CEO, page-3

March 2019 Quarterly Report Tuesday 30th April 2019
Highlights:
 Optimised civil engineering studies completed by multi‐disciplinary team
 Civil construction costs reduced by 44% to US$175M
 On track to reduce overall capital costs significantly
 Kvanefjeld Project Social Impact Assessment accepted for public consultation
 Major milestone following review/guidance phase of licensing process  SIA document translated to Greenlandic and Danish
 MoU entered with South Greenland municipality regarding project participation
 Aims to establish a participation agreement to maximise opportunities for local businesses and workers
 EIA updates nearing completion
 Background studies updated by independent specialist consultants
 Translation of EIA document undertaken
 Company anticipates EIA will imminently be ready for public consultation
 Metallurgical test work to confirm optimised refinery circuit rare earth recoveries

EIA is done and dusted - imo Company management would be looking at working through the IBA with the Greenland Authorities, which is the next step after the public consultations and prior to the ML being granted.
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