Lac Brûlé Property

The Lac Brûlé property is located 130 km west of Baie-Comeau, less than 100 km from the coast of the St. Lawrence River. The property is composed of one block of 295 claims totaling 165 km² which surrounds Cliffs Natural Resources claim block hosting the Lac Brûlé titaniferous ilmenite deposit. The Lac Brûlé deposit is hosted by the Labrieville anorthosite intrusive complex and has a reported historical resource estimate of 3.87 Mt grading 30-35% TiO2. Argex is in the process of completing the acquisition of the claims held by Cliffs Natural Resources.

Argex’s NI 43-101 Qualified Person has not done sufficient work to classify the historical resources estimates and Argex is not treating the historical estimate as current mineral resources.