Highlights

  • Re-assays completed on 648 historical pulps from the 2022 La Blache drilling campaign.
  • Vanadium grades increased by approximately 23.9% across matched intervals.
  • Chromium grades increased by approximately 48.2%.
  • Gallium and scandium grades improved by approximately 12.3% and 9.3% respectively.
  • Largest intercept reported: 88.1m at 86.5% Fe2O3 + TiO2 with 0.40% V2O5 in hole LB-22-07.
  • Updated dataset expected to support future resource modelling and metallurgical testwork for the Company’s Regenerative Chloride Leach (RCL) technology.

Temas Resources Corp (ASX:TIO) (CSE:TMAS) (OTCQB:TMASF) (FSE:26P0) shares attracted investor attention on 11 May 2026 after the Company announced the results of a re-assay programme completed on historical drill pulps from the Farrell-Taylor area of the La Blache iron-titanium-vanadium project in Québec, Canada.

The Company did not drill new holes. Instead, it re-analysed 648 historical pulps generated from its 2022 diamond drilling campaign using a different laboratory methodology designed to better dissolve refractory oxide-hosted minerals. The updated analytical process used ALS fused-bead digestion methods — ME-ICP06 for major oxides and ME-MS81 for trace elements — replacing the earlier four-acid digestion method used in 2022.

According to Temas, the revised analytical method produced materially higher grades for several critical minerals. Across 684 matched sample intervals covering approximately 690.5 metres, the updated assays showed length-weighted increases of:

  • approximately 23.9% in V2O5
  • 48.2% in chromium
  • 12.3% in gallium
  • 9.3% in scandium

Titanium dioxide and iron oxide grades remained broadly unchanged, which is consistent with the fact that those major oxides were already analysed using fused-bead digestion methods in the original programme.

Why the announcement matters

The update is significant because assay quality directly affects the economic interpretation of critical minerals projects. Temas argues that the original 2022 four-acid digestion method systematically under-reported trace metals hosted in titaniferous magnetite-ilmenite systems because refractory oxide minerals were not fully dissolved during testing.

The newer fused-bead digestion method is regarded as closer to total digestion for these mineral types, meaning the revised numbers may provide a more accurate representation of the in-situ metal content already identified by drilling.

Importantly, this does not mean the Company discovered new mineralisation or increased the physical size of the deposit. The rock itself has not changed. What changed is the analytical process used to measure the trace-element concentrations inside that rock.

For Temas, the practical value lies in generating a more internally consistent dataset that can be used in:

  • future mineral resource estimation
  • metallurgical recovery modelling
  • by-product evaluation
  • process design optimisation for the Company’s proprietary RCL technology

Key drill intercepts

Among the standout intercepts disclosed in the announcement were:

  • LB-22-07: 88.1m at 86.5% Fe2O3 + TiO2, 0.40% V2O5, 1,275 ppm chromium, 60 g/t gallium and 18 ppm scandium from 180m
  • LB-22-09: 83.0m at 86.8% Fe2O3 + TiO2, 0.46% V2O5, 1,569 ppm chromium, 62 g/t gallium and 19 ppm scandium from 281m
  • LB-22-06: 66.2m at 84.8% Fe2O3 + TiO2, 0.50% V2O5, 1,499 ppm chromium, 63 g/t gallium and 20 ppm scandium from 181.5m

All holes were vertical NQ diamond core holes, with reported intervals representing downhole widths rather than true widths. The Company estimates true thicknesses are approximately 94% of downhole length based on geological interpretation.

Strategic context

Temas Resources is positioning itself as both a critical minerals exploration company and a processing technology company.

Its key Assets include the 100%-owned La Blache and Lac Brûlé titanium-vanadium-iron projects in Québec. Alongside the mineral assets, the Company is developing its patented Regenerative Chloride Leach (RCL) hydrometallurgical platform, which management says could materially reduce processing costs and environmental intensity compared with conventional methods.

The Company stated that a previous pilot-scale test using approximately one tonne of La Blache material produced 99.8% pure TiO2 commercial-grade product.

The upgraded vanadium, gallium and scandium dataset could become strategically important if Temas can demonstrate economically viable recovery pathways for these by-products at larger scale. Gallium and scandium are both classified as critical minerals in multiple Western jurisdictions because of their use in semiconductors, defence technologies and advanced alloys.

Corporate updates also included

Alongside the technical update, Temas disclosed a new Investor relations agreement with GRA Enterprises LLC, trading as National Inflation Association (NIA).

The engagement is structured as:

  • US$50,000 for an initial three-month term
  • optional nine-month extension for an additional US$100,000
  • no shares or Options issued as compensation

The Company also confirmed it will revert to quarterly financial reporting in Canada following its ASX listing, as it no longer qualifies for a blanket reporting exemption under Canadian securities rules.

Risks and missing information

While the re-assay programme improves the quality of the geochemical dataset, several important uncertainties remain.

The announcement does not:

  • define a JORC Mineral Resource
  • provide reserve estimates
  • disclose a mine plan
  • quantify project Economics
  • disclose updated metallurgical recovery assumptions for vanadium, gallium or scandium
  • provide timing or budget guidance for the next drilling programme

The enhanced grades also remain dependent on successful commercial-scale recovery through the RCL process, which has only been disclosed at pilot scale so far.

Funding risk is another important consideration. Temas remains a pre-resource critical minerals explorer pursuing both exploration and proprietary processing technology development, which can require substantial Capital over time.

Investors should also distinguish between a genuine geological discovery and a methodology-driven upgrade. The higher reported grades largely reflect a more complete analytical digestion process rather than new drilling success.

Investor takeaway

This announcement represents a technically credible improvement to the geochemical understanding of the Farrell-Taylor zone at La Blache rather than a new mineral discovery.

The updated assay methodology materially increases reported vanadium, chromium, gallium and scandium grades across historical drill intervals and strengthens the dataset for future resource modelling and metallurgical work. The broad Fe-Ti oxide intercepts remain substantial, and the improved trace-metal data may enhance the project’s strategic relevance within the critical minerals sector.

However, the project remains at an early stage. Resource definition, metallurgical scale-up, permitting, funding requirements and long-term commercial viability all remain unresolved. Investors will likely focus next on whether Temas can translate the upgraded assay dataset into a formal resource estimate, additional drilling success, and economically viable metallurgical recoveries using its RCL technology.

This report is provided for information only and does not constitute financial product advice or a recommendation to buy, sell or hold securities. Investors should consider their own circumstances and obtain professional advice before making Investment decisions.