SASKATOON, SK, Nov. 11, 2026 /CNW/ — Upcycle Minerals Inc. (“Upcycle” or the “Company“) (Private) is pleased to announce the receipt of an independent technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and Form 43-101F1 for its Whiteshore Lake Sodium Sulfate Mineral Property located in central Saskatchewan. The technical report titled “Technical Report Whiteshore Lake Sodium Sulfate Property Saskatchewan, Canada”, was prepared by Stantec Consulting Ltd. (“Stantec”) to provide a mineral resource estimate, geologic model, and to provide deposit development recommendations. Upcycle is evaluating Whiteshore Lake as a potential source of sodium sulfate for the Company’s Tuxford Project, a Potassium Sulfate fertilizer development in Saskatchewan.
The mineral resource estimate was based on a 58-borehole drill program at 50 test locations carried out in February-March 2026. The drill program encountered layers of brine, gyttja (muddy salt), and crystal beds of varying thicknesses. All analytical work was completed by SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan.
Mineral Resource Estimate Summary:
|
Category |
Contained Anhydrous Sodium Sulfate (Metric Tonnes) |
Average Grade Anhydrous Sodium Sulfate (wt. %) |
|
Measured |
430,000 |
16.31 |
|
Indicated |
2,709,000 |
18.63 |
|
Measured & Indicated |
3,139,000 |
18.31 |
|
Inferred |
1,485,000 |
14.04 |
Note: Inferred mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility, and it cannot be assumed that they will be upgraded to a higher category. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The estimated Mineral Resources are hosted within sodium sulfate-bearing domains with combined average modelled thickness of 2.12 metres.
The Technical Report recommends that Upcycle advance the Whiteshore Lake property with environmental and regulatory studies and a Preliminary Feasibility Study.
A geological resource model was developed in MinePlan® software version 16.3. The distance criteria used for Mineral Resource classification were:
- Measured – 0-200 m from the nearest datapoint
- Indicated – 200-400 m from the nearest datapoint
- Inferred – 400-800 m from the nearest datapoint
The Mineral Resource estimate presented above has been prepared in accordance with the requirements of NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves. The Mineral Resource estimate for the Whiteshore Lake Sodium Sulfate Property, with an effective date of September 1, 2026, is based entirely on the geological, drilling, sampling, analytical, and estimation work completed for Upcycle in 2026 and described in the Technical Report. The 2026 drilling and sampling program established the current understanding of the distribution, thickness, continuity, and grade characteristics of sodium sulfate mineralization within the Property and provided the basis for the Mineral Resource estimate presented in the Technical Report. No cut-off grade was applied to the Mineral Resource Estimate, and the estimate includes all modelled in-situ sodium sulfate-bearing material within the mineral lease boundaries. Density was calculated on a sample basis from the estimated material composition and subsequently interpolated within each material domain for use in the Mineral Resource Estimate.
The Technical Report concludes that the Whiteshore Lake Mineral Resources have reasonable prospects for eventual economic extraction based on the deposit geology and grades, historical production at the Palo Mine, and established Saskatchewan brine-based extraction methods. The Palo Mine is a former sodium sulfate mine at Whiteshore Lake that operated under previous owners until 2003 and was not operated by Upcycle. Historical production information was not used in the Mineral Resource estimate and is not necessarily indicative of the mineralization or economics at the Whiteshore Lake property. No material limitations were identified in the data verification that would affect the reliability of the analytical database or the Mineral Resource Estimate.
Uncertainty remains regarding geological continuity, grade distribution, density assumptions, and the spatial variability of mineralization between boreholes. These uncertainties are reflected in the resource classification in the Technical Report and could affect the interpreted domain boundaries, estimated grades, tonnages, classification, and extent of the Mineral Resource as additional information becomes available. The accuracy of resource estimates is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. Given the data available at the time that the Technical Report was prepared, the estimates presented herein are considered reasonable. However, this estimate should be accepted with the understanding that additional data and analysis available after the date of the estimates, may necessitate revision. These revisions may be material. There is no guarantee that all or any part of the estimated resources will be recoverable. Mining methods have not been defined at the current stage of the Whiteshore Lake property, and confirmation testwork and process design are required before advancement to a prefeasibility study. The leases do not grant surface rights; surface access and related authorizations must be addressed separately. The mineral leases overlap agricultural Crown land, Migratory Bird Concentration Sites and Wildlife Habitat Protection Areas. Additional baseline investigation, field studies, regulatory engagement and permitting would be required if the Whiteshore Lake property advances.
Qualified Persons Statement
The scientific and technical information in this news release has been reviewed, verified and approved by Ivan Minev P.Geol, senior resource geologist at Stantec Consulting Ltd., Daniel Hepp P.Geo, senior geologist and geoscience manager at Stantec Consulting Ltd., and Matt Bender PE, SME-RM, principal – senior processing consultant at Stantec Consulting Ltd. who are Qualified Persons under NI 43-101 and are independent of Upcycle Minerals Inc. Mr. Minev reviewed the laboratory certificates, analytical methods, QA/QC information, and datasets used in the Mineral Resource estimate. The qualified persons also authored an earlier technical report for Upcycle dated March 24, 2026.
About Upcycle Minerals
Upcycle Minerals Inc. is based in Saskatoon, Saskatchewan and is focused on the exploration and development of its Tuxford Project, a Potassium Sulfate Fertilizer (SOP) development. The Company is evaluating Whiteshore Lake as a potential source of sodium sulfate for the Tuxford process.
Upcycle is a private company and is not a reporting issuer. This news release is not an offer to sell or the solicitation of an offer to buy any securities.
SOURCE Upcycle Minerals Inc.
