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ABX GROUP LIMITED AGM Information 2026
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AGM Information
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ABx Group
ASX Announcement
26 May 2026
ASX: ABX
Annual General Meeting Materials
26 May 2026 – 12 pm (AEST)
ABx Group Limited (ASX: ABX) (“ABx” or “the Company”) provides the attached material to be presented at the Annual General Meeting (AGM).
Documents Attached
- Chair’s Address
- Managing Director and CEO Presentation – A uniquely positioned Australian company delivering materials for a safer, cleaner future
This announcement is approved for release by the board of directors.
For further information please contact:
Dr Mark Cooksey
MD & CEO
ABx Group
+61 447 201 536
[email protected]
www.abxgroup.com.au
Media
Chapter One Advisors
David Tasker / Alex Baker
+61 433 112 936 / +61 432 801 745
[email protected]
[email protected]
About ABx Group Limited
ABx Group (ABX) is a uniquely positioned, high-tech Australian company delivering materials for a cleaner future.
The two current areas of focus are:
- Creation of an ionic adsorption clay rare earth project in northern Tasmania.
- Establishment of a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste, to replace imports (ALCORE).
There is also a legacy business:
- Mining and enhancing bauxite resources for cement, aluminium and fertiliser production.
ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.
ABx Group Limited
ABN 14 139 494 885
Suite 2 Level 11, 385 Bourke Street, Melbourne, VIC 3000
P: +61 3 9692 7222
F: +61 2 9956 7355
Dear fellow shareholders,
I would like to thank you for your continued support for ABx Group throughout 2025.
It has been a transformational year for the Company, with significant progress achieved across our three priority projects; rare earths, ALCORE fluorine chemicals technology and bauxite. Importantly, these all advanced materially during the year and continue to position ABx as a uniquely diversified Australian critical minerals and industrial technology company.
At our Deep Leads rare earths project in northern Tasmania, ABx achieved a major milestone with the successful production of our maiden mixed rare earth carbonate, or MREC, product.
This was a particularly important achievement because it demonstrated not only our ability to extract rare earths from the Deep Leads resource, but also the exceptional quality of the product itself. Our MREC contains very high concentrations of dysprosium and terbium — two of the most valuable and strategically important heavy rare earth elements required for permanent magnets for electric vehicles, robotics and defence technologies.
Importantly, our rare earths continue to demonstrate characteristics that distinguish ABx from many peers globally. The ionic clay mineralisation at Deep Leads allows extraction using benign reagents at ambient temperatures. This has the potential to translate into lower operating costs and higher product purity.
Throughout the year, the Company also expanded its exploration footprint in Tasmania and continued exploration drilling programs that led to the identification of new rare earth discoveries southeast of Launceston. These discoveries further reinforce the prospectivity of ABx's broader Tasmanian tenure position, much of which remains underexplored.
At the same time, through our 83%-owned subsidiary ALCORE, we continued to make substantial progress as we advanced our innovative world-leading clean fluorine chemical technology. The ALCORE vision is both strategically and environmentally important, producing hydrogen fluoride and aluminium fluoride from an aluminium smelter by-product.
During 2025, we secured a lease for the ALCORE Technology Centre, or ATC, adjacent to Rio Tinto's Bell Bay aluminium smelter in Tasmania. We advanced development of the continuous pilot plant at the ATC. Major equipment orders were completed, detailed engineering progressed significantly and site infrastructure upgrades advanced throughout the year, with commissioning targeted to commence during Q3 2026.
The continuous pilot plant represents a major step toward commercialising a technology capable of transforming a by-product into high-value industrial chemicals, while simultaneously supporting Australia's sovereign manufacturing capability.
Australia remains the world's largest aluminium producing nation without domestic aluminium fluoride production. ALCORE therefore has the potential to solve an important supply chain challenge while also demonstrating Australian innovation on the global stage.
ABxGroup
ASX Release 26 May 2026
page 3
In bauxite, ABx also achieved significant strategic progress throughout the year, executing a partnership with Good Importing International, or GII, to advance the Sunrise Bauxite Project in Queensland, and support potential development pathways for the Taralga and Penrose projects in New South Wales.
