Ann: Acquistion of High-Grade REE Project in Nevada, page-13

Amigos, ARR's #1 rock sample from the new Searchlight Prospect had the highest grade of total rare earths (1.48%), and the highest level of thorium (1,960 ppm) - see page 7. Some other samples had Uranium up to 600 ppm. I think ARR previously said that the geology at the new prospect in Nevada is similar to that at Mountain Pass. Fortunately, MP Materials will be developing facilities for treating ore containing these two radioactive metals. If it turns out that ARR can sell its ore from Searchlight to MP for processing, that is a good result. In contrast, La Paz has a different mineralogy with low levels of thorium & uranium, so its metallurgy will be different and require much less environmental safeguards. The overall picture is that ARR is building a significant resource base in USA. (And soon we should have news flow on the finalisation of the purchase of the prospect in Wyoming (due in June) and the assay results for the drilling at La Paz.)