Spark Provides Corporate and Exploration Update

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2026) - Spark Energy Minerals Inc. (CSE: SPRK) (OTC Pink: SPARF) (FSE: 8PC) ("Spark" or the "Company") provides an update on progress at its Brazilian exploration projects since Dr. Fernando Tallarico became Chief Executive Officer in October 2025. During that period, the Company completed its first drilling at Arapaima, reported gallium and rare earth mineralization at Cruzeta and Boa Vista, raised approximately $2.9 million, and advanced exploration programs for lithium and tungsten. Arapaima remains the Company's principal focus.

Comment from the CEO

"When I became CEO, Arapaima had not yet been drilled. Since then, our team has completed 42 drill holes across Arapaima. All 33 holes reported so far have returned gallium and rare earth mineralization across Cruzeta and Boa Vista, with results from the remaining nine holes still to be reported. I'm proud of the work behind those results and grateful for our shareholders' support in funding it. Our focus now is to build on that work: complete the review of the remaining assays, advance metallurgical testing and use the results to guide further exploration. Alongside Arapaima, our lithium and tungsten programs are testing additional targets within the Company's Brazilian portfolio." - Dr. Fernando Tallarico, P.Geo., FSEG, Chief Executive Officer & Chairman.

Gallium and rare earth mineralization at two targets on 100%-owned Arapaima

Spark holds a 100% interest in the approximately 91,900-hectare Arapaima Project through its wholly owned Brazilian subsidiary, with no underlying royalties or outstanding vendor payments. The project comprises 62 exploration processes registered with the Agência Nacional de Mineração in Brazil's Lithium Valley.

The Company has reported gallium and rare earth mineralization at two targets 7 to 8 km apart: Cruzeta, where 28 reverse circulation (RC) holes have been reported, and Boa Vista, where five holes have been reported. All 33 reported holes returned gallium and rare earth mineralization.

Drilling results and pending assays

Drilling at Arapaima began in December 2025 with five vertical RC holes at Cruzeta; every hole intersected gallium mineralization from surface and rare earth mineralization below it (news releases of February 10 and 13, 2026, as clarified on March 12, 2026).

A 2,000 m follow-up program was launched in April 2026 and later expanded to 37 holes and 2,024 m. Twelve holes reported on July 22, 2026 returned near-surface gallium in every hole, with results of up to 85 g/t Ga₂O₃ and 1.20% TREO, and extended the interpreted footprint of mineralization at Cruzeta to approximately 4.4 km east-west by 1.5 km north-south. Eleven further holes reported on August 13, 2026 brought the Cruzeta dataset to 28 holes and included 32 m at 73.9 g/t Ga₂O₃ from surface, including 2 m at 91.4 g/t, in ARA-RC-021, and 48 m at 1,258 ppm TREO in ARA-RC-022. A review of the dataset also identified scandium in the surface gallium horizon; no recovery of scandium has been demonstrated.

On August 27, 2026, the Company reported the Boa Vista discovery, a target selected from surface geochemistry and drilled for the first time in this program. All five holes returned gallium from surface and rare earth mineralization below, including 114.3 g/t Ga₂O₃ over 2 m within 10 m at 92.2 g/t Ga₂O₃ from surface in ARA-RC-007, and 28 m at 1,557 ppm TREO in ARA-RC-031. Forty-two RC holes have now been completed at Arapaima and 33 have been reported; assays for the remaining nine holes will be reported after quality-control review.

Lithium exploration at Arapaima and Solonópole

A stream sediment, soil and rock sampling program designed to test lithium pegmatite targets is under way in the northern tenements of the Arapaima package, in the Araçuaí-Coronel Murta sector of the Lithium Valley, with results expected in the fourth quarter of 2026. The Company acquired exploration permits covering approximately 30,400 hectares in the Solonópole tantalum-lithium district of Ceará in 2025, with a 1% net smelter return royalty retained by the vendor. An initial stream sediment program is being completed; further details of the property and program will be announced shortly. No mineralization has yet been identified on the Solonópole permits.

Tungsten reconnaissance under way at Seridó

On September 16, 2026, the Company announced that reconnaissance exploration for tungsten at its Seridó Project in Rio Grande do Norte had commenced. The project comprises twelve exploration permits covering 21,492.74 hectares, granted in 2023 and 2024, in a district with producing and past-producing scheelite mines. Geological mapping and rock and stream sediment sampling are under way across five target areas, with first analytical results expected before the end of 2026. Seridó is an early-stage reconnaissance project; no mineralization has yet been identified on the permits, and mineralization at the district's mines is not necessarily indicative of mineralization on them.

