Spark Energy Minerals Inc. press release

Spark Defines a 21 km2 Rare Earth Target at Boa Vista, Nearly Three Times the Cruzeta Footprint and Anchored by Drilling

2026-11-03

CSE - Canadian National Stock Exchange · Lithium · Rare Earth Elements · Gallium · Tin · Cesium · Tantalum · Niobium · Rubidium · Manganese · Beryllium · Canada · Drill Results

Catchment analysis joins the anomalous drainages of Boa Vista into one target of 21.3 km² along a 13 km trend, wrapped around the five mineralized maiden holes; new sample ARA-SS-394 returns 4,356 ppm TREO; RC drilling starts beside the maiden holes

Vancouver, British Columbia--(Newsfile Corp. - November 3, 2026) - Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) (FSE: 8PC) ("Spark" or the "Company")reports the complete stream-sediment and rock-chip dataset of the Boa Vista area, within its 100% owned Arapaima Project in Minas Gerais, Brazil, with 37 samples reported for the first time, and the catchment analysis that turns the dataset into one target of 21.3 km², around the holes that have already intersected the rare earth zone, with a drilling program sized to it.

Highlights

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A 21.3 km² target, 13 km long. The anomalous drainages of Boa Vista join into one target within the Company's 100% owned mineral rights (Table 3, Figure 1).

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Anchored by drilling. The five maiden RC holes sit inside the target: all five returned gallium from surface and intersected the rare earth zone, with composites of 1,188 to 1,565 ppm TREO; ARA-RC-032, at the target's south-eastern edge, returned 34 m at 776 ppm TREO from 4 m.

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The best samples at Arapaima are inside it. The 1.0% TREO stream sediment, the 1.54% TREO soil and the new 4,356 ppm TREO stream sediment ARA-SS-394 (22.1% MREO/TREO), all within 2 to 6.5 km of the maiden holes.

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Nearly three times the Cruzeta footprint. The 36 Cruzeta holes, every one mineralized, lie within 4.3 km by 1.8 km (7.8 km²); the Boa Vista target covers 21.3 km², and Boa Vista South alone (13.5 km²) is larger than that footprint.

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25 of the 37 new samples are anomalous, eight above 1,000 ppm TREO; across the area, 33 of the 53 stream sediments exceed 500 ppm TREO.

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Drilling next. About 35 first-pass RC holes on 400 m centres, the first beside the maiden holes in Boa Vista South, then Boa Vista North.

Comment from the CEO

"Rare earths are the quiet dependency of modern industry. China mines about 60% of them and refines more than 80% of the magnet rare earths, and since April 2025 it has required export licences for the medium and heavy rare earths, among them dysprosium, terbium and yttrium, the elements that make a magnet work at temperature. Any manufacturer or government that wants supply from outside China needs new deposits in stable jurisdictions, found now, because the average mine takes more than fifteen years from discovery to production. That is what Spark offers: an option on rare earth and gallium supply from outside China, in Brazil, 100% owned, with no royalty, in a district with power, a federal highway and a railhead to port. With this release we stop talking about samples and start talking about a target. Every drainage sample now has a catchment, every catchment has an area, and the anomalous catchments join into one target that we can measure: 21 square kilometres along 13 kilometres of the Caladão Granite, with our five maiden holes inside it. At Cruzeta, 36 holes across 4.3 km by 1.8 km have given us a footprint that is already significant. Boa Vista is substantially bigger: nearly three times that footprint, with anomalous samples at both ends of the trend. That is a new, large target area for RC drilling, and it starts beside holes that have already intersected the zone. The first holes go into the south-western part, where the best stream sediment and the best soil we have ever collected sit two kilometres from the maiden holes; the north-eastern part, with the strongest new sample, is drilled next. A stream sediment does not make a deposit, but a map of where the rare earths come from tells a geologist where to drill," said Dr. Fernando Tallarico, P.Geo., FSEG, Chief Executive Officer and Chairman.

