Appia Corrects Drill Hole Depths Reported in August 6, 2026 Alces Lake News Release

Appia corrects Alces Lake drill depths; project scale and ownership remain unchanged.

What the company is saying

Appia Rare Earths & Uranium Corp. issues a correction to its August 6, 2026 release, updating the total final drill hole depth for the 2026 Alces Lake Summer Drill Program to 1,471.32 metres from the previously reported 1,440.87 metres. The company emphasizes that the monazite-bearing interval depths remain accurate and unaffected by this correction. Specific hole-by-hole final depths are disclosed, with intervals of monazite mineralization detailed for three of six holes. The narrative highlights the Alces Lake project's global significance for high-grade rare earth and gallium mineralization, its 100% ownership of the 38,522-hectare property, and the project's location in northern Saskatchewan. Appia also references its 25% stake in Ultra Rare Earth Inc., which holds 42,932.24 hectares in Brazil, and its full ownership of 14,483 hectares in Ontario. The technical content is reviewed and approved by Dr. Irvine R. Annesley, P.Geo., Senior Exploration Advisor and Qualified Person under NI 43-101.

What the data suggests

The corrected total drill depth for the six-hole Alces Lake program is 1,471.32 metres, with individual holes ranging from 84.76 to 465.00 metres. Monazite mineralization was intersected in three holes, with intervals from 216–220 metres (26-ALF-001), 71–78 and 84–90 metres (26-RSC-002), and 202–214 metres (26-RSC-004). The Alces Lake project covers ~38,522 hectares (~95,191 acres) and is fully owned by Appia. Appia also holds a 25% interest in Ultra Rare Earth Inc., which controls 42,932.24 hectares in Goiás, Brazil, and maintains surface exploration rights to 102,450.74 hectares (253,161.29 acres) in Saskatchewan. In Ontario, Appia owns 14,483 hectares (35,788 acres) with rare earth and uranium deposits. The company reports 194.9 million common shares outstanding and 211.3 million fully diluted. No resource estimate, assay results, or economic analysis is provided in this update, which is limited to correcting drill program metrics and restating land holdings.

Analysis

The announcement is a factual correction to previously reported drill hole depths for the 2026 Alces Lake Summer Drill Program, providing precise and transparent operational data. The tone is neutral, with no promotional or exaggerated language. Only one forward-looking statement is present, relating to the commissioning of the Saskatchewan Research Council's Rare Earth Processing Facility, which is scheduled for completion by December 2026 with operations ramping up in 2027. However, this is a third-party facility and not a direct claim of Appia's own operational or financial milestones. There is no discussion of capital outlay, earnings impact, or aspirational project outcomes. The bulk of the content is realised, technical, and corrective in nature, with no attempt to inflate the company's progress or prospects. The data supports the claims made, and there is no gap between narrative and evidence.

Risk flags

• ●Operational risk remains high as the Alces Lake project is at the drilling and early exploration stage, with no resource estimate or economic study disclosed. This means there is no clear path to production or cash flow in the near term.
• ●Disclosure risk is present because the announcement is limited to correcting drill depths and does not provide new technical or economic data, leaving investors without updated information on grades, tonnages, or project economics.
• ●Execution risk is elevated by the reliance on third-party processing infrastructure, specifically the Saskatchewan Research Council's Rare Earth Processing Facility, which is not expected to be operational until after December 2026, and any delays or changes in SRC's schedule could impact Appia's ability to advance its project.

Bottom line

This announcement is a technical correction to previously reported drill hole depths at Alces Lake, increasing the total to 1,471.32 metres but leaving all key mineralization intervals and project ownership unchanged. Appia continues to control a large land package in Saskatchewan, Ontario, and a minority stake in Brazilian assets, but remains at an early exploration stage with no resource or economic studies disclosed. The company's narrative is factual and avoids promotional language, but the lack of new technical or financial data means the update is not actionable for investors seeking near-term catalysts. The most material forward-looking factor is the timeline for the Saskatchewan Research Council's processing facility, which will not be operational until at least 2027. Investors should focus on whether future releases provide resource estimates, assay results, or concrete steps toward project development.

Announcement summary

(CSE:API) (OTCQB:APAAF) (FSE:A0I0) Appia Rare Earths & Uranium Corp. announces a correction to its August 6, 2026 news release regarding the 2026 Alces Lake Summer Drill Program. The corrected total final drill hole depth for the six-hole program is 1,471.32 metres, replacing the previously reported 1,440.87 metres. Table 1 provides the corrected final drill hole depths for each hole: 26-ALF-001 at 465.00 metres, 26-ALF-002 at 291.00 metres, 26-RSC-001 at 273.00 metres, 26-RSC-002 at 123.00 metres, 26-RSC-003 at 84.76 metres, and 26-RSC-004 at 234.56 metres. The monazite-bearing interval depths reported in the August 6, 2026 release remain correct and are not affected by this correction. Drill hole 26-ALF-001 intersected monazite from approximately 216 to 220 metres. Drill hole 26-RSC-002 intersected two monazite-bearing intervals from approximately 71 to 78 metres and 84 to 90 metres. Drill hole 26-RSC-004 intersected monazite from approximately 202 to 214 metres. The Alces Lake project is located in northern Saskatchewan and covers approximately 38,522 hectares (95,191 acres), and is 100% owned by Appia. The Saskatchewan Research Council is commissioning its Rare Earth Processing Facility, with commissioning scheduled for completion by December 2026 and operations following ramp-up in 2027. Appia holds a 25% interest in Ultra Rare Earth Inc. ("Ultra USA"), which indirectly holds a 100% interest in the Ultra Hard Rock and Ultra IAC Projects totaling 42,932.24 hectares in Goiás, Brazil. Appia holds surface rights to exploration for 102,450.74 hectares (253,161.29 acres) in Saskatchewan. The company also has a 100% interest in 14,483 hectares (35,788 acres) with rare earth elements and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Appia has 194.9 million common shares outstanding and 211.3 million shares fully diluted. The technical content of this release was reviewed and approved by Dr. Irvine R. Annesley, P.Geo., Senior Exploration Advisor of Appia and a Qualified Person as defined by National Instrument 43-101.

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