Leadership, funding and Board

Sead Hamzagic, CGA, was appointed Chair of the Audit Committee on July 2, 2025, the same date that Dr. Tallarico joined the Board. Dr. Tallarico then became Chief Executive Officer and Chairman on October 21, 2025, on the departure of the previous Chief Executive Officer. The Company's effort was concentrated on Arapaima, run from a field office in Padre Paraíso through the Brazilian subsidiary, with Jonathan Victor Hill as VP Exploration, Country Manager and Director. All resolutions were passed at the annual general meeting held on June 10, 2026.

The maiden program was funded with a $500,000 non-brokered private placement that closed on December 12, 2025, fully subscribed by one investor. It was followed by a warrant incentive program under which holders exercised 36,029,307 warrants at $0.05 for proceeds of $1,801,465.35 by February 22, 2026, and by a further $579,960 non-brokered private placement that closed on March 10, 2026. In total, approximately $2.9 million was raised in three months, for exploration at Arapaima and general working capital.

On September 2, 2026, Marina Fagundes de Freitas, formerly Chief Financial Officer of Jaguar Mining Inc., joined the Board as an independent non-executive director and Chair of the Audit Committee. As Arapaima advances, the Company is in discussions with senior engineering professionals to strengthen its technical team; any appointment will be announced if and when concluded.

Government and institutional engagement

The Company signed a non-binding Protocol of Intentions with the Government of the State of Minas Gerais, through the State Secretariat for Economic Development and Invest Minas, on June 18, 2026. It records the State's intention to support project advancement through engagement with State and municipal bodies, licensing, infrastructure and supplier introductions. It creates no enforceable obligation and does not constitute a funding award or regulatory approval.

The Company is finalizing draft terms of reference with the U.S. Trade and Development Agency (USTDA) for a proposed agency-funded study of Arapaima, to be performed by a U.S. contractor selected by competitive tender. The proposed scope includes resource estimation, metallurgical test work and a scoping-level economic assessment, in phases subject to USTDA decisions. References to a feasibility study in this agency process do not mean a mining feasibility study under NI 43-101. USTDA has not made a funding decision, and no resource estimate or economic study has been completed. In the European Union, the Company applied in January 2026 for recognition of Arapaima as a Strategic Project under the Critical Raw Materials Act (Regulation (EU) 2024/1252). The European Commission has acknowledged the application and confirmed it complete, and its assessment is ongoing. Neither process has resulted in any award, recognition or funding, and there is no assurance that either will.

Qualified Persons and reporting basis

The scientific and technical information in this news release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons), FAusIMM, VP Exploration, Country Manager & Director of the Company, and Dr. Fernando Tallarico, P.Geo., FSEG, Chief Executive Officer & Chairman of the Company, each a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Neither Qualified Person is independent of the Company. Drill intervals are down-hole widths; true widths are not known. TREO and Ga₂O₃ values are in-situ analytical assay results only and are not recoverable grades, metal-equivalent grades or implied metallurgical recoveries; no metallurgical recovery of gallium, scandium or rare earth elements has been demonstrated. No mineral resource or mineral reserve has been estimated for any of the Company's projects, and no mineralization has yet been identified on the Seridó or Solonópole permits. Sampling, analytical and quality-control procedures, and complete sample-level data, are set out in the Company's news releases of July 22, August 13 and August 27, 2026. Property tenure is described in the Company's NI 43-101 technical report on the Arapaima Project dated March 31, 2025, available under the Company's profile on SEDAR+.

About Spark Energy Minerals Inc.

Spark Energy Minerals Inc. is a Canadian critical minerals exploration company with projects in Brazil. Its principal asset is the Arapaima Project in the Lithium Valley region of Minas Gerais, where it is exploring for gallium, rare earth elements and lithium. The Company also holds the Seridó Project in Rio Grande do Norte and exploration permits in the Solonópole district of Ceará.

For further information

Spark Energy Minerals Inc.
Dr. Fernando Tallarico, P.Geo., FSEG, Chief Executive Officer & Chairman
Email: [email protected] | Tel: +1-877-272-9226 | Website: www.sparkminerals.co

On behalf of the Board of Directors of Spark Energy Minerals Inc.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information and Other Regulatory Matters

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities laws, including National Instrument 51-102 Continuous Disclosure Obligations, and within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, without limitation, statements regarding: the Company's plans to advance the Cruzeta and Boa Vista targets toward an initial mineral resource estimate, further metallurgical test work and any economic study, and the timing of any such work; the timing of reporting of remaining drill assays; the timing, scope and results of the lithium sampling program at Arapaima and of exploration at the Seridó and Solonópole properties, and the timing of further disclosure regarding Solonópole; the Company's discussions with prospective technical personnel and any resulting appointment; the nature, scope and effect of any support under the Protocol of Intentions with the State of Minas Gerais; the Company's discussions with the U.S. Trade and Development Agency, the finalization of terms of reference, the selection of a contractor and the funding, scope, phasing and results of any study; the Company's application for Strategic Project recognition under the EU Critical Raw Materials Act and the outcome and timing of that assessment; the use of proceeds of past financings; the availability of future financing; and the Company's plans, objectives and strategies. Forward-looking information is identified by words such as "may," "could," "would," "will," "expect," "anticipate," "believe," "intend," "plan," "estimate," "project," "potential," "target," "toward," or similar expressions.