Boa Vista: the Complete Stream-Sediment and Rock-Chip Dataset

The Boa Vista area lies 7 to 8 km south of Cruzeta (Figure 1). Five maiden RC holes on the plateau at its centre, Boa Vista Central, reported on August 27, 2026, returned gallium from surface in every hole and a rare earth zone starting 20 to 32 m below the plateau surface, with composites of 1,188 to 1,565 ppm TREO and 17.3% to 23.4% MREO/TREO. The hole ARA-RC-032, 5.2 km south-east of the maiden holes, reported on October 27, 2026, returned 34 m at 776 ppm TREO from 4 m, including 2 m at 1,054 ppm, and 12 m at 60.0 g/t Ga₂O₃ from surface. The rare earth results of 81 soils collected along the access routes were reported on October 23, 2026: 40 exceeded 500 ppm TREO, led by ARA-SL-219 at 1.54% TREO with 35.3% MREO/TREO.

This news release completes the surface dataset of the area. Of the 53 stream-sediment and eight rock-chip samples collected within the Company's mineral rights, 24 had been tabled before (selected results on September 24, 2026, and the 2025 batch on October 17, 2025) and 37 are reported here for the first time (35 stream sediments and two rock chips). All 61 are listed in Appendix Tables A1 and A2 with their coordinates, catchment areas and mineral rights. Across the full stream-sediment dataset, 33 of the 53 samples exceed 500 ppm TREO and 15 exceed 1,000 ppm; seven of the eight rock chips exceed 500 ppm.

The two rock chips reported here are in-place material. ARA-CR-191, a saprolite with feldspar and biotite in Boa Vista North, returned 1,644 ppm TREO with 26.4% MREO/TREO and 68 ppm Y₂O₃. ARA-CR-195, a grab sample of Caladão Granite 1.7 km west of the 1.54% TREO soil ARA-SL-219, returned 967 ppm TREO with 24.9% MREO/TREO and 86 ppm Y₂O₃, a magnet share higher than the soils and drill composites and in line with the primary enrichment proposed for the granite at the Cruzeta road cut (October 8, 2026).

From Samples to One Target: the Catchment Analysis

A stream sediment integrates the material eroded from its upstream catchment, so its source lies somewhere inside that catchment. To turn the dataset into a target, the Company delineated the upstream catchment of every stream-sediment site by flow routing on the 12.5 m ALOS PALSAR elevation model (each site snapped to the nearest channel; catchments traced by the D8 method after pit and depression filling). The catchments of the 33 samples at 500 ppm TREO or more were then examined together: the part of a catchment that lies upstream of a sample below 500 ppm was excluded, catchments on trunk streams (larger than 5 km²) were set aside, and the remaining 31 anomalous catchments were grouped wherever they adjoin, that is, wherever they share a drainage divide or are separated only by a valley floor. The groups were clipped to the Company's mineral rights.

The result is one target. 28 of the 31 anomalous catchments adjoin one another and form two groups along the same north-east trend: a south-western group of 11 catchments, 13.5 km², around and south of the drilled plateau (Boa Vista South), and a north-eastern group of 17 catchments, 7.8 km² (Boa Vista North). Together they make up the Boa Vista target, 21.3 km² (Table 3, Figure 1). The two parts are separated by 3 km of the lateritic plateau and its northern drainages, where the sampled streams are below 500 ppm except ARA-SS-259 (705 ppm) and ARA-SS-262 (853 ppm), each a single catchment that adjoins no other anomalous catchment and is therefore not included in the outline; ARA-SS-390 (988 ppm), a third single catchment, lies at the southern edge of Boa Vista North. The target has the same geology throughout: weathered porphyritic granite of the Caladão Unit, in places under remnants of the lateritic plateau cover.

