Oceana Metals Completes Serra Negra Rare Earth Acquisition as Four Drill Rigs Advance First Resource

Highlights

• Oceana Metals acquired 100% of Songeo Mineração, securing the Serra Negra carbonatite project in Minas Gerais with four rigs drilling toward a maiden resource estimate.
• The deal cost US$2.95 million plus shares and carries up to US$2.25 million in milestone payments, a 3.5% net smelter royalty, and unresolved Brazilian mineral title amendments.
• Historical drilling returned 50 meters at 4.0% TREO, but no independent resource, NdPr grades, or metallurgical recovery rates have been established.
• Serra Negra's strategic value for Western supply chains depends on whether its minerals can be economically separated and refined outside Chinese-controlled processing.
• Oceana's share price fell roughly 27% after the transaction closed, and further dilution risk remains with 250.94 million shares now outstanding.