Copper Flotation underpin theMetallurgical Processes in the 2024 PEA

Over the life of mine, the Samapleu-Grata project willproduce an annual average of 36,627 tonnes of a 26% copper concentrateand 55,119 tonnes of a 13% nickel concentrate through a process plantwith a capacity of 5.475 Mtpa. No longer is it envisioned that theProject would produce either a carbonyl nickel powder or carbonyl ironpowder as set out in the 2020 PEA.

The metallurgical testwork set out in the 2020 PEAdemonstrated poor copper and nickel separation and uncertainties overthe copper recovery. The 2020 PEA also assumed no revenue for preciousmetals nor cobalt for all of these elements would have been lost tothe carbonylation residue. As a result, the 2020 PEA set out thepotential for production of carbonyl nickel powder and carbonyl ironpowder. The carbonyl process is relatively complex and novel, and soit was considered that constructing and operating the requiredrefinery in a remote mine site would raise additional technical risks.

Accordingly, when work commenced for the 2024 PEA thefocus turned to examining the potential to use more conventionalprocesses that would preserve or enhance copper and nickel recoveriesand allow revenue to be earned from the cobalt and precious metals.This conventional process is reasonably straightforward, carries alower technical risk and focuses entirely on flotation, for theproduction of separate copper and nickel concentrates which can besold directly to third parties without further on-site processing.

A 46-test flotation development program was undertakenon the Main and Grata Deposits which included multiple locked cycletests. Those tests confirmed a robust flowsheet that yielded a 26%copper concentrate at up to 91% copper recovery for the Grata Depositand 83% copper recovery for the Main Deposit along with a 13% nickelconcentrate at 67% nickel recovery for the Main Deposit and 72% forthe Grata Deposit. Additionally, approximately 50% to 60% of thecobalt floated in the nickel concentrate, while combined recoveries ofplatinum and palladium in both concentrates typically ranged from 60%to 70% with lower gold recoveries. The locked cycle nickelconcentrates typically assayed between 2% and 5% magnesium oxide andfell within specification for sale to nickel smelters. Bothconcentrates are expected to be clean with very low levels of penaltyelements such as antimony or arsenic.

Attractive Economics are Demonstrated in the 2024 PEA

The 2024 PEA outlines a potential mining operationproducing 887 kt of nickel concentrate and 621 kt of copperconcentrate over a 16-year mine life.   The LOM all-in sustainingcash costs per pound Ni and Cu are US$4.05 / lb Ni before by-productcredits, and US$3.00 / lb Cu after by-product credits of US$1.05 / lbCu.

This produces a pre-tax NPV 8 of US$463M and IRR of 28.2% with apost-tax NPV 8 of US$257Mand post-tax IRR of 22.3%. This is based on the long term metal pricesin Table 2 below.

Table 2: 2024 PEA Long-Term Metal Prices

Figure 5 shows the LOM project cumulative cash flowover its 16-year mine life. The post-tax payback period is 3.8 yearsbased on initial capital costs of US$338M including a contingency ofUS$61M.

Figure 5: LOM Cash Flows

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The components of theinitial capital cost of US$338M are shown in Table 3 below. While thisinitial capital cost is US$50M higher than the US$288M presented inthe 2020 PEA, that 17% increase in initial capital is accompanied by a19% increase in life-of-mine Ni concentrate production to 887 kt of13% Ni concentrate from 745 kt of 10.3% Ni concentrate in 2020. Also,Cu concentrate production increases 127% from 273kt of 23% Cuconcentrate in 2020 to 621kt of 26% Cu concentrate in the 2024 PEA.

Table 3. 2024 PEA Initial CapitalCost Summary

Sustaining capital is anticipated to be US$112M made up largely miningcosts (US$55.6M), tailings management (US$14.4M), reclamation andclosure costs (US$22.7M), and a US$19.2M contingency.