[](https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_002full.jpg)

Figure 1. The Boa Vista target (dark red outline, 21.3 km² in two parts) with the 53 stream-sediment (circles) and eight rock-chip samples (triangles) classed by TREO, the catchment of every stream sediment at 500 ppm TREO or more (outline in the colour of its class; trunk streams above 5 km² not outlined), the 13.0 km trend from ARA-SS-270 to ARA-SS-404, the publicly reported RC drill holes, the drilled footprint of the 36 Cruzeta holes (dashed rectangle, 4.3 km by 1.8 km) and the soils of October 23, 2026 at 500 ppm TREO or more (open green squares), on the Company's geology compilation draped on shaded relief, with drainage, faults and the 100% owned mineral rights (ANM process numbers). Labels: sample number and TREO (ppm) at 1,000 ppm or more; previously reported samples carry a grey outline.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_002full.jpg

The scale of the target is the point of the analysis. It runs for 13.0 km from ARA-SS-270 at its south-western tip to ARA-SS-404 at its north-eastern tip and spans up to 7 km across the trend; its two parts measure 7.5 km by 4.3 km and 6.5 km by 5.2 km. For comparison, the 36 holes at Cruzeta East and West lie within a footprint of about 4.3 km by 1.8 km, 7.8 km², and every one of them intersected a main interval at 500 ppm TREO or more. The Boa Vista target covers nearly three times that area, and Boa Vista South alone, at 13.5 km², is 1.7 times it. An area of anomalous drainage is not a mineralized area; it is the ground to be tested, and the test program below is sized to it.

Table 3. The Boa Vista target defined by the catchment analysis, and its two parts.

| Target and parts | Area (km²) | Extent (km) | Anomalous catchments (new samples) | Best sample, TREO (ppm) | MREO/TREO (%) | Mineral rights (ANM process) | Test | | Boa Vista South (south-western part) | 13.5 | 7.5 × 4.3 | 11 (4 new) | ARA-SS-271, 10,036 (Sep 24, 2026) | 20.1 | 830.191/2023; 830.192/2023; 831.922/2024 | The first RC holes of the next campaign, beside the maiden holes | | Boa Vista North (north-eastern part) | 7.8 | 6.5 × 5.2 | 17 (17 new) | ARA-SS-394, 4,356 (this release) | 18.8 | 830.189/2023; 830.190/2023 | RC holes on 400 m centres, after Boa Vista South | | Boa Vista target | 21.3 | 13.0 (ARA-SS-270 to ARA-SS-404) | 28 (21 new) | ARA-SS-271, 10,036 | 19.5 | Five processes, 100% beneficial interest, no royalty | About 35 first-pass RC holes, about 1,750 m |

Area is the area of the outline as drawn in Figure 1 (the envelope of the adjoining anomalous catchments, clipped to the Company's mineral rights); the catchments themselves cover 17.7 km² of the outline (11.8 km² in Boa Vista South and 5.9 km² in Boa Vista North), the balance being the ground between adjoining catchments that the envelope encloses, and 2.2 km² of the Boa Vista North catchments that lie outside the mineral rights are excluded. Extent is the east-west by north-south size of each part and, for the target, the distance between the samples at its two tips, ARA-SS-270 and ARA-SS-404 (the outline itself is 13.7 km long along the trend). Anomalous catchments are those of stream sediments at 500 ppm TREO or more, excluding trunk streams; 3 single anomalous catchments (ARA-SS-259, -262 and -390) lie outside the outline. MREO/TREO is the ratio of the summed grades of the stream sediments. Mineral rights per the ANM SIGMINE polygons of October 27, 2026. First-pass RC holes are about 50 m deep on 400 m centres, subject to financing, access and the required permits. For comparison, the 36 Cruzeta East and West holes lie within about 4.3 km by 1.8 km (7.8 km²; the rectangle in Figure 1). The target is an area for further exploration, not an exploration target within the meaning of NI 43-101: no quantity or grade is implied (see Cautionary Statements).

