Near-surface DSO iron ore,
buyers all within 50 km by road.
Built for the shortest path from rock to revenue.

Low-capex DSO hematite in Brazil’s Iron Quadrangle (Minas Gerais), short-haul to Vale, Avante, and ArcelorMittal.

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CSE:IRONOTCQB:PCRCFWKN:A3D8AK
Exploration Target
~50-70 Mt1
From ~50 Mt friable at ~60% mass recovery to a 61% Fe product. Not a mineral resource.
Target Product
~55-61% Fe1,3
Low-phosphorus, low-alumina sinter feed
Initial Capital
~US$12M7
Conceptual estimate
Phase I Rate
1.5 Mtpa
Run-of-mine; regulatory cap, not a ceiling

Supergene-enriched hematite at Florália. Weathering has leached silica from the banded iron formation and concentrated iron into a soft, friable, high-grade structure: the reason the ore can be mined free-dig and upgraded dry.

The DSO Advantage

Magnetite Route

  • ✕25-35% Fe in-situ, must be concentrated
  • ✕Grind, float, magnetic separation (low recoveries ~30%)
  • ✕Wet tailings dam required and massive earthworks
  • ✕Water-intensive processing
  • ✕US$ billions of capital (Oceanic Iron, ~US$1.19 B)4
  • ✕5-10 years to production
VS

Florália DSO Approach

  • ✓Friable hematite, ships at high grade
  • ✓Crush, screen, dry magnetic separation
  • ✓Dry stacking, no tailings dam
  • ✓No water permit required
  • ✓~US$12M initial target capital7
  • ✓Near-term production pathway
Strategic Location

Heart of Brazil's
Iron Quadrangle

70 km east of Belo Horizonte, Minas Gerais. ~613 hectares surrounded by producing mines and steel mills, with multiple buyers within 34 to 47 km by road.

01BY ROAD

Vale: Brucutu and Água Limpa terminals

One of the world's largest producers

02BY ROAD

Avante: buyer and terminal

Local miner and historical buyer

03BY ROAD

ArcelorMittal: Andrade

Major domestic steelmaker

The buyers are already there. Minas Gerais holds 9 of Brazil's 31 steel mills and 43 pig iron plants producing ~75% of national pig iron, buying granular ore at 55-64% Fe today.9

Four Ways to Sell
  • Independent domestic mills collecting at or near the mine gate
  • Regional spot buyers taking premium blending tonnes
  • A single large-volume buyer on a term basis
  • Seaborne export via a trading counterparty as the floor

No offtake agreement is in place and no counterparty is committed.

Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.

Florália Project location, Iron Quadrangle, Minas Gerais, Brazil
Exploration Progress

Significant Work Completed

2024-2025 work program included airborne geophysics, geological mapping, geochemical sampling, diamond and auger drilling, and geometallurgical testing across the 613-hectare Florália claim area.

Hematite Sample Grades
55-61% Fe1,3
Not a mineral resource
Dry Magnetic Testing
62-68% Fe2,6
Concentrate from ~47-52% Fe feed; ~60% mass recovery to a 61% Fe product
Auger drilling rig at the Florália Project

Geophysical Surveys

225 km of drone airborne LiDAR and magnetic survey. Identified mineralized zones and structural controls.

Geological Mapping

618 observation points. Detailed banded iron formation (BIF) lens definition across the entire claim area.

Channel Sampling

186 channel samples (Jaguar and Max). 68% returned grades above 50% Fe. Low phosphorus, 0.01-0.05%.

Diamond Drilling

6 holes totaling 761m. Intersected 222m of oxidized iron formation.

Auger Drilling & Sampling

86 holes (890m total), and 274 samples analyzed by SGS Geosol laboratory.

Geometallurgical Testing

Six 80 kg bulk samples returned concentrates of 54-69% Fe depending on feed grade. Blended composites of ~47-52% Fe feed upgraded to 62-68% Fe, an 8 to 17 point increase, at ~60% mass recovery to a 61% Fe product.2,6 100% dry; no water and no tailings dam.

1,651m
Total Drilling
186
Channel Samples
618
Mapping Points
~613 ha
Claim Area

Key Findings

  • New 1,000m x 1,500m high-grade zone identified (MAG/LiDAR)
  • Low phosphorus grades throughout deposit
  • Shallow, easily accessible (top 20-40 meters)
  • Mineralization remains open along strike and at depth and remains to be tested by further drilling
Florália geological model and drillhole locations
Florália geological model and drillhole locations. Source: MAX Resource Corp.
Processing and Environment

The Florália Advantage

Dry Magnetic Circuit

Free-dig mining, crush and screen, dry magnetic separation, biomass drying to ~3% moisture, 61% Fe sinter feed. No wet beneficiation.6

Environmental Profile

State environmental licensing (EIA/RIMA) in progress with SEMAD, the key path item. The CENIBRA surface indemnity (Acordo de Servidão) is being finalized to secure site intervention rights.

Capital to Production

~US$12M conceptual: plant installation and acquisition ~US$6.0M, earthworks and site preparation US$2.0M, lab, equipment and machinery US$2.0M, working capital US$2.0M.7 Not supported by a feasibility study.

