Brazil Critical Minerals Portfolio

Arapaima
at the Core

Spark’s flagship Arapaima Project in Brazil's Lithium Valley spans approximately 91,900 hectares
where drilling has reported rare earth mineralization and gallium from surface.

Arapaima · Exploration Results

The Cruzeta Record

Selected drilling results from Cruzeta are summarized below.

Cruzeta target map showing the eastern and western target areas and Spark's interpreted July 2026 mineralized footprint — Figure 1 from Spark’s July 22, 2026 news release shows the eastern and western areas of the Cruzeta target and Spark’s interpreted mineralized footprint of approximately 4.4 km east-west by 1.5 km north-south. The footprint reflects Spark’s interpretation as of that date and does not establish continuous mineralization.

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Result 01

32 m · 73.9 g/t Ga₂O₃

ARA-RC-021, from surface; length-weighted downhole composite.

Result 02

91.4 g/t Ga₂O₃ · 2 m sample

Maximum individual sample within the ARA-RC-021 from-surface composite.

Result 03

48 m · 1,258 ppm TREO

ARA-RC-022, from 12 m; length-weighted downhole composite.

Result 04

4,668 ppm TREO · 2 m sample

ARA-RC-033; peak individual sample within a 26 m composite from 38 m.

Building the Arapaima Exploration Picture

01 · Expanded drilling program

Spark completed a 37-hole, 2,024-metre multi-target follow-up program, bringing total project drilling to 42 RC holes including the five-hole maiden program.

02 · Technical interpretation

The complete 28-hole Cruzeta dataset shows near-surface gallium over broader rare earth mineralization below and adds newly compiled scandium results.

03 · Metallurgical test work

Metallurgical test work is underway at ANSTO, and Spark intends to add scandium alongside gallium and rare earth elements. Assay grades do not indicate metallurgical recovery.

Top-down drone view of the Arapaima excavation, two muddy pools, access road and vehicles — Arapaima excavation and access area · Drone view

Flagship Project · Minas Gerais

Arapaima in Context

Arapaima is Spark’s approximately 91,900-hectare flagship project in Minas Gerais, within the area known as Brazil’s Lithium Valley. Exploration at the Cruzeta target is focused on reported gallium, scandium and rare earth mineralization.

Landscape at the Arapaima Project in Minas Gerais, Brazil — Arapaima Project · Minas Gerais, Brazil

Project Profile

Arapaima at a Glance

Location: Minas Gerais, Brazil
District: Brazil’s Lithium Valley
Project area: approximately 91,900 ha
Stage: Exploration
Exploration focus: Reported gallium, scandium and rare earth mineralization at Cruzeta

Brazil Portfolio · Regional Context

Arapaima and Spark’s Brazil Portfolio

Arapaima is Spark’s flagship rare earth and gallium exploration project. Solonópole and Currais Novos are earlier-stage projects in Spark’s Brazil portfolio.

Map of Brazil highlighting Minas Gerais, Ceará and Rio Grande do Norte as Spark project states — The maps show the regional locations of Arapaima in Minas Gerais, Solonópole in Ceará and Currais Novos in Rio Grande do Norte. Project and tenure boundaries are not shown.

Satellite-style outlines of Ceará and Rio Grande do Norte with Spark markers showing the Solonópole and Currais Novos project locations — The maps show the regional locations of Arapaima in Minas Gerais, Solonópole in Ceará and Currais Novos in Rio Grande do Norte. Project and tenure boundaries are not shown.

Earlier-stage exploration

Solonópole Project

Ceará, Brazilapproximately 30,400 ha