The Target from South-west to North-east

Boa Vista South, the south-western part (13.5 km², 7.5 km east-west by 4.3 km north-south), wraps around the plateau drilled by the five maiden holes: it begins at the collars, extends 3.4 km west and 3.3 km south of them, and continues south-east along the slopes below the plateau to within 1 km of ARA-RC-032 (Figure 2). Seven catchments drain the southern and western slopes: ARA-SS-271 (10,036 ppm TREO, 22.4% MREO/TREO, 2,178 ppm NdPr; catchment 1.7 km², 2.2 km south of the collars), ARA-SS-270 (2,106 ppm, at the south-western tip of the target), ARA-SS-266 (1,690 ppm; 3.1 km²), ARA-SS-269 (1,665 ppm; 2.2 km²), ARA-SS-272 (1,610 ppm), ARA-SS-267 (1,172 ppm; 0.4 km², the catchment that adjoins the collars) and the new sample ARA-SS-363 (532 ppm). Four more drain the south-eastern slopes towards ARA-RC-032: ARA-SS-365 (2,651 ppm, reported on September 24, 2026; 2.4 km²), the new samples ARA-SS-368 (1,532 ppm, 23.1% MREO/TREO; 1.3 km²), ARA-SS-375 (709 ppm, 1.2 km from ARA-RC-032) and ARA-SS-364 (569 ppm) (Table 2). The magnet share of the eleven samples is 20.1% MREO/TREO as a ratio of sums, within the range of the drill composites on the plateau (17.3% to 23.4%).

[](https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_003full.jpg)

Figure 2. Boa Vista South and Boa Vista Central, the south-western part of the target: stream-sediment and rock-chip samples (circles and triangles) and the soils of October 23, 2026 (squares), all classed by TREO and labelled with their number and grade, the five maiden RC holes and ARA-RC-032, the catchments of the stream sediments at 500 ppm TREO or more (outline in the colour of their class) and below 500 ppm (grey dotted), and the target outline (dark red), on the geology, shaded relief and mineral rights of Figure 1.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_003full.jpg

The same ground holds the three strongest soils of the October 23, 2026 release, ARA-SL-218, -219 and -220, including the 1.54% TREO soil 2.0 km west of the collars, and, in it and at its edge, the rock chips ARA-CR-156 (1,218 ppm; porphyritic granite with amphibole), ARA-CR-189 (1,331 ppm; kaolin blocks) and ARA-CR-240 (944 ppm; charnockite), all tabled on September 24, 2026. Where the drainage north of the plateau was sampled (ARA-SS-258, -260, -261, -263 and -264), the results are below 500 ppm; the anomaly is confined to the southern, western and south-eastern slopes, where the valleys cut below the gallium-rich upper horizon into the rare earth zone intersected at 20 to 32 m in the maiden holes and from 4 m in ARA-RC-032. The Company interprets Boa Vista South as the surface expression of that zone on the slopes around the plateau, and it is the first place where the next holes will be sited where the zone is exposed, as announced on October 23, 2026. West of it, the trunk sample ARA-SS-362 (1,084 ppm, 18.3% MREO/TREO) shows that the anomaly is carried downstream, and the Caladão Granite grab sample ARA-CR-195 (967 ppm) gives the primary rare earth content of the fresh rock 1.7 km west of ARA-SL-219.

Table 2. Boa Vista South and the drainages west of it: new samples at 500 ppm TREO or more.

