ECLIPSE METALS LIMITED. — Capital/Financing Update 2023

Aug 7, 2023

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8[th] August 2023 ASX Announcement

HIGH GRADE REE RESULTS FROM MAIDEN DRILLING PROGRAM AT GRØNNEDAL, GREENLAND

• Maiden drilling program at Grønnedal returns rare earth element (REE) mineralisation for full length of all drill holes

• Drilling results confirm high ratios of up to 50% of praseodymium and neodymium (Pr+Nd).

• Best total rare earth oxides (TREO) assay results from shallow[1] drilling program at Grønnedal include:

• from 0.0m - 22m @ 9,052ppm TREO – EOH[1] 22.0m

• from 0.0m - 20m @ 7,132ppm TREO - EOH 20.0m (60°)

• from 0.0m - 6.0m @ 9,198ppm TREO - EOH 6.0m (34% Pr+Nd in TREO)

• from 0.0 - 1.5m @ 16,586ppm TREO - EOH 1.5m (34% Pr+Nd in TREO)

• from 0.0 - 6.0m @ 8,611ppm TREO - EOH 6.0m

• from 0.0 – 9.0m @ 5,645ppm TREO – EOH 9.0m, including 1.5m @ 5,326ppm TREO 7.5 - 9.0m - EOH (50% Pr+Nd in TREO)

• Assay results recorded low uranium values which are well below the Greenland Government’s recently legislated maximum of 100ppm

• REE mineralisation at Grønnedal is widespread and deep-seated

• Diamond drilling to test Grønnedal depth potential expected in Q4 2023

Eclipse Metals Ltd ( Eclipse or the Company ) (ASX: EPM) is pleased to announce drill hole sample assay results for samples from its 2022 maiden percussion drilling program on the Grønnedal REE prospect within its 100% owned Ivigtût multi-commodity project in SW Greenland. Assay results, together with previous geological and geophysical assessments indicate that REE mineralisation at Grønnedal is widespread and deep-seated.

Executive Chairman Carl Popal commented :

“These initial results from shallow drill-holes at Grønnedal confirm the REE-rich nature of the carbonatite body and indicate the presence of several promising targets from surface which remain open at depth and along strike. The geophysical assessment confirmed the deep - seated nature of the host to this REE mineralisation, suggesting a sizeable REE target. With recent approval of the 2023 Grønnedal diamond drilling program, the company is poised to initiate an in-depth assessment of the REE potential.

The prospective nature of REEs at both Grønnedal and Ivigtût aligns with our strategic goal of developing the project as an asset to be a world-class player in metals and minerals crucial for the

1 Maximum downhole length in this drilling program was 22m.

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green energy industry. Eclipse is dedicated to actively exploring the Grønnedal prospect, as well as the nearby historical Ivigtût pit throughout the course of 2023."

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Figure 1. Grønnedal drilling results from the ‘lower section’ with REO mineralisation intersected in all drill holes.

Results in this release relate to 27 shallow percussion drill holes completed at Grønnedal, where all drill holes encountered REE mineralisation from surface to end of hole. Eclipse’s maiden drilling program at Grønnedal has provided a better understanding of the geology and geochemistry of the ground and the holes were generally drilled to blade refusal, with limitation of the drill rig handling the ground conditions. A maximum depth of 22m was achieved in some locations (refer to Table 1). The drilling program was completed in October 2022 with samples shipped from Greenland to Australia for laboratory assessment.

Laboratory results for the initial over-limit values (+1,000ppm) for drillhole samples have now been received following further testing using appropriate methods. The complete REO drilling results for Grønnedal are listed in Table 2.

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Figure 2. Grønnedal cross section L3-1 to L3-9 showing drilling and trenching results in the ‘lower section’.

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Figure 3. Grønnedal cross section L1-4 to L5-10 showing results in the lower section from drilling and trenching.

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Figure 4. Grønnedal drilling results in ‘top section’ with REO mineralisation in all drillholes.

Note: Drill hole ID TL2-1, TL2-2 and TL2-3 were drilled from the same collar location at different angles due to difficult ground conditions

Analytical values for drill samples from the lower section of the Grønnedal carbonatite prospect indicate a substantial increase in the Nd ratio compared to the top section drilling results. In the lower section Nd values in the carbonate impregnated rocks is higher than the top section Nd values in carbonatite breccia. Drilling and trenching at Grønnedal identified this material within part of a widespread dolerite dyke system intruding the carbonatite. Analysis of historical geological and geophysical work has indicated that the dolerite dykes are laterally extensive and deep-seated.

Further to recent trenching results, the drill sample results are confirmation of a higher proportion of commercially more valuable magnetic REE, such as Neodymium (Nd) within the total basket of REE. Whereas sample R27766 in drill hole L5-10 over 1.5 metres returned Nd in a ratio of 46% with and Nd + Pr oxide value of 50% in TREO, sample IDR27829, in drill hole L1-4 returned a value of 16,585ppm TREO from 0.5m-2m with Nd ratio of 27% and 407ppm gadolinium oxide (Gd2O3) with 6.42% heavy rare earth (HREE). The laboratory assay results from Grønnedal recorded low uranium values which are well below the Greenland Government’s recently legislated maximum of 100ppm.

All drill holes ended in mineralisation, indicating greater depth potential below the deepest intersection of 22m.

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The trends associated with the distribution of the REE are complex, indicating enrichment at depth through leaching and precipitation below the surface. The results portray the concept of weathering effects from the surface. The diagram below shows calcium carbonate (CaCO3) leaching in rainwater from the surface via fault systems with CaCO3 precipitating in the cold sea water as the famous Ikka Columns, located outside the tenement boundary.

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Figure 5: Grønnedal prospect exploration area and the concept of leaching carbonatite dissolved from CaCO3 and the REE precipitation on top of the hill.

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Figure 6: Conceptual illustration of the REE precipitation with carbonatite leaching CaCO3 into the water table between the two fjords, concentrating remaining REE.

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Discussion

Overall, analysis of the Grønnedal trench samples in the carbonate-impregnated formation demonstrated unusual patterns for Pr/La and Nd/Ce ratios compared with other REE-mineralised carbonatite complexes such as Mountain Pass (California) and Mt Weld (Western Australia).

Lower La and Ce content measured by pXRF, has been confirmed by laboratory assay results across the Grønnedal complex or a significant part thereof indicating that REE mineralisation at Grønnedal contains a higher proportion of the commercially more valuable magnetic REE, Pr and Nd. The latter are often termed the ‘magnet feed’ REE which are critical elements for high-performance magnets in high demand from the automotive sector and for wind turbines.

More specifically, pXRF readings and laboratory assay results recorded thus far show a relatively large proportion of Pr and Nd, comprising up to 55% of the measured 4REE. Laboratory results also show a relatively large proportion of Pr and Nd comprising up to 60% of TREO in Trench L3 – 8 and 50% in drill results L5-10 for an interval of 1.5m from 8.5m-10m depth.

Such a difference in composition for the project could have positive implications for the so-called “basket price”. The basket price is described as the sum of the proportions of individual REOs in the product multiplied by the price of the individual REOs.

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Figure 7. MEL 2007-45 Location Map, showing the geology of the Grønnedal covering nepheline syenite with a carbonatite plug.

Authorised for release by the Board of Eclipse Metals Ltd.

Carl Popal Aiden Bradley Executive Chairman Investor Relations aiden@nwrcommunications.com.au

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Figure 8. Greenland REE Deposits and location of Grønnedal and Ivigtût

About Eclipse Metals Ltd (ASX: EPM)

Eclipse Metals Ltd is an Australian exploration company focused on mineral exploration in South-western Greenland, Northern Territory and Queensland for multi commodity mineralisation. Eclipse Metals Ltd has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz, REE, gold, platinum group metals, manganese, palladium, vanadium, and uranium mineralisation. The Company’s mission is to increase shareholders’ wealth through capital growth and ultimately dividends. Eclipse Metals Ltd plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture incomes.