The Project also demonstrates the potential forcompelling operating costs with an a ll-insustaining cash cost 2 perpound Ni and Cu of US$4.05 / lb before by-product credits and US$3.00/ lb after by-product credits of US$1.05 / lb. The main components ofoperating cost are set out in Table 4.

Table 4. 2024 PEA Operating Costs Summary

The 2024 PEA is preliminary in nature and includesinferred mineral resources, considered too speculative in nature to becategorized as mineral reserves. Mineral resources that are notmineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated ormeasured mineral resources. There is no certainty that the results ofthe 2024 PEA will be realized.

The Samapleu-Grata Nickel Project is Expected to be MostSensitive to metal pricing and operating costs.

Figure 6 shows the project sensitivity to metal prices,operating cost and sustaining capital. A variation of +-10 % in metalsprices modifies the NPV by +-17% while a +-10% variation in operatingcosts varies the NPV by +- 7%.

It is also shown that a variation of +-10% insustaining capital costs will have an impact of +- 19% on the NPV.

Figure 6: Project sensitivity to metal pricing,operating costs and sustaining capitals.

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Ample Expansion Opportunities Remain to IdentifyAdditional Mineralization within the Project’s 835 km 2 Footprint

The Samapleu-Grata Nickel-Copper Project is hostedwithin the Yacouba complex, which is an ancient igneous complex thathas intruded older gneisses of the West African Craton. Mineralizationin the Yacouba complex consists predominantly of magmatic sulfidemineralization hosted in pipe-like mafic- ultramafic intrusive conduits and is comprised of pyrrhotite,pentlandite and chalcopyrite, with subordinate amounts of pyrite,platinum group minerals (PGMs) and chromite. The style ofmineralization observed within the Yacouba Complex is analogous tosome of the world’s largest Ni-Cu deposits, such as Jinchuan,Voisey’s Bay, Kabanga, Eagle, Eagle’s Nest, and Nkomati.

It is from this setting that the Yacouba complex hasyielded the Grata, Main and Extension Deposits that form the 2024 PEA.Exploration outside of these deposits by Sama has yielded numeroustargets and areas of interest, including the Yepleu, Bounta and Drabatargets.

Figure 7 shows a conceptual diagram illustrating theinterpreted geometry of the Yacouba complex along with the structuralcontrols of mineralization seen in the different deposits andexploration areas of interest.

Figure 7. Conceptual Diagram illustrating the Yacoubamafic-ultramafic intrusive complex and associated magmaticNickel-Copper-Cobalt-Platinum-Palladium mineralization.

Click Image To View Full Size

Sama geologists recognized the prospectivity of thearea in the early 2010s and commenced surface mapping and sampling inareas of limited exposure along more than 30 kilometers of strikelength. These efforts resulted in the identification of the YacoubaComplex and the magmatic sulfide mineralization at the Yepleu targetas well as the Main and Extension Deposits.

Magmatic sulfide mineralization at the Samapleu Projectcan be highly conductive where ‘semi-massive’ to ‘massive’accumulations and continuous veins are formed. Recognizing this, Samaflew an airborne electromagnetic survey in 2013 over portions of theProject area, which was further extended in 2018.  Both airborne EMsurveys confirmed the presence of highly conductive featurescoincident with the knownnickel-copper-cobalt-platinum-palladium-bearing magmatic sulfidemineralization at the Yepleu target, and at the Main and ExtensionDeposits. The EM surveys also identified multiple high conductivityanomalies in areas with limited to no surface outcrop that representedhigh priority exploration targets.

In December 2021, Sama announced positive results fromthe maiden drill program testing of the Grata blind geophysicalanomaly, reporting 6.40m grading 1.05% nickel, 1.24% copper and 0.48g/t palladium within a wider mineralized zone of 141m grading 0.38%nickel, 0.37% copper and 0.25 g/t palladium. The Grata Deposit hassince grown to a key deposit underpinning the 2024 PEA.

