Ann: Godolphin Farm-in on Advanced Rare Earth Element Project, page-2

Godolphin Secures Farm-in on Advanced Rare Earth Element Project
• Godolphin has signed a farm-in and joint venture agreement to earn up to a 75% interest in the
Narraburra Rare Earth Element Project
• Follows an extensive review of the Rare Earth Element potential of the Lachlan Fold Belt, including
assessing GRL’s own tenements
• Narraburra has a previously reported a Mineral Resource Estimate of 73.2M tonnes at 1250g/t
ZrO2, 327g/t REO, 146g/t Y2O3, 126g/t Nb2O5, 45g/t HfO2, 54g/t Ga2O3 and 118g/t Li2O, which was
classified as Inferred under JORC (2004) by its previous owner Capital Mining Limited (ASX: CMY)
not the Company (Refer Annexure B). This previously reported MRE may not conform to the
requirements in the JORC Code 2012.
• Narraburra is located in the central west of NSW, host to Australia’s most advanced Zirconium,
Rare Earth Element and Rare Metals project, the Dubbo Project of Australian Strategic Materials
• Project is listed as a critical minerals project by the Australian Government’s Australian Trade and
Investment Commission
• Previous exploration includes airborne magnetic surveys, geological mapping, mineralogical
studies, preliminary metallurgical test work, with irregular wide-spaced RAB and RC drilling
• GRL will obtain a considerable suite of historical data to progress a systematic resource drill-out to
JORC 2012 standard, commencing once statutory approvals are secured - expected Q2 2022
• Earn-in terms – two tranche agreement allows Godolphin to progress to 51% ownership with $1M
exploration spend and 75% ownership through an additional $2M in expenditure
• Issue of success-based Godolphin shares to the counterparty, with A$1M of shares upon the 51%
earn-in and A$1M of shares upon the 75% earn-in, subject to 12-month escrow period