Ann: Breakthrough in REE Metallurgy at Caralue Bluff, page-2

SUMMARY
• Recoveries of up to 86% TREO achieved in leaching trials
undertaken by METS Engineering.
• Recoveries of up to 88% were achieved for the MREOs (Nd, Pr, Dy,
Tb).
• Test work indicates a high chloride environment is required to liberate
REEs from the clay host material.
• These results suggest that the bulk of the REEs should be extractable
and not bound within the lattice structure of the clay particles or in
resistive minerals such as zircon or monazite.
• Hydrochloric acid was used to create a high chloride environment.
Further test work will involve the substitution of common table salt, or
NaCl, to reduce acid costs.
• Additional test work will also include the viability of ion exchange
desorption using various ion exchange salts.
• Focus on the existing graphite exploration program at the Lacroma
Graphite Prospect continues.
“The successful drilling program in 2022 proved up a large Exploration
Target of 110 – 220 Mt @ 635 – 832 ppm TREO and 19-22% Al2O3 at
Caralue Bluff. However, our challenge was to improve the recovery
process. Over the past few months, through our partnership with METS
Engineering we have systematically explored all the processing options
and uncovered the right conditions for exceptional Rare Earth Element
recoveries. This has opened the path to creating a low cost and effective
leaching process. While it is still early days, this has the potential to be an
important breakthrough for the economics of the Caralue Bluff Prospect.”
Managing Director Mike Schwarz