Similarly, the Yepleu Target was also drill testedstarting in 2018 and has demonstrated similar encouraging results inboth shallow and deep drilling. In October 2023, Sama commenced a3,800m drill program at the Yepleu Target which confirmed an area ofnear surface mineralization that is open in all directions, and whichcovers approximately 500m x 500m. The drilling program returnedpromising intercepts including:

• Drill hole S-341 intersecting a 21m thick mineralizedmagmatic pyroxenite including 2.75 m of massive sulphide at 1.02% Niand 0.56% Cu from 13m below surface;

• Drill hole S-342 intersecting a 38m thick mineralisedmagmatic pyroxenite with 4.35m of massive sulphide grading 1.58% Niand 0.65% Cu from 17 m below surface; and

• Drill hole S-349 intersecting 53m of combinedmineralization layers grading 0.29% Ni including 2.60m at 1.31% Ni and0.95% Cu.

Recently, Sama has started drill testing a geophysical target in thenorth-east corner of the property, an area called Draba.

Exploration to date has demonstrated a strongcorrelation between the conductive anomalies identified in airborneand ground-based electromagnetic surveys, which are highlighted inFigure 2, and the demonstrated mineralization defined within the 2024PEA. The presence of multiple similarly conductive untested anomaliesreflects the considerable exploration potential that remains withinthe 835 km 2 project area.Less than half of the conductive targets in Figure 2 have beenaccessed for mapping, let alone sampling or drill testing.

The Samapleu-Grata Nickel-Copper Project ComparesFavourably to other Pre-Production Nickel Projects

The Samapleu-Grata Nickel-Copper Project is apotentially commercially profitable operating open-pit operationconsisting of magmatic polymetallic sulfide mineralization withappreciable by-product metals, including copper, gold, cobalt,platinum, and palladium. The Project has a comparatively small capitalcost and favorable internal rate of return while producing competitivenickel and copper concentrates.  There is a scarcity ofadvance-staged, true, magmatic-sulfide nickel assets in the market,especially open-pit project.

Figure 8 compares the Project’s total capital andpre-tax IRR against pre-production nickel assets, including primarymagmatic sulfide deposits like Samapleu and Tamarack, as well as thebulk-tonnage low-sulfur, ultramafic-hosted deposits like Dumont andCrawford. The Samapleu-Grata Nickel-Copper Project has one of thelowest total capital costs while producing a pre-tax IRR that issecond only to the Tamarack deposit in theUnited States providing the opportunity to construct a relativelysmall, but comparably profitable polymetallic mining operation.

Figure 8. Total Capital and Pre-Tax IRR for SelectedPre-Production Nickel Deposits

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Source: S&P Capital IQ database; company reportsand presentations.

Figure 9 compares total capital against pre-tax NPV.The Project has a near 1:1 NPV/Initial Capital ratio resulting from its lower initial capital cost.

Figure 9. Initial Capital and Pre-Tax NPV for SelectedPre-Production Nickel Deposits

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Source: S&P Capital IQ database; company reportsand presentations.

Finally, the polymetallic nature of the Samapleu-GrataNickel Copper Project means that it has the potential to produce notonly a nickel concentrate, but a high quality 26% copper concentratethat is on par with the copper concentrate produced from primarycopper mines.

Figure 10 compares the copper concentrate grade of anumber of pre-production primary copper assets with copper head grades< 0.3% and which would produce copper concentrate which shows that,even though production would initially be small, the Project’scopper concentrate quality compares favourably to that which would beproduced from primary copper mines.

Figure 10. Copper Concentrate Production and Grade ofCertain Pre-Production Copper Deposits Producing CopperConcentrate

Click Image To View Full Size

Source: S&P Capital IQ database; company reportsand presentations.

2024 PEA Based on Updated February 2024 MineralResource Estimate including a Maiden Resource Estimate for the Sipilou Sud Laterite Deposit

The 2024 PEA is based on an updated Mineral ResourceEstimate (Table 6 and Table 7), which has aneffective date of March 21, 2024 and incorporates drilling carried outat the Main, Extension and Grata deposits from 2010 untilmid-2022.

