Canadian Energy Metals Corp. said it has achieved proof-of-concept for producing Smelter Grade Alumina (SGA), the primary feedstock for aluminum production, from black shales at its Thor Project in northeast Saskatchewan. Testing of boehmite produced from precursors associated with High Purity Alumina (HPA) and Chemical Grade Alumina (CGA) consistently produced samples with purity and specifications matching SGA made through the Bayer Process, the industry-standard method for refining bauxite. The company also formally began a Prefeasibility Study (PFS), which will assess mining, refining and smelting pathways, resource confidence, preliminary capital and operating costs, logistics, infrastructure, markets and the project's potential progression to a full Feasibility Study. CEM said the milestone expands the Thor Project's potential product pathway beyond HPA and CGA, for which it announced a proof-of-concept in January 2026. Its Preliminary Economic Assessment (PEA) was filed on SEDAR+ in May 2026. CEM continues process optimization, advanced piloting and exploration for additional critical metals across its mineral rights. The company cautioned that metallurgical test results and PEA economics are preliminary and may not be replicated at pilot or commercial scale.