This partnership was an important milestone for ABx, bringing both funding and strong international marketing expertise to the projects. The Sunrise Project itself is particularly well positioned, with favourable logistics through Bundaberg Port and exposure to strengthening long-term demand for bauxite.
ABx also continued progressing approvals at the DL130 bauxite project in Tasmania as we work toward commencing quarrying operations.
Our work across these varied projects demonstrates the unique potential of ABx Group.
Whether through rare earths critical to future technologies, ALCORE's circular economy fluorine chemicals process, or our strategically located bauxite projects, ABx is positioned within industries of increasing global importance.
Now is a pivotal time in the future of the Company.
The foundations established throughout 2025 and vigorously progressed during 2026 have positioned ABx strongly for the years ahead. We remain focused on advancing these opportunities as fast as possible toward long-term value creation for shareholders.
I sincerely thank our shareholders for their continued loyalty and support. I would also like to acknowledge the dedication and hard work of the Board, management team and all employees as we continue progressing this exciting next phase for ABx.
Yours faithfully,
Joycelyn Morton
Non-Executive Chair
ABx Group
ASX:ABX
A uniquely positioned Australian company delivering materials for a safer, cleaner future
Annual General Meeting
26 May 2026
DISCLAIMER
This presentation has been prepared by ABx Group Limited ACN 139 494 885 ("ABx" or the "Company"). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
This presentation contains forecasts and forward looking information. Such forecasts and information are not a guarantee of future performance, involving unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. ABx has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, ABx makes no representation and can give no assurance, guarantee or warranty, express or other implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.
You should not act or refrain from acting in reliance on this presentation material. This overview of ABx does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to make an informed assessment of the company's prospects. You should also conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.
Competent Person Statement
The information in this report that relate to Exploration Information and Mineral Resources are based on information compiled by Ian Levy who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Levy is a qualified geologist and a director of ABx Group Limited.
Mr Levy has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Levy has consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears.
ABx Group
ASX:ABX
ABx Group
ASX:ABX
ABx Group
Delivering materials for a safer, cleaner future
Heavy Rare Earths
Supplying light and heavy rare earths from Tasmania into Western supply chains
ALCORE
Clean fluorine chemical production
Producing industrial chemicals from aluminium smelter by-product
Near-term bauxite production
Mining bauxite resources for the aluminium, cement and fertiliser industries
INVESTMENT PROPOSITION
☐ Highest proportion of dysprosium and terbium of any clay-hosted resource in Australia
☐ Extraction process already used commercially for several decades
Team
Experienced and capable
Minorology & REE
Distribution
No acid required for processing
Balance of light and heavy REE
Introduction
Commercial forest plantation in
