Drilling Results, page-13

Exploration Outlook
Drilling: Drilling will resume shortly at the Mia Prospect where drilling density is being increased to a 400m x 400m pattern with the aim of augmenting a mineral resource estimate when complete.
Assays: The last remaining aircore drilling results are being processed, with final results due for release shortly. Remaining results are new targets away from previously identified mineralisation.
Metallurgy: The Company has engaged with South Australian process engineering group WGA, a company which has expertise with clay-hosted REE mineralisation. WGA is tasked with proposing a flow sheet, test work for each of the stages, and capital and operating costestimates for each stage.
The Company is also using IMO as metallurgical consultants.Initial encouraging metallurgical results have been reported, including:• Impressive screen beneficiation test results which returned an average grade upgrade of 164% from Mia and 154% from Vincent. Over 80% of the TREO is contained within 50%of the original sample mass, and the barren proportion can be rejected when screened at -75 microns4.• High extraction rates of up to 72% of TREO using 25g/kg HCl achieved at the key Mia and Vincent Prospects, including up to 85% of high-value MagREO, within a leaching period of 24 hours5.
The next step is to undertake more precise HCl extraction tests on slurry samples, using larger samples at a higher pulp density, and at a number of acid concentrations, to better estimate acid consumption.
Surveys: Spring flora surveys are complete and Aboriginal Heritage Protection surveys have commenced, concurrent with drill line clearing.
Further
Drilling: Programmes of Work approvals have been received from the DMIRS6,(subject to completing heritage and flora surveys), to drill up to 9 kilometres north and up to 10 kilometres south of the central Mia Prospect area and as far south as the Marvin Prospect.
These approvals include provisions to progressively drill grids in areas to a 400mx 400m density.
The Company is targeting high grade, high silica, kaolin saprolite that maybe amenable to beneficiation through screening to remove barren sand-sized particles.