ABX GROUP LIMITED — Capital/Financing Update 2025

May 4, 2025

ASX Announcement

5 May 2025

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ASX: ABX

Scout drillholes discover new Rare Earth province Engage with this announcement on our interactive Investor Hub

Scout holes 52 km east of ABx’s Deep Leads rare earth resource in northern Tasmania intersected 5,000ppm TREO at 1 metre depth, with high levels of Tb & Dy

The grades of Tb & Dy in all of ABx’s rare earth resources are the highest of any ionic adsorption clay deposit in Australia and amongst the highest globally

ABx is uniquely positioned to take advantage of trade policies of USA and China

ABx already has strong relationships with potential customers in the USA

ABx Group Limited (ASX: ABX) has acted in response to three recent events:

1. The USA issued Executive Orders to incentivise the processing of critical minerals, including rare earth elements (REE), in the USA[1,2]

2. China restricted exports of rare earths[3] , notably dysprosium (Dy) and terbium (Tb), critical for military technologies and offshore wind turbines and almost 100% produced in China

3. Support for bold exploration initiatives by the Tasmanian government’s EDGI grants

ABx’s Tasmanian rare earth projects are suited to this opportunity because they are shallow, ionic absorption clay rare earth resources enriched in Tb & Dy. ABx already has strong relationships with planned processing operations in the USA, such as Ucore.[4]

Eight scout holes targeted by ABx’s REE exploration method were drilled in an area 52 km east of ABx’s Deep Leads REE resource (see Figure 1). Three of the eight holes intersected REE mineralisation that meet the cut-off grade used to estimate the Deep Leads resource, with the intercept in hole TB008 being highest grade as shown in Table 1.

Table 1: REE discovery hole TB008 in tenement EL27/2025. Hole ended still in the mineralised layer

TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	TB008 East 530787 Nth 5395777	Permanent Magnet REE	Permanent Magnet REE	Permanent Magnet REE	Permanent Magnet REE
From (m)	To (m)	TREO ppm	TREO- CeO2 ppm	Perm Mags ppm		Dy+Tb	Nd2O3 ppm	Pr6O11 ppm	Tb4O7 ppm	Dy2O3 ppm	Other REE ppm
						TREO %
0	1	276	165	57		3.2%	39	10	1	8	219
1	2	5,318	3,113	1,218		2.9%	849 213 22 134				4,100
2	3	1,404	1,045	322		4.6%	206 51 8 56				1,082

1 https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/

2 https://www.whitehouse.gov/presidential-actions/2025/04/ensuring-national-security-and-economic-resilience-through-section-232-actions-on-

processed-critical-minerals-and-derivative-products/ ~~3~~ https://www.hklaw.com/en/insights/publications/2025/04/china-imposes-export-controls-on-medium-and-heavy-rare-earth-materials 4 ASX Announcement, 4 September 2024

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For more information, please join ABx Group’s interactive Investor Hub: https://abxgroup.com.au/announcements ABx Group Limited

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Level 4, 100 Albert Road, South Melbourne, VIC 3205 ABN 14 139 494 885 P: +61 3 9692 7222 | F: +61 2 9956 7355

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Figure 1: Location of REE Scout Drilling campaign discoveries 52 km east of the ABx’s REE Resources

Conclusion: ABx believes it holds a province of clay-hosted REE mineralisation that is exceptionally enriched in Tb & Dy, which makes this province globally significant.

ABx’s Deep Leads rare earth project near Exton in northern Tasmania contains an 89 Mt resource grading 844 ppm total rare earth oxides (TREO) from only 29% of the mineralised outline.[5] Notably, desorption tests conducted by ANSTO found the highest extractions under relatively neutral conditions reported from any clay-hosted resource in Australia.[6,7]

Furthermore, the deposit contains 36 ppm Tb + Dy, which is the highest grade of any ionic clay REE deposit in Australia and among the highest globally (Figure 2). This positions ABx well to help diversify the global Tb & Dy supply chain.

Exploration initiative: Once ABx’s rare earth resources grew substantially, ABx developed a sophisticated exploration technology which tested successfully at four REE sites.

