Ann: Arunta West drilling results, page-28

Sought some info from a friend that has been in the game for awhile and could explain it better, this was his answer.

”If the MREO shows a concentration up to 33% in the sample of total rare earth oxide (TREO) is neodymium and praseodymium (NdPr), then it is considered a highly valuable concentration. NdPr is a combination of neodymium and praseodymium, which are critical rare earth elements used in the production of high-strength magnets, used in various applications, electric vehicles, wind turbines, renewable energy tech etc. NdPr is highly sought after in the rare earth element market due to its growing demand, limited supply, and high price/value. A 33% concentration of NdPr in a sample of TREO is a significant concentration that would be considered economically viable for mining and processing.

In general, a deposit with a TREO concentration of 300 ppm or higher is considered potentially economically viable for rare earth mining. However, a drilling result of 12m at 1100ppm total rare earth oxides (TREO), with 33% (MREO) and 23% neodymium and praseodymium (NdPr) from 6m, on top of some historic holes confirming its consistent at this depth, suggests its a very valuable resource. Especially since it’s shallow.

A single drilling campaign is obviously not enough to confirm it’s feasible, but it’s certainly a good start and likely why they are moving to secure more area. More of these results spread out at width, means this is a cracker. A lot easier to understand and cheaper to mine than some very deep high grade holes that get very expensive to pull up the deeper you go”