Temas Resources Corp. (CSE: TMAS | ASX: TIO | OTCQB: TMASF) announced on 29 September 2026 that its collaborative metallurgical program with SAGA Metals Corp. (TSXV: SAGA) has advanced to Stage 2 — Detailed Bench-Scale Optimization — of its proprietary Regenerative Chloride Leach (RCL) technology. The move follows Stage 1 recoveries of up to 90.8% titanium, 97.4% vanadium, and 91.5% iron from SAGA's Radar Project feed materials. Stage 2 is designed to produce the first high-purity product samples and establish engineering criteria for future pilot-scale testing, representing a meaningful step toward potential commercial deployment of the RCL platform.

Key Points

  • Temas Resources Corp. (CSE: TMAS | ASX: TIO | OTCQB: TMASF | FSE: 26P0)
  • Stage 2 Detailed Bench-Scale Optimization of the RCL program with SAGA Metals has commenced, targeting optimized leaching, downstream solvent extraction, and first titanium, vanadium and iron product samples
  • Stage 2 Phase 1 is expected to run approximately eight weeks; a subsequent mini-pilot (Phase 2) could generate C$650,000–C$750,000 in revenue for Temas, subject to SAGA approval
  • Investors may be watching the Gate 2 decision on whether Phase 2 mini-pilot proceeds following completion of Phase 1 optimization

Stage 2 Scope: Optimizing RCL Leaching and Downstream Separation for SAGA's Radar Project

Stage 2 begins by comparing two Run-of-Mine Massive Oxide samples side by side, assessing titanium, vanadium and iron extraction, reagent consumption, leach kinetics, solution quality, and grinding requirements. The best-performing feed material will then progress into detailed optimization of key RCL operating variables, including hydrochloric acid and magnesium chloride concentrations, temperature, oxidation-reduction potential, retention time, solids concentration, and particle size. The program is designed to establish reproducible conditions that maximize extraction while improving reagent efficiency, with the full Phase 1 program expected to take approximately eight weeks, the company stated.

First High-Purity Product Samples and Solvent Extraction Circuit Development

A central objective of Stage 2 is developing the downstream solvent extraction circuit for iron, titanium and vanadium. The release states the program will test extraction, scrubbing and stripping conditions and develop McCabe-Thiele isotherms to establish preliminary operating parameters. The optimized leaching work is designed to generate sufficient pregnant leach solution to run the solvent extraction circuit and recover first samples of high-purity titanium dioxide, vanadium and iron — providing, as the announcement describes, a bridge between metallurgical testing and commercial product evaluation. The immediate share price impact was not clear from available public information.

Stage-Gated Mini-Pilot Pathway and Potential C$650,000–C$750,000 Revenue for Temas

The announcement outlines a defined stage-gate structure. Successful completion of Phase 1 optimization and approval by SAGA could advance the program to a Phase 2 mini-pilot expected to run over a 10-week period, which the company disclosed could generate approximately C$650,000–C$750,000 in revenue for Temas. The final scope and budget are to be established on completion of Phase 1. The program is also designed to deliver the metallurgical data required to support SAGA's progression toward PEA/PFS-level evaluation and future 500–1,000 kg pilot-scale testing, the release states.

RCL as a Third-Party Licensing and Partnership Platform

Temas describes the SAGA program as further evidence of RCL's applicability to third-party critical mineral deposits, reinforcing the company's stated strategy of commercializing the technology through licensing, strategic partnerships and joint ventures. The release notes that each completed stage adds technical validation to the RCL platform. Analysts and investors may be watching how the SAGA program, alongside Temas' wholly owned La Blache and Lac Brûlé titanium-vanadium-iron projects in Québec, supports the broader commercial development roadmap the company has outlined.