Competent Persons Statement

The information in this report / ASX release that relates to Exploration Results and Exploration Targets is based on information compiled and reviewed by Mr. Rodney Dale, Non-Executive Director of Eclipse Metals Ltd. Mr. Dale holds a Fellowship Diploma in Geology from RMIT, is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and has sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported 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 Dale consents to the inclusion in this report / ASX release of the matters based on information in the form and context in which it appears. Additionally, Mr. Dale confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

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Table 1: Drill Collar Table

Hole ID	EOH [m]	Easting	Northing	Elevation [m]	Azimuth [˚]	Inclination [˚]
LX	20.00	6,791,096	659,011	409	160	43
L3-1	20.00	6,791,059	658,942	402	0	90
L3-4	3.00	6,791,098	658,920	385	0	90
L3-3	3.50	6,791,090	658,928	390	140	45
L3-9	11.50	6,791,149	658,872	366	140	70
TL1-1	22.00	6,790,963	659,012	400	320	80
TL1-2	6.90	6,790,982	659,030	413	40	80
TL1-3	20.00	6,790,991	659,036	412	40	80
TL2-1	22.00	6,790,991	659,001	437	0	90
TL2-2	20.00	6,790,991	659,001	417	290	60
TL2-3	3.00	6,790,991	659,001	417	290	45
TL2-4	20.00	6,790,991	659,001	417	110	60
TL3-1	22.00	6,790,991	658,993	433	20	85
TL3-2	20.00	6,791,001	659,012	440	320	80
TLX2-1	11.50	6,790,979	659,013	454	0	90
TLX2-2	11.50	6,790,959	658,994	442	300	65
TLX2-3	11.50	6,790,959	658,994	442	0	90
TLX2-4	11.50	6,790,959	658,994	442	90	60
TLX2-5	12.50	6,790,950	659,013	419	0	90
TLX2-6	12.50	6,790,959	658,994	442	0	90
TLX2-7	12.50	6,790,955	659,012	397	140	60
TLX7-1	10.50	6,790,977	659,022	427	340	80
TLX7-2	10.50	6,790,976	659,023	421	30	80
TLX7-T	11.00	6,790,959	659,003	433	245	80
TLX7-T2	11.20	6,790,954	659,005	425	300	80
L1-4	2.00	6,791,131	658,963	390	0	90
L1-10	6.50	6,791,196	658,904	364	0	90
L1-12	12.50	6,791,216	658,883	354	0	90
L2-9	8.00	6,791,166	658,891	372	140	60
L5-10	10.00	6,791,149	658,843	354	0	90
L5-4	8.00	6,791,079	658,965	384	100	60
L5-8	5.50	6,791,129	658,863	360	130	60
L5-9	14.50	6,791,136	658,851	357	120	60

EOH = end-of-hole (total downhole length) from collar

Coordinate System = WGS 1984 UTM Zone 22

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Table 3. Gronnedal Top Section Assay Results

Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
TL1-1(80)	0	2	2	52.07	187.65	524.53	74.41	296.27	45.69	14.01	30.2	3.14	15.09	2.1	4.87	0.5	2.72	0.39	1,253.63
TL1-1(80)	2	4	2	24.57	23.46	56.63	7.14	28.93	5.77	2.11	5.87	0.81	5.16	0.93	2.87	0.35	2.27	0.34	167.2
TL1-1(80)	4	6	2	25.65	20	47.91	6.2	25.43	5.46	1.96	5.39	0.76	4.97	0.96	2.55	0.36	2.44	0.34	150.37
TL1-1(80)	6	8	2	26.92	27.44	61.79	7.63	30.56	6.2	2.16	6.04	0.81	5.08	0.97	2.52	0.36	2.43	0.34	181.25
TL1-1(80)	8	10	2	26.67	20.93	47.54	6.37	25.78	5.57	1.95	5.6	0.77	4.95	0.95	2.45	0.36	2.32	0.34	152.53
TL1-1(80)	10	12	2	27.56	20.7	46.07	6.04	25.08	5.35	1.96	5.49	0.78	5.15	0.95	2.54	0.38	2.43	0.33	150.78
TL1-1(80)	12	14	2	28.32	21.17	48.03	6.2	26.01	5.72	1.99	5.76	0.82	5.36	1	2.64	0.39	2.58	0.34	156.34
TL1-1(80)	14	16	2	27.81	18.47	43.24	5.79	24.38	5.5	1.93	5.68	0.81	5.18	1.03	2.66	0.39	2.64	0.36	145.87
TL1-1(80)	16	18	2	33.14	25.8	57.73	7.55	30.56	6.7	2.23	6.55	0.94	6.04	1.17	3.11	0.44	2.94	0.4	185.31
TL1-1(80)	18	20	2	31.49	22.69	51.35	6.75	27.99	6.38	2.08	6.4	0.91	5.9	1.11	3	0.44	2.93	0.4	169.81
TL1-1(80)	20	22	2	30.35	22.81	50.12	6.68	26.94	5.9	2.11	6.12	0.88	5.58	1.09	2.82	0.42	2.73	0.39	164.95
TL1-2(80)	0	2	2	30.35	21.46	47.91	6.34	26.01	5.62	2.07	6.13	0.87	5.62	1.09	2.8	0.42	2.77	0.4	159.87
TL1-2(80)	2	4	2	29.59	19.18	44.1	5.91	24.61	5.77	1.96	5.77	0.86	5.67	1.06	2.85	0.42	2.79	0.42	150.94
TL1-2(80)	4	6	2	34.29	25.1	57.24	7.49	30.79	6.82	2.25	7.17	1.01	6.51	1.26	3.22	0.48	3.18	0.44	187.25
TL1-2(80)	6	6.9	0.9	30.86	22.93	51.35	6.73	27.53	6.2	2.14	6.29	0.88	5.81	1.1	2.85	0.42	2.88	0.39	168.35
TL1-3(80)	0	2	2	23.24	17.42	39.19	5.23	21.46	4.7	1.74	4.97	0.7	4.41	0.84	2.24	0.32	2.13	0.3	128.87
TL1-3(80)	2	4	2	21.4	13.31	30.71	4.12	17.44	3.93	1.45	4.21	0.62	4.13	0.8	2.06	0.32	2.07	0.28	106.85
TL1-3(80)	4	6	2	23.24	18.82	41.77	5.61	22.69	4.87	1.83	5.09	0.72	4.51	0.9	2.28	0.34	2.16	0.31	135.13
TL1-3(80)	6	8	2	24.13	17.59	39.06	5.21	21.7	4.78	1.7	5.07	0.72	4.63	0.89	2.42	0.33	2.28	0.31	130.81
TL1-3(80)	8	10	2	26.29	17.53	39.55	5.3	21.75	5.04	1.75	5.23	0.76	4.94	0.95	2.49	0.37	2.52	0.36	134.85
TL1-3(80)	10	12	2	24.76	17.36	38.69	5.09	21.52	4.85	1.71	5.09	0.73	4.69	0.93	2.44	0.35	2.35	0.33	130.89
TL1-3(80)	12	14	2	30.73	28.85	64.25	8.02	32.08	6.75	2.36	6.66	0.94	5.76	1.12	2.85	0.41	2.7	0.41	193.88
TL1-3(80)	14	16	2	28.95	21.05	46.43	6.22	25.43	5.73	1.99	5.91	0.86	5.46	1.06	2.76	0.4	2.69	0.36	155.31
TL1-3(80)	16	18	2	31.37	23.05	51.35	6.75	27.99	6.18	2.14	6.44	0.93	5.89	1.14	2.96	0.43	2.92	0.39	169.94
TL1-3(80)	18	20	2	31.49	23.57	52.33	6.8	27.76	6.18	2.34	6.3	0.91	5.81	1.13	2.98	0.44	2.9	0.4	171.35
TL2-1(90)	0	2	2	265.41	1172.8	2825.32	340.66	1341.36	195.39	61.95	132.55	14.21	72.08	10.73	21.15	2.31	10.72	1.02	6,467.66
TL2-1(90)	2	4	2	273.03	1278.35	3046.43	373.27	1399.68	213.95	69.24	145.8	15.31	75.75	11	21.61	2.3	11.18	1.04	6,937.95
TL2-1(90)	4	6	2	336.52	1407.36	3672.92	465.08	1796.26	278.3	86.96	191.33	20.14	98.7	14.2	26.87	2.75	12.81	1.18	8,411.39
TL2-1(90)	6	8	2	241.92	1032.06	2542.79	321.33	1294.7	194.23	60.44	133.13	14.39	70.81	10.05	19.27	1.99	9.21	0.87	5,947.18
TL2-1(90)	8	10	2	265.41	914.78	2493.65	332.2	1411.34	221.48	63.11	154.45	16.34	80.34	11.68	22.07	2.3	10.59	1.06	6,000.80
TL2-1(90)	10	12	2	271.76	445.66	1240.68	168.52	684.68	128.72	40.64	101.31	12.72	70.58	11.39	24.7	2.91	15.2	1.58	3,221.05
TL2-1(90)	12	14	2	299.7	598.13	2033	291.13	1265.54	227.86	68.55	165.97	17.84	88.49	12.77	24.93	2.7	12.87	1.32	5,110.79
TL2-1(90)	14	16	2	239.38	668.5	1805.75	234.35	972.78	175.1	51.18	126.79	13.81	70.01	9.99	20.53	2.12	10	1	4,401.27
TL2-1(90)	16	18	2	124.58	351.84	872.16	115.61	479.39	84.3	24.55	63.05	7.12	36.5	5.22	10.74	1.12	5.29	0.54	2,182.02
TL2-1(90)	18	20	2	87.37	204.07	508.56	68.86	286.93	51.14	15.17	37	4.29	22.72	3.4	7.59	0.85	4.59	0.55	1,303.10
TL2-1(90)	20	22	2	111.75	281.47	772.66	103.28	442.07	81.64	24.55	60.17	6.42	32.02	4.6	9.54	0.98	4.91	0.52	1,936.58
TL2-2(60)	0	2	2	328.9	1243.17	3414.95	424.01	1662.12	284.1	82.56	198.25	20.66	103.18	14.26	28.59	2.82	12.3	1.13	7,821.00
TL2-2(60)	2	4	2	273.03	973.42	2751.62	357.57	1539.65	242.36	68.66	165.4	17.55	87	12.09	23.56	2.31	9.98	0.9	6,525.07
TL2-2(60)	4	6	2	191.12	785.78	2002.29	247.64	983.28	163.5	51.29	112.95	11.91	58.53	8.22	16.52	1.6	7.05	0.65	4,642.35
TL2-2(60)	6	8	2	285.73	1090.7	2960.44	364.82	1510.49	259.75	82.33	182.69	18.7	92.39	12.43	24.24	2.32	9.83	0.92	6,897.77