This exploration technology identified several rare earth targets in ABx’s unexplored tenements EL27 and EL28 over 52 km east of ABx’s Deep Leads REE resources (Figure 1). The 8-hole scout drilling campaign* tested two of the targets, using a low-impact auger drillrig which sampled shallow layers but did not always reach bedrock.

• ABx acknowledges a 50% co-funding of drilling costs under Tasmania’s Exploration Drilling Grant Initiative (EDGI). ABx has responded by discovering a new mineral province for Tasmania.

5 ASX Announcement, 2 May 2024 and Table 3 below

6 ASX Announcement, 31 May 2022

7 ASX Announcement, 2 February 2023

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PRICES

Tb is the highest-priced REE The current price of Terbium is US$1.98 million per tonne, up 42% YTD Since Jan 2020 the Terbium price has risen by 197%

Dy is the 2[nd] highest priced REE The current price of Dysprosium is US$0.454 million per tonne up 29% YTD Since Jan 2020 the Dysprosium price has risen by 31% Source: https://strategicmetalsinvest.com/currentstrategic-metals-prices/ date: 03/05/2025

Figure 2: Deep Leads REE Project Dy+Tb grades compared to global ionic adsorption clay projects

Key drilling results in the 3 discovery holes (Locations in Figure 3, full results in Table 5)

Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer	Tab~~le~~2: R~~EE~~dis~~co~~very~~ho~~les TB~~00~~2, TB~~00~~6 a~~nd~~TB008 i~~n ~~teneme~~nt~~EL27/~~20~~25. H~~ol~~es end~~ed~~still i~~n t~~he mi~~ne~~ralised layer
				WGS84 55S							Permanent Magnet REE "PermMags"
From (m)	To (m)	Metre (m)	Max depth (m)	East	North	RL LiDAR (m)	TREO ppm	TREO- CeO2 ppm	Perm Mags ppm	Dy+Tb TREO %	Nd2O3 ppm	Pr6O11 ppm	Tb4O7 ppm	Dy2O3 ppm	Other REE ppm
Hole TB002. Intersected 2m of high-grade REE mineralisation at 6m depth. Hole ended in mineralisation
0	1	1	8	530707	5405358	333	279	172	62	3.3%	42	10	1.4	7.9	217
5	6	1	8	530707	5405358	333	215	137	39	3.6%	25	6	1.1	6.8	175
6	7	1	8	530707	5405358	333	478	261	96	3.0%	67	15 2.0 12.2			382
7	8	1	8	530707	5405358	333	750	481	166	3.8%	111	26 3.7 24.8			584
Hole TB006. Intersected 2m of shallow high-grade REE mineralisation										at 1m depth. Hole ended in mineralisation
0	1	1	3	529849	5397509	299	227	179	55	4.4%	36	9	1.3	8.6	172
1	2	1	3	529849	5397509	299	974	487	154	3.7%	95	23 4.7 31.3			819
2	3	1	3	529849	5397509	299	945	751	230	4.5%	151	36 5.6 37.0			715
Hole TB008. Intersected 2m of exceptionlly high-grade REE mineralisation at 1m depth. Hole ended in mineralisation
0	1	1	3	530787	5395777	282	276	165	57	3.2%	39	10	1.2	7.5	219
1	2	1	3	530787	5395777	282	5,318	3,113	1,218	2.9%	849 213 22.3 134.3				4,100
2	3	1	3	530787	5395777	282	1,404	1,045	322	4.6%	206 51 8.4 56.0				1,082

The EL27/2022 Temple Bar tenement is immediately south of ABx’s Portrush rare earth discovery, where hole PR033 returned similar exceptionally high-grade assay results of 2m averaging 3,057ppm total rare earth oxides (TREO)[8] at 10m depth, including 1m at 4,812ppm at 11m depth, which is similar to these new discovery results.

Holes TB008 and TB006 have the same geology as the Portrush mineralisation and the rare earths are near surface, immediately beneath a thin soil. Both holes ended in mineralisation.

The mineralisation in hole TB002 is most similar to the Deep Leads type of mineralisation.

The area has excellent infrastructure and is about 30 km south of Launceston city by sealed roads. The land is mainly sheep and cattle grazing properties. ABx has more than 15 years’ experience working with graziers, always leaving the land better than found and operating in accordance with sound agricultural practices.

