Temas Resources Posts CAD 2.63 Million Loss, Raises $1.5 Million, Launches New Patents

Financial Performance and Capital Raise

Temas Resources Corp (ASX:TIO) recorded a net loss of CAD 2.63 million for the six months ended June 30, 2026, more than doubling the prior year’s loss of CAD 991,695. The increase was primarily due to a significant ramp-up in exploration expenditures, up to CAD 1.72 million from just CAD 40,498 in H1 2025, and higher consulting fees linked to the development of its Regenerative Chloride Leaching (RCL) technology.

Despite the loss, Temas bolstered its cash position with a non-brokered flow-through private placement in April 2026, raising CAD 1.5 million through the issuance of 8.33 million shares at $0.18 each. As of June 30, 2026, the company held CAD 3.39 million in cash and maintained a working capital surplus of CAD 2.04 million, down from CAD 4.7 million and CAD 3.25 million respectively at the end of 2025. The board acknowledges a material uncertainty regarding the company’s ability to continue as a going concern without further funding by Q4 2026, but remains confident based on historical capital raises and cost management.

RCL Technology Gains Traction with First Revenues and New Patents

Temas marked a milestone by generating its first revenue, CAD 59,681, from licensing its proprietary RCL mineral extraction technology during H1 2026. The company signed three contracts for metallurgical testing services on third-party mining projects, including a letter of intent with a 3 million ounce gold project to test RCL on polymetallic ore.

July 2026 saw Temas complete an independent stage 1 metallurgical validation program for Saga Metals Corp, achieving titanium recoveries up to 90.8%, iron up to 91.5%, and vanadium up to 97.4%. These results surpassed program objectives and pave the way for detailed bench optimisation and pilot-scale demonstration. This validation further confirms the versatility of the RCL platform across multiple titanium-bearing feedstocks, supporting future licensing and joint ventures.

The company also initiated new patent filings in July covering vanadium and chromium extraction via its mixed chloride leaching process, expanding its intellectual property portfolio to 13 patents. These filings aim to protect and commercialise RCL technology across key jurisdictions including the USA, Canada, and Europe, reinforcing Temas’s ambitions in the critical minerals space.

Exploration Progress at Quebec Properties

Temas’s mineral properties in Quebec, La Blache, DAB, and Lac Brule, continue to show promise. The 2025 drill program at La Blache delivered thick, high-grade mineralisation with significant concentrations of iron, titanium, vanadium, and critical metals gallium, scandium, and chromium. Assays from nine holes confirmed intercepts such as 73m at 83.7% Fe2O3 + TiO2 with 0.46% V2O5 and elevated gallium and scandium levels.

Re-assaying of historic 2022 drill core during H1 2026 revealed material uplifts in critical metal grades, vanadium pentoxide increased by 24%, chromium by 48%, gallium by 12%, and scandium by 10%, while iron and titanium grades remained consistent. This re-assay program not only validates the scale and quality of the deposit but is expected to save the company approximately CAD 40 million in drilling costs and several years of development time.

Temas is also commissioning its Technology Research and Development Centre (TRDC) metallurgical laboratory in Rockwood, Ontario, which is expected to be fully operational by summer 2026. The TRDC will support pilot-scale testing and optimisation of the RCL process using 13 tonnes of La Blache drill core material, underpinning the commercialisation pathway.

Corporate Developments and Governance

In January 2026, Temas appointed Nic Matich as a non-executive director to bolster investor relations and business development efforts, particularly in Australia. Concurrently, David Robinson stepped down from the board but remains as chief financial officer, ensuring continuity in financial leadership.

To accelerate RCL commercialisation, Temas formed a scientific advisory board comprising leading hydrometallurgical experts, including COO David Caldwell and Chief Metallurgist Daniel Dutton. This board will guide technical strategy, evaluate third-party mineral deposits, and support licensing and joint venture opportunities.

Investor relations transitioned from JMM to Vector Advisors in May 2026, aiming to strengthen strategic communications and reputation management across Australian and international markets.