BERWYN, PA / ACCESS Newswire / June 26, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to provide an update on exploration, metallurgical development, engineering, permitting, and strategic partnership initiatives at the NeoRe Rare Earth Project ("NeoRe" or the "Project") in southern Chile, as the Company continues to advance an integrated development strategy focused on establishing a scalable Western supply chain for critical rare earth elements ("REE").

Through project operator, NeoRe SpA ("NeoRe"), the Company continues to advance resource definition, pilot-scale processing, engineering, permitting, and commercial development activities in support of further deployment of the Project's first Modular Extraction Plant ("MEP-1").

A significant milestone was recently achieved with the initiation of pilot plant commissioning activities and the successful production of NeoRe's first rare earth carbonate concentrate. This milestone represents an important step in validating the Project's metallurgical process flowsheet and advancing downstream processing capabilities within Chile.

In parallel, NeoRe is advancing its own rare earth separation pilot plant in Chile's Biobío region. The facility is designed to process heavy rare earth concentrate already being produced across NeoRe's project locations in the region. The NeoRe technical team has previously demonstrated the ability to produce high-purity rare earth concentrate and successfully separated REEs using solvent extraction ("SX") technology.

The rare earth separation pilot plant is expected to play an important role in establishing a Western, non-Chinese separation capability for critical heavy REEs, including yttrium, dysprosium, terbium, and others. Initial pilot plant results are anticipated towards the end of 2026.

Exploration activities continue to support NeoRe's district-scale development strategy. Drilling year-to-date has advanced to over 1,800 meters through two parallel drilling programs. Target screening and evaluation activities are currently underway across several prospective area in the district's three main clusters.

In addition, Chilean Cobalt and NeoRe continue to engage with potential strategic partners in the United States regarding future processing, separation, and offtake opportunities. These discussions are intended to support the development of a secure and diversified supply chain for REEs serving U.S. and allied markets.

"NeoRe continues to make meaningful progress across exploration, processing, engineering, and commercial development initiatives," said Duncan T. Blount, Chairman and CEO of Chilean Cobalt Corp. "The successful production of NeoRe's first rare earth carbonate concentrate, and the advancement of the rare earth separation plant represent important milestones towards an integrated REE platform capable of supplying critical materials outside of China. At the same time, our ongoing discussions with potential strategic partners in the U.S. reflect growing interest in developing secure supply chains for these essential minerals, and NeoRe's production of concentrate material now allows for test shipment to potential processing partners and offtakers."

Any definitive acquisition agreement, if completed, will include customary conditions precedent, termination rights, and a jointly developed sustainability and community engagement framework, consistent with Chilean regulatory requirements and industry best practices.

This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Chilean Cobalt Corp.

Chilean Cobalt Corp. is a US-based critical minerals exploration and development company focused on the La Cobaltera and El Cofre cobalt-copper projects in the historic San Juan mining district in northern Chile, one of the world's few primary cobalt districts. Chilean Cobalt is committed to creating ecological and social value for all stakeholders; economic value for Chile and the Chilean communities in which it operates; and financial value for its shareholders.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Examples of forward-looking statements, include, among others, statements the Company makes regarding its ability to scale the production of rare earth carbonate concentrate, ability to scale the separation of heavy rare earths, ability to leverage drilling and target screening to establish "Proven" or "Probable" Reserves, as defined by the SEC under Regulation S-K Subpart 1300, through the completion of a Definitive Feasibility Study for the minerals that the Company seeks to produce, ability to establish a secure and diversified supply chain with strategic US partners, ability to achieve a definitive agreement under the option to acquire the Project, ability to incorporate any acquired claims into its next phase of exploration, and ability to overcome the inherent risks of mining, exploration, development, and processing operations that may negatively impact the business. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACTS:

Chilean Cobalt Corp.
Duncan T. Blount
Chairman & CEO
Duncan.Blount@chileancobaltcorp.com

SOURCE: Chilean Cobalt Corp.