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Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
TL2-2(60)	8	10	2	349.22	1336.99	3930.88	507.36	2169.5	380.35	110.35	244.35	25.55	121.66	16.21	31.1	3.02	13.44	1.25	9,241.23
TL2-2(60)	10	12	2	300.97	1102.43	2985.01	379.31	1592.14	269.03	80.13	184.99	18.93	92.96	12.72	24.59	2.39	10.37	0.95	7,056.91
TL2-2(60)	12	14	2	351.76	1290.08	3709.77	477.16	2000.38	361.8	104.56	231.67	23.94	117.07	15.58	29.96	2.88	12.7	1.14	8,730.43
TL2-2(60)	14	16	2	241.28	856.14	2352.39	287.5	1283.04	198.87	61.48	147.53	14.33	69.09	9.27	19.15	1.75	7.67	0.7	5,550.21
TL2-2(60)	16	18	2	360.65	1243.17	3722.05	478.37	1936.22	366.43	108.03	239.74	25.67	119.93	14.55	30.07	2.73	11.36	1.01	8,660.00
TL2-2(60)	18	20	2	281.92	926.51	2641.06	327.37	1393.85	237.72	71.1	170.58	16.69	79.99	10.86	22.13	2.04	8.84	0.83	6,191.48
TL2-3(45)	1	3	2	386.05	1102.43	3267.54	416.76	1295.87	367.59	113.47	255.88	27.16	133.13	17.47	33.28	3.1	13.1	1.14	7,433.98
TL2-4(60)	0	2	2	349.22	1278.35	3513.22	433.67	1697.11	306.13	87.31	199.4	20.14	99.62	13.63	29.04	2.76	12.35	1.18	8,043.16
TL2-4(60)	2	4	2	323.82	809.23	2948.16	402.26	1825.42	322.37	79.78	216.11	21.24	107.65	13.75	28.7	2.76	12.13	1.09	7,114.48
TL2-4(60)	4	6	2	124.7	433.94	1218.57	153.42	647.35	101.23	29.41	65.01	6.86	33.28	4.62	10.25	1.05	4.95	0.48	2,835.12
TL2-4(60)	6	8	2	106.42	269.74	814.43	109.69	486.39	83.14	24.55	58.21	6.04	29.5	4.01	8.39	0.8	3.64	0.38	2,005.33
TL2-4(60)	8	10	2	65.91	153.05	386.95	50.74	215.78	38.15	11.5	27.2	3.04	16.01	2.36	5.59	0.62	3.36	0.4	980.65
TL2-4(60)	10	12	2	29.08	66.97	155.39	18.06	78.38	14.03	4.38	10.35	1.22	6.53	1.02	2.58	0.31	1.69	0.2	390.19
TL2-4(60)	12	14	2	48.38	143.08	350.09	42.04	181.96	31.77	9.22	21.55	2.37	11.99	1.72	4.05	0.44	2.25	0.24	851.16
TL2-4(60)	16	18	2	63.24	205.83	487.67	61.25	243.78	39.43	11.87	27.66	3.1	15.9	2.33	5.47	0.56	2.93	0.31	1,171.31
TL2-4(60)		20	20	32	37.76	90.78	10.49	45.26	8.84	2.88	7.68	1.01	6.23	1.05	3.01	0.4	2.53	0.33	250.24
TL3-1	0	3.5	3.5	28.7	64.03	138.81	18.72	67.65	12.7	3.1	9.75	1.2	6.62	1.08	3.01	0.36	2.36	0.36	358.45
TL3-1	3.5	7	3.5	408.91	1630.19	4274.83	590.71	1393.85	407.02	113.71	252.42	26.36	125.1	16.78	35.45	3.06	13.49	1.27	9,293.15
TL3-1	7	9	2	396.21	1442.54	4446.81	657.15	2437.78	483.55	140.11	292.76	30.5	135.43	17.01	34.31	2.95	12.75	1.11	10,530.9 7
TL3-1	9	11	2	509.23	1102.43	3758.9	583.46	2391.12	507.9	151.11	336.56	37.18	175.6	21.99	45.05	3.81	16.63	1.53	9,642.51
TL3-1	11	13	2	473.67	1571.55	4495.94	636.62	2326.97	485.87	147.63	311.2	35.22	156.66	19.93	40.71	3.54	15.6	1.39	10,722.5 1
TL3-1	13	15	2	300.97	1207.98	3402.67	471.12	1819.58	308.45	86.96	194.21	19.62	92.28	12.49	25.84	2.32	10.99	1.06	7,956.55
TL3-1	15	17	2	425.42	2943.73	8033.74	980.9	3499.2	560.09	162.11	322.73	32.69	151.5	18.56	37.51	3.18	14.69	1.42	17,187.4 3
TL3-1	17	19	2	204.45	797.5	2155.84	297.17	1076.59	192.49	56.16	125.06	12.89	61.06	8.36	17.72	1.64	7.89	0.78	5,015.61
TL3-1	19	21	2	403.83	1536.37	4495.94	625.74	2356.13	454.56	139.53	273.17	27.97	127.39	16.67	34.53	3.18	14.58	1.45	10,511.0 3
TL3-1	21	22	1	355.57	1407.36	3943.16	553.26	2093.69	384.99	114.17	246.66	25.09	114.08	14.95	30.3	2.72	12.47	1.19	9,299.67
TL3-2(80)	0	2	2	32.13	45.97	112.28	12.74	54.35	10.24	3.17	8.44	1.05	6.09	1.06	2.92	0.38	2.52	0.34	293.68
TL3-2(80)	2	4	2	115.43	351.84	1093.28	144.96	626.36	103.44	29.76	66.16	6.68	31.68	4.28	9.22	0.9	4.34	0.46	2,588.77
TL3-2(80)	4	6	2	245.09	1243.17	3967.73	515.82	1603.8	353.68	98.31	201.13	17.44	76.32	9.53	18.52	1.68	6.93	0.68	8,359.83
TL3-2(80)	6	8	2	66.54	480.85	1042.91	133.48	589.03	91.03	26.86	48.41	4.3	19.68	2.75	5.89	0.59	2.9	0.22	2,515.46
TL3-2(80)	8	10	2	25.52	89.6	246.91	29.48	130.64	22.09	6.47	12.91	1.28	6.51	0.99	2.48	0.29	1.72	0.16	577.05
TL3-2(80)	10	12	2	38.48	94.76	229.71	27.42	116.64	19.6	5.7	13.95	1.57	8.39	1.31	3.44	0.44	2.66	0.34	564.4
TL3-2(80)	12	14	2	35.56	114.35	283.76	33.7	141.13	22.73	6.54	15.73	1.68	8.57	1.32	3.27	0.38	2.21	0.27	671.21
TL3-2(80)	14	16	2	20.64	58.99	158.46	17.58	77.1	13.92	3.69	9.24	0.98	5	0.79	2.05	0.25	1.41	0.13	370.23
TL3-2(80)	16	18	2	27.81	106.02	280.08	31.53	138.8	24.35	6.61	14.29	1.42	7	1.04	2.5	0.29	1.67	0.15	643.58
TL3-2(80)	18	20	2	33.91	225.18	404.14	45.3	199.45	36.76	9.26	21.78	2.04	9.37	1.31	3.03	0.33	1.78	0.16	993.81
TLX2-1 (90)	1	2.5	1.5	173.34	715.41	1799.61	209.59	762.83	121.76	37.28	80.34	9.38	46.94	7.09	14.24	1.55	7.89	1.02	3,988.26