Australia
Supply Shortage
Massive demand growth for rare earths
Pathway to Production
Co-located bauxite project at final stages of approval
Infrastructure
Less than 50 km to industrial centre and enabling infrastructure
ABx Group
ASX:ABX
MASSIVE DEMAND GROWTH FOR RARE EARTHS
Electric motors require permanent magnets containing rare earths
Sources: US DoE, Critical Minerals Assessment, 2023, Benchmark Minerals
Source: Adamas Intelligence
☐ Of the rare earths, dysprosium has the most acute supply risk
☐ Demand for NdFeB magnets forecast to increase at a CAGR of 8.7% for 2024 to 2040
ABx Group
ASX:ABX
DEEP LEADS RARE EARTH PROJECT
☐ Upgraded to 89 Mt announced May 2024¹
☐ Over 10-fold increase in 12 months
☐ Resource based on only 29% of identified mineralised outline¹
☐ May 2025: Temple Bar discovery, 50 km east of Deep Leads²
| Size | Cut-off (ppm, TREO·CeO₂) | Mean TREO (ppm) | Mean TREO·CeO₂ (ppm) | DyTb⁴ (N/TREO) |
|---|---|---|---|---|
| 89 Mt³ | 350 | 844 | 652 | 4.3% |
| Holes drilled | Metres drilled (m) | Metres assayed (m) | From (m) | To (m) |
| --- | --- | --- | --- | --- |
| 1,077 | 9,742 | 3,843 | 4.2 | 12.0 |
¹ABX ASX Announcement, 2 May 2024
²ABX ASX Announcement, 7 May 2025
³41 Mt inferred, 42 Mt indicated and 6 Mt measured
⁴DyTb = Dy₂O₃ + Tb₄O₇
ABX ASX Announcement, 20 Jan 2026
ABx Group
ASX:ABX
MIXED RARE EARTH CARBONATE (MREC) PRODUCTION
MREC can be produced from ionic adsorption clay ore using existing commercial 3-step process
Ionic Adsorption
Clay (IAC) Ore
- Resource Size and Grade
- Amount of Nd and Pr
- Amount of Dy and Tb
Production Cost
- Leaching
- Impurity Removal
- Precipitation
Mixed Rare Earth
Carbonate (MREC)
- Processing Cost
- Cost of raw materials, labour and utilities
- Proportion of Nd and Pr recovered
- Proportion of Dy and Tb recovered
Production Cost
- Product Composition
- Proportion of Nd and Pr
- Proportion of Dy and Tb
- Proportion of impurities
Product Value
ABx Group
ASX:ABX
DEEP LEADS: AMONG THE HIGHEST Dy AND Tb GRADES
$\square$ Dy and Tb are very high value, particularly outside of China
| Rare earth | DDP China | CIF Europe |
|---|---|---|
| Nd-Pr oxide | US$112/kg | US$118/kg |
| Dy oxide | US$199/kg | US$1,500/kg |
| Tb oxide | US$898/kg | US$4,750/kg |
| Y oxide | US$10/kg | US$1,625/kg |
Source: Benchmark Minerals, 14 May 2026
$\mathsf{DDP} =$ Delivered Duty Paid, CIF = Cost, Insurance and Freight paid
| Rare earth | Rare earth type | Feature |
|---|---|---|
| Neodymium (Nd) Praseodymium (Pr) | Light | Provide magnetic strength |
| Dysprosium (Dy) Terbium (Tb) | Heavy | Retain magnetic strength at high temperatures |
$\square$ ABx has among the highest Dy and Tb grades of any clay-hosted deposit containing a significant proportion of ionic rare earths
Sources: See Appendix 1
ABx Group
ASX:ABX
ABx Group
ASX:ABX
MIXED RARE EARTH CARBONATE (MREC) FROM DEEP LEADS: HIGHER BASKET PRICE
ABx MREC basket price is 17% to 51% higher than peers, due to higher proportions of higher value rare earths¹
Price source: SMM, 26 November 2025
Other REO = La₂O₃ + CeO₂ + Sm₂O₃ + Eu₂O₃ + Gd₂O₃ + Ho₂O₃ + Er₂O₃ + Tm₂O₃ + Yb₂O₃ + Lu₂O₃
¹ABX ASX Announcement, 2 December 2025
VISION FOR HEAVY RARE EARTHS BUSINESS
COMMERCIALISATION
Production
Construct mine and plant in Tasmania to produce mixed rare earth carbonate with high heavy rare earth content from ionic adsorption clay resource
GROWTH
Expansion
Identify and exploit additional ionic adsorption clay rare earth resources
Value-adding
Construct plant in Tasmania to produce separated rare earth oxides
ABx Group
ASX:ABX
