Ann: Yangibana Ore Reserve Tonnes Up 37% NdPr Tonnes up 18%, page-3

• Yangibana Rare Earths Project total Ore Reserve increased 37% to 16.7Mt at 0.95% TREO.

• TREO tonnes rise 15% to 158,400t, with contained Neodymium + Praseodymium (NdPr) - the key

  component in electric vehicle permanent magnets – increasing 18% to (58,300t).

• The increased Yangibana Ore Reserve includes the maiden Ore Reserve for the Simon’s Find

  deposit – 1.7Mt at 0.57% TREO, of which 52% is NdPr – unmatched for any rare earths project.

• Yangibana’s updated Ore Reserve extends mine life to at least 15 years. Ore sorting technology will be incorporated in Yangibana’s mine development for a fourfold economic and operational boost including through:

o removing 4Mt of waste material from being processed over the life of mine (LOM); o increasingtheTREOplantfeedgradeby26%.o reducing plant reagent consumption and tailings storage volumes by 24%, ando improving sorted ore beneficiation recoveries at Simon’s Find by 7.1%.