11

==> picture [182 x 60] intentionally omitted <==

Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
TLX2-1 (90)	2.5	4	1.5	165.09	774.05	1848.74	219.25	786.15	125.82	38.67	83.1	9.54	46.83	7.22	14.41	1.55	7.7	1.08	4,129.19
TLX2-1 (90)	4	5.5	1.5	170.8	785.78	1781.18	207.17	736	115.73	35.08	78.03	8.93	45.22	7.34	14.92	1.73	9.22	1.13	3,998.28
TLX2-1 (90)	5.5	7	1.5	172.71	867.87	2112.85	244.02	896.96	140.89	43.07	92.09	10.26	50.61	7.61	14.35	1.6	7.6	0.95	4,663.43
TLX2-1 (90)	7	8.5	1.5	199.37	1114.16	2763.9	326.16	1150.07	178	54.88	109.5	12.14	59.8	8.89	16.81	1.85	8.24	0.96	6,004.73
TLX2-1 (90)	8.5	10	1.5	170.8	938.24	2383.1	271.8	970.44	153.07	46.89	96.93	10.65	51.19	7.57	14.18	1.59	6.85	0.78	5,124.09
TLX2-1 (90)	10	11.5	1.5	154.29	809.23	1799.61	219.86	807.15	124.66	40.53	93.82	9.93	48.89	7.72	15.04	1.45	6.98	0.86	4,140.01
TLX2-2	1	2.5	1.5	77.72	304.93	732.13	88.43	310.26	49.51	13.55	35.5	4.2	19.74	3	6.96	0.8	4.22	0.57	1,651.52
TLX2-2	2.5	4	1.5	45.46	130.18	300.96	34.55	125.39	23.02	4.61	17.12	2.15	10.8	1.78	4.39	0.56	3.13	0.47	704.56
TLX2-2	4	5.5	1.5	45.59	124.9	283.76	32.25	113.84	20.47	3.16	15.79	2.01	10.65	1.76	4.62	0.58	3.52	0.52	663.43
TLX2-2	5.5	7	1.5	147.31	562.94	1517.07	182.41	664.85	105.52	30.34	75.73	8.45	39.25	5.74	12.58	1.31	6.73	0.87	3,361.09
TLX2-2	7	8.5	1.5	147.31	586.4	1553.93	187.24	671.85	106.68	31.26	73.19	8.1	37.99	5.52	12.24	1.3	6.65	0.87	3,430.53
TLX2-2	8.5	10	1.5	114.67	433.94	1065.02	124.42	450.23	69.11	20.73	49.68	5.71	27.66	4.3	10.2	1.11	6.06	0.8	2,383.63
TLX2-2	10	11.5	1.5	74.04	202.89	460.65	53.51	172.04	30.27	9.05	23.28	2.89	15.09	2.58	6.55	0.82	4.99	0.71	1,059.37
TLX2-3	1	2.5	1.5	53.08	164.19	382.03	47.35	158.05	27.95	6.01	20.86	2.57	13.03	2.08	5.13	0.66	3.6	0.52	887.11
TLX2-3	2.5	4	1.5	43.81	123.73	278.85	31.29	112.79	20.35	3.69	15.21	1.97	10.18	1.66	4.27	0.54	3.2	0.45	651.99
TLX2-3	4	5.5	1.5	42.29	121.97	275.16	31.17	111.16	20.35	3.9	15.27	1.92	9.85	1.62	4.11	0.53	2.96	0.43	642.67
TLX2-3	5.5	7	1.5	44.83	126.08	276.39	31.77	111.86	20	3.79	15.1	1.95	9.97	1.66	4.21	0.53	3.07	0.46	651.67
TLX2-3	7	8.5	1.5	43.18	119.04	260.42	30.08	105.56	19.08	3.67	14.64	1.86	9.54	1.65	4.12	0.5	2.97	0.42	616.72
TLX2-3	8.5	10	1.5	44.7	105.9	245.68	28.27	101.94	18.79	3.68	14.98	1.97	10.38	1.7	4.35	0.54	3.03	0.42	586.32
TLX2-3	10	11.5	1.5	42.92	98.63	230.94	26.46	95.76	17.92	3.55	14.18	1.87	9.84	1.67	4.28	0.52	3.04	0.41	551.98
TLX2-4	1	2.5	1.5	50.67	121.38	275.16	32.86	125.39	21.86	4.15	15.04	2	10.86	1.79	4.48	0.56	3.3	0.46	669.96
TLX2-4	2.5	4	1.5	49.15	112.35	253.05	28.27	116.64	20.29	3.9	14.35	1.86	10.41	1.75	4.49	0.55	3.2	0.46	620.73
TLX2-4	4	5.5	1.5	58.29	125.49	298.5	33.58	137.64	24.35	4.57	17.52	2.27	12.62	2.09	5.45	0.66	3.75	0.55	727.33
TLX2-4	5.5	7	1.5	54.1	134.87	312.01	37.57	141.13	24.82	4.39	17.52	2.31	12.51	2.04	5.09	0.61	3.5	0.49	752.95
TLX2-4	7	8.5	1.5	170.8	656.77	1596.92	187.84	777.99	114.68	30.8	71.35	8.3	41.78	6.15	13.44	1.38	6.9	0.87	3,685.96
TLX2-4	8.5	10	1.5	169.53	668.5	1609.2	190.86	804.82	118.28	32.42	73.07	8.47	41.32	6.13	13.21	1.32	6.8	0.89	3,744.82
TLX2-4	10	11.5	1.5	179.69	691.95	1664.48	197.51	800.15	121.18	33.35	76.53	8.97	43.96	6.53	14.18	1.47	7.7	1.03	3,848.67
TLX2-5	2	3.5	1.5	173.34	738.86	1762.75	212.61	776.82	127.56	37.63	80.11	9.82	46.71	7	15.04	1.56	7.46	0.9	3,998.16
TLX2-5	3.5	5	1.5	171.44	703.68	1775.04	222.27	821.15	137.99	40.64	86.91	10.43	49.01	7.13	14.81	1.55	7.64	0.96	4,050.63
TLX2-5	5	6.5	1.5	174.61	715.41	1848.74	228.31	839.81	143.21	41.68	88.17	10.62	49.7	7.26	15.38	1.54	7.36	0.88	4,172.69
TLX2-5	6.5	8	1.5	141.59	469.12	1191.55	151	565.7	96.36	28.72	64.08	7.73	37.76	5.75	12.98	1.4	7.25	0.95	2,781.95
TLX2-5	8	9.5	1.5	66.29	132.53	292.36	37.81	139.38	25.63	7.65	18.96	2.61	14.23	2.49	6.33	0.79	4.66	0.68	752.4
TLX2-5	9.5	11	1.5	48.64	69.43	153.55	19.51	75.93	14.67	4.48	11.64	1.65	9.5	1.74	4.83	0.62	3.84	0.53	420.56
TLX2-5	11	12.5	1.5	41.91	47.62	108.59	13.59	53.65	11.13	3.39	9.15	1.34	7.83	1.45	3.99	0.52	3.27	0.49	307.92
TLX2-6 (90)	2	3.5	1.5	101.08	387.02	923.76	111.86	465.39	68.76	18.93	42.99	5.05	24.91	3.76	8.61	0.94	5.06	0.69	2,168.82

