Ann: Positive Findings from Newmont Ti Benchmarking Study, page-3

Forward Works The results of the benchmarking study further support West Cobar’s plans to progress with the flowsheet development works4 investigating the potential to produce a high grade titanium mineral product from the Salazar project in conjunction with high value critical minerals (rare earth elements and scandium). The initial flowsheet evaluation testwork will focus on ore zone characterisation, mineral separation and mineralogical analysis.

West Cobar Managing Director, Matt Szwedzicki, commented: “We are encouraged by the findings of TZMI’s benchmarking study showing that Newmont titanium and total rare earth oxide content stands out compared to major project peers. In addition to the high grade scandium that Newmont contains, this confirmation of high insitu grades of Ti and TREO gives us the confidence to proceed with the validation of the conceptual flowsheet, which shows Ti as a key product and hence revenue stream.”