ABx ASX Announcement, 4 September 2024
PATHWAY TO PRODUCTION: STRATEGIC & OFFTAKE PARTNERSHIPS
Offtake Interest
☐ Executed MOU¹ for offtake and potential investment with Ucore, who is undertaking technology transfer from demonstration scale to commercial scale rare earth oxide separation in North America, with financial support from US Department of Defense and Canadian government
Strategic Investor Interest
☐ Engaging with deep-pocketed long-term investors with strategic interest in rare earths supply chain
Government Support
☐ Engaged with the Australian and Tasmanian governments’ critical minerals strategies – potential for the company to receive financial support
Australian Government
Department of Industry, Science and Resources
¹ABx ASX Announcement, 4 September 2024
ABx Group
Joint Announcement
ucore®
4 September 2024
ABx Group and Ucore Rare Metals Sign MoU for Australia–USA Rare Earths Supply Chain
Key Objectives:
- Work to establish a binding offtake agreement for the supply of mixed rare earth carbonates from Australia to the USA through enhanced collaboration
- Establish an investment pathway for Ucore into ABx
- Bolster relationships between the United States and Australia as both countries strive to enhance critical minerals and clean energy projects
South Melbourne, Victoria and Halifax, Nova Scotia – (September 4, 2024) – ABx Group (ASX: ABX) (“ABx”) and Ucore Rare Metals Inc. (YSRV: UCU) (OYCQX: UURAF) (“Ucore”) are pleased to announce the September 3, 2024, execution of a Memorandum of Understanding (“MOU”) that describes the collaborative pathway ABx and Ucore will embark on to advance to
ABx Group
ASX:ABX
DEEP LEADS: OUTSTANDING JURISDICTION AND LOCATION
Commercial plantation forest area in Tasmania, Australia
- Deep Leads located in commercial hardwood plantation, close to town of Launceston and Bell-Bay port
- Australian supply highly attractive to global customers
- ABx has conducted exploration and mining in region for over 10 years
ABx Group
ASX:ABX
SIGNIFICANT INFRASTRUCTURE LOCALLY AVAILABLE
Infrastructure
| Transport | Less than 20 km to major highway |
|---|---|
| Less than 100 km to deepwater Bell Bay port | |
| Labour | Less than 50 km to Launceston (pop 65,000) |
| Water | High availability in Tasmania |
| Energy | Close to major transmission lines |
| Greater than 90% of Tasmania energy demand generated by renewables¹ |
¹2018-23, Open Electricity
ABx Group
ASX:ABX
14
ANTICIPATED PROJECT MILESTONES
| Project Activities | 2026 | 2027 | 2028 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Resource Drilling | ||||||||||||
| Metallurgical Studies | ||||||||||||
| Engineering Studies | ||||||||||||
| Environmental Approvals | ||||||||||||
| Demonstration Project | ||||||||||||
| Commercial Project |
ABx Group
ASX:ABX
ABx Group
ASX:ABX
ABx Group
Delivering materials for a safer, cleaner future
Heavy Rare Earths
Supplying light and heavy rare earths from Tasmania into Western supply chains
ALCORE
Clean fluorine chemical production
Producing industrial chemicals from aluminium smelter by-product
Near-term bauxite production
Mining bauxite resources for the aluminium, cement and fertiliser industries
ABx Group
ASX:ABX
ABX Group
ASX:ABX
INVESTMENT PROPOSITION
☐ Low-cost hydrogen fluoride production using aluminium smelter bath by-product
☐ Will enable hydrogen fluoride production in Australia, to reduce 100% reliance on imports
Team
Experienced and capable
Supply shortage
No hydrogen fluoride produced in Australia. Limited global fluorspar resources
Chemical process is low risk
