ASX ANNOUNCEMENTQUARTERLY ACTIVITIES REPORT AND APPENDIX 5B23...

ASX ANNOUNCEMENT

QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B

23 January 2023

HIGHLIGHTS

• World’s third largest car manufacturer, Hyundai Motor Company and Kia Corporation, sign cornerstone binding offtake agreement for the supply for NdPr (in the form of NdPr Oxide or NdPr Metal) for a 7-year term.

• NT Government issues Mining Authorisation for the world class Nolans NdPr Project, with approval of the Project’s Mining Management Plan, which also provides the final environmental approval for commencement of construction in early 2023.

• Strong cash position of $125.2 million following partial completion ($95.9 million) of $121 million placement with balance and $20 million Share Purchase Plan to settle in January 2023.

• Strategic investor, Hancock Prospecting Limited joins the register and will hold ~10% post transaction.

• Funding to be used for long lead equipment orders and early earthworks to commence Q1 2023.

• Project update released providing revised capital costs, operating costs and financial evaluation of the Project confirming improved forecast project financial outcomes.

• Monadelphous selected as preferred construction contractor for the Hydrometallurgical Plant and commenced an early contractor involvement phase.

• Significant progress on tendering of other construction and supply contracts ready for commencement of construction in early 2023.

• Increasing Australian and global strategic awareness of need for investment in NdPr projects and importance of linking Australian critical minerals supply with key international trading partners, such as the Republic of Korea, the United States, the European Union and Japan.

• Hydrometallurgical plant FEED effectively complete and now moving to detailed design.

• Share price ends year at 46.5c representing a 121% increase over 12 months.

.looks good