Aclara Resources Inc. — Capital/Financing Update 2023

Oct 11, 2023

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ACLARA ANNOUNCES THE DISCOVERY OF A NEW HEAVY RARE EARTHS DEPOSIT HOSTED IN ION-ADSORPTION CLAYS IN BRAZIL

TORONTO, ON, October 11, 2023 – Aclara Resources Inc. (“Aclara” or the “Company”) (TSX: ARA) is pleased to provide an update on its exploration activities in Brazil by announcing its new Heavy Rare Earth Element ("HREE”) ionic clays project, “Carina Module” (the “Project”) located in the State of Goias, Brazil. The results of its initial auger drilling campaign[1] , which was comprised of 1,693 meters of drilling within 236 drill holes, demonstrate the discovery of a new HREE deposit hosted in ionic clays. While the initial auger drilling campaign was shallow, with an average depth of 7.2 meters, it has unveiled a potential for expansion, both laterally and at depth, accompanied by the prospect of enhancing HREE grades.

Highlights

• Size Potential: The mineralized area of the Carina Module spans approximately 1,400 hectares, with potential for lateral expansion. In contrast, the mineralized area of the Company’s Penco Module in Chile covers approximately 140 hectares.

• Prospective Grades: The drilling results shows the potential for high Total Rare Earth Oxides[2] (“TREO“) with average grades at 1,229 ppm. From an average drilling depth of 7.2 meters, 71.2% of the drillholes include 5.7 meters with TREO average grades at 1,367 ppm and Desorbable Rare Earth Oxides[3] (“DREO“) at 449 ppm. A selection of high-grade drillhole results are shown in Table 1 below, with the full set of results included in Table 3 at the end of the document.

• Rich in HREE and LREE: The desorbable results demonstrate an outstanding distribution of HREE and Light Rare Earth Elements (“LREE“). In particular, 71.2% of drillholes reveal desorbable dysprosium (“Dy2O3 D“) and terbium (“Tb4O7 D“) grades at 18.1 ppm (≈4.1% of the rare earths basket distribution) and 3.1 ppm (≈0.7% within the rare earths basket distribution), respectively. In addition, desorbable neodymium oxide (“Nd2O3 D“) and praseodymium oxide (“Pr2O3 D“) grades show a summed value of 123 ppm (≈27.5% of the rare earths basket distribution).

• Metallurgical Compatibility: The metallurgy of the Penco Module, which utilizes an ammonium sulfate leaching solution, is well-suited for the Carina Module's ionic clays. 71.2% of drillholes show an average exchangeable fraction[4] for TREO of 36.6%, with the highest value recorded at 78%; total dysprosium oxide (“Dy2O3 T“) exhibits an average exchangeable fraction of 46%, with the highest value at 78%, and Terbium oxide (“Tb4O7 D“) exhibits an average exchangeable fraction of 52%, with a peak at 91%.

• Depth Potential: The average drill depth of the auger drilling campaign was 7.2 meters, which did not

1 Auger Drilling Campaign; Results consider Total Rare Earths Oxides (“TREO”) of 100% of the auger drillholes of the drilling campaign and 81.8% of desorbable results, with the remaining18.2% pending the final assay results.

2 TREO: Considers all rare earths elements represented in oxide form (Lanthanum - La2O3, Cerium - Ce2O3, Praseodymium - Pr6O11, Neodymium - Nd2O3, Samarium - Sm2O3, Europium - Eu2O3, Gadolinium - Gd2O3, Terbium - Tb4O7, Dysprosium - Dy2O3, Holmium - Ho2O3, Erbium - Er2O3, Thulium - Tm2O3, Ytterbium - Yb2O3, Lutetium - Lu2O3).

3 DREO: Desorbable Rare Earth Oxide is the recoverable fraction of the total contained rare earths ( TREO) using the Penco Module´s ammonium sulfate based metallurgical process. 4 Exchangeable fraction: The exchangeable fraction refers to the percentage (%) of recoverable grade from TREO using the Penco Module´s ammonium sulfate based metallurgical process.

allow us to consistently reach the bottom limits of the lower Pedolith and Saprolite. However, over 70% of drillholes indicate a high anomalous exchangeable fraction in the last interval, suggesting that the deposit remains open at depth.

Table 1. Summary of Carina Module´s top 10 drillhole results (see location in Figure 2 below)

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
ADPBR23188	5	3,792	2,979	900	761	26%	105	78	2.6%	18	14	0.5%
ADPBR23090	6	1,807	1,285	284	202	16%	85	84	6.6%	15	14	1.1%
ADPBR23103	10	2,075	1,114	417	231	21%	89	64	5.8%	16	12	1.1%
ADPBR23029	7	2,244	1,082	588	367	34%	56	33	3.1%	10	7	0.6%
ADPBR23010	6	1,774	968	396	236	24%	76	47	4.8%	12	8	0.9%
ADPBR23110-A	10	9,999	931	1,802	268	29%	92	32	3.4%	18	6	0.6%
ADPBR23192	5	2,000	941	389	209	22%	60	35	3.7%	10	6	0.6%
ADPBR23104	6	2,289	860	430	175	20%	118	58	6.7%	20	10	1.2%
ADPBR23094	10	2,919	839	693	277	33%	86	36	4.3%	15	7	0.8%
ADPBR23193	8	1,813	827	312	278	34%	27	21	2.6%	5	4	0.5%

Ramon Barua, CEO, commented:

well-established track record and expertise in evaluating projects of this nature.

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Initial Auger Drilling Campaign Summary

A total of 1,731 meters of drilling within 238 auger drill holes was carried out from February to August 2023 as part of a scouting drilling campaign covering approximately 1,400 hectares within the area defined as the Carina Module (see Figures 2 and 3). The primary objectives of the drilling initiative were to:

1. contribute to the definition of a maiden resource estimate of a size necessary to support a new production module;

2. provide guidance for future reverse circulation drilling campaigns, needed to fully assess the asset s potential both laterally and at depth; and

3. establish the metallurgical compatibility of the ionic clays found in the Carina Module with the metallurgical process developed for the Penco Module.