12

==> picture [182 x 60] intentionally omitted <==

Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
TLX2-6 (90)	3.5	5	1.5	182.23	668.5	1750.47	213.21	912.12	139.73	37.86	84.72	9.65	46.83	6.77	14.58	1.46	7.41	0.98	4,076.52
TLX2-6 (90)	5	6.5	1.5	154.93	609.86	1529.36	177.58	758.16	114.8	30.8	70.42	8.09	38.79	5.66	12.35	1.31	6.79	0.94	3,519.83
TLX2-6 (90)	6.5	8	1.5	154.93	645.04	1553.93	179.39	753.49	114.1	30.92	71	8.13	38.79	5.82	12.86	1.38	7.55	1.05	3,578.38
TLX2-6 (90)	8	9.5	1.5	179.06	762.32	1799.61	208.38	845.64	126.98	34.74	80.34	9.24	44.42	6.55	14.58	1.53	8.24	1.07	4,122.69
TLX2-6 (90)	9.5	11	1.5	180.33	809.23	1910.16	218.04	900.46	132.77	36.71	81.49	9.21	44.53	6.53	14.29	1.44	7.4	0.91	4,353.51
TLX2-6 (90)	11	12.5	1.5	203.82	996.88	2407.66	277.84	1143.07	166.98	45.85	106.85	10.92	51.42	7.4	15.84	1.59	7.71	0.89	5,444.73
TLX2-7 (60)	2	3.5	1.5	173.98	820.96	1891.74	246.43	865.47	140.89	40.18	94.97	10.24	49.47	6.98	15.32	1.51	8.26	0.96	4,367.35
TLX2-7 (60)	3.5	5	1.5	94.73	387.02	852.51	114.76	390.74	64.24	16.33	44.26	5.11	25.71	3.84	8.9	0.94	5.47	0.69	2,015.25
TLX2-7 (60)	5	6.5	1.5	48	138.39	300.96	40.23	141.72	25.74	5.42	18.5	2.31	12.45	1.96	5.03	0.59	3.72	0.5	745.53
TLX2-7 (60)	6.5	8	1.5	44.7	116.11	245.07	32.5	114.31	20.93	4.19	15.44	1.99	10.96	1.78	4.62	0.53	3.42	0.47	617
TLX2-7 (60)	8	9.5	1.5	43.18	112.59	235.85	31.89	112.09	20.24	4.21	15.1	1.92	10.95	1.78	4.65	0.56	3.52	0.47	598.99
TLX2-7 (60)	9.5	11	1.5	41.91	106.37	230.33	30.8	108.36	20.06	3.82	14.87	1.88	10.47	1.69	4.36	0.51	3.34	0.44	579.2
TLX2-7 (60)	11	12.5	1.5	40.51	102.74	218.04	28.63	100.43	18.61	3.45	13.54	1.77	9.98	1.63	4.24	0.49	3.07	0.44	547.58
TLX7-1 (80)	0	1.5	1.5	28.32	18.76	48.4	5.74	26.24	5.72	1.77	5.29	0.79	4.8	0.94	2.69	0.37	2.38	0.36	152.56
TLX7-1 (80)	1.5	3	1.5	29.97	23.57	60.56	6.79	30.21	6.51	2.01	5.92	0.86	5.11	1	2.76	0.38	2.39	0.38	178.42
TLX7-1 (80)	3	4.5	1.5	32	23.57	60.93	7.01	31.03	6.92	2.07	6.37	0.92	5.72	1.1	3.13	0.42	2.66	0.4	184.26
TLX7-1 (80)	4.5	6	1.5	37.84	23.69	61.17	7.14	32.08	7.31	2.11	6.95	1.04	6.61	1.28	3.73	0.51	3.26	0.52	195.25
TLX7-1 (80)	6	7.5	1.5	40.26	28.97	73.46	8.26	37.44	8.29	2.41	7.64	1.12	6.97	1.36	3.89	0.53	3.37	0.53	224.49
TLX7-1 (80)	7.5	9	1.5	48.76	40.34	100.11	11.44	50.51	10.78	2.93	9.61	1.4	8.84	1.67	4.76	0.63	4.13	0.63	296.56
TLX7-1 (80)	9	10.5	1.5	46.73	35.07	89.55	10.17	45.02	9.98	2.78	9.15	1.35	8.33	1.58	4.49	0.62	3.87	0.61	269.31
TLX7-2	0	1.5	1.5	36.32	48.55	112.28	14.13	54.7	10.76	3.31	8.96	1.25	7.16	1.3	3.58	0.46	2.74	0.39	305.9
TLX7-2	1.5	3	1.5	28.19	21.29	51.1	6.34	26.13	5.64	1.93	5.31	0.82	4.91	0.97	2.79	0.37	2.26	0.34	158.39
TLX7-2	3	4.5	1.5	32.13	20.99	54.05	6.34	28.69	6.35	1.92	5.95	0.88	5.57	1.08	3.1	0.42	2.69	0.43	170.58
TLX7-2	4.5	6	1.5	40.38	26.86	69.04	8	35.69	8.28	2.27	7.55	1.13	7.07	1.35	3.9	0.53	3.37	0.53	215.94
TLX7-2	6	7.5	1.5	29.59	20.17	51.84	6.04	27.53	6.08	1.88	5.58	0.82	5.14	0.97	2.86	0.38	2.51	0.38	161.76

13

==> picture [182 x 60] intentionally omitted <==

Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
TLX7-2	7.5	9	1.5	41.14	29.55	75.92	8.58	37.79	8.36	2.37	7.85	1.16	7.21	1.39	3.93	0.54	3.33	0.51	229.63
TLX7-2	9	10.5	1.5	50.67	97.34	202.69	21.86	91.1	16.47	4.69	12.79	1.7	9.88	1.75	4.72	0.61	3.7	0.56	520.53
TLX7-T	0.5	2	1.5	28.06	72.24	143.11	15.4	55.17	9.91	3.24	8.11	1.04	5.53	0.97	2.56	0.34	2.03	0.31	348.05
TLX7-T	2	3.5	1.5	17.72	11.96	28.13	3.61	14.64	3.3	1.38	3.68	0.52	3	0.6	1.9	0.24	1.54	0.25	92.47
TLX7-T	3.5	5	1.5	26.67	45.74	116.08	13.95	53.54	10.07	3.28	8.64	1.07	5.67	0.98	2.53	0.32	2.01	0.31	290.86
TLX7-T	5	6.5	1.5	25.33	23.57	61.3	7.3	28.69	6.18	2.04	5.91	0.82	4.76	0.88	2.48	0.33	2.15	0.33	172.08
TLX7-T	6.5	8	1.5	25.52	16.65	39.92	5.24	20.94	4.96	1.64	5.12	0.75	4.59	0.88	2.49	0.36	2.33	0.36	131.78
TLX7-T	8	9.5	1.5	26.29	18.41	44.35	5.44	22.04	5.15	1.75	5.33	0.78	4.71	0.89	2.57	0.37	2.4	0.37	140.85
TLX7-T	9.5	11	1.5	30.86	23.93	58.96	6.87	26.94	6.24	2.08	6.45	0.92	5.54	1.06	3.01	0.43	2.73	0.44	176.46
TLX7-T2 (80)	1	2.5	1.5	73.15	184.72	402.92	48.08	170.88	30.38	8.77	21.44	2.9	15.55	2.6	6.59	0.8	4.65	0.66	974.07
TLX7-T2 (80)	2.5	4	1.5	64.76	111.89	234.62	27.3	101.94	19.25	5.64	14.87	2.17	12.34	2.24	6.08	0.78	4.5	0.65	609.03
TLX7-T2 (80)	4	5.5	1.5	73.65	175.33	398	49.77	180.79	32.47	9.49	22.82	3.04	16.01	2.69	6.8	0.82	4.62	0.66	976.98
TLX7-T2 (80)	5.5	7	1.5	53.84	67.55	151.09	18.54	71.62	14.61	4.19	11.87	1.77	10.11	1.86	5.23	0.7	4.17	0.59	417.75
TLX7-T2 (80)	7	8.5	1.5	53.72	69.78	146.79	17.4	66.25	13.39	4.04	11.23	1.71	9.86	1.9	5.09	0.68	4.08	0.58	406.48
TLX7-T2 (80)	8.5	10	1.5	47.37	55.71	116.94	14.13	53.42	11.41	3.33	9.96	1.52	8.96	1.72	4.72	0.64	3.79	0.55	334.19
TLX7-T2 (80)	10	11.2	1.2	46.99	45.86	101.83	12.44	48.41	10.45	3.31	9.15	1.4	8.36	1.59	4.47	0.61	3.59	0.52	298.98

