Ann: Phase 3 Drill Results Significantly Expand Prop Potential, page-2

Highlights:
• Outstanding initial assay results from 78 holes of the completed 145-hole program.
• Grades of up to 4,159 ppm Total Rare Earth Oxides (TREO) returned, with extensive clay thickness
of up to 56m at consistently high grades.
• Clays confirmed across a 11km length at Prop with widths between 4 to 5km.
• Returned assays in 61% of holes show grades in excess of 1,000ppm TREO.
• High value Magnet Rare Earth Oxides (MREO) represent an average of ~21% of TREO grade.
• Drill results strongly correlate with interpreted data from Airborne Electromagnetic Survey (AEM),
validating geological modelling and exploration program design.
• Real and substantial potential for Mineral Resource expansion based on these results.
• Pending assay results at Centre are expected to be progressively received over the coming weeks.
• All assays using 4-acid soluble digestion (i.e. does not assay for resistate non-acid soluble REE minerals).
• The Phase 3 drill program received funding through the Western Australian Government’s Exploration
Incentive Scheme Co-funded drilling program.