Ann: Positive Results Grow Rare Earth Potential at Kaolin Project, page-10

We may well be looking at Ethiopia as two projects for the price of one. As it's starting to bring into question whether the koalin or the rare earths potential will be driving this forward. Especially, if rare earth prices keep going up as they have done over the last several months.

Since hole ETH-029 was at the end of a drilling sequence, the potential for the REE to continue beyond that is going to be interesting. It may well form the bases of future messaging about Ethiopia's true potential.

The way I see it, of the all the rare earth material required all you need to do is to keep your eye on four of them. They are:

• Neodymium (Nd – worth ~$100/kg)
• Praseodymium (Pr - worth ~$100/kg)
• Terbium (Tb - worth ~$1,500/kg)
• Dysprosium (Dy - worth ~$500/kg)

In terms of size and volume, collectively these four (NdPr, Tb/Dy), represent over 90+% of all rare earths value. In other words, although there is value is some of the others, the applications and potential for over supply long-term could impact their prices. However, this is unlikely to be the case for the above mentioned as they are all part of the green energy transition to renewables. In particular, they are critical for maintaining the momentum necessary as we switch on mass to electric vehicles and wind turbines over the next decade or so.

ITM's Neodymium and Praseodymium results seem promising. Also, I note that Terbium and Dysprosium are also present in higher numbers on hole ETH-029. See their spread sheet below. Terbium is worth US$1,500/kg and Dysprosium is worth about US$500/kg.

There is still a lot more drilling work and technical (recovery) work to do but an excellent start nonetheless.

With money in the bank and time to exercise their objectives, it's shaping up to be a very exciting 2022!

DYOR, All IMO, GLTAH