IONIC RARE EARTHS LIMITED — AGM Information 2021

Nov 23, 2021

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Building Secure Long Life Critical and Heavy Rare Earths Capacity

2021 Annual General Meeting

IONICRE.COM.AU

24 NOVEMBER 2021

Cautionary Statement

Important Notice and Disclaimer

This presentation should be considered in its entirety. If you do not understand the material contained in this presentation, you should consult your professional advisors. The sole purpose of this presentation is to provide shareholders with an update on current activities of the Company and the current state of exploration at the Makuutu Rare Earths Project in the Uganda.

Any statements which may be considered forward looking statements relate only to the date of this presentation document. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause actual results, performance or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward looking statements. As a result of these factors, the events described in the forward-looking statements in this document may not occur.

Notwithstanding the material in this presentation, shareholders should consider that any investment in the Company is highly speculative and should consult their professional advisers – whether scientific, business, financial or legal – before deciding whether to make any investment in the Company.

The Company may at its absolute discretion, but without being under any obligation to do so, update, amend or supplement this presentation or any other information to the recipient. No person has been authorised to give any information or make any representation other than contained in this document and if given or made, such information or representation must not be relied on as having been so authorised.

Competent Person Statement

Information in this report that relates to previously reported Exploration Targets and Exploration Results has been crossed-referenced in this report to the date that it was originally reported to ASX. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements.

The information in this report that relates to Mineral Resources for the Makuutu Rare Earths deposit was first released to the ASX on 3 March 2021 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

The information in this report that relates to Scoping Study results and production targets was first released to the ASX on 29 April 2021 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

IONIC RARE EARTHS

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The Time is Now

DEVELOPING A SECURE, TRACEABLE, CRITICAL AND HEAVY RARE EARTH SUPPLY CHAIN TO FACILITATE CARBON NEUTRALITY

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The Mine – Makuutu

Makuutu is one of very few global ionic adsorption clay (IAC) deposits with scale to move the needle on HREO supply

Defined potential to supply 27+ year life of Mine , with significant exploration upside

Simple mining and low capex processing to produce Mixed Rare Earth Carbonate (MREC)

No radionuclides

The Refinery – Secure Supply

Opportunity to maximise revenue from the Makuutu Mixed Rare Earth Carbonate (MREC) product

Alternative HREO refiner

targeting western markets

Collaborate with Western end

users on development of secure and traceable REO supply chain

Expandable in future

The Basket – High Margin

One of the highest value REO baskets of all projects in evaluation today

43% magnet REOs (Nd, Pr, Dy, Tb, plus Sm, Gd, Ho)

44% Heavy REOs (Sm to Y)

93% of forecast value derived

from magnet REOs plus Y

Major future source of Scandium production

Increasing Demand,

Reducing Supply – Becoming Urgent

World accelerating to carbon

neutrality , with 8-fold demand increase in both EVs and offshore wind turbine forecast by 2030

ESG drive globally to source sustainable critical raw materials

Limited future HREO supply from declining reserves of IACs in southern China

IONIC RARE EARTHS

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ESG initiatives ‘front and centre’ at Makuutu

ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) FRAMEWORK IN DEVELOPMENT TO BUILD LASTING LEGACY

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Rehabilitation to consider development of longer term industrial programs for employment

Environmental and Social

Community Support Programs identified

Impact Assessment (ESIA) in progress

Working together to build a future where everyone has a pathway to health and opportunity

Baseline environmental surveys completed

Aligned with Uganda’s 3rd National Development Plan (NDPIII)

Focus on carbon footprint reduction using renewable power

Establishment of an Advisory Committee to coordinate community development investment priorities

Agricultural Programs to increase productivity

Rehabilitation plans aim to ensure net positive climate legacy

Aquaculture and fish farming

Key focus being community health and education

Agroforestry

Water treatment for reagent recovery and rehabilitation strategy

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Community socio-economic baseline surveys across initial project area underway

Establishing Ugandan team to drive Project activity in country

Community and Stakeholder engagement ramping up

Local support for sub-district health clinics during Covid-19

IONIC RARE EARTHS

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IonicRE Corporate Snapshot

STRATEGIC VALUE DRIVEN BY THE UNIQUE CREO/HREO BASKET

	CAPITAL STRUCTURE (as @ 19/11/2021)
	Shares Outstanding	3,392,399,514
	Total Options Outstanding	175,000,000 (exercisable at 1.8 to 6.0 cents)
	Share Price	A$0.051
	Market Capitalisation	A$173 million
	52 week share price range	A$0.013 – A$0.065
	Cash Balance (30/09/2021)	A$9.5 million
	IXR MAJOR SHAREHOLDERS
	Major Shareholders (Top 20)	32.7%
	Board, Executives, & Key Advisors	11%
	BOARD AND MANAGEMENT
	Trevor Benson	Chairman
	Tim Harrison	Managing Director
	Jill Kelley	Executive Director
	Max McGarvie	Non Executive Director
	Brett Dickson	Company Secretary & CFO

