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10 June 2021 Acquisition of Scandium Minerals Rights at the Split Rocks Project in Western Australia Highlights • American Rare Earths has acquired scandium mineral rights over the Split Rocks Project in Western Australia • Near surface scandium exceeding 100ppm in three drilling samples. Significant drill intercepts include: • 4m @ 190 ppm scandium from surface; • 8m @ 105 ppm scandium from surface; • 4m @ 100 ppm scandium from surface, and • 20m @ 94 ppm scandium from surface. • Scandium grades exceeding 50ppm identified in 64 samples from 46 drill holes intercepted at depths less than 52 meters • Highly anomalous cobalt and nickel mineralisation intercepted with significant drill results including: • 30m @ 0.06% cobalt (600 ppm) and 0.75% nickel (7,500 ppm) from 20m depth • 12m @ 0.27% cobalt and 1.45% nickel from 20m depth • Scandium Minerals reside in saprolite clays in near surface laterite deposits • Confirmatory drilling recently completed, with assays pending, that will provide further data for initial scandium metallurgical testwork. American Rare Earths Limited
