Ann: Significant Rare Earth Discovery Confirmed, page-159

1. DM1's grades are ~2x higher than IXR's grades of REEs

2. DM1's recoveries are ~1.8x-2x higher than IXR's recoveries

Therefore, DM1 will generate ~250%-300% higher profit per tonne of REE clay than IXR.

3. DM1's Market Cap $30million at 48c IXR's Market Cap $180million....which do you think is significantly undervalued?

4. DM1 has 15 additional nickel copper PGE targets in its portfolio, IXR only has its REEs.

5. Australian Federal Govt will fund REE and other Critical Mineral project CAPEX costs. Uganda will not, meaning significant dilution for IXR and not for DM1 CAPEX Costs.

Supporting critical minerals projects (exportfinance.gov.au)

The Australian Government’s Critical Minerals Facility

In 2021, the Australian Government established the $2 billion Critical Minerals Facility

, which is managed by Export Finance Australia. Projects that are aligned with the Australian Government’s Critical Minerals Strategy, and are otherwise in Australia’s national interest, may be able to access finance through this facility.