Ann: Morabisi Q&A, page-28

REE bonus (re not the main focus) :


Q - How significant are these results in comparison to the other mine and project resources which is being mined, developed or explored in the World?

A – The niobium grade from surface sampling at 1.24% suggest the Morabisi discovery rates in the top 4 ranking globally. (see below table).

- We also stated that these samples assayed were collected as a standard stream sediment sample and not a gravel
concentrate.

As Niobium/Tantalum and REE are heavy minerals, higher grades would be
expected at depth near bedrock.

From previously announced assays we know the discovery has a 3.5x niobium/tantalum ratio. What is important here is that the discovery is very rich in niobium versus tantalum.

Tantalum consumption is circa 1,200 tons per annum globally which pales in comparison to niobium consumption which is reaching circa 100,000 tonnes per annum in ferronio biumform and is increasing at a rate greater than 5% per annum.

Given niobium is used in HSLA (High Strength Low Alloy) steels in construction and automotive industry, its qualities ensure that it is ranked in the top 8 strategic raw materials considered indispensable.

Whilst the discovery is very rich in niobium the tantalum grade of 0.35% at surface is actually 3x better than the Greenbushes tantalum mine which grades at 0.12% tantalum.

In addition to the niobium/tantalum discovery the JV have also recorded assays of 0.75% for TREO (Total Rare Earth Oxides) at surface which is in the medium range in the world standards.

When we consider this combined with the Niobium and tantalum resource, it
would be considered a credit and thus improve the economics of any mine development.

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