Table 6. Mineral Resource Estimate for the Main,Extension and Grata Deposits at the Samapleu-Grata Nickel-CopperProject ( March 21, 2024).

Mineral Resource Statement Notes:

1. CIM definition standards werefollowed for the resource estimate.

2. The 2024 resource models usedordinary kriging (OK) grade estimation within a three-dimensionalblock model with mineralized domains defined by wireframed solids.

3. Mineral resources areconstrained within pit shells.

4. Open pit NSR cut-off of$16.34/t milled is based on the cost/tonne milled for incrementalmining, processing, G&A and sustaining capital of a WMF.

5. The NSR used for reporting isbased on the following:

1. a. Long term metal prices ofUS$8.83/lb Ni, US$3.99/lb Cu, US$1,146/oz Pt, US$1,218/oz Pd,US$1,700/oz Au, US$22.62/lb Co

2. b. Metallurgical recoveries arebased on grade recovery curves for the various elements in a copperconcentrate and nickel concentrate.

3. c. Bulk density was determined bya regression formula based on iron (Fe) for each lithology with eachdeposit.

4. d. Mining cost of US$4.08/t minedincludes saprolite removal, incremental mining by bench and sustainingcapital.

6. Saprolite material wereassigned zero grade due to the lack of metallurgical test work.

7. Mineral Resources that are notmineral reserves do not have economic viability. Numbers may not adddue to rounding.

8. The resource estimate wasprepared by Todd McCracken, P.Geo, of BBA International Inc. inaccordance with National Instrument 43-101 Standards of Disclosurefor Mineral Projects.

9. Modeling was performed usingDatamine Studio RM software, with grades estimated using ordinarykriging (OK) interpolation methodology. Samples were composited at 3.0m down hole. Assessment of the raw samples indicated a variety ofcapping levels for each element by domain and deposit. Block gradeswere estimated on a multi pass basis with a minimum and maximum numberof composites and maximum number of composites per drillhole requiredfor each estimation pass. Block size is 10 m (x) by 10 m (y) by 10 m(z) with up to three sub-blocking divisions comprising a minimum blocksize of 1.25 m (x, y, and z).

The change in the updated mineral resource model forthe Main, Extension and Grata Deposits compared to the 2023 mineralresource model is due to locating missing downhole surveys which havenow been included. This resulted in a 127%, 51% and 11% increase inthe number of surveyed holes at the Grata, Extension and Main Depositsrespectively which has allowed for a reclassification of the resource.That reclassification has resulted in an increase in indicated mineralresources to 19.4 Mt, a 29% increase over the 2023 Mineral ResourceStatement.

A maiden mineral resource estimate was also completedfor the Sipilou Sud Laterite Deposit which is physically separate fromthe sulphide deposits.

Table 7. Maiden Mineral Resource Estimate for theSipilou Sud Laterite Deposit at the Samapleu-Grata Nickel-CopperProject ( March 21, 2024).

Mineral Resource Statement Notes:

1. CIM definition standards werefollowed for the resource estimate.

2. The 2024 resource models usedordinary kriging (OK) grade estimation within a three-dimensionalblock model with mineralized domains defined by wireframed solids.

3. Mineral resources areconstrained within pit shells.

4. Open pit Ni cut-off of 1.10%is based on the cost/tonne for direct shipping of the laterite.

5. T he cut-off grade consideredused for reporting is based on the following:

• Long term metal prices of US$8.83/lb Ni and US$22.62/lbCo.

• Bulk density was determined by evaluating 1,002 samplescollected from diamond drillholes.

• Complete direct ship cost of US$38.40/wmtmined.

• Mining cost of US$4.08/t mined includes saproliteremoval, incremental mining by bench and sustaining capital.

6. Saprolite material wereassigned zero grade due to the lack of metallurgical test work.

7 . MineralResources that are not mineral reserves do not have economicviability. Numbers may not add due to rounding.