The drilling campaign used manually operated augers ideally suited for a scouting campaign requiring shallow drill depths and easy and quick access to drill sites and varying terrains. The images in Figure 1 below show an example of the auger drilling methodology performed at the Project.

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Figure 1. Auger drilling campaign at Carina Module project

General Project Description

The Carina Module is located in the north-eastern part of the State of Goiás, in central Brazil. The site can be accessed via paved roads from Goiânia (the capital of the Goiás state) or Brasília (the national capital of Brazil). Both Goiânia and Brasília are major cities with modern infrastructure and services and offering commercial airports for domestic and international flights. From a district perspective, access to the site is via a 50km gravel road and the supply of electricity, water, and sanitation is provided by the Brazilian government utilities. At the site, domestic water is obtained from wells, and electrical supply can be obtained from an electrical substation located 90km from the Project.

The State of Goiás is also the home of the ion-adsorption clay project managed by Mineração Serra Verde, which has successfully obtained the required environmental and operating permits needed to construct and operate their mine and processing facility and which recently commenced commercial production. This demonstrates that the Goiás State has a positive track record in evaluating projects of this nature and could play an important role in the potential development of the Carina Module.

Figure 2 shows the Project area, covering approximately 1,400 hectares, which is characterized by a complete regolith profile (Pedolith and Saprolite horizons), as tested by the auger drilling campaign. The assay results showing the total Rare Earth Elements (“REE”), NdPr, Dy and Tb content and the exchangeable REE, NdPr, Dy and Tb fraction are displayed in Table 3. The table also displays the recoveries, corresponding drill hole depths, average composite grades (ppm), and shows the last interval of some boreholes, indicating that high REE grades remain open at depth. Figures 3 and 4 show examples of 4 drillholes with high desorbable dysprosium grades increasing at depth, the full extension of which will be tested in a future drilling campaign.

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Figure 2. Carina Module map with executed auger drillholes, historic bore holes and the zone contour of the geological potential. Auger boreholes are displayed by blue dots. Some of the best drillholes, referenced in Table 1, show their regolith profile and the dysprosium exchangeable fraction curve (Dy D (ppm)) illustrated in Figure 3. The black diamond dots represent historical diamond drillholes completed by the previous owner within the Project area.

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Figure 3. The Upper Pedolith, Lower Pedolith and Upper Saprolith regions and the locations of the cross sections A-A ´and B-B´ are shown in the map.

The distribution of the exchangeable REE fractions obtained from the auger drilling campaign are also plotted in the A-A´ and B-B´ cross-sections, indicating that the deposit is open to depth and laterally (some drill holes are pending analytical results). The drillholes shown in the A-A´ and B-B´ cross-sections have not intercepted the whole regolith profile. The exchangeable REE fractions show good values open to depth. A reverse circulation drilling campaign will be executed here to understand the full potential of the deposit at depth.

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Figure 4. Drillholes ADPBR23011, ADPBR23094, ADPBR23103, and ADPBR23106, show Dy2O3 D (ppm; dysprosium exchangeable fraction curve) values open to depth. These drill holes have only intercepted part of the Lower Pedolith (yellow portion of the vertical bar represents the interval of the Upper Pedolith and the red portion of the vertical bar represents the interval of the Lower Pedolith).

Next Steps

The results from the initial auger campaign have provided the Company with a basis to further pursue the Project, which is expected to include the following activities:

• the issuance of a maiden mineral resource estimate during Q4 2023;

• the issuance of a NI 43-101 Preliminary Economic Assessment during Q1 2024;

• the execution of a 1,500-meters reverse circulation drill campaign to confirm the mineralized potential at depth. The campaign is expected to start at the end of October 2023 and is the initial phase of a reverse circulation campaign of 7,590 meters within 253 drillholes to convert the full potential of the deposit to an inferred mineral resource category; and

• the execution of a pilot test campaign during Q1 2024 in our fully owned pilot plant in Chile, utilizing a 25-ton sample of clay extracted from the Project area. This campaign will aim to demonstrate on a semiindustrial scale the feasibility of processing the ionic clays extracted from the Carina Module. Additionally, it will serve the purpose of producing commercial samples and further enhancing the value chain development efforts that were initiated with the Penco Module samples.

Geological Overview

The dominant lithologies of the Project are pink porphyritic monzogranite composed of quartz, oligoclase, microcline, and annite as essential minerals. Leucosienogranite is the secondary lithology, characterized by quartz, albite, and microcline. Using the historical and present auger drilling results, a thick regolith development has been interpreted ranging from 45 to 60 meters in thickness. This hypothesis will be tested with the execution of the upcoming reverse circulation drill campaign.

All the lithologies recognized in the Project have shown evidence of thick regolith profiles, secondary minerals such as the ionic clays, and the release of interesting REE fractions such Nd, Pr, Dy, and Tb. As part of the initial auger drilling campaign, the bottom limits of the lower Pedolith and Saprolite were not reached;

however, the last intervals of the drill holes show exchangeable REE fractions open to depth.

Sampling and Assay Protocols

The 238 auger drill holes were sampled at intervals of 0.5 meters to 2 meters, for a total of 1,344 samples, which were sent for total REE analysis (REY T) to the ALS laboratory in Lima, Peru, and desorption (REY D) analysis to AGS laboratory in La Serena, Chile. The same sampling and analytical protocols were followed as indicated in the Company’s Amended and Restated NI 43-101 Technical Report, Preliminary Economic Assessment for Penco Module Project, prepared by Ausenco Engineering Chile Limitada with an effective date of September 15, 2021. The QA/QC program indicates high levels of accuracy for Dy, Tb, Nd, Pr and Lu. Overall, the database for total grades similarly shows high accuracy. The Company contracted the services of GeoAnsata to review the data quality and QA/QC protocols.

Comparison: Carina Module vs. Penco Module

In an effort to facilitate the understanding of Carina Module results, Table 2 below has been prepared to compare the results obtained from the Carina Module drilling with those used for the Penco Module. The Penco Module information has been referenced from the Mineral Resource Update released on December 1, 2022.