8 ASX Announcement, 10 February 2022

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Because this tenement is very large, an easily transported trailer-mounted low-impact geotechnical auger rig was used, which could not always penetrate the full depth of the rare earth clay horizon. Nevertheless, these auger samples have confirmed that high-grade rare earth mineralisation has been discovered in this area. A more powerful drill rig may be deployed in future, subject, as always, to landholder approval. ABx has several more targets to test in the eastern tenements EL27/2022 and EL28/2022.

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Figure 3: Location of the 8 scout drillholes TB001 to TB008

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Figure 4: REE scout drilling of discovery hole TB008 in EL27/2022 Temple Bar

Figure 5: auger sample from discovery hole TB008

This shallow mineralised layer starts immediately below the thin grey soil and is dry

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Dr Mark Cooksey, Managing Director and CEO of ABx Group, commented:

“ABx is stunned and delighted by discovering this shallow, high grade rare earth mineralisation so early in its exploration of the eastern tenements. It is especially exciting that all of ABx’s rare earth resources and discoveries in northern Tasmania are exceptionally high grade in Dy & Tb.

“No other Australian company holds an entire rare earth province that is so enriched in Dy & Tb, which is potentially globally significant. Our mission is to devise a low cost, low impact method of exploiting this rare earth province.

“China’s latest move to restrict exports of critical heavy rare earths, especially Dy & Tb, sends a clear message to the global market. ABx is in a unique position with a high-grade, clay-hosted rare earth deposit in a stable jurisdiction, with particularly high concentrations of Dy & Tb that are vital for the production of military technologies and offshore wind turbines. This is recognised by the industry, for example our MoU to supply rare earth feedstock to Ucore which is planning a Strategic Metals Complex in Louisiana with the support of the US Government.

”Meanwhile, ABx will explore new ground with strong geological potential and advance our strategy to become a long-term supplier of rare earths. These developments put ABx at the forefront of Australia's rare earths sector at a time of escalating global demand.”

ABx looks forward to updating shareholders about progressing its rare earths business.

See the ABx Investor Hub to watch a video of this announcement and ask questions of management.

This announcement is approved for release by the board of directors.

– ENDS –

For further information please contact:

Dr Mark Cooksey Media MD & CEO Chapter One Advisors ABx Group David Tasker / Alex Baker +61 447 201 536 +61 433 112 936 / +61 432 801 745 mcooksey@abxgroup.com.au dtasker@chapteroneadvisors.com.au / www.abxgroup.com.au abaker@chapteroneadvisors.com.au

About ABx Group Limited

ABx Group Limited (ABx) is a uniquely positioned Australian company delivering materials for a cleaner future.

The three priority projects are:

• Rare earths : Supplying light and heavy rare earths from Tasmania into Western supply chains

• Fluorine waste recycling : Producing industrial chemicals from aluminium smelter waste (ALCORE)

• Bauxite : Mining bauxite resources for the aluminium, cement and fertiliser industries

ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed.

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Table 1: Mineral resources at Deep Leads – Rubble Mound – Wind Break (US$30/t ~350 ppm cut-off grade)3

Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Resources at Deep Leads-Rubble Mound & Wind Break @US$30/t cog	Permanent Magnet REOs	Permanent Magnet REOs	Permanent Magnet REOs	Permanent Magnet REOs	Key Ratios	Key Ratios
Resource Category	Million Tonnes	Avg depth (m)	Avg base (m) Avg thickness (m)		TREO ppm	TREO- CeO2 ppm	Perm Mag ppm	Nd2O3 ppm	Pr6O11 ppm	Tb4O7 ppm	Dy2O3 ppm	PermMag	Tb+Dy TREO%
												TREO%
Inferred	41.4	4.2	12.3 8.0		811	629	212	141	36	5.0	30	26%	4.3%
Indicated	41.6	4.2	11.8 7.7		856	656	225	150	38	5.2	31	26%	4.2%
Measured	5.6	4.1	11.4 7.3		998	790	263	174	43	6.6	39	26%	4.6%
Totals	89	4.2	12.0 7.8		844	652	221	147	37	5.2	31	26%	4.3%
Other Rare Earth oxides												Low radioactivity
Resource Category	CeO2 ppm	Er2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Ho2O3 ppm	La2O3 ppm	Lu2O3 ppm	Sm2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Y2O3 ppm	ThO ppm	U3O8 ppm
Inferred	182	17	8.3	31	6.0	124	2.2	31	2.4	15	180	6.6	1.8
Indicated	200	18	9.0	33	6.2	131	2.3	34	2.5	15	181	6.4	1.8
Measured	209	22	11.3	41	7.8	150	2.8	40	3.0	19	229	6.2	1.7
Totals	192	18	8.8	33	6.2	129	2.3	33	2.5	15	183	6.5	1.8

