Fodere Announces US$5 Million Founders Round to Accredited Investors

Convertible note offering to fund site diligence, environmental and engineering work for proposed Mississippi prototype plant

NEW YORK, Oct. 20, 2026 /PRNewswire/ -- Fodere Critical Minerals Limited ("Fodere") today announced that its wholly owned U.S. subsidiary, Fodere Inc., has launched its Founders Round, a private offering of up to US$5 million of convertible promissory notes. The offering is being made under Rule 506(c) of Regulation D and is open only to accredited investors whose status has been verified.

The Founders Round

Fodere Inc. intends to use the proceeds of the offering for environmental, permitting and site diligence for a proposed prototype plant in Prairie, Mississippi, completion of the engineering conversion of the plant design to U.S. codes, and general corporate purposes. Acquisition of the Prairie site is expected to be financed separately. Fodere Inc. expects a first closing on or about November 15, 2026, with a final closing targeted for December 15, 2026. The terms of the notes are set out in the offering documents.

Recent Developments

The Founders Round follows Fodere's recent announcement of Jeffry N. Quinn's appointment as Chief Executive Officer of Fodere and the recent announcement of the planned prototype plant in Prairie, Mississippi. Fodere America has also made a Phase I proposal under Defense Industrial Base Consortium solicitation RPP-CM-26-02 seeking federal funding for the plant. Selection is not assured, and the Mississippi project is not dependent on an award.

Capital Plan

Fodere's development to date has been funded with approximately US$11 million of private capital.

Fodere expects to seek additional financing in 2027 to fund construction of the prototype plant, subject to market conditions.

Technology

Fodere has developed a proprietary critical minerals processing platform designed to recover valuable metals and mineral products from industrial residues, tailings, slags, lower-grade mineral resources and other complex feedstocks. The platform has been advanced through laboratory, bench-scale, pilot-scale and engineering development programs across a range of mineral and industrial materials.

Fodere's commercialization program is based on its current proprietary process, together with the intellectual property portfolio, confidential process know-how, metallurgical datasets and engineering development supporting that process. Fodere intends to continue expanding and protecting this intellectual property position as the technology moves through prototype operation, product qualification and commercial deployment.

The current Fodere process combines controlled low-temperature thermal treatment with selective hydrometallurgical recovery. It is designed to address iron-bearing mineral structures that can make conventional recovery technically challenging or economically unattractive and to recover a basket of products in sequence. The products recovered depend on the composition of each feedstock and can include synthetic rutile grade titanium dioxide, vanadium pentoxide, iron units and other co-products. The process is also designed to recycle the majority of its process acid and water.

"This round is intended to fund the work that takes the Mississippi project from site selection to construction readiness," said Jeffry N. Quinn, chairman and chief executive officer of Fodere. "Mississippi is the first deployment of a platform designed to process industrial and mineral waste streams around the world. We are opening this round to accredited investors beyond our existing shareholders, and we welcome their interest."

About Fodere Critical Minerals Limited

Fodere Critical Minerals Limited, formerly Fodere Titanium Limited, is a United Kingdom company that has developed and owns a proprietary technology platform for recovering titanium, vanadium and other critical minerals from industrial residues and lower-grade materials. The platform is supported by its intellectual property portfolio, confidential process know-how, metallurgical datasets and engineering development. The company was founded by Nicholas Cella, John Omitogun and Daniel Cousins.

About Fodere Inc.

Fodere Inc. is a Delaware corporation and a wholly owned subsidiary of Fodere Critical Minerals Limited.

About Fodere America LLC

Fodere America LLC is a Delaware limited liability company that holds the exclusive rights to deploy the Fodere technology in North America under a license from Fodere Critical Minerals Limited. It is managed and operated in the United States and is developing the Mississippi project.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Founders Round and its expected closing, the use of proceeds, the construction and operation of the Mississippi prototype plant, acquisition of the Prairie site, the outcome of Fodere America's federal proposal, Fodere's other financing plans, product qualification, scale-up and the performance of Fodere's technology at prototype and commercial scale. These statements are based on current expectations and are subject to risks and uncertainties, including the availability of financing and federal support, permitting, construction and commissioning risk, feedstock availability and variability, market conditions, product qualification and technical performance. Actual results may differ materially. Fodere undertakes no obligation to update any forward-looking statement.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities. Any offer will be made only through the offering documents and only to verified accredited investors. The securities have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption.

The communication of this press release and any other documents and/or materials relating to the issue of the securities described herein is not being made, and this press release and such other documents and/or materials have not been approved, by an authorized person for the purposes of Section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended. In the United Kingdom, this press release and such other documents and/or materials are intended for distribution only to persons to whom they may lawfully be communicated or distributed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended.

Media Contact

Melissa H. Zona
General Manager and Chief Operating Officer
Fodere America LLC
[email protected]
+1 636 751 4057

Investor Contact (accredited investors)
Jeffry N. Quinn
Chairman and Chief Executive Officer
[email protected]

SOURCE Fodere America