Table 2. Comparison of Carina Module vs. Penco Module on selected parameters

Parameter	Unit	Carina Module	Penco Module	Var
		71.2% Drill Holes	M&I Resources
Mineralized Area	Hectares	1,400	≈140	1000%
Mineralized Depth	Meters	≈5.7(open at depth)	≈24(open at depth)	-76%
TREO Grade	ppm	1,363	2,292	-41%
DREO Grade	ppm	449	496	-10%
Exchangeable Fraction	%	33%	22%	52%
NdPr D Grade	ppm	123	74	66%
DyTb D Grade	ppm	21	31	-30%

Size: The mineralized footprint of the Carina Module covers approximately 1,400 hectares, which is an area 10 times larger than the Penco Module mineralized area.

Grades: TREO grades are lower than at the Penco Module, however, the focus needs to be set in the desorbable grades (DREO), which represent the recoverable fraction from TREO. Applying the same metallurgical process as employed by the Penco Module (ammonium sulphate leaching), the Carina Module's DREO grades are slightly lower than those found in the Penco Module mineralised area. It is important to note, however, that the Carina Module mineralization has only been tested to a depth of approximately 5.7 meters whereas the Penco Module has an average depth of approximately 24 meters. This has prompted the decision to initiate a deeper drilling campaign to determine the full potential of the Carina Module mineralisation with regards to both size and grades. As demonstrated in Figures 3 and 4, the mineralised area remains open at depth.

Metallurgy: The metallurgical process used to determine the DREO grades at the Carina Module is the same as that used on the Penco Module, which has previously been successfully validated through a semiindustrial scale pilot plant operation. This metallurgical methodology represents a proven concept with

positive environmental attributes and cost-effectiveness. The Company remains optimistic that further enhancements can be made to the metallurgical process which will improve recoveries and, to this end, plans to conduct a research and development programme to optimize the metallurgical formula for the Carina Module clays.

REE content: The Carina Module shows attractive REE contents, with a NdPr to DyTb ratio of approximately 5.8. This positions the asset as a potential net contributor of heavy rare earths essential for manufacturing high-performance permanent magnets, especially those needed for electric vehicles (“EVs”). For further insights, please refer to the Rare Earth Market section below.

Barry Murphy, COO, commented:

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Concessions and Land Ownership

On February 27, 2023, the Company entered into an earn-in agreement with a Brazilian mining company that provides the Company the right to acquire up to 100% of the 8,490 hectares of mining concessions over the target area of the Project.

Qualified Person

The technical information in this news release, including the information related to geology, drilling, and mineralization, has been reviewed and approved by Luiz Jorge Frutuoso Junior, current Aclara Exploration Manager, with more than 20 years of relevant experience. Mr. Frutuoso is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and Fellow of Australian Institute of Geoscientists (AIG) and is a Qualified Person (QP) as defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects .

Mr. Frutuoso confirms that he visited the project area on May 24, 2023 and was supported by the Chief of Geology at Aclara, Juan Pablo Navarro, who reviewed and analyzed the relevant project information. Carlos Santos, Database and QA/QC Geologist of the Company provided an analysis of the QA/QC work over the Carina Module.

Rare Earths Market

The global transition to clean energy has helped to drive an expanding market for REE due to their valuable properties. Dysprosium and terbium, which are HREE, and neodymium and praseodymium, which are LREE, have magnetic attributes and are critical components in the production of high-performance permanent magnets. Neodymium-based permanent magnets (“Nd magnets”) offer superior performance as they are lighter and stronger compared to other type of magnets and have the ability to be engineered into any shape or size. The predominant uses of Nd magnets are in the EV industry and in wind turbines. In EVs, permanent magnets result in increased range autonomy, better use of space, lower weight and lower battery costs, the latter as a result of reduced lithium, cobalt and nickel content. Neodymium permanent magnet motors offer the best performance and optimization potential in electric motors, with approximately 90% of EV models using them as part of their drivetrain.

Incorporation of dysprosium and terbium into neodymium magnets delivers enhanced operating performance by enabling them to operate at higher temperatures (magnets with HREE can operate up to 240 °C as compared to approximately 80 °C for magnets without HREE), without losing their magnetic properties (high coercivity). An average Nd magnet contains approximately 30% NdPr, 3% DyTb, 1% Boron (“B”) and 66% Iron (“Fe”). The desired ratio between NdPr and DyTb is 10:1, however most deposits in the world offer ratios that are over 100:1.

Supply of HREE is currently dominated by China, which in 2022, was estimated by the U.S. Geological Survey to contribute 70% of global TREO production. Furthermore, it is estimated that China imported 100% of REO produced from Myanmar’s ionic clay production facilities, increasing their supply control of dysprosium and terbium to approximately 90%. The remaining 30% of global TREO production comes primarily from two operations, one of which is located in the United States and the other one in Australia, which mainly produce LREE. In May 2023, the U.S. Department of Energy evidenced this by established dysprosium as the most important element for the energy transition, and suggested securing its sourcing is at its highest risk.

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Figure 5. US Department of Energy, Critical Materials Assessment (May 2023)

About Aclara

Aclara Resources Inc. (TSX: ARA) is a development-stage company that focuses on heavy rare earth mineral resources hosted in Ion-Adsorption Clay deposits. Its primary project is known as the Penco Module and is located in the BioBio Region of southern Chile. The Company is also evaluating a second module, the Carina Module, located in the State of Goiás in central Brazil.

Presently, Aclara has a strong focus on the development, construction, and future operation of the Penco Module, with the primary objective of establishing a processing plant designed to produce heavy rare earths concentrate.

Aclara's extraction process offers several environmentally attractive features. It does not involve blasting, crushing, or milling. Additionally, it does not generate tailings, eliminating the need for a tailings storage facility. The Company utilizes 100% recycled water and minimizes water consumption through high levels of water recirculation. The ionic clay feedstock is amenable to leaching with a fertilizer, and harmful radionuclides are not produced.