Forward-looking information is based on assumptions management considers reasonable as of the date of this news release, including: that geological interpretations are reasonable and that mineralization continues between and beyond the holes drilled; the accuracy and representativeness of sampling and assay data and the reliability of laboratory analyses and quality control; that the Company's counterparties at USTDA, the European Commission and the State of Minas Gerais will continue to engage with the Company and evaluate its applications and proposals on their merits; that financing will be available on acceptable terms; and that tenure, permits and regulatory approvals can be obtained and maintained. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially, including: the inherently preliminary and uncertain nature of mineral exploration; the risk that drilling and sampling results are not representative and that mineralization does not continue laterally or at depth; the risk that no metallurgical recovery of gallium, scandium or rare earth elements is demonstrated and that reported oxide contents are not recoverable; the absence of any mineral resource or mineral reserve estimate and the risk that no mineral resource is ever defined and that no economically viable deposit exists; the risk that the Protocol of Intentions, which is non-binding and creates no enforceable obligation on any party, does not result in any support and may be terminated; the risk that USTDA does not approve, fund or proceed with any study, that any study is delayed, reduced in scope or discontinued at the go/no-go decision, and that the European Commission does not recognize Arapaima as a Strategic Project or does so on terms that provide no benefit to the Company; the risk that discussions with prospective technical personnel do not result in an appointment; the risk that no mineralization is identified at Seridó or Solonópole; delays in laboratory results; volatility in gallium, rare earth, tungsten, lithium and tantalum prices and in critical-mineral trade and export-control policy, including the risk that tungsten prices fall if export controls are relaxed or new supply enters the market; the Company's limited financial resources, its dependence on further equity financing, and the dilution that such financing may cause; and title, permitting, regulatory, environmental, community and political risks associated with operating in Brazil.

Title and tenure. The Company's mineral interests in Brazil are exploration processes registered with the Agência Nacional de Mineração and held through its Brazilian subsidiary. Exploration processes are granted for fixed terms, are subject to renewal, fees, work and reporting requirements and regulatory compliance, and confer no right to mine until a mining concession is granted. Although the Company believes it holds a 100% interest in the Arapaima Project free of underlying royalties or outstanding vendor payments, title to mineral rights can be subject to challenge, and the author of the Company's NI 43-101 technical report dated March 31, 2025 relied on legal documents provided by the Company and did not independently verify title.

Mineral exploration disclosure. The Arapaima Project is an exploration-stage property without a mineral resource or mineral reserve estimate, and no preliminary economic assessment, pre-feasibility study, feasibility study or other economic analysis has been completed. Exploration results are preliminary and are not necessarily indicative of mineralization elsewhere on the property or at depth. References to a discovery, a footprint, zonation, continuity or a mineralized centre reflect the Company's current geological interpretation only and have not been verified by a mineral resource estimate. There is no certainty that further exploration will result in the delineation of a mineral resource or that any mineralization identified will prove economically or technically viable to extract. Readers are referred to the Company's news release of March 12, 2026, issued at the request of the Canadian Investment Regulatory Organization, which clarified certain earlier disclosure; results reported before that date should be read together with it. The existence of mineral deposits, resources or operations on other properties in Brazil's Lithium Valley or the Seridó district is not indicative of mineralization on the Company's properties, and the Company has no interest in any such property. The Company's past financings, share price and exploration results are not indicative of future financings, performance or results. Nothing in this news release is or should be construed as an endorsement of the Company or its projects by the U.S. Trade and Development Agency, the European Commission, the Government of the State of Minas Gerais or any other public body.

Regulatory. Spark Energy Minerals Inc. is a reporting issuer in the Provinces of British Columbia and Ontario, with the British Columbia Securities Commission as its principal regulator, and is subject to National Instrument 51-102, National Instrument 43-101 and the policies of the Canadian Securities Exchange. Readers should rely only on the Company's news releases and continuous disclosure record filed under its profile on SEDAR+ at www.sedarplus.ca. The Company is responsible for investor awareness materials that it pays for, including those disseminated under the digital marketing agreement announced on September 10, 2026, and has procedures in place for their review; such materials are not a substitute for, and should be read together with, the Company's continuous disclosure record. The Company's common shares are quoted on the OTC Pink tier of OTC Markets in the United States. No securities regulatory authority in Canada, the United States or elsewhere has reviewed or approved this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction; the Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption.

Statements regarding exploration results, mineralization and geological interpretations are not, and must not be construed as, statements regarding the existence of any mineral resource, mineral reserve or commercially mineable deposit. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. The Company does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315610