8 . Theresource estimate was prepared by Todd McCracken, P.Geo, of BBAInternational Inc. in accordance with National Instrument43-101 Standards of Disclosure for Mineral Projects .

9 . Modelingwas performed using Datamine Studio RM software, with grades estimatedusing ordinary kriging (OK) interpolation methodology. Samples werecomposited at 1.0 m down hole. Assessment of the raw samples indicateda variety of capping levels for each element by domain and deposit.Block grades were estimated on a multi pass basis with a minimum andmaximum number of composites and maximum number of composites perdrillhole required for each estimation pass. Block size is 40 m (x) by40 m (y) by 2 m (z) with up to three sub-blocking divisions comprisinga minimum block size of 10 x 10 x 0.5 meters (x, y, and z).

NATIONAL INSTRUMENT 43-101 DISCLOSURES

A technical report (the “ Technical Report ”) with respect to the Samapleu-GrataNickel-Copper Project prepared under National Instrument 43-101,including the 2024 PEA and updated Mineral Resource Statement, will befiled and available on SEDAR within 45 days from the date of this newsrelease.

For readers to fully understand the information in thisnews release, they should read the Technical Report in its entiretywhen it is filed on SEDAR, including all qualifications, assumptions,and exclusions that relate to the information to be set out in theTechnical Report. The Technical Report is intended to be read as awhole, and sections should not be read or relied upon out ofcontext.

The following companies have undertaken work inpreparing the 2024 PEA:

• BBA International Inc.

• Knight Piésold Ltd.

The independent Qualified Persons responsible forpreparing the 2024 PEA are:

• Todd McCracken, P. Geo. – BBA InternationalInc.

• Bahareh Asi, P. Eng. – BBA InternationalInc.

• Kevan Ford, M. Eng. – BBA International Inc.

• Jason Van Schie, P. Eng. – BBA InternationalInc.

• Chris Martin, C. Eng. – IndependentConsultant

• Wilson Muir, P. Eng. – Knight Piésold Ltd.

Each Qualified Person has reviewed and approved theinformation in this news release relevant to the portion of the 2024PEA for which they are responsible. By virtue of education andrelevant experience, the aforementioned are independent QualifiedPersons for the purpose of NI 43-101.

Any other scientific and technical informationcontained in this news release not related to the 2024 PEA has beenreviewed, verified, and approved by Dr. Marc-Antoine Audet, P.Geo, thePresident and Chief Executive Officer of Sama, and a Qualified Personas defined by National Instrument 43-101. Mr. Audet is not independentof Sama.

About Sama Resources Inc.

Sama is a Canadian-based, growth-oriented resourcecompany focused on exploring the Samapleu nickel-copper project inCôte d’Ivoire, West Africa. The Company is managed by experiencedindustry professionals with a strong track record of discovery. Samais committed to advancing the Samapleu-Grata Nickel-Copper Project.Sama’s projects are located approximately 600 km northwest ofAbidjan in Côte d’Ivoire and are flanked to the west by the Ivorianand Guinean borders. Sama’s projects are located adjacent to thelarge world-class nickel-cobalt laterite deposits of Sipilou andFoungouesso, forming a 125 km-long new Base Metal Camp in West Africa.Sama owns 40% interest in the Samapleu nickel-copper project in Côted’Ivoire with its joint venture partner Ivanhoe Electric owning 60%.