| Sample | Medium | Catchment (km²) | TREO (ppm) | MREO/TREO (%) | NdPr (ppm) | Y₂O₃ (ppm) | Ga₂O₃ (g/t) | | ARA-SS-368 | stream sediment, primary drainage | 1.28 | 1,532 | 23.1 | 339 | 44 | 47.0 | | ARA-SS-362 | stream sediment, secondary drainage | 43 (trunk) | 1,084 | 18.3 | 187 | 45 | 52.4 | | ARA-CR-195 | rock chip, Caladão Granite (grab) | n/a | 967 | 24.9 | 221 | 86 | 26.9 | | ARA-SS-375 | stream sediment, primary drainage | 0.01 | 709 | 22.5 | 151 | 30 | 12.1 | | ARA-SS-364 | stream sediment, primary drainage | 0.28 | 569 | 21.8 | 120 | 15 | 21.5 | | ARA-SS-363 | stream sediment, primary drainage | 0.76 | 532 | 19.0 | 91 | 50 | 43.0 |

Catchment is the area upstream of the sample site on the 12.5 m elevation model. ARA-SS-368 and ARA-SS-375 lie 2.3 km and 1.2 km from ARA-RC-032 on the south-eastern slopes; ARA-SS-363 and -364 are in the south-western and south-eastern catchments of Boa Vista South; ARA-SS-362 is on the trunk stream west of the target (catchment 43 km², not part of the outline); ARA-CR-195 is a grab sample of Caladão Granite 1.7 km west of ARA-SL-219. MREO/TREO is the magnet rare earth share of TREO; NdPr is Nd₂O₃ + Pr₆O₁₁. Individual surface samples; not drill intervals. Rock chips are selective samples and may not be representative.

Boa Vista North, the north-eastern part (7.8 km², 6.5 km east-west by 5.2 km north-south), lies 4 to 10 km north-east of the maiden holes and 2 to 3 km east of the lateritic plateau (Figure 3). It is defined by 17 adjoining catchments, every one reported here for the first time (Table 1). The strongest are four first-order tributaries on the western flank of a north-flowing valley, 948 to 4,356 ppm TREO: ARA-SS-394 (4,356 ppm, 22.1% MREO/TREO, 928 ppm NdPr, 106 ppm Y₂O₃; catchment 0.46 km²), ARA-SS-393 (1,427 ppm, 22.8%; 0.09 km²), ARA-SS-395 (1,076 ppm; 0.47 km²) and ARA-SS-391 (948 ppm, 20.1%; 0.64 km²). On the eastern flank and at the northern end of the valley, ARA-SS-402 (1,446 ppm; 0.65 km², of which the 0.29 km² upstream of ARA-SS-403 at 397 ppm is excluded), ARA-SS-404 (1,117 ppm; 0.86 km², the north-eastern tip of the target), ARA-SS-392 (763 ppm), ARA-SS-385 (679 ppm) and ARA-SS-397 (560 ppm) continue the anomaly, and ARA-SS-406 (578 ppm) and ARA-SS-398 (507 ppm) extend it further east. South-west of the valley, a string of six small catchments, ARA-SS-382 to -384, -388, -400 and -401 (518 to 921 ppm; with the single catchment ARA-SS-390 at 988 ppm beside them), completes the part; these six and ARA-SS-390 have a lower magnet share (14.2% MREO/TREO as a ratio of sums; 15.9% for the six alone) and niobium to 501 ppm Nb₂O₅, the signature the Company associates with drainage of the gallium-rich upper horizon rather than of the rare earth zone; the first holes in Boa Vista North will therefore go to the flanks of the valley around ARA-SS-394, not to these six catchments. Because the anomalous catchments sit on both sides of the valley and share divides, the source is not a single point but the weathered granite of the whole part.

[](https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_004full.jpg)

Figure 3. Boa Vista North, the north-eastern part of the target: stream-sediment and rock-chip samples of this news release (circles and triangles) and the soils of October 23, 2026 (squares), all classed by TREO and labelled with their number and grade, the catchments of the stream sediments at 500 ppm TREO or more (outline in the colour of their class) and below 500 ppm (grey dotted), and the target outline (dark red), on the geology, shaded relief and mineral rights of Figure 1.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10093/322100_1efc1d7d44c0eaea_004full.jpg