Parameters: Note 1 ppm= 1gram/t : Block cut-off grade (cog) = US$30/t (~350ppm TREO-CeO2) Min thickness = 2 metres Density = 1.9 t/metre[3] Search ellipse = 120 x 150m (Meas & Ind), 250 x 250m (Inf). TREO = total rare earth elements as oxides. TREO-CeO2 = TREO minus cerium oxide.

Disclaimer Regarding Forward Looking Statements

This ASX announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance, or achievements to differ materially from the expectations described in such forward-looking statements.

ABx does not give any assurance that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved.

Competent Persons 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.

Table 4 - Summary of resource estimation information of 20 November 2023 referred to above, in accordance with LR 5.8.1

Geology and geological interpretation	REE mineralisation occurs in clay layers that overlie a Jurassic age dolerite basement in a district with some residual weathered Tertiary age alkali basalt. Jurassic age tholeiitic dolerite and Tertiary age bauxite-laterite are the main bedrock geological units. Paleochannels host thicker clay zones which host the rare earth element mineralisation.
Sampling and sub-sampling techniques	Sampling was at 1 metre intervals. Subsampling for assaying is by quartering the clay samples twice and each time, mixing diagonally opposite quarters. Assayresults from resamplingcorrespond satisfactorily.
Drilling techniques	Auger drilling
Criteria used for classification, including drill and data spacing and distribution.	Not applicable for this report on a test of exploration technology.
Sample analytical method	Assay samples are analysed by standard NATA-approved induction coupled plasma analytical methods for rare earth elements at ALS labs in Brisbane (method ME-MS81) and LabWest in Perth (method MMA04). Interlab comparisonsproved satisfactory.
Estimation methodology	Not applicable for this report about a scout drilling campaign
Cut-off grade	Not applicable for this report about a scout drilling campaign
Mining and metallurgical methods and parameters, and other modifying factors	Not applicable at this initial discovery stage.