14

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Table 4. Gronnedal Lower Section Assay Results

Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
L1-10	0.5	2	1.5	294.62	1313.5	5159.3	722.38	2881	503.27	144.74	299.68	26.59	110.98	11.97	21.78	1.9	8.65	1.02	11,501.40
L1-10	2	3.5	1.5	351.76	1090.7	4508.2	660.78	2811	514.86	152.84	323.88	31.65	127.97	14.66	28.47	2.73	14.69	1.73	10,635.98
L1-10	3.5	5	1.5	306.05	774.05	3292.1	485.62	1889.6	425.57	130.26	289.3	26.01	110.98	12.54	25.04	2.4	14.01	1.61	7,785.13
L1-10	5	6.5	1.5	133.97	480.85	1977.7	288.71	1166.4	201.77	58.82	130.82	11.91	51.07	5.57	10.23	1.01	4.18	0.47	4,523.52
L1-12	2	3.5	1.5	173.98	422.21	1203.8	157.04	692.84	112.95	30.92	74.34	8.9	43.73	6.38	12.98	1.15	4.91	0.54	2,946.68
L1-12	3.5	5	1.5	235.57	598.13	1639.9	203.55	852.64	132.77	36.13	87.83	11.13	56.47	8.36	17.55	1.63	6.91	0.78	3,889.35
L1-12	5	6.5	1.5	204.45	574.67	1781.2	224.69	977.44	156.55	42.03	107.31	11.33	53.6	7.49	14.81	1.33	5.88	0.69	4,163.45
L1-12	6.5	8	1.5	304.78	715.41	2162	277.84	1166.4	222.06	59.05	163.09	17.27	82.06	11.51	23.1	2.11	9.66	1.19	5,217.51
L1-12	8	9.5	1.5	104.77	174.75	528.21	70.55	304.43	56.94	12.27	41.38	5.4	27.89	4.44	11.03	1.34	7.96	1.13	1,352.49
L1-12	9.5	11	1.5	137.15	216.97	568.75	70.91	277.6	48.7	7.02	35.38	4.82	27.2	4.77	13.32	1.79	11.5	1.72	1,427.61
L1-12	11	12.5	1.5	90.54	176.51	399.23	50.13	159.8	29.22	3.03	22.25	3.03	17.96	3.15	9.37	1.28	9.06	1.25	975.81
L1-4	0.5	2	1.5	398.75	1700.6	7481	1026.8	4420.7	700.4	196.26	406.87	39.02	144.61	16.55	32.02	3.2	16.8	2.27	16,585.71
L2-9	6.5	8	1.5	169.53	809.23	3021.9	415.55	2070.4	322.37	86.15	190.76	16.75	66.45	8.29	12.98	0.98	3.58	0.4	7,195.23
L2-9 (60)	0.5	2	1.5	288.27	1067.3	4262.6	670.44	2706.1	518.34	144.16	301.98	30.5	122.8	13.69	22.64	1.6	6.29	0.63	10,157.18
L2-9 (60)	2	3.5	1.5	208.9	1149.3	4139.7	635.41	2496.1	420.93	109.65	232.83	20.78	83.67	9.81	16.47	1.22	4.58	0.5	9,529.88
L2-9 (60)	3.5	5	1.5	245.73	797.5	3230.7	515.82	2117	415.14	121.58	255.88	23.6	97.9	11.51	19.33	1.42	5.88	0.62	7,859.59
L2-9 (60)	5	6.5	1.5	287	867.87	3746.6	600.38	2659.4	490.51	136.63	276.62	26.93	109.72	13.12	22.87	1.71	7.07	0.74	9,247.18
L3-1	0	2	2	26.03	41.4	94.34	11.13	46.77	9.49	2.83	7.53	0.95	5.24	0.96	2.38	0.29	1.84	0.29	251.47
L3-1	2	4	2	24.57	36.24	84.39	9.99	42.81	8.64	2.54	7	0.88	4.82	0.89	2.22	0.28	1.78	0.26	227.29
L3-1	4	6	2	23.24	34.95	82.67	11.62	42.11	8.62	2.8	6.98	0.94	5.36	0.88	2.37	0.29	1.83	0.24	224.9
L3-1	6	8	2	24	34.13	82.3	11.58	42.22	8.94	2.89	7.61	1	5.66	0.93	2.54	0.29	1.83	0.25	226.18
L3-1	8	10	2	20.95	28.97	68.3	9.72	35.34	7.57	2.39	6.51	0.86	4.73	0.8	2.15	0.28	1.68	0.24	190.48
L3-1	10	12	2	24.51	35.18	83.9	11.77	43.16	9.02	2.85	7.72	1	5.85	0.93	2.58	0.32	1.92	0.26	230.98
L3-1	12	14	2	25.65	38.82	92.13	12.99	47.12	9.53	3.02	8.17	1.06	5.96	1.01	2.7	0.33	2.06	0.28	250.82
L3-1	14	16	2	26.41	41.17	95.57	13.53	48.87	9.98	3.14	8.28	1.1	5.93	1.03	2.77	0.33	2.08	0.28	260.48
L3-1	16	18	2	26.41	41.4	99.01	13.59	49.34	9.85	3.07	8.09	1.06	6.01	1.01	2.71	0.32	2.17	0.29	264.33
L3-1	18	20	2	27.56	43.86	103.55	14.38	52.37	10.53	3.46	9.05	1.21	6.46	1.07	2.8	0.33	2.14	0.29	279.06
L3-3 (45)	0	2	2	226.68	1829.6	5515.5	713.93	2764.4	407.02	113.13	236.28	19.8	82.75	9.03	16.87	1.4	5.22	0.51	11,942.06
L3-3 (60)	0	2	2	178.42	1348.7	4053.7	525.48	2187	311.93	81.98	177.5	15.42	65.07	7.34	13.89	1.14	4.44	0.44	8,972.50
L3-3 (60)	0	2	2	212.07	820.96	2739.3	433.67	1749.6	323.53	92.98	214.38	20.26	83.09	9.51	16.64	1.33	5.7	0.57	6,723.63
L3-3 (90)	0	2	2	170.8	1008.6	3316.7	446.96	1708.8	264.39	75.26	171.16	14.45	59.45	6.38	12.75	1.11	5.36	0.58	7,262.72
L3-4 (90)	1	3	2	276.84	1700.6	6092.9	792.45	3044.3	510.22	144.74	297.37	25.55	104.67	11.31	20.98	1.67	6.68	0.65	13,030.87
L3-9	1	2.5	1.5	129.53	727.14	2567.4	390.18	1440.5	245.84	62.18	130.82	11.91	48.55	5.85	10.47	0.9	4.5	0.54	5,776.28