Product Quality

Target product 61.0% Fe, 3.0% SiO2, 1.3% Al2O3, 0.04% P: at the IODEX 61% benchmark on grade and below it on every penalty element.8 Blends well with lower-grade ore for nearby mills.

Auger loaded with iron-rich material at Florália Hematite samples recovered from the Florália Project, with scale bar
Our Team

Leadership and Technical Advisory

26 Metals Inc. management and technical advisors.

Proven Playbook

This team has already taken a high-grade hematite DSO project from the ground to a takeout. As CEO of Aztec Resources, technical advisor Brett Matich developed the Koolan Island hematite DSO project from a flooded open cut to operations (24.9 Mt at 65% Fe)5, through to its acquisition by Mt Gibson Iron in 2006.

Zachary Kotowych

Chief Executive Officer & Director

Before 26 Metals, Mr. Kotowych held corporate development roles at junior miners, most recently at Abitibi Metals, advancing the B26 Polymetallic Deposit and Beschefer Gold Project. He conducted equity research on mining at Haywood and Red Cloud Securities. Exploration experience includes Great Bear (now Kinross), Carlisle (now Alamos), and Solstice Gold. Holds an MSc in Geophysics and Honours BSc in Math and Geology from the University of Toronto.

Dr. Henrique de Sales

Head of Operations (Brazil)

Dr. de Sales previously worked as an iron ore geologist with Vale and is fluent in English, Spanish, and Portuguese. He resides in Belo Horizonte, Minas Gerais. He has been responsible for developing hematite DSO mines in Brazil (1 to 3 Mtpa), including Ferro Puro, GSM and Corrego do Onca (all within 50 km of Florália).

Brett Matich

Technical Advisor / Founder of Max Iron

Mr. Matich was CEO of Aztec Resources (ASX: AZR), which developed the Koolan Island Hematite DSO Project from a flooded open cut to operations (24.9 Mt at 65% Fe)5; AZR was acquired by Mt Gibson Iron (ASX: MGX) in 2006. As CEO of Cervantes (TSXV: CEV) he advanced the Block 103 prospect. He is currently CEO of Operations for the Sierra Azul Project in Colombia for Freeport.

Dr. Chris Grainger

In-Country Technical Advisory

Dr. Grainger has over 25 years of experience in South America with Newmont, Ivanhoe Electric (Friedland Group), Vale, Inco and Troy Resources. He was involved with Continental Gold's Buriticá project (acquired by Zijin in 2019) and co-founded Collective Mining. He is CEO of Helius Minerals (TSXV: HHH). He resides in Brazil and is fluent in Spanish and Portuguese.

Rob Saltsman

Director

Mr. Saltsman has 25 years of experience in venture capital and public investments and is the founder of First Lithium Minerals Corp., which he founded in 2017. He currently sits on the board of Leveljump Healthcare Corp. and has served as CEO of Compel Capital Inc. and RMM Ventures Inc., and as Vice President of Georgian Capital Corp. He is President and Managing Partner of Paige Capital Inc., a venture capital investment company, and a founding partner of South America Finance Corp SAS, a private merchant banking group in Colombia.

Exploration and Development Plans

Development Next Steps

The Company is planning technical and economic studies on the Florália DSO project as exploration advances. Any feasibility-level study is contingent on first defining a mineral resource. A feasibility study and a construction decision are targeted for 2027, with first production targeted for the second half of 2027. These targets depend on exploration results, study outcomes, permitting, and financing.

Key Milestones

  • Maiden NI 43-101 mineral resource estimate, supported by the current drill programme
  • A feasibility study is targeted for 2027; any feasibility-level study is contingent on first defining a mineral resource
  • A construction decision is targeted for 2027, subject to a positive feasibility study, environmental licensing and financing
  • First production is targeted for the second half of 2027, following a three to six month modular build; no production decision has been made

Planned Next Steps

  • Finalize the CENIBRA surface indemnity (Acordo de Servidão) to secure site intervention rights
  • File environmental licensing with Minas Gerais (SEMAD) to trigger the construction countdown
  • Detailed engineering (EPCM): move the plant from conceptual design to executable blueprints and secure vendor fabrication slots
  • Complete the NI 43-101 resource estimate and the feasibility economic model

No production decision has been made. Any development scenario is conceptual and subject to defining a mineral resource, study results, permitting and financing. Beyond Phase I, Florália's modular design offers a conceptual expansion path to up to 4.5 Mtpa with two additional lines and third-party rail and export logistics. This is optionality, not a committed plan: it is conditional on resource expansion, full EIA/RIMA permitting for the larger rate, long-term biomass supply contracts and self-funding from Phase I cash flow, and is not a basis for current valuation.

1.5 Mtpa
Phase I Rate (Run-of-Mine)
2027
Feasibility Study Target
H2 2027
First Production Target
4.5 Mtpa
Phase II, Conceptual
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26 Metals

Unlocking Brazil's
Iron Ore Potential

Focused on acquiring and developing high-grade hematite iron ore assets in Minas Gerais, Brazil.

