Temas Resources is a recently ASX-listed technology and titanium play – joining the ASX in October 2025, but first listed on the Canadian Securities Exchange in 2020. Temas has a potentially breakthrough processing technology (Regenerative Chloride Leach or RCL) that can better recover metals from hard-to-process or complex ore, compared to other approaches.

We see upside to $1.28 initially and $3.96 in a bull case

We see short-term upside to at least $1.28 per ordinary share (i.e. both ASX CDIs & Canadian shares). This is a Sum-Of-The-Parts valuation with $0.84 attributed to RCL – we created an early-stage valuation of the RCL technology based on a single commercial deployment – and $0.44 to La Blanche.

Looking further ahead, we think investors can look to the subsequent success of Metallium and other peers such as IperionX as to what could be possible in the medium to longer term if Temas can make the same progress by signing commercial arrangements, building a larger scale commercial pilot plant and bringing it online.

Temas has potential with RCL, both in-house and externally

RCL has undergone extensive testing showing that it can significantly reduce the time and money involved in production, specifically by up to 65% than would otherwise be the case. Temas has already processed approximately one ton of material using the RCL process, yielding 88 kgs of a 99.8% pure TiO2 product, suitable for commercial sale.

Temas also has 2 critical metals projects in Quebec (La Blache & Lac Brule), where RCL can be deployed and improve the already spectacular economic potential. RCL will also be employed at other companies’ projects. La Blache is the more advanced, with over 47,500m of prior drilling. A March 2024 Preliminary Economic Assessment (PEA) showed a C$6.6bn post tax NPV on an 8% discount rate and, and a >60% IRR.

2026 will be a major year for Temas

Temas is aggressively pursuing commercial arrangements for its RCL technology and has received interest from several international mining and mineral exploration companies. Temas will also continue exploration at La Blache with up to 40,000 metres of assays targeting vanadium, gallium and scandium. Initial drilling results are positive, and further results are expected throughout 2026. Temas also will release an updated PEA for La Blanche including historic resources (including Measured & Indicated Resources) not in the 2024 PEA.

Please see page 34 of our note for the key risks associated with an investment in Temas.