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Hole ID	Start(m)	End(m)	Section	Y2O3	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb2O3	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	TREO
				ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
L3-9	2.5	4	1.5	47.49	504.3	1664.5	266.97	976.28	150.17	38.44	81.14	6.87	25.94	2.97	4.99	0.37	1.54	0.16	3,772.11
L3-9	4	5.5	1.5	66.03	562.94	1897.9	285.09	1039.3	157.13	39.37	80.68	6.84	26.51	3.08	5.43	0.47	2	0.21	4,172.93
L3-9	5.5	7	1.5	118.23	738.86	2690.2	416.76	1603.8	229.6	56.27	118.72	9.65	38.56	4.73	9.5	0.95	5.57	0.72	6,042.12
L3-9	7	8.5	1.5	60.83	527.76	1805.8	277.84	997.27	146.11	35.66	72.84	6.08	23.18	2.71	5.04	0.44	2.19	0.28	3,963.99
L3-9	8.5	10	1.5	64.26	539.49	1904	282.67	1018.3	154.23	37.75	76.07	6.4	24.56	2.84	5.18	0.42	2.12	0.25	4,118.53
L3-9	10	11.5	1.5	57.15	516.03	1738.2	263.34	934.29	136.83	33.81	68.58	5.9	22.32	2.65	4.72	0.37	1.89	0.22	3,786.30
L5-10	1	2.5	1.5	95.24	480.85	1830.3	262.14	1166.4	202.35	55.12	115.84	10.61	44.3	4.46	6.28	0.46	1.9	0.19	4,276.45
L5-10	2.5	4	1.5	165.72	926.51	3672.9	538.77	2577.7	418.62	112.9	238.59	20.49	80.45	8.67	12.64	0.96	3.78	0.37	8,779.12
L5-10	4	5.5	1.5	90.92	562.94	2100.6	317.7	2332.8	248.15	70.86	163.67	14.39	58.99	6.63	10.35	0.79	2.94	0.31	5,982.02
L5-10	5.5	7	1.5	77.97	504.3	1762.8	275.42	2437.8	226.7	64.84	155.6	13.58	55.89	6.38	9.77	0.74	2.76	0.26	5,594.75
L5-10	7	8.5	1.5	59.3	422.21	1553.9	245.22	1145.4	208.15	59.4	141.19	12.43	50.5	5.58	8.12	0.64	2.09	0.2	3,914.37
L5-10	8.5	10	1.5	67.94	457.39	1615.4	254.89	2426.1	216.85	62.3	144.08	12.72	51.65	5.81	8.35	0.6	2.16	0.21	5,326.38
L5-4	0.5	2	1.5	33.14	232.8	640	119.35	615.86	117.7	36.71	94.4	9.52	44.19	5.52	8.87	0.67	2.39	0.22	1,961.34
L5-4	2	3.5	1.5	140.32	504.3	1584.6	273.01	2251.2	244.68	75.96	194.79	19.51	89.86	11.31	18.98	1.52	5.96	0.53	5,416.51
L5-4	3.5	5	1.5	12.15	155.98	313.24	63.54	299.76	51.83	15.63	41.84	4.19	19.17	2.41	3.84	0.28	0.89	0.08	984.84
L5-4	5	6.5	1.5	39.87	375.3	1013.4	167.31	794.32	137.41	41.11	101.08	9.82	42.92	4.93	7.54	0.55	1.73	0.17	2,737.48
L5-4	6.5	8	1.5	32.64	256.84	735.81	115.36	563.37	105.76	33.23	83.68	8.39	36.5	4.26	6.33	0.47	1.54	0.14	1,984.32
L5-8	1	2.5	1.5	12.45	161.26	420.11	65.35	323.09	58.33	17.72	45.76	4.44	19.74	2.43	3.65	0.26	0.85	0.09	1,135.53
L5-8	2.5	4	1.5	480.02	1020.3	4262.6	643.86	2997.7	709.68	215.95	466.8	48.69	202	23.71	41.17	3.78	16.63	1.54	11,134.35
L5-8	4	5.5	1.5	261.6	1090.7	3869.5	527.9	2426.1	448.77	130.26	289.3	26.93	113.39	13.06	21.61	1.91	8.04	0.77	9,229.82
L5-9	1	2.5	1.5	55.24	516.03	1492.5	253.68	1137.2	191.91	55.12	125.63	10.62	43.5	5.14	8.27	0.66	2.7	0.29	3,898.54
L5-9	2.5	4	1.5	139.05	785.78	2825.3	411.93	2047	293.38	76.88	166.55	13.7	56.01	6.59	11.23	1.01	4.51	0.5	6,839.46
L5-9	4	5.5	1.5	219.06	856.14	3329	484.41	2210.3	368.75	95.99	195.94	16.69	70.35	8.59	16.29	1.78	10.15	1.26	7,884.70
L5-9	5.5	7	1.5	100.2	609.86	2297.1	330.99	1802.1	225.54	59.4	121.02	10.04	39.6	4.58	7.88	0.78	3.94	0.46	5,613.47
L5-9	7	8.5	1.5	179.06	727.14	2886.7	405.89	1912.9	309.61	84.3	177.5	15.48	63.93	7.62	13.04	1.21	5.86	0.63	6,790.89
L5-9	8.5	10	1.5	215.25	820.96	3181.6	453	2111.2	358.32	98.65	215.54	19.11	82.52	9.91	16.64	1.45	6.27	0.62	7,590.97
L5-9	10	11.5	1.5	240.65	949.97	3734.3	535.14	2554.4	405.86	111.51	232.83	20.89	91.47	11.31	19.5	1.63	6	0.51	8,916.00
L5-9	11.5	13	1.5	238.74	703.68	2739.3	405.89	1720.4	353.68	99.93	224.76	21.24	94	11.31	18.7	1.56	6	0.59	6,639.83
L5-9	13	14.5	1.5	137.15	410.48	1572.4	230.73	1024.1	201.77	59.4	133.7	12.49	53.6	6.19	10.27	0.84	3.35	0.3	3,856.71
LX	0	2	2	175.25	387.02	1031.9	153.42	548.21	92.54	28.83	67.31	8.77	47.97	7.27	16.87	1.7	8.92	1.03	2,576.96
LX	2	4	2	101.97	247.46	626.48	93.38	319.59	54.39	16.33	39.42	5.1	27.43	4.2	10.31	1.18	6.46	0.82	1,554.52
LX	4	6	2	85.59	204.07	542.95	72.48	277.6	42.79	13.2	31.12	3.66	19.63	2.9	7.55	0.88	5.09	0.63	1,310.14
LX	6	8	2	62.99	98.75	313.24	40.83	163.88	28.18	8.82	22.07	2.62	14.52	2.19	5.74	0.68	3.97	0.55	769.05
LX	8	10	2	42.67	74.94	181.19	23.68	95.06	17.63	5.56	14	1.68	9.43	1.48	3.92	0.47	2.82	0.38	474.91
LX	10	12	2	25.52	24.51	64.25	8.17	33.48	6.62	2.22	6.1	0.81	4.99	0.85	2.49	0.33	2.14	0.3	182.77
LX	12	14	2	26.54	31.78	80.46	9.93	39.54	7.49	2.56	6.47	0.86	5.22	0.86	2.5	0.33	2.1	0.31	216.96
LX	14	16	2	35.56	92.53	179.96	20.29	74.18	12.76	4.03	10.21	1.28	7.43	1.19	3.36	0.44	2.76	0.37	446.34
LX	16	18	2	33.65	41.99	102.45	12.38	48.99	9.16	3.02	7.91	1.01	6.42	1.1	3.27	0.45	2.84	0.4	275.03
LX	18	20	2	36.45	60.28	146.18	18.72	73.6	13.34	4.12	10.47	1.26	7.43	1.21	3.54	0.47	3.04	0.44	380.54

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	•	Grønnedal carbonatite samples are
techniques	channels, random chips, or specific		from trenches and drill-holes..
	specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld	•	Initial field tests by hand-held XRF assumed to be indicative only. Instrument not calibrated.
	XRF instruments, etc). These examples	•	Chemical analyses to assess levels
	should not be taken as limiting the broad		of elements contained, not for ore-
	meaning of sampling.		grade estimates.
	• 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 (e.g. ‘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 (e.g. submarine
	nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (e.g. core, reverse circulation,	•Open-hole rotary air-blast drilling.
techniques	open-hole hammer, rotary air blast,
	auger, Bangka, sonic, etc) and details
	(e.g. 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	• Method of recording and assessing core	•Drill	samples collected by vaccum
sample	and chip sample recoveries and results	system and bagged on-site.
recovery	assessed.	•Continual monitoring of sample recovery
	• Measures taken to maximise sample	system.
	recovery and ensure representative	•Samples logged on-site, mixed and
	nature of the samples.	combined, riffle-split and bagged with
	• Whether a relationship exists between	duplicates retained in off-site storage
	sample recovery and grade and whether	facility.
	sample bias may have occurred due to
	preferential loss/gainof fine/coarse