Simultaneously, alongside the development of the Penco Module, the Company intends to identify and evaluate further opportunities, such as the Carina Module, for increasing production of heavy rare earth elements. This will involve intensive greenfield exploration programs and the development of additional project "modules" within the Company's concessions in Brazil, Chile and Peru.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements with regard to: mineral continuity, grade, and upside at the Penco Module and Carina Module, the Company’s exploration plan and activities in Brazil and the expectations of the Company’s management as to the results of such exploration works and drilling activities; timing, cost and scope in respect of the exploration activities in Brazil, the issuance of a Mineral Resource Estimate and Preliminary Economic Assessment relating to the Carina Module, , and the contemplated development of greenfield targets and expected reduction in permitting risk. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to risks related to operating in a foreign jurisdiction, including political and economic problems in Chile and Brazil; risks related to changes to mining laws and regulations and the termination or non-renewal of mining rights by governmental authorities; risks related to failure to comply with the law or obtain necessary permits and licenses or renew them; compliance with environmental regulations can be costly; actual production, capital and operating costs may be different than those anticipated; the Company may be not able to successfully complete the development, construction and start-up of mines and new development projects; risks related to mining operations; and dependence on the Penco Module and/or the Carina Module. Aclara cautions that the foregoing list of factors is not exhaustive. For a detailed discussion of the foregoing factors, among others, please refer to the risk factors discussed under “Risk Factors” in the Company’s annual information form dated as of March 28, 2023 filed on the Company’s SEDAR+ profile. Actual results and timing could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and the Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information, please contact:

Bonzi Yokomizo Baptista Brazil General Manager investorrelations@aclara-re.com

Aclara Resources has engaged Reflex Media to provide marketing services in connection with a digital marketing campaign aimed at increasing the knowledge and awareness of the Company to new audiences.

Table 3. Complete list of drillholes from the auger drilling campaign at Carina Module (February – August 2023)

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
ADPBR23001	6	1,068	388	193	138	36%	13.3	8.3	2.1%	2.5	1.6	0.4%
ADPBR23002	10	703	102	60	35	35%	8.0	1.5	1.4%	1.3	0.3	0.3%
ADPBR23003	10	1,252	370	244	137	37%	20.9	7.6	2.1%	3.7	1.5	0.4%
ADPBR23004	10	323	147	42	48	32%	4.6	4.1	2.8%	0.8	0.8	0.5%
ADPBR23005	10	960	244	123	82	34%	10.2	5.4	2.2%	1.9	1.1	0.4%
ADPBR23006	10	933	185	98	63	34%	11.1	3.5	1.9%	1.6	0.7	0.4%
ADPBR23007-A	2	1,056	208	124	68	33%	16.9	4.6	2.2%	2.5	0.9	0.4%
ADPBR23007-B	4	1,031	198	111	63	32%	14.7	4.7	2.4%	2.2	0.8	0.4%
ADPBR23007-C	4	1,296	287	156	107	37%	16.4	6.0	2.1%	2.4	1.1	0.4%
ADPBR23008	8	1,140	589	183	125	21%	41.7	28.7	4.9%	6.1	4.4	0.7%
ADPBR23009	5	2,153	824	469	268	32%	46.4	25.5	3.1%	7.6	4.8	0.6%
ADPBR23010	6	1,774	968	396	236	24%	76.1	46.6	4.8%	12.3	8.3	0.9%
ADPBR23011	10	965	590	175	158	27%	36.4	23.6	4.0%	5.3	4.0	0.7%
ADPBR23012	8	531	303	81	52	17%	27.8	21.2	7.0%	4.0	3.5	1.2%
ADPBR23013	8	650	354	104	58	16%	35.4	27.7	7.8%	5.6	4.6	1.3%
ADPBR23014-A	4	969	378	166	95	25%	45.4	20.4	5.4%	7.1	3.6	0.9%
ADPBR23014-B	5	529	190	60	44	23%	23.0	10.2	5.4%	3.3	1.7	0.9%
ADPBR23015	9	562	257	94	41	16%	26.9	17.3	6.7%	4.3	2.8	1.1%
ADPBR23016-A	5	1,841	495	446	170	34%	41.5	12.7	2.6%	6.7	2.4	0.5%
ADPBR23016-B	4	1,335	364	260	135	37%	30.0	8.0	2.2%	4.9	1.7	0.5%
ADPBR23016-C	4	1,344	511	281	179	35%	28.5	12.3	2.4%	4.7	2.3	0.5%
ADPBR23017	6	651	338	88	52	16%	36.9	24.3	7.2%	5.3	4.2	1.2%
ADPBR23018	6	642	354	97	69	19%	32.1	23.9	6.7%	4.7	4.0	1.1%
ADPBR23019-A	2	950	495	161	115	23%	48.9	33.0	6.7%	7.6	6.0	1.2%
ADPBR23019-B	8	608	327	102	74	23%	28.7	18.3	5.6%	4.5	3.3	1.0%
ADPBR23020	8	866	628	92	79	13%	50.9	47.6	7.6%	6.9	7.1	1.1%
ADPBR23021	7	1,734	790	314	237	30%	48.8	24.1	3.0%	7.8	4.5	0.6%
ADPBR23023	10	237	77	35	27	36%	5.6	1.2	1.5%	0.8	0.3	0.3%
ADPBR23024	8	1,510	365	400	148	41%	30.5	8.6	2.4%	5.4	1.8	0.5%
ADPBR23025	10	994	431	239	161	37%	19.8	11.7	2.7%	3.4	2.3	0.5%
ADPBR23026-A	2	1,357	416	163	135	32%	41.5	13.3	3.2%	6.0	2.5	0.6%
ADPBR23026-B	5	3,554	764	828	230	30%	117.1	29.4	3.8%	21.5	5.7	0.7%
ADPBR23027	8	725	142	144	56	39%	13.0	2.8	2.0%	2.0	0.6	0.4%
ADPBR23028	10	1,206	446	175	173	39%	12.7	9.3	2.1%	2.3	2.0	0.4%
ADPBR23029	7	2,244	1,082	588	367	34%	55.5	33.5	3.1%	9.8	6.7	0.6%
ADPBR23030	10	2,990	541	971	192	36%	73.6	17.9	3.3%	14.6	3.7	0.7%
ADPBR23031	7	702	450	110	84	19%	34.7	23.9	5.3%	5.0	4.0	0.9%
ADPBR23034	6	598	158	68	59	38%	9.1	3.2	2.0%	1.3	0.7	0.4%
ADPBR23036	10	662	290	121	116	40%	16.7	7.1	2.4%	2.3	1.3	0.5%
ADPBR23037	6	1,164	110	39	29	27%	16.5	3.2	2.9%	2.3	0.6	0.5%
ADPBR23038	4	921	324	142	141	44%	19.8	7.0	2.2%	2.9	1.6	0.5%
ADPBR23039	2	843	236	94	79	34%	34.0	7.3	3.1%	4.2	1.5	0.6%
ADPBR23040	2	411	142	45	30	21%	17.8	4.7	3.3%	2.4	0.8	0.6%
ADPBR23041	6	922	459	121	82	18%	57.2	34.0	7.4%	8.7	5.7	1.2%
ADPBR23042-A	4	698	384	91	81	21%	34.0	22.8	5.9%	4.7	3.8	1.0%
ADPBR23042-B	5	539	267	76	40	15%	26.0	19.3	7.2%	3.9	2.9	1.1%
ADPBR23051	8	618	290	85	59	20%	31.1	17.0	5.9%	4.2	2.8	1.0%
ADPBR23054	10	600	290	80	50	17%	33.1	16.8	5.8%	4.5	2.7	0.9%
ADPBR23064-A	2	1,456	101	286	24	24%	31.2	2.3	2.3%	5.2	0.4	0.4%
ADPBR23064-B	3	735	425	123	79	19%	38.8	24.3	5.7%	5.7	4.1	1.0%
ADPBR23064-C	5	816	248	142	32	13%	45.1	17.2	6.9%	7.4	2.6	1.1%
ADPBR23064-D	4	616	299	94	40	13%	33.4	19.3	6.4%	4.9	3.1	1.0%

