Ann: Cummins Range Project Product Strategy Update, page-5

If the company wants to go down the lithium battery route we should not produce phosphoric acid but rather ferric phosphate, which only requires phosphoric acid, and a few other raw materials depending on which processing method is used. Then we can sell it straight into LFP cathode producers such as Pan Asia Metals which is targeting to produce LFP cathode using lithium carbonate from their lepidolite mine. Using RareX ferric phosphate from AU will be good for them as the raw materials won’t be sourced from China, albeit Thailand does not have those issues.

Secondly for the REE, we should go back to China for the metallurgy and offtake. If the company is really putting this on the back burner there is no harm in going back to China as they have the metallurgy expertise which perhaps AU lacks, they can also help for offtake.

REE really needs a business development partner to help with investor relations, strategic partnerships, and turning around the company.

I still need divesting our external holdings is ideal because they have not performed in years… bringing in a HREE project or even a lithium project would turn it around. But directors would probably put it in another company and not ree