17

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Criteria	JORC Code explanation	Commentary
	material.
Logging	• Whether core and chip samples have	•Samples geologically logged before
	been geologically and geotechnically	submission for analysis for identification
	logged to a level of detail to support	only. Not quantitative.
	appropriate Mineral Resource
	estimation, mining studies and
	metallurgical studies.
	• Whether logging is qualitative or
	quantitative in nature. Core (or costean,
	channel, etc) photography.
	• The total length and percentage of the
	_relevant intersections logged. _
Sub-	• If core, whether cut or sawn and whether	•Samples for geological determination
sampling	quarter, half or all core taken.	and identification only. Not quantitative.
techniques	• If non-core, whether riffled, tube	•Bulked samples riffle split in secure
and sample	sampled, rotary split, etc and whether	storage facility.
preparation	sampled wet or dry.	•Duplicates collected for back-up.
	• For all sample types, the nature, quality
	and appropriateness of the sample
	preparation technique.
	• 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
	the grain size of the material being
	sampled.
Quality of	• The nature, quality and appropriateness	•Standard laboratory procedures for
assay data	of the assaying and laboratory	sample preparation, elemental
and	procedures used and whether the	determination, QA / QC.
laboratory	technique is considered partial or total.	•Standard laboratory procedures with
tests	• For geophysical tools, spectrometers,	blanks and duplicates. No external
	handheld XRF instruments, etc, the	laboratory checks warranted at this
	parameters used in determining the	stage.
	analysis including instrument make and
	model, reading times, calibrations factors
	applied and their derivation, etc.
	• Nature of quality control procedures
	adopted (e.g. standards, blanks,
	duplicates, external laboratory checks)
	and whether acceptable levels of
	accuracy (i.e. lack of bias) and precision
	_have been established. _
Verification	• The verification of significant	•Non-resource drilling only for geological
of	intersections by either independent or	and chemical determinations.
sampling	alternative company personnel.
and	• The use of twinned holes.
assaying	• Documentation of primary data, data

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Criteria	JORC Code explanation	Commentary
	entry procedures, data verification, data
	storage (physical and electronic)
	protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to	•Handheld GPS locations: -
data points	locate drill holes (collar and down-hole	Grønnedal – within 600m of 658880mE:
	surveys), trenches, mine workings and	6791300mN.
	other locations used in Mineral Resource	No grid. Handheld GPS only and
	estimation.	correlation with hard-copy maps.
	• Specification of the grid system used. • Quality and adequacy of topographic	• UTM
	control.
Data	• Data spacing for reporting of Exploration	•Each location recorded by hand-held
spacing	Results.	GPS.
and	• Whether the data spacing and	•No assumption of continuity or resource
distribution	distribution is sufficient to establish the	estimation.
	degree of geological and grade	•Samples Crushed, riffle- split and
	continuity appropriate for the Mineral	bagged with duplicates retained in
	Resource and Ore Reserve estimation	storage in Greenland.
	procedure(s) and classifications applied.
	• Whether sample compositing has been
	_applied. _
Orientation	• Whether the orientation of sampling	•Shallow exploration trenches not
of data in	achieves unbiased sampling of possible	oriented.
relation to	structures and the extent to which this is	•Drill hole azimuth measured and
geological	known, considering the deposit type.	recorded in attached tables.
structure	• 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.
Sample	• The measures taken to ensure sample	•Samples secured on-site, transported to
security	security.	private, lock-up building, processed,
		bagged and transported in locked
		shipping container and shipped to Perth
		by ship Australia under normal security
		procedures.
Audits or	• The results of any audits or reviews of	•No audits have been completed yet.
reviews	sampling techniques and data.

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	•MEL 2007 / 45 granted to Eclipse
tenement and	and ownership including agreements or	Metals in February 2021 for a period of
land tenure	material issues with third parties such	3 years with extensions subject to
status	as joint ventures, partnerships,	activities and expenditure.
	overriding royalties, native title	•Granted by Government of Greenland.
	interests, historical sites, wilderness or
	_national parkand environmental _

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Criteria	JORC Code explanation	Commentary
	settings.
	• The security of the tenure held at the
	time of reporting along with any known
	impediments to obtaining a licence to
	_operate inthe area. _
Exploration	• Acknowledgment and appraisal of	GEUS Report File No. 20236
done by other	exploration by other parties.	Planning of the Ivigtût Open Pit of
parties		Kryolitselskabet Oresund A/S - Mining of
		the Flouritic Orebody”; Outokompu OY
		Mining Consultants, 1987. This report
		provided 18 cross sections showing drill
		traces with cryolite (kry), fluorite (fs) and
		siderite (sid) values together with pit
		profiles, resource blocks and tabulated
		tonnage estimates on each section with an
		SG of 2.95.
		GEUS Report File No. 20238
		“The Planning of the Ivigtût Open Pit of
		Kryolitselskabet Oresund A/S – Report of
		the First Phase, Investigation of the
		Quantity and Quality of Extractable Ore
		from the Ivigtût Open Pit”; Outokompu OY
		Mining Consultants, 1986. This report
		contained 23 sections showing drillhole
		traces and contoured cryolite/fluorite
		grades with an overlay of resource blocks.
		These sections were used to check
		positions of drillholes relative to those
		shown in the above report (GEUS 20236).
		Resource tonnages are provided.
		GEUS Report File No. 20335
		Kryolitselskabet Oresund A/S, De
		Resterende Mineralreserver I
		Kryolitforekomsten Ved Ivigtût, Ultimo
		1987” This report is the most useful of the
		reports. It provides: - Drillhole location plan
		- Complete cross section locations - Pit
		survey points - Plans of underground and
		in-pit ramp - 38 cross section showing
		drillhole traces, geological interpretation
		and ore blocks - Tabulated ore blocks with
		cryolite, fluorite and siderite grades and
		tonnages (back-calculated blanket SG of 3)
		GEUS Report File No. 21549
		“Ivigtût Mineopmaaling, 1962” This report is
		a survey record of the open pit and includes
		28 sections, each of which show the pit
		profile together with drillhole traces and, on
		some sections, underground workings.
		GEUS Report File No. 20241

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Criteria	JORC Code explanation	Commentary	Commentary
		Kryolitselskabet Oresund A/S,
		Lodighedsdistribution I, Ivigtût Kryolitbrud,
		31.12.1985” (Danish) 108 pages of
		drillhole analytical data in %: hole ID, from
		to,	cryolite, fluorspar, Fe, Cu, Zn, Pb, S
Geology	• Deposit type, geological setting and	•	Late stage granitic / syenitic /
	style of mineralisation.		carbonatite intrusions into crystalline
			basement.
Drill hole	• A summary of all information material	•
Information	to the understanding of the exploration	•	Drill location and azimuth information
	results including a tabulation of the		measured and recorded in tables
	following information for all Material drill		included with this report.
	holes:
	o easting and northing of the drill hole
	collar
	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. _
Data	• In reporting Exploration Results,	•	Not applicable..
aggregation	weighting averaging techniques,
methods	maximum and/or minimum grade
	truncations (e.g. 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 used for any
	reporting of metal equivalent values
	_should be clearly stated. _
Relationship	• These relationships are particularly	•
between	important in the reporting of Exploration	•	Relationship of mineralisation and hole
mineralisation	Results.		depth recorded and described in body
widths and	• If the geometry of the mineralisation		of report.
intercept	with respect to the drill hole angle is
lengths	known, its nature should be reported.
	• If it is not knownand only the down

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Criteria	JORC Code explanation	Commentary
	hole lengths are reported, there should
	be a clear statement to this effect (e.g.
	‘down hole length, true width not
	_known’). _
Diagrams	• Appropriate maps and sections (with	•Appropriate coordinated maps are
	scales) and tabulations of intercepts	provided in the body of the text.
	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. _
Balanced	• Where comprehensive reporting of all	•Fully coordinated analytical results
reporting	Exploration Results is not practicable,	included with this report.
	representative reporting of both low
	and high grades and/or widths should
	be practiced to avoid misleading
	_reporting of Exploration Results. _
Other	• Other exploration data, if meaningful	•Exploration by Eclipse Metals of the
substantive	and material, should be reported	Ivigtût and Grønnedal prospects is at
exploration	including (but not limited to): geological	an early stage with field work to date
data	observations; geophysical survey	consisting of reconnaissance sampling,
	results; geochemical survey results;	trenching and a maiden drilling
	bulk samples – size and method of	program. The Company expects to be
	treatment; metallurgical test results;	able to report substantive exploration
	bulk density, groundwater, geotechnical	data once it has completed it’s 2023
	and rock characteristics; potential	field season at the prospects.
	deleterious or contaminating
	_substances. _
Further work	• The nature and scale of planned further	•Geological mapping; remote sensing;
	work (e.g. tests for lateral extensions or	trenching and drilling.
	depth extensions or large-scale step-	•Detailed geological assessments
	out drilling).	planned for 2023 field season.
	• Diagrams clearly highlighting the areas	•Diamond drilling.
	of possible extensions, including the
	main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	_sensitive. _

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