IONIC RARE EARTHS

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Developing a Secure, Sustainable, Long-Life, CREO/HREO Supply

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IONIC RARE EARTHS

Harnessing the wide appeal of the Makuutu Basket

MAKUUTU PROVIDES A UNIQUELY BALANCED BASKET WITH 73% CRITICAL AND HEAVY RARE EARTHS

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Makuutu is unique and

Existing Infrastructure at Makuutu

Scoping Study confirms robust economics for Base Case CREO and HREO production with potential to extend beyond 27 + years Life of Mine (LOM)

receiving global interest due to high quality balanced (CREO + HREO) basket

• Highway and road access to site plus rail

Non-binding MOU signed with Chinalco subsidiary China Rare Earths Jiangsu to accelerate Makuutu mine development to production

Strategic importance of

• Nearby 132 kV power infrastructure with readily available low-cost hydropower

Makuutu (51% IonicRE ownership moves to 60% on completion of FS ~ Oct 2022)

• Cell phone communications available across site

IonicRE has pre-emptive right on remaining 40% of the Project

Discussions continue with other

groups looking to secure longterm CREO/HREO supply, and potential feed to standalone IonicRE Rare Earth Refinery

• Water available

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Significant Exploration upside at Makuutu still to be realised

Already one of worlds largest Ionic Adsorption Clay (IAC) deposits

Highly prospective licence EL00147 recently tested via RAB drilling with assays confirming clay hosted REE mineralisation present

Phase 4 drilling program

completed to increase Indicated and Measured resource base

IONIC RARE EARTHS

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315 Mt Ionic Adsorption Clay (IAC) Mineral Resource Estimate with Upside

FURTHER IAC TARGETS IDENTIFIED AT MAKUUTU

279 drill holes (4,754 metres) completed between October 2019 and October 2020 defining JORC MRE[1 ] of 315 Mt @ 650 ppm Total Rare Earths Oxide (TREO), at a cut-off grade of 200 ppm TREO-CeO2

67 RAB drill holes (Phase 3) announced in July confirmed extension of mineralisation east to EL00147, between previous identified radiometric anomalies, and to northwest (EL00257)

Phase 4 infill drilling program completed (8,200 m, 432 holes) with assays pending (2 of 6 Tranches) to feed into next MRE update planned for Q1/Q2 2022

Objective to increase Indicated and Mineral Resource classifications to greater than 250Mt to support Feasibility Study in 2022

Near term exploration extension from areas that haven’t yet converted (Areas C, E, Central Eastern Zone) so expecting total MRE will increase

Shallow, near surface IAC mineralisation , with clay layer averaging 5 to 12m thick under cover approximately 3m deep. Average hole depth ~17m

Longer term, numerous exploration targets identified for drilling in 2022

Scandium currently not included in cut-off grade determination

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Category	Estimation Domain	Tonnes (Mt)	TREO (ppm)	TREO no CeO2 (ppm)	LREO (ppm)	HREO (ppm)	CREO (ppm)	Sc2O3 (ppm)
Indicated Clay 66 820 570 590 230 300 30
Inferred Clay 248 610 410 450 160 210 30
Total Resource Clay 315 650 440 480 170 230 30

1 Makuutu Mineral Resource Estimate reported to ASX on 3 March 2021. 2 Phase 3 RAB results announced 15 July and 20 July 2021.

IONIC RARE EARTHS

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Makuutu Rare Earth Project Highlights

STRATEGIC VALUE DERIVED BY THE UNIQUE CREO/HREO DOMINANT BASKET

Ionic Adsorption Clay (IAC) deposit mineralisation is highly desirable given it produces a balanced REO basket dominant in CREO & HREO

Globally one of the largest IAC deposits discovered outside of southern China and SE Asia & one of less than a handful of economic size and scale

High margin basket potential, approx. 73% of basket is CREO+HREO, magnet REOs make up 43% of basket

Scoping Study[1] completed in April 2021 defined a very robust base case with highly attractive 11-year Base Case economic parameters