Two other media agree. The saprolite sample ARA-CR-191, collected inside the catchment of ARA-SS-394, 300 m south-west of the site, returned 1,644 ppm TREO with 26.4% MREO/TREO, and the soils collected along the valley floor in the February 2025 reconnaissance and reported on October 23, 2026, ARA-SL-080 (3,047 ppm), -083 (2,387 ppm), -084 (2,127 ppm), -082 (1,370 ppm) and -081 (1,029 ppm), lie in the valley floor between the catchments of ARA-SS-393, -394 and -392, immediately beside the outline, with ARA-SL-079 (1,971 ppm) and -157 (1,853 ppm) 2.5 km to the east. The magnet share of the 17 stream sediments is 18.8% MREO/TREO as a ratio of sums (20.4% for the four western-flank tributaries, 19.5% with the saprolite sample), the same range as Boa Vista South and the drill composites. The Company interprets Boa Vista North as a second exposure of the rare earth zone, cut by the valley in the same way that the road cut exposes it at Cruzeta and the slopes expose it at Boa Vista South.

Table 1. Boa Vista North: the stream sediments at 500 ppm TREO or more and the saprolite sample, all reported in this news release.

| Sample | Medium | Catchment (km²) | TREO (ppm) | MREO/TREO (%) | NdPr (ppm) | Y₂O₃ (ppm) | Ga₂O₃ (g/t) | | ARA-SS-394 | stream sediment, primary drainage | 0.46 | 4,356 | 22.1 | 928 | 106 | 44.4 | | ARA-CR-191 | rock chip, saprolite with feldspar and biotite | n/a | 1,644 | 26.4 | 414 | 68 | 43.0 | | ARA-SS-402 | stream sediment, secondary drainage | 0.65 | 1,446 | 18.4 | 258 | 29 | 55.1 | | ARA-SS-393 | stream sediment, primary drainage | 0.09 | 1,427 | 22.8 | 313 | 40 | 41.7 | | ARA-SS-404 | stream sediment, primary drainage | 0.86 | 1,117 | 22.8 | 241 | 49 | 55.1 | | ARA-SS-395 | stream sediment, secondary drainage | 0.47 | 1,076 | 10.7 | 111 | 16 | 61.8 | | ARA-SS-390 | stream sediment, primary drainage | 0.08 (single) | 988 | 7.0 | 66 | 10 | 63.2 | | ARA-SS-391 | stream sediment, primary drainage | 0.64 | 948 | 20.1 | 182 | 32 | 25.5 | | ARA-SS-400 | stream sediment, primary drainage | 0.37 | 921 | 14.3 | 123 | 31 | 36.3 | | ARA-SS-388 | stream sediment, primary drainage | 0.17 | 839 | 14.4 | 114 | 27 | 45.7 | | ARA-SS-392 | stream sediment, primary drainage | 0.56 | 763 | 18.4 | 134 | 19 | 28.2 | | ARA-SS-401 | stream sediment, primary drainage | 0.25 | 682 | 13.1 | 83 | 28 | 40.3 | | ARA-SS-385 | stream sediment, primary drainage | 0.37 | 679 | 14.0 | 91 | 16 | 40.3 | | ARA-SS-383 | stream sediment, secondary drainage | 0.32 | 641 | 20.7 | 127 | 19 | 36.3 | | ARA-SS-406 | stream sediment, primary drainage | 0.14 | 578 | 21.9 | 120 | 23 | 34.9 | | ARA-SS-397 | stream sediment, secondary drainage | 1.66 | 560 | 13.5 | 71 | 17 | 52.4 | | ARA-SS-384 | stream sediment, primary drainage | 0.10 | 560 | 18.8 | 101 | 16 | 20.2 | | ARA-SS-382 | stream sediment, primary drainage | 0.33 | 518 | 15.5 | 76 | 18 | 32.3 | | ARA-SS-398 | stream sediment, primary drainage | 1.55 | 507 | 19.7 | 94 | 21 | 59.1 |