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
ADPBR23065-A	4	1,596	594	305	218	37%	34.0	16.7	2.8%	5.6	3.4	0.6%
ADPBR23065-B	8	1,633	708	322	229	32%	49.1	25.0	3.5%	7.7	4.6	0.6%
ADPBR23066	6	320	18	9	4	22%	15.8	0.5	2.8%	1.9	0.1	0.4%
ADPBR23067	8	198	21	15	6	29%	5.4	0.3	1.6%	0.6	0.1	0.3%
ADPBR23068-A	2	375	116	45	27	23%	10.6	2.5	2.1%	1.6	0.5	0.4%
ADPBR23068-B	1	793	272	120	67	25%	24.5	6.7	2.5%	3.4	1.2	0.4%
ADPBR23068-C	1	982	179	74	48	27%	15.6	3.7	2.1%	2.1	0.7	0.4%
ADPBR23069	10	398	83	39	27	32%	12.8	1.9	2.3%	1.6	0.3	0.4%
ADPBR23070	3	1,292	296	363	86	29%	57.9	17.2	5.8%	11.7	3.5	1.2%
ADPBR23077	10	1,005	159	168	50	32%	21.8	5.5	3.4%	3.4	1.0	0.6%
ADPBR23080	10	821	344	125	63	18%	39.5	21.9	6.4%	6.1	3.7	1.1%
ADPBR23081	7	895	564	110	80	14%	48.7	36.2	6.4%	7.2	5.6	1.0%
ADPBR23082	8	747	437	112	89	20%	33.8	22.3	5.1%	4.7	3.7	0.8%
ADPBR23083-A	4	891	437	201	119	27%	31.8	20.8	4.8%	5.8	3.9	0.9%
ADPBR23083-B	5	1,084	566	282	197	35%	41.2	23.5	4.2%	7.4	4.6	0.8%
ADPBR23084	2	1,437	590	253	74	13%	62.5	33.2	5.6%	10.9	5.2	0.9%
ADPBR23085-A	2	621	393	120	106	27%	28.2	22.4	5.7%	4.6	4.1	1.0%
ADPBR23085-B	6	791	486	135	99	20%	39.2	29.0	6.0%	6.5	5.1	1.1%
ADPBR23086	10	1,273	514	323	242	47%	22.4	9.5	1.8%	4.3	2.5	0.5%
ADPBR23087	10	977	526	244	175	33%	33.7	21.0	4.0%	5.6	3.8	0.7%
ADPBR23088-A	2	1,170	472	250	114	24%	57.2	25.2	5.3%	10.5	4.6	1.0%
ADPBR23088-B	6	854	459	121	83	18%	45.9	32.2	7.0%	7.3	5.3	1.2%
ADPBR23089	8	793	409	108	69	17%	38.1	28.0	6.8%	6.1	4.6	1.1%
ADPBR23090	6	1,807	1,285	284	202	16%	85.2	84.5	6.6%	14.6	13.8	1.1%
ADPBR23091	6	1,253	505	280	111	22%	51.5	28.6	5.7%	9.7	4.9	1.0%
ADPBR23092	6	660	220	132	46	21%	27.7	14.6	6.6%	5.2	2.6	1.2%
ADPBR23093	2	1,653	578	288	195	34%	27.0	13.9	2.4%	4.8	2.6	0.5%
ADPBR23094	10	2,919	839	693	277	33%	85.8	35.8	4.3%	15.0	6.5	0.8%
ADPBR23095	10	1,120	226	93	82	36%	24.4	7.9	3.5%	3.5	1.4	0.6%
ADPBR23096	8	2,213	623	539	226	36%	48.9	15.5	2.5%	8.6	3.2	0.5%
ADPBR23097	10	1,436	641	311	212	33%	50.9	28.3	4.4%	9.3	5.9	0.9%
ADPBR23098	10	1,911	359	170	140	39%	15.0	7.7	2.1%	2.6	1.6	0.4%
ADPBR23099	12	384	132	56	45	34%	6.8	2.3	1.8%	1.0	0.5	0.4%
ADPBR23100	10	963	317	149	123	39%	11.9	6.4	2.0%	2.1	1.4	0.4%
ADPBR23101	10	1,380	679	288	192	28%	31.7	22.4	3.3%	5.4	4.1	0.6%
ADPBR23102	6	2,795	515	671	94	18%	111.6	33.1	6.4%	20.3	5.5	1.1%
ADPBR23103	10	2,075	1,114	417	231	21%	88.7	64.3	5.8%	15.9	11.8	1.1%
ADPBR23104	6	2,289	860	430	175	20%	117.5	58.0	6.7%	20.0	10.4	1.2%
ADPBR23105	10	352	112	58	35	31%	6.0	2.5	2.2%	1.0	0.5	0.5%
ADPBR23106	10	2,265	289	494	90	31%	53.5	11.1	3.8%	9.4	2.0	0.7%
ADPBR23107	6	3,875	227	867	96	42%	58.3	4.6	2.0%	10.3	0.9	0.4%
ADPBR23108	7	1,917	270	511	107	40%	39.1	6.1	2.3%	6.6	1.3	0.5%
ADPBR23109	12	247	56	46	21	37%	4.1	0.7	1.3%	0.6	0.2	0.3%
ADPBR23110-A	10	9,999	931	1,802	268	29%	91.9	31.7	3.4%	17.8	5.6	0.6%
ADPBR23110-B	6	896	275	183	76	28%	14.2	5.8	2.1%	2.5	1.1	0.4%
ADPBR23111	10	2,227	595	507	176	30%	63.1	23.9	4.0%	10.7	4.2	0.7%
ADPBR23112	6	2,292	818	483	265	32%	37.8	25.8	3.1%	6.9	4.5	0.6%
ADPBR23113	0.7	578	125	96	25	20%	27.8	6.4	5.1%	4.5	1.1	0.9%
ADPBR23114	3.15	685	152	112	27	18%	35.8	9.2	6.0%	5.4	1.5	1.0%
ADPBR23115	20	723	271	95	82	30%	19.4	9.0	3.3%	2.6	1.6	0.6%
ADPBR23116	17.5	1,365	516	248	144	28%	45.4	20.6	4.0%	6.8	3.6	0.7%
ADPBR23117	13.2	338	38	25	12	31%	7.3	0.8	2.2%	1.0	0.1	0.4%
ADPBR23118	8.86	649	302	86	44	14%	34.5	18.9	6.3%	5.2	3.3	1.1%
ADPBR23119	4	1,211	Pending	198	Pending		63.5	Pending		10.1	Pending

