Ann: Ionic Clays Confirmed From Initial Met Tests at Caladao, page-5

First Stage Metallurgical Results Confirm Ionic Rare Earths
and Gallium Recoveries at Caladão Project
HIGHLIGHTS:
• Initial metallurgical test work completed by ANSTO on only two diamond drill samples (DDH-018
and DDH-036, 2km apart) showed positive recoveries by desorption of Rare Earth Elements (REE)
using simple, low-cost sodium chloride (NaCl) and ammonium sulfate (AMSUL) leaching methods
at pH 4
• Strong recoveries of high value magnet rare earth elements1 (Nd, Pr, Dy, Tb) achieved, up to 52%
from first-pass tests. This mirrors initial recovery efficiencies reported from other global ionic clay
REE deposits
• Results confirm a considerable portion of the REE at Caladão are adsorbed onto clays allowing
recovery by a simple leaching process
DDH-018 – Confirmed Ionic Adsorption Clay REE
• Excellent REE desorption was achieved at DDH-018 using a standard ammonium sulphate solution
at pH 4, crucially confirming that the high-grade Caladão Project contains Ionic Adsorption Clay
(IAC) REE
• High value magnetic rare earths (MREO) average head grades of 632ppm MREO over 18m
demonstrating exceptional thickness
DDH-036 – Exceptional Heavy Rare Earths (HREE) + Yttrium in Primary and Secondary REE phases
• High MREO content including up to 139 ppm DyTb and substantial Yttrium concentrations
recoverable via acid leach
Strong First-Pass Gallium Recoveries