NexOptic Technology has entered into a letter of intent (“LOI”) with Selten Metal whereby Selten Metal can earn a 100% interest in NexOptic’s wholly owned, THOR Heavy & Light Rare Earth Element Project.

Located in southern Nevada, THOR is 17 miles from what was once the largest rare-earth element (“REE”) mine in the world, Mountain Pass. Mountain Pass originally opened in 1952 and would reopen in 2017 as the largest REE mine in the Western Hemisphere, and the only REE mine in North America.

Contributing 15.8% to the global REE supply in 2020, Mountain Pass is primarily a light rare earth deposit whereas historic (non 43-101 compliant) surface and drilled assays discovered on the THOR Project between 2009 and 2011 have reached up to 18% of their composition in heavy rare earths.

Consisting of approximately 2184 hectares in southern Nevada, including roughly 1280 hectares that have been recently staked by NexOptic, the THOR Project was historically explored for heavy and light rare earth elements by Elissa Resources  between 2009 and 2011. Of the 17 rare earth elements, 14 have been discovered at the THOR Project on surface and in historic drilling. In 2016, Elissa completed a change of business in accordance with the policies of the TSX Venture Exchange and changed its name to NexOptic Technology.

Subject to execution of a definitive option agreement, Selten Metal intends to use historical technical and scientific information obtained from NexOptic to develop its plans for exploration and, if warranted, development of the THOR Project.

The reader is cautioned that all historical data on the THOR Project referenced herein, is no longer 43-101 compliant and should be interpreted as such and should not be relied upon. Jim Guilinger and a Qualified Person have reviewed and approved the technical data reported in this news release as was provided to them by NexOptic Technology Corp. Mr. Guilinger is the senior co-author of a 43-101 report on THOR as commissioned by NexOptic.