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
ADPBR23120	13.9	239	44	21	13	30%	8.6	0.9	1.9%	0.9	0.2	0.3%
ADPBR23121	16.64	1,392	318	240	64	20%	43.3	15.3	4.8%	6.5	2.5	0.8%
ADPBR23122	16.5	490	35	18	7	21%	12.7	1.0	3.0%	1.7	0.2	0.5%
ADPBR23123	1.15	337	55	34	10	18%	16.4	1.9	3.5%	2.0	0.4	0.6%
ADPBR23124	7	521	227	80	34	15%	26.8	14.0	6.2%	3.7	2.3	1.0%
ADPBR23125	1.5	575	224	80	40	18%	28.9	12.5	5.6%	4.0	2.0	0.9%
ADPBR23126	1.7	1,221	508	225	114	22%	54.3	21.9	4.3%	8.3	3.9	0.8%
ADPBR23127	20	1,053	440	153	151	34%	24.3	10.0	2.3%	3.5	1.8	0.4%
ADPBR23128	15.4	422	60	25	12	21%	11.5	2.0	3.4%	1.3	0.3	0.5%
ADPBR23129	20	324	57	20	13	23%	8.2	1.2	2.2%	1.0	0.2	0.4%
ADPBR23130	3.08	1,059	144	169	26	18%	54.5	8.3	5.8%	8.7	1.4	1.0%
ADPBR23131	17.2	1,846	211	285	62	29%	29.6	5.3	2.5%	4.6	0.9	0.4%
ADPBR23132	6	533	211	93	34	16%	25.4	13.7	6.5%	4.0	2.2	1.0%
ADPBR23133	5	627	173	122	26	15%	25.8	9.7	5.6%	4.4	1.6	0.9%
ADPBR23134	2.65	372	126	41	25	20%	19.4	5.0	4.0%	2.6	0.8	0.7%
ADPBR23135	7.2	1,476	Pending	251	Pending		44.1	Pending		6.6	Pending
ADPBR23136	8.5	595	80	86	5	6%	30.4	5.5	6.9%	4.5	0.8	1.0%
ADPBR23137	7	683	275	89	30	11%	38.1	21.5	7.8%	5.7	3.4	1.2%
ADPBR23138	13.5	612	303	72	42	14%	35.4	18.8	6.2%	5.0	2.9	1.0%
ADPBR23139	1.7	249	55	18	9	16%	14.3	2.2	3.9%	1.8	0.4	0.7%
ADPBR23140	4.5	1,290	Pending	206	Pending		42.0	Pending		6.6	Pending
ADPBR23141	14.65	508	221	74	42	19%	27.5	13.2	6.0%	4.0	2.3	1.1%
ADPBR23142	6	2,142	Pending	410	Pending		39.7	Pending		6.6	Pending
ADPBR23143	7.6	470	149	88	30	20%	23.0	9.4	6.3%	3.9	1.6	1.1%
ADPBR23144	9	595	274	96	42	16%	28.5	15.4	5.6%	4.4	2.5	0.9%
ADPBR23145	2.65	665	267	96	36	14%	34.7	14.1	5.3%	5.3	2.3	0.9%
ADPBR23146	1.6	536	136	80	15	11%	24.8	7.3	5.3%	3.9	1.0	0.7%
ADPBR23147	7.15	3,748	Pending	1,005	Pending		118.2	Pending		22.2	Pending
ADPBR23148	2.5	386	72	52	8	11%	20.4	5.1	7.1%	2.7	0.8	1.1%
ADPBR23149	5.15	2,064	Pending	301	Pending		35.5	Pending		5.8	Pending
ADPBR23150	1	907	301	165	78	26%	25.3	7.1	2.4%	4.2	1.4	0.5%
ADPBR23151	1.12	289	89	47	15	17%	11.1	4.5	5.1%	1.6	0.7	0.8%
ADPBR23152	8.9	490	152	56	26	17%	24.8	9.2	6.1%	3.3	1.5	1.0%
ADPBR23153	8	588	191	84	16	8%	30.2	14.3	7.5%	4.3	2.2	1.1%
ADPBR23154	1	1,421	Pending	180	Pending		22.1	Pending		3.5	Pending
ADPBR23155	3	950	Pending	180	Pending		23.3	Pending		3.5	Pending
ADPBR23156	3.15	747	Pending	153	Pending		17.4	Pending		2.7	Pending
ADPBR23157	4	1,439	Pending	300	Pending		39.7	Pending		6.0	Pending
ADPBR23158	8.6	1,663	Pending	317	Pending		42.3	Pending		7.0	Pending
ADPBR23159	7.5	2,143	Pending	434	Pending		54.1	Pending		8.8	Pending
ADPBR23160	7.5	2,011	Pending	481	Pending		45.5	Pending		7.5	Pending
ADPBR23161	8.5	1,847	Pending	366	Pending		52.6	Pending		8.2	Pending
ADPBR23162	5.25	1,763	Pending	310	Pending		28.6	Pending		4.8	Pending
ADPBR23163	20	869	99	162	36	37%	9.7	1.6	1.6%	1.9	0.3	0.3%
ADPBR23164	6	543	Pending	59	Pending		15.4	Pending		2.2	Pending
ADPBR23165	8	2,147	450	502	125	28%	50.5	15.7	3.5%	8.7	2.9	0.6%
ADPBR23166	15.25	3,324	Pending	683	Pending		80.8	Pending		13.5	Pending
ADPBR23167	20	2,545	Pending	369	Pending		47.9	Pending		7.9	Pending
ADPBR23168	4.36	1,596	Pending	314	Pending		23.1	Pending		4.0	Pending
ADPBR23169	1	285	102	25	18	18%	14.2	3.0	3.0%	1.9	0.5	0.5%
ADPBR23170	9.2	1,818	831	346	179	22%	80.3	44.4	5.3%	14.3	8.3	1.0%
ADPBR23171	7.57	2,437	Pending	508	Pending		62.3	Pending		10.0	Pending
ADPBR23172	11	3,204	Pending	694	Pending		97.0	Pending		14.9	Pending
ADPBR23173	15.4	882	Pending	190	Pending		14.5	Pending		2.7	Pending
ADPBR23174	9	1,294	Pending	138	Pending		18.1	Pending		2.8	Pending