CSE: IRON
Canadian Securities Exchange
OTCQB: PCRCF
OTC Markets
WKN: A3D8AK
Frankfurt

info@twentysixmetals.com   ·   1245-300 Granville St., Vancouver, BC V6C 1V4, Canada

Appendix

Notes and References

  1. Cunha, E. (2024). Exploration target report for the Florália ferrous mineral deposit (Project: Floralia Ferrous Mineral Deposit, Iron Quadrangle, Minas Gerais State, Brazil). MAX Resource Corp. Prepared by Competent Person E. Cunha, MSc, AusIMM #230572, under the 2012 JORC Code.
  2. Dry magnetic testwork on Florália samples by Fundação Gorceix (project 25.050 variability study and preliminary study, December 2024) and Inbras (March 2025).
  3. Max Resource Corp., "Max Resource Reports High-Grade Iron Ore (Fe) Results from Florália Hematite DSO Project in Minas Gerais, Brazil," news release dated April 22, 2025.
  4. Oceanic Iron Ore Corp., Hopes Advance Preliminary Economic Assessment (2020): initial capital cost of US$1.19 billion. Cited as a published example of magnetite development capital; it is a third-party project and is not indicative of Florália.
  5. Mt Gibson Iron Limited (ASX: MGX) / Aztec Resources Limited (ASX: AZR), Koolan Island project announcement. mgx.com.au. Koolan Island is a third-party project operated by others. It is referenced as track record only and is not indicative of results at Florália.
  6. DMT Group, "Projeto Florália, Max Resource: Estudo conceitual de Beneficiamento," April 2026 (internal conceptual beneficiation study), together with the Fundação Gorceix and Inbras testwork in note 2. Dry magnetic separation upgraded blended composites of ~47-52% Fe feed to 62-68% Fe concentrate. On the tested material a 61% Fe product corresponds to approximately 60% mass recovery and a 57-58% Fe product to approximately 71%; feed of 56% Fe and above returned 77-80% mass recovery at 61-69% Fe. Mass recovery is not iron recovery. Grades by portable XRF are indicative only and certified granulochemical assays are pending. Testwork is not a mineral resource estimate.
  7. Conceptual initial capital of approximately US$12 million, prepared by the Company. Conceptual estimate only; not supported by a feasibility study, and no mineral resource has been classified for Florália. The Phase I rate of 1.5 Mtpa is a regulatory cap on run-of-mine tonnage, not a production forecast.
  8. Product specification per Cunha, E., "Independent Geologist Report: Florália Project," EMC2 Geological Services and Mineral Consultancy Ltd, January 2025; subject to confirmation by certified assay. Benchmark: S&P Global Platts IODEX 61% Fe iron ore fines (CFR China); baseline 61% Fe, 4.5% SiO2, 2.5% Al2O3, 0.10% P. Platts reset the benchmark from 62% to 61% Fe in January 2026.
  9. Instituto Aço Brasil (Brazil Steel Institute), Steel Park; Sindicato da Indústria do Ferro no Estado de Minas Gerais (SINDIFER).

Cautionary statements

Sample grades are not a mineral resource and are not necessarily representative of the Property as a whole.

The exploration target referenced in the Company's disclosure was prepared by E. Cunha, MSc, AusIMM, for MAX Resource Corp. under the 2012 JORC Code and has not been prepared in accordance with NI 43-101 or current CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Company's qualified person has reviewed the underlying data and methodology but has not independently verified or reclassified the exploration target under NI 43-101. No category under CIM Definition Standards has been assigned to the exploration target. An exploration target is conceptual in nature and there has been insufficient exploration to define a mineral resource; there is no guarantee that further exploration will result in the delineation of a mineral resource. Significant data compilation, re-drilling, re-sampling, and data verification may be required before the exploration target can be verified and classified as a current mineral resource under NI 43-101. There can be no assurance that any portion of the exploration target will ever be confirmed or become economically viable. Readers are cautioned not to place undue reliance on this exploration target.

The scientific and technical disclosure on this website has been reviewed and approved by Deepak Varshney, P.Geo., a Qualified Person as defined under NI 43-101.

No offtake agreement is in place and no counterparty is committed. 26 Metals has not entered into and is not negotiating any transaction, offtake or otherwise, with Vale or any other party, and has had no discussions with Vale. References to nearby operators and buyers are market context only and do not imply any value for the Florália project.

Any referenced metallurgical test results, drilling, or other technical data from previous operators are considered historical in nature. A Qualified Person has not done sufficient work to verify this information, and readers are cautioned not to place undue reliance on these historical results.

Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.

The comparison of the magnetite route and the Florália direct shipping ore approach describes general process characteristics of the two processing routes. It is not a comparison of specific projects and is not based on a study of either route. The Florália initial capital figure is a conceptual estimate prepared by the Company and is not supported by a feasibility study; the Phase I rate is a regulatory cap, not a forecast; and the production target is forward-looking information subject to a mineral resource, study results, licensing and financing. The Florália processing approach is conceptual and no production decision has been made.