Adaptation of existing commercial process
Strongly increasing demand for fluorine
Batteries
New fluorine source available at low cost
Aluminium smelter by-product
Pathway to production
First mover globally: at pilot plant stage
ABX Group
ASX:ABX
STRONGLY INCREASING DEMAND FOR FLUORINE
"From 2025 to 2035, fluorine demand for energy applications will increase from 5% to 22% of total fluorine demand"
US DOE Critical Minerals Assessment, 2023
ABx Group
ASX:ABX
SUPPLY SHORTAGE: LIMITED SUPPLIES OF FLUORSPAR
Increasing fluorspar prices
Source: Asian Metal
Government recognition
| Critical Minerals Lists | |
|---|---|
| Fluorspar | USA |
| Europe | |
| Japan | |
| Canada | |
| Fluorine | Australia |
"In 2035, fluorspar demand will exceed current supply by 40-70%"
US DOE Critical Minerals Assessment, 2023
ABx Group
ASX:ABX
NEW FLUORINE SOURCE AVAILABLE: ALUMINIUM SMELTER BY-PRODUCT
☐ Aluminium fluoride is an essential chemical for aluminium smelting
☐ 50% of fluorine leaves aluminium smelting process as aluminium smelter bath by-product
☐ New smelter requires bath to commence operations
☐ So new smelter creates short term bath demand, but contributes to long term bath surplus
Fluorine process flow in aluminium smelters
Increasing global surplus of aluminium smelter bath
Source: S.J. Lindsay, Bath generation and management, 10th Australasian Aluminium Smelting Technology Conference, 2011
ABx Group
ASX:ABX
ALCORE PROCESS
Low technical risk
☐ Process is adaptation of existing commercial process to produce hydrogen fluoride from fluorspar
Exemplary demonstration of circular economy
ABx Group
ASX:ABX
图
SIGNIFICANT COST ADVANTAGE OF REPLACING FLUORSPAR WITH SMELTER BATH
A rare opportunity that is financially, strategically and environmentally attractive
☐ ALCORE process produces same hydrogen fluoride product using a much lower cost feed material
☐ Aluminium smelter bath is a good quality material (low impurities)
Potential for significant profit margin
ABx Group
ASX:ABX
VISION FOR CLEAN FLUORINE CHEMICALS BUSINESS
COMMERCIALISATION
Production
Construct plant in Tasmania to produce hydrogen fluoride and aluminium fluoride from aluminium smelter by-product
GROWTH
Expansion
Construct similar plants overseas
Value-adding
Enable Australian fluorochemical industry
ABx Group
ASX:ABX
PATHWAY TO PRODUCTION: PROJECT DEVELOPMENT
ALCORE has first mover advantage
- ☐ Determine design and operating parameters for commercial plant
- ☐ Produce saleable hydrogen fluoride for evaluation by customers
$^{1}$ ABX ASX Announcement, 26 June 2025
$^{2}$ ABX ASX Announcement, 24 October 2022
$^{3}$ ABX ASX Announcement, 30 October 2024
ABx Group
ASX:ABX
ABX Group
ASX:ABX
ANTICIPATED PROJECT MILESTONES
Project Activities
- Laboratory Studies
- Continuous Pilot Plant
- Engineering Studies
- Environmental Approvals
- Commercial Stage 1 Plant
- Commercial Stage 2 Plant
ABX Group
ASX:ABX
ABx Group
ASX:ABX
ABx Group
Delivering materials for a safer, cleaner future
Heavy Rare Earths
Supplying light and heavy rare earths from Tasmania into Western supply chains
ALCORE
Clean fluorine chemical production
Producing industrial chemicals from aluminium smelter by-product
Near-term bauxite production
Mining bauxite resources for the aluminium, cement and fertiliser industries
ABX BAUXITE RESOURCES
89 million tonnes, all in Australia
| Location | State | Resource (Mt) | Al₂O₃ (wt%) | SiO₂ (wt%) | ||
|---|---|---|---|---|---|---|
| Inferred | Indicated | Total | ||||
| Binjour¹ | QLD | 14.2 | 22.8 | 37.0 | 36.2 | 14.6 |
| Taralga² | NSW | 17.5 | 20.4 | 37.9 | 39.2 | 5.2 |