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
ADPBR23175	11	2,274	541	556	170	31%	70.5	17.6	3.3%	12.9	3.4	0.6%
ADPBR23176	10.7	1,415	Pending	304	Pending		40.9	Pending		6.8	Pending
ADPBR23177	11.5	2,398	Pending	492	Pending		83.2	Pending		13.3	Pending
ADPBR23178	11.5	3,533	Pending	770	Pending		55.5	Pending		9.8	Pending
ADPBR23180	5.8	1,644	Pending	423	Pending		31.6	Pending		5.6	Pending
ADPBR23181	9.5	1,299	Pending	286	Pending		23.7	Pending		4.1	Pending
ADPBR23182	8	2,186	Pending	373	Pending		23.5	Pending		4.2	Pending
ADPBR23183	7.44	1,617	Pending	385	Pending		32.1	Pending		5.5	Pending
ADPBR23184	2.64	1,714	Pending	167	Pending		17.2	Pending		3.0	Pending
ADPBR23185	12.7	1,493	Pending	290	Pending		29.7	Pending		5.2	Pending
ADPBR23186	5.4	1,164	303	237	98	32%	21.0	7.8	2.6%	3.7	1.5	0.5%
ADPBR23187	3.28	1,807	Pending	347	Pending		28.8	Pending		5.2	Pending
ADPBR23188	4.85	3,792	2,979	900	761	26%	105.0	77.6	2.6%	18.4	14.1	0.5%
ADPBR23189	12.15	844	346	146	122	35%	12.3	8.7	2.5%	2.1	1.7	0.5%
ADPBR23190	5.64	1,393	269	319	87	32%	29.8	7.2	2.7%	5.3	1.4	0.5%
ADPBR23191	5.86	1,117	358	201	114	32%	20.5	9.0	2.5%	3.6	1.7	0.5%
ADPBR23192	5.45	2,000	941	389	209	22%	60.0	34.9	3.7%	9.6	6.1	0.6%
ADPBR23193	7.5	1,813	827	312	278	34%	27.0	21.3	2.6%	4.5	4.1	0.5%
ADPBR23194	7.8	2,425	622	586	226	36%	38.9	17.4	2.8%	7.5	3.1	0.5%
ADPBR23195	1.65	973	546	161	104	19%	10.5	5.2	1.0%	1.9	1.0	0.2%
ADPBR23196	14	1,425	242	130	81	34%	15.8	4.6	1.9%	2.5	0.9	0.4%
ADPBR23197	2.92	1,247	257	261	83	32%	27.6	5.8	2.2%	4.8	1.1	0.4%
ADPBR23198	7	1,570	Pending	325	Pending		71.6	Pending		12.7	Pending
ADPBR23200	8.5	1,509	Pending	283	Pending		66.5	Pending		10.7	Pending
ADPBR23201	5.98	1,925	Pending	408	Pending		44.2	Pending		7.8	Pending
ADPBR23203	14.8	674	Pending	135	Pending		13.6	Pending		2.2	Pending
ADPBR23204	17	874	Pending	151	Pending		12.2	Pending		2.1	Pending
ADPBR23205	9	1,309	Pending	224	Pending		16.6	Pending		3.1	Pending
ADPBR23206	8	1,180	Pending	188	Pending		14.7	Pending		2.5	Pending
ADPBR23207	16.8	512	Pending	82	Pending		7.2	Pending		1.2	Pending
ADPBR23208	14	1,332	Pending	109	Pending		11.9	Pending		2.1	Pending
ADPBR23209	3.5	1,376	Pending	222	Pending		27.8	Pending		4.5	Pending
ADPBR23245	20	888	230	89	68	30%	19.1	4.9	2.1%	2.5	0.8	0.4%
ADPBR23247	15.95	231	29	15	7	23%	7.6	0.6	2.0%	0.9	0.1	0.4%
ADPBR23248	20	924	171	107	52	30%	20.3	3.3	1.9%	2.9	0.6	0.4%
ADPBR23249	14	1,120	291	179	77	26%	35.0	11.3	3.9%	5.5	2.0	0.7%
ADPBR23250	12	1,220	188	70	51	27%	24.9	5.5	2.9%	3.4	0.9	0.5%
ADPBR23252	8	211	54	22	15	28%	7.0	1.1	2.0%	0.9	0.2	0.4%
ADPBR23253	16.5	530	94	34	23	24%	15.1	2.7	2.9%	1.9	0.5	0.5%
ADPBR23254	20	628	93	50	28	31%	28.5	2.4	2.5%	3.5	0.4	0.5%
ADPBR23256	20	939	284	128	53	19%	31.2	13.9	4.9%	4.6	2.2	0.8%
ADPBR23257	12	256	26	11	6	24%	6.2	0.4	1.6%	0.8	0.1	0.3%
ADPBR23259	13.25	710	208	95	47	23%	18.7	6.7	3.2%	2.6	1.0	0.5%
ADPBR23260	17.31	336	27	14	6	23%	10.5	0.5	1.7%	1.3	0.1	0.3%
BLPBR23001	1	1,072	255	102	58	23%	45.7	7.6	3.0%	6.4	1.4	0.5%
BLPBR23002	2	334	67	36	14	21%	15.0	2.3	3.4%	2.2	0.4	0.6%
BLPBR23003	1	478	133	57	28	21%	27.3	7.3	5.5%	3.8	1.3	0.9%
BLPBR23004	1	1,210	378	224	98	26%	39.5	12.6	3.3%	6.2	2.3	0.6%
BLPBR23005	2	257	46	36	9	20%	9.8	2.6	5.5%	1.4	0.4	0.9%
BLPBR23006	2	479	174	54	44	25%	21.8	8.1	4.7%	3.1	1.4	0.8%
BLPBR23007	2	280	45	31	10	21%	14.1	2.1	4.8%	1.9	0.4	0.8%
BLPBR23008	2	563	170	54	36	21%	27.7	8.0	4.7%	3.4	1.5	0.9%
BLPBR23009	2	334	90	41	21	24%	15.7	4.3	4.8%	2.0	0.8	0.9%
BLPBR23010	2	443	66	41	13	19%	21.7	3.2	4.9%	2.7	0.6	0.8%

