Vancouver, British Columbia--(Newsfile Corp. - November 26, 2025) - Penbar Capital Ltd., to be renamed "Eastport Ventures Inc." (TSXV: EVI) ("Eastport" or the "Company") announces the launch of Phase 1 Drilling at the Semarule Rare Earth Element Project ("REE"), in Botswana consistent with the Company's multi-asset exploration and development campaigns [please refer to figure 4 for project location].
Semarule REE Highlights:
Eastport commenced Phase 1 Drilling starting with 7 Diamond Drill holes testing targets at Semarule Hill, Semarule South and Semarule East [see Figure 2 & 3]
Semarule Hill is a 3km x 5km intrusion outcropping at surface, testing a multi-phase syenite with carbonatite dykes hosting REE
The Company conducted a targeted rock chip sampling campaign in 2023 at Semarule Hill, returning encouraging TREO + Y2O3 results.
Semarule South is a covered intrusions identified in geophysics with an aerial extent 2-3x bigger than the target at Semarule Hill
[Figure 1: DDH SEM003]
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Director & VP Exploration, Rick Bonner, commented,
"Semarule Hill is an intrusive plug with rare-earth enriched syenite and occasional carbonatite dykes outcropping over 15km2 and up to 75m above the surrounding plane. The Semarule South and East areas have not been drill tested to date, however, geophysical interpretation suggests they may represent intrusive bodies with footprints 2-3 times larger than Semarule Hill. Collectively, the three target areas create a compelling target for the potential discovery of a rare-earth deposit with the capacity for new strategic supply of critical minerals from a western-facing, stable African jurisdiction."
[Figure 2: Location of the Phase 1 Drilling and Regional Magnetics]
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Burns Singh Tennent-Bhohi, CEO, commented,
"We are delighted to have commenced drilling at the Semarule project, one of a portfolio of drill ready critical mineral projects we have developed over six years of operations as a private company.
"The strategic importance of Rare Earth supply has been recognised globally, highlighted by the announcement this week that The U.S. Export-Import Bank (EXIM) will invest $100 billion to secure U.S. and allied supply chains for critical minerals. The Semarule project is located on 40km from the Botswanan capital Gabarone with excellent links to infrastructure and international export routes. This, combined with compelling geological targets, makes the Semarule Project a priority for drill testing as part of Eastport Ventures multi-commodity development strategy.
"With two drill projects commenced within the first week as a publicly traded company, we look forward to keeping the market updated as we continue our aggressive exploration campaign, and continue to invest meaningfully in the development of the Company's projects through dollars into the ground."
[Figure 3: Rock Chip Sample Results and Planned Drilling at Semarule Hill]
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Location of Semarule
[Figure 4: Location of Semarule]
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The Semarule project is located approximately 40 km west of Gaborone, the nation's capital, and a few kilometres from Molepolole, the administrative centre of the Kweneng District. Situated within the Gaborone-Molepolole corridor, just off the A12 highway, the project benefits from established infrastructure, including reliable road access, proximity to the national power grid, consistent water availability, and access to drilling contractors and skilled labour.
Qualified Person
The information in this news release has been reviewed and approved by Liz de Klerk Pri.Sci.Nat.,FIMMM, of Micon International, an Independent Consultant of the Company and Qualified Person as that term is defined in National Instrument 43-101.
Location Map of Eastport's Projects in Botswana
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About Eastport Ventures Inc.
Eastport Ventures is a disruptive critical minerals development company advancing five projects in Botswana, with cumulative historical and current expenditures approaching $20 million. The Company's most advanced asset is the Matsitama Copper Project, which hosts multiple sizeable targets across the Matsitama copper district.
The Company's additional projects include Selebi East, a nickel-copper-cobalt project located seven kilometres east of the historic Selebi Mines; the Semarule Rare Earth Elements Project, positioned within the Gaborone-Molepolole corridor; the Foley Uranium Project, adjoining the Letlhakane uranium deposit; and the Keng Project, which targets nickel, copper and PGE's on the northern margin of the Molopo Farms Complex.
Botswana is widely regarded as one of Africa's strongest mining jurisdictions, combining the continent's highest GDP per capita with a 50-year track record of large-scale mineral development since the Orapa diamond discovery in 1967. The country ranks among the top performers globally on the Fraser Institute's Investment Attractiveness Index and is the highest-rated jurisdiction in Africa on the Policy Perception Index. These rankings reflect Botswana's stable regulatory environment, consistent rule of law, and long-standing support for responsible mineral development - factors that have underpinned significant investment and major M&A activity in the natural resources sector in recent years.
For further information about Eastport Ventures Inc., please contact:
Burns Singh Tennent-Bhohi
CEO and Director, Eastport Ventures Inc.
burns@eastportventures.com
info@eastportventures.com
Investor Relations
KIN Communications Inc.
604-684-6730
EVI@kincommunications.com
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements including but not limited to statements regarding the Company's business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Penbar Capital Ltd.