For more information, please visit www.samaresources.com.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combinesadvanced mineral exploration technologies with electric metalsexploration projects predominantly located in the United States.Ivanhoe Electric uses its accurate and powerful Typhoon TM geophysical surveying system,together with advanced data analytics provided by its subsidiary,Computational Geosciences Inc., to accelerate and de-risk the mineralexploration process as we seek to discover new deposits of criticalmetals that may otherwise be undetectable by traditional explorationtechnologies. Ivanhoe Electric believes the United States issignificantly underexplored and has the potential to yield major newdiscoveries of critical metals. Ivanhoe Electric’s mineralexploration efforts focus on copper as well as other metals includingnickel, vanadium, cobalt, platinum group elements, gold and silver.Through the advancement of its portfolio of electric metalsexploration projects, headlined by the Santa Cruz Copper Project inArizona and the Tintic Copper-Gold Project in Utah, as well as otherexploration projects in the United States, it intends to supportUnited States supply chain independence by finding and delivering thecritical metals necessary for the electrification of the economy.Ivanhoe Electric also operate a 50/50 joint venture with Saudi ArabianMining Company Ma’aden to explore for minerals on ~48,500km 2 of underexploredArabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com .

FOR FURTHER INFORMATION, PLEASE CONTACT:

Dr. Marc-Antoine Audet, P. Geo, President and CEO
Tel: (514) 726-4158

Mr. Matt Johnston, Vice President Corporate Development
Tel: (604) 443-3835 or (877) 792-6688, Ext. 5

Renmark Financial Communications Inc.

Bettina Filippone: bfilippone@renmarkfinancial.com

Tel: (416)-644-2020 or (212)-812-7680

www.renmarkfinancial.com

Neither the TSXV nor its Regulation Services Provider(as that term is defined in the policies of the TSXV) acceptsresponsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain of the statements made and informationcontained herein are "forward-looking statements" or“forward-looking information” within the meaning of Canadiansecurities legislation. Forward-looking statements and forward-lookinginformation such as “will”, could”, “expect”,“estimate”, “evidence”, “potential”, “appears”,“seems”, “suggest”, are subject to a variety of risks anduncertainties which could cause actual events or results to differfrom those reflected in the forward-looking statements orforward-looking information, including, without limitation, theability of the company to convert resources in reserves, its abilityto see through the next phase of development on the project, itsability to produce a pre-feasibility study or a feasibility studyregarding the project, its ability to execute on its development plansin terms of metallurgy or exploration, the availability of financingfor activities, risks and uncertainties relating to the interpretationof drill results and the estimation of mineral resources and reserves,the geology, grade and continuity of mineral deposits, the possibilitythat future exploration, development or mining results will not beconsistent with the Company's expectations, metal price fluctuations,environmental and regulatory requirements, availability of permits,escalating costs of remediation and mitigation, risk of title loss,the effects of accidents, equipment breakdowns, labour disputes orother unanticipated difficulties with or interruptions in explorationor development, the potential for delays in exploration or developmentactivities, the inherent uncertainty of cost estimates and thepotential for unexpected costs and expenses, commodity pricefluctuations, currency fluctuations, expectations and beliefs ofmanagement and other risks and uncertainties.

Forward-looking statements and forward-lookinginformation are based on various assumptions. Should one or more ofthese risks and uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose described in forward-looking information or forward-lookingstatements. Accordingly, readers are advised not to place unduereliance on forward-looking statements or forward-looking information.

In addition, all of the results of the 2024 PEAconstitute forward-looking statements or information and includefuture estimates of internal rates of return, net present value,future production, estimates of cash cost, proposed mining plans andmethods, mine life estimates, cash flow forecasts, metal recoveries,and estimates of capital and operating costs.

Except as required under applicable securitieslegislation, the Company undertakes no obligation to publicly updateor revise forward-looking statements or forward-looking information,whether as a result of new information, future events orotherwise.

The PEA completed for the Company is preliminary innature and includes inferred mineral resources, considered toospeculative in nature to be categorized as mineral reserves. Mineralresources that are not mineral reserves have not demonstrated economicviability.  Additional trenching and/or drilling will be required toconvert inferred mineral resources to indicated or measured mineralresources. There is no certainty that theresources development, production, and economic forecasts on whichthis PEA is based will be realized.

1 AISC includes alloperating costs, treatment and refining charges, sustaining capitaland closure costs.

2 AISC includes all operating costs, treatment and refiningcharges, sustaining capital and closure costs.

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