Drilhole	Drillhole depth	TREO	DREO	NdPr T	NdPr D	NdPr D	Dy T	Dy D	Dy D	Tb T	Tb D	Tb D
	m	ppm	ppm	ppm	ppm	% of DREO	ppm	ppm	% of DREO	ppm	ppm	% of DREO
BLPBR23011	2	1,237	496	151	97	20%	53.4	22.9	4.6%	7.9	4.2	0.8%
BLPBR23012	2	1,571	427	188	118	28%	21.5	10.8	2.5%	3.7	2.1	0.5%
BLPBR23013	2	781	573	156	146	25%	27.0	21.3	3.7%	4.3	3.8	0.7%
BLPBR23014	2	1,478	570	235	153	27%	44.4	16.7	2.9%	6.4	3.3	0.6%
BLPBR23015	2	1,502	275	220	55	20%	47.7	8.6	3.1%	7.1	1.5	0.6%
BLPBR23016	2	702	149	96	30	20%	23.9	4.3	2.9%	3.4	0.8	0.5%
BLPBR23017	2	929	131	163	36	27%	15.6	2.6	2.0%	2.6	0.5	0.4%
BLPBR23018	2	1,321	249	185	60	24%	23.9	7.5	3.0%	3.7	1.3	0.5%
BLPBR23019	2	1,017	198	197	62	31%	19.6	5.4	2.7%	3.4	1.0	0.5%
BLPBR23020	2	1,247	124	226	30	24%	26.1	3.2	2.6%	4.5	0.6	0.5%
BLPBR23021	2	772	168	117	56	33%	14.7	4.7	2.8%	2.2	0.9	0.6%
BLPBR23022	2	1,335	251	159	70	28%	22.0	6.6	2.6%	3.6	1.2	0.5%
BLPBR23023	2	831	170	151	54	32%	14.9	4.9	2.9%	2.3	0.9	0.5%
BLPBR23024	2	540	132	54	27	20%	25.9	4.5	3.4%	3.5	0.8	0.6%
BLPBR23025	2	1,268	211	176	50	24%	31.8	6.6	3.1%	4.8	1.2	0.6%
BLPBR23026	2	1,010	453	154	110	24%	30.0	14.9	3.3%	4.6	2.7	0.6%
BLPBR23027	2	533	262	84	60	23%	20.3	8.8	3.3%	3.0	1.6	0.6%
BLPBR23028	2	356	83	33	17	20%	16.9	3.5	4.2%	2.3	0.6	0.8%
BLPBR23029	2	534	197	63	39	20%	22.0	7.1	3.6%	3.0	1.2	0.6%
BLPBR23030	2	759	202	120	48	24%	20.9	5.4	2.7%	3.3	1.0	0.5%
BLPBR23031	2	812	97	82	25	25%	32.9	2.8	2.8%	4.5	0.5	0.5%