| DL130³ | TAS | 5.7 | 0 | 5.7 | 37.9 | 11.0 |
Only major resources shown
¹ABX ASX Announcement, 18 June 2018
²ABX ASX Announcement, 31 May 2012
³ABX ASX Announcement, 8 November 2012
ABx Group
ASX:ABX
SUNRISE BAUXITE PROJECT, QUEENSLAND
- 37 Mt resource¹
- Investigating DSO option to commence operations
- Product planned to be 42%Al₂O₃, 5.2% SiO₂
- Use common user infrastructure at Bundaberg port
- Finalising mine planning, environmental and port approvals
- Full production anticipated to be 1.2 mt/y
¹ABX ASX Announcement, 18 June 2018; 14 Mt inferred and 23 Mt indicated
ABx Group
ASX:ABX
DL130 PROJECT, TASMANIA
- Five-year cement-grade bauxite supply agreement signed with Adelaide Brighton Cement Limited¹
- Formal agreement secured with all landholders²
- EPA approved Environmental Permit
- Planning permit application approved by Meander Valley Council, subject to some conditions
- Mineral Resources Tasmania granted Mining Lease 2142P/M
Bald Hill
- Mined cement and fertiliser grade 2015-20
- Fully rehabilitated
¹ABX ASX Announcement, 11 September 2023
²ABX Quarterly Report to 30 June 2024, 31 July 2024
ABx Group
ASX:ABX
STRATEGIC INVESTMENT TO DEVELOP BAUXITE PROJECTS
Good Importing International (GII)
☐ Invest up to $5.4m in two stages to acquire up to 75% interest in Sunrise Bauxite Project (QLD)¹
☐ $2.7m Stage 1 payment received²
☐ Exclusive option to invest up to $4.8m to acquire up to 75% interest in Taralga & Penrose Projects (NSW)¹
☐ Tasmania assets remain 100% ABx, targeting cement and fertiliser markets
¹ABX ASX Announcement, 12 September 2025
²ABX ASX Announcement, 9 October 2025
ABx Group
ASX:ABX
30
ABx Group
ASX:ABX
www.abxgroup.com.au
Suite 2, Level 11, 385 Bourke St
Melbourne VIC 3000
Australia
Phone: +61 3 9692 7222
E: [email protected]
Mark Cooksey
Managing Director and CEO
E: [email protected]
APPENDIX 1
| Company | Project | Country | Stage | Study Level | Resource (Mt) | Grade (TREO) (ppm) | Tb2O5(ppm) | Dy2O5(ppm) | Cut-off grade (TREO-CeO2) (ppm) | Reference | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mt | Type | ||||||||||||
| Brazilian Critical Minerals | Ema | Brazil | Exploration | Scoping | 248 | Indicated | 759 | 16 | 5001 | BCM ASX Announcement | Table 2 | 21 Feb 2025 | |
| 695 | Inferred | 701 | 16 | ||||||||||
| Meteoric Resources | Caldeira | Brazil | Exploration | PFS | 37 | Measured | 2,983 | 5 | 26 | 1,0001 | MEI ASX Announcement | Table 2 | 15 Apr 2025 |
| 629 | Indicated | 2,668 | 5 | 24 | |||||||||
| 832 | Inferred | 2,097 | 4 | 19 | |||||||||
| Devex Resources | Kennedy | Australia | Exploration | - | 150 | Inferred | 1,000 | 3.7 | 22 | 325 | DEV ASX Announcement | Table 2 | 4 Jul 2024 |
| Viridis Mining and Minerals | Colossus | Brazil | Exploration | PFS | 1 | Measured | 2,605 | 5 | 28 | 1,0001 | VMM ASX Announcement | Table 1 | 22 Jan 2025 |
| 329 | Indicated | 2,680 | 5 | 28 | |||||||||
| 163 | Inferred | 2,162 | 4 | 22 | |||||||||
| ABx | Deep Leads | Australia | Exploration | - | 5.6 | Measured | 998 | 6.6 | 39 | 350 | ABX ASX Announcement | Table 1 | 2 May 2024 |
| 41.6 | Indicated | 856 | 5.2 | 31 | |||||||||
| 41.4 | Inferred | 811 | 5.0 | 30 |
1Cut-off grade is TREO (ppm)
The figures provided are the most recent reported by each company, and at the desired reported cut-off grade provided by each company's headline numbers. Each resource model contains its own economic and geological assumptions not represented in this table. Resource sizes and grades vary depending on the cut-off used by the specific company.
ABx Group
ASX:ABX