Ann: 90.5% TREE Recovery from Hydrometallurgical Test Work, page-2

90.5% TREE RECOVERY FROM HYDROMETALLURGICAL TEST WORK

TEST WORK VALIDATES THE REE POTENTIAL OF 6KM X 4.5KM

MINOS RARE EARTH PROJECT TARGET AREA

Highlights

• 90.5% TREE, 87.8% HREE & 90.8% LREE recovery produced from initial sighter leach test work
completed on clay hosted Rare Earth Element (REE) air core drilling samples from Minos
• Bulk Flotation confirms high recovery to flotation concentrate of minus 0.15mm fraction
• Follow-up Hydrometallurgical (acid leaching) test work now being planned
• Beneficiation optimisation test work to be conducted
• Drilling has previously produced outstanding high-grade REE clay hosted intersections
including:
§ 26m @ 4,767ppm TREO and 1,894ppm MREO from 46m (LLAC128) including:
Ø 1m @ 46,721ppm TREO and 22,255ppm MREO from 48m
Ø 5m @ 16,706ppm TREO from 48m
Ø 7m @ 5,597ppm MREO from 48m
• REE target area of 6.0km long by 4.5km wide open in all directions with up to 40m thick
TREO enrichment layer in weathering profile
• Assays a