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Table 5: Full assay results

					WGS84 55S	WGS84 55S	WGS84 55S					Permanent Magnet REE "PermMags"	Permanent Magnet REE "PermMags"	Permanent Magnet REE "PermMags"	Permanent Magnet REE "PermMags"
Hole ID	From (m)	To (m)	Metre (m)	Max depth (m)	East	North	RL LiDAR (m)	TREO ppm	TREO- CeO2 ppm	Perm Mags ppm	Dy+Tb TREO %	Nd2O3 ppm	Pr6O11 ppm	Tb4O7 ppm	Dy2O3 ppm	CeO2 ppm	Er2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	Ho2O3 ppm	La2O3 ppm	Lu2O3 ppm	Sm2O3 ppm	Tm2O3 ppm	Yb2O3 ppm	Y2O3 ppm
TB001	0	1	1	2	526282	5405582	178	96	67	22	3.7%	14	4	0.5	3.1	29	2	1	3	1	14	0	3	0	2	19
TB001	1	2	1	2	526282	5405582	178	91	66	21	4.1%	14	3	0.5	3.2	25	2	1	3	1	13	0	3	0	2	20
TB002	0	1	1	8	530707	5405358	333	279	172	62	3.3%	42	10	1.4	7.9	106	4	3	10	1	35	0	11	1	3	42
TB002	1	2	1	8	530707	5405358	333	74	44	14	3.6%	9	2	0.4	2.3	30	1	1	3	0	7	0	2	0	1	14
TB002	2	3	1	8	530707	5405358	333	62	36	9	4.2%	5	1	0.3	2.3	25	2	0	2	0	5	0	1	0	2	14
TB002	3	4	1	8	530707	5405358	333	77	40	11	3.2%	7	2	0.3	2.1	37	1	0	2	0	6	0	2	0	1	16
TB002	4	5	1	8	530707	5405358	333	83	44	11	3.9%	7	2	0.4	2.9	38	2	1	2	1	6	0	2	0	2	18
TB002	5	6	1	8	530707	5405358	333	215	137	39	3.6%	25	6	1.1	6.8	78	4	2	7	2	22	1	6	1	5	49
TB002	6	7	1	8	530707	5405358	333	478	261	96	3.0%	67	15 2.0 12.2			217	7	3	13	3	48	1	15	1	8	65
TB002	7	8	1	8	530707	5405358	333	750	481	166	3.8%	111	26 3.7 24.8			269	15	7	25	5	77	2	26	2	15	141
TB003	0	1	1	3	533784	5406974	384	143	90	30	3.3%	20	5	0.6	4.1	54	3	1	4	1	19	0	4	0	2	24
TB003	1	2	1	3	533784	5406974	384	200	130	42	3.3%	28	7	0.8	5.8	71	4	1	5	1	28	0	6	1	3	38
TB004	0	1	1	2	541818	5403726	421	195	123	43	2.5%	30	8	0.7	4.1	73	3	1	5	1	33	0	6	0	3	28
TB004	1	2	1	2	541818	5403726	421	216	136	50	2.6%	35	9	0.8	4.8	79	3	1	5	1	35	0	8	0	3	30
TB005	0	1	1	2	530002	5401983	352	183	120	40	3.3%	27	7	0.7	5.4	63	3	1	5	1	26	0	5	1	3	34
TB005	1	2	1	2	530002	5401983	352	189	119	41	3.2%	28	7	0.8	5.3	70	3	1	5	1	28	0	6	1	3	31
TB006	0	1	1	3	529849	5397509	299	227	179	55	4.4%	36	9	1.3	8.6	49	5	2	9	2	33	1	8	1	5	58
TB006	1	2	1	3	529849	5397509	299	974	487	154	3.7%	95	23 4.7 31.3			486	22	6	27	6	63	3	26	3	22	154
TB006	2	3	1	3	529849	5397509	299	945	751	230	4.5%	151	36 5.6 37.0			194	25	7	38	8	145	3	34	3	22	236
TB007	0	1	1	3	529096	5394900	239	131	90	28	3.6%	18	5	0.6	4.2	40	3	1	4	1	18	0	4	0	3	28
TB007	1	2	1	3	529096	5394900	239	106	77	24	4.1%	16	4	0.5	3.8	29	2	1	4	1	15	0	4	0	3	23
TB007	2	3	1	3	529096	5394900	239	114	84	26	4.2%	17	4	0.6	4.2	30	3	1	4	1	15	0	5	0	3	25
TB008	0	1	1	3	530787	5395777	282	276	165	57	3.2%	39	10	1.2	7.5	112	5	2	7	2	33	1	9	1	5	43
TB008	1	2	1	3	530787	5395777	282	5,318	3,113	1,218	2.9%	849 213 22.3 134.3				2205	71	37	150	24	774	8	186	9	67	568
TB008	2	3	1	3	530787	5395777	282	1,404	1,045	322	4.6%	206 51 8.4 56.0				359	35	11	56	11	188	4	50	4	30	335

Assay results concluded:

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JORC Code Appendix 1

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ASX announcement 5 May 2025
page 8
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Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard	• Drill hole samples from auger drilling to 12 metres
techniques	measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or	maximum depth but typically 3 to 5 metres depth.
	handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Most holes did not reach bedrock.
	• Include reference to measures taken to ensure sample representivity and the appropriate
	calibration of any measurement tools or systems used.
	• Aspects of the determination of mineralisation that are Material to the Public Report.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation
	drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire
	assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic,	• Auger holes.
techniques	etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling
	_bit or other type, whether core is oriented and if so, by what method, etc). _
Drill sample	• Method of recording & assessing core and chip sample recoveries and results assessed.	• Weight tests indicated reliable sample recovery except
recovery	• Measures taken to maximise sample recovery & ensure representative nature of the samples.	for first metre in soils (not used in resource estimates)
	• Whether a relationship exists between sample recovery and grade and whether sample bias may	• No relationship between sample recovery and grade has
	have occurred due topreferential loss/gain of fine/coarse material.	been observed to date.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support	• Geologically logged by senior geologists. Every sample
	appropriate Mineral Resource estimation, mining studies and metallurgical studies.	photographed, with photos, logs and assays entered
	• Whether logging is qualitative or quantitative. Core (or costean, channel, etc) photography.	into ABx’s proprietary ABacus database.
	• The total length andpercentage of the relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	• Chips are subsampled using bauxite shovel and quartering
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	method in accordance with ISO standards for fine damp
and sample	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.	clay material.
preparation	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in situ material collected, including for
	instance results for field duplicate/second-half sampling.
	• Whether sample sizes are appropriate to thegrain size of the material being sampled.
Quality of	• The nature, quality and appropriateness of the assaying and laboratory procedures used and	• Assaying done at NATA-registered commercial labs of
assay data	whether the technique is considered partial or total.	ALS Brisbane Australia and Labwest Minerals Analysis in
and	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in	Western Australia. Duplicate interlab assays and
laboratory tests	determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external lab checks) & whether	different lab assaying procedures corresponded well.
	acceptable levels of accuracy (ie lack of bias) &precision have been established.

		ASX announcement 5 May 2 pag
	Criteria	JORC Code explanation Commentary
	Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • All assaying done at NATA-registered commercial laboratories of ALS Brisbane Australia and Labwest Minerals Analysis Pty Ltd in Western Australia. • Duplicate interlab assays corresponded well. • No adjustment of assaydata done.
	Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • GPS hole locations have been tested for accuracy on many prospects, all satisfactorily – usually within 1m. • Grid Coordinates areGDA94 • Topographic control byLidar topography
	Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Drilling of scout holes at wide spacing up to 2 km • Geological continuity is not yet assessable by this wide- spaced scout drilling campaign • Grade continuity is not yet established • Sample compositingnot applied
	Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Vertical holes through horizontal clay layers is appropriate • Clay layer drapes over topography and accumulates in gullies. Vertical holes is the appropriate orientation.
	Sample security	• The measures taken to ensure sample security. • Samples collected and bagged at every hole site and assembled onto pallets daily, shipped to lab weekly.
	Audits or reviews	• The results of any audits or reviews of sampling techniques and data. • Several audits confirmed reliability

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including agreements or material issues with	• Satisfactory to excellent. All tenements are in
tenement and	third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical	force, unencumbered and securely held by ABx
land tenure	sites, wilderness or national park and environmental settings.	• All drilling is on freehold land with access
status	• The security of the tenure held at the time of reporting along with any known impediments to	approvals by landholders
	obtaining a licence to operate in the area.
Exploration done	• Acknowledgment and appraisal of exploration by other parties.	• ABx is the first company to explore for Rare Earth
by other parties		Elements in northern Tasmania. No prior work has
		been done byotherparties
Geology	• Deposit type, geological setting and style of mineralisation.	• Bauxite deposit formed on Lower Tertiary basalts
		overlying Jurassic dolerite
		• REE of interest are all in clays
Drill hole	• A summary of all information material to the understanding of the exploration results including a	• GPS location.
Information	tabulation of the following information for all Material drill holes:	• Airborne Radar RL and LiDAR topography
	o easting and northing of the drill hole collar	• Lidar topographycontoured at 1m height intervals

	ASX announcement 5 May 2 pag
	Criteria JORC Code explanation Commentary
	o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • All holes are short straight vertical holes
	Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions usedfor any reporting of metal equivalent values should be clearly stated. • All data are presented as received from labs • Intercept summaries, if and when presented, are length-weighted arithmetic averages • Total Rare Earth Oxides (TREO) are an aggregate of all rare earth oxides. TREO-CeO2is TREO minus Cerium oxide values.
	Relationship between miner- alisation widths & intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Mineralisation typically 3 to 6 metres thick and Drillholes are sampled at 1 metre intervals • Horizontal layers drilled by vertical holes means intercept thickness is true thickness
	Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Diagrams presented give appropriate information
	Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All new results are reported in this report and reference made to previous tabulation of data
	Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • N.A. Information provided is appropriate.
	Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations andfuture drilling areas, provided this information is not commercially sensitive. • Still under assessment. • ABx used this area as a test of ABx’s exploration technology and needs to assess the consequences of these discoveries.