Texas Mineral Signs Non-Binding Letter of Intent to Explore the Possibility of Forming Joint Venture to Develop and Manage Mining Properties in the Steeple Rock District of New Mexico and Greenlea County in Arizona

Core Viewpoint - Texas Mineral Resources Corp. (TMRC) has entered into a non-binding letter of intent with Steeple Rock Holding Company to explore a mining venture involving four mines and related assets in New Mexico and Arizona [1][2][4] Group 1: Joint Venture Details - TMRC will serve as the managing partner of the joint venture, which includes the Billali mine, Jim Crow mine, inactive Imperial mine, and Carlisle mine, along with a 150 tons per day unassembled flotation mill [1][4] - The initial capital required for the project is yet to be determined and will be used for initiating mining and milling operations [2][3] - TMRC may acquire up to a 50.1% interest in the project by contributing the Carlisle mine and raising the necessary initial capital [3][4] Group 2: Project Potential - The project aims to bring historical mines back into production, with the Steeple Rock District being a well-known gold and silver area in New Mexico and Arizona [4][5] - The district is characterized by stable mining conditions, with historical data indicating good mining conditions and minimal environmental issues [5] - All mines involved have documented historical exploration data, although there is no assurance that they will yield resources compliant with regulatory standards [4][5] Group 3: Company Background - TMRC focuses on developing and commercializing mining projects, including the Round Top heavy-rare earth project in Texas, where it holds approximately 19.3% interest [6]