• Post-tax long term free cash flow US$766 million over 11 years

• EBITDA of US$1.28 billion

• Post-tax Net Present Value (8) of US$321 million

• Internal Rate of Return of 38%

• Pre-production CAPEX requirement of US$89 million

• Expansion CAPEX of $212 million funded by Project free cash flow

• Potential upside out to 27 years with inclusion of Inferred resource

• 10% increase in basket REO price leads to 30% increase in post tax NPV(8)

315 Mt Mineral Resource Estimate[2] with significant exploration upside confirmed with mineralisation stretching across 37 km trend

Global Appeal – Strategic importance of Makuutu product basket seen as critical for governments to deliver carbon neutral policy objectives & major appeal to key defence applications

Scandium upside is significant with MRE containing ~9,450 tonne Sc2O3, potential annual production from 25 to ~100 tonnes per annum

MAKUUTU BASKET HIGH VALUE CREO / HREO PRODUCT

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Y2O3 La2O3
25.4% 13.5%
CeO2
13.5%
Lu2O3
0.2%
Yb2O3
1.3%
Tm2O3
0.3%
Er2O3
2.0% Pr6O11
5.5%
Ho2O3
0.7%
Dy2O3
3.7%
Tb4O7
0.6%
Gd2O3
4.4% Eu2O3
0.9% Sm2O3 Nd2O3
4.7%
23.2%
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1 Makuutu Rare Earths Project Scoping Study reported to ASX on 29 April 2021. 2 Makuutu Mineral Resource Estimate announced 3 March 2021.

IONIC RARE EARTHS

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Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46	Makuutu Basket is Balanced, CREO+HREO Dominant and High Value Company Ionic Rare Earths Lynas Rare Earths1 MP Materials2 Arafura Resources3 Australian Strategic Materials4 Hastings Technology Metals5 Peak Resources6 Pensana Rare Earths7 Northern Minerals8 USA Rare Earths9 REO Pricing Argus Metals 22-NOV-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Rhyolite Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Round Top Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 3.3% 1.52 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 12.2% 1.58 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 1.9% 133.50 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 5.1% 132.00 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.8% 5.00 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 0.0% 32.00 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 2.0% 68.50 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 0.6% 1,695.00 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 5.7% 461.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 1.5% 194.50 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 6.1% 60.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 1.2% 850.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 9.4% 16.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 1.3% 850.00 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 47.7% 10.50 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% 19% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% 22% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% 77% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% 59% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% 84% Basket Value REO/kg $ 81.80 $ 36.86 $ 22.56 $ 40.17 $ 43.50 $ 63.93 $ 31.19 $ 37.54 $ 103.22 $ 95.46
Company		Ionic Rare Earths	Lynas Rare Earths1	MP Materials2	Arafura Resources3	Australian Strategic Materials4	Hastings Technology Metals5	Peak Resources6	Pensana Rare Earths7	Northern Minerals8	USA Rare Earths9	REO Pricing Argus Metals 22-NOV-21 US$/kg
Mineralisation		Ionic Adsorption Clay	Monazite	Bastnasite	Monazite	Eudialyte / Bastnasite	Monazite	Bastnasite	Monazite	Xenotime	Rhyolite
Project		Makuutu	Mt Weld / LAMP	Mountain Pass	Nolans Bore	Dubbo	Yangibana	Ngualla	Longonjo	Browns Range	Round Top
Development Stage		FS	Operations	Operations	DFS	DFS	DFS	DFS	DFS	PFS	PFS
La2O3	%	13.5%	25.5%	34.0%	19.3%	22.1%	10.0%	27.6%	23.9%	1.9%	3.3%	1.52
CeO2	%	13.5%	46.7%	48.8%	48.7%	36.3%	39.6%	48.2%	45.9%	4.8%	12.2%	1.58
Pr6O11	%	5.5%	5.3%	4.2%	5.9%	3.6%	8.0%	4.8%	4.9%	0.7%	1.9%	133.50
Nd2O3	%	23.2%	18.5%	11.7%	20.5%	14.1%	33.8%	16.5%	17.2%	3.2%	5.1%	132.00
Sm2O3	%	4.7%	2.3%	0.8%	2.3%	1.7%	3.9%	1.6%	2.5%	2.1%	1.8%	5.00
Eu2O3	%	0.9%	0.4%	0.1%	0.4%	0.0%	0.8%	0.3%	0.6%	0.4%	0.0%	32.00
Gd2O3	%	4.4%	0.1%	0.2%	1.0%	1.6%	1.8%	0.6%	1.2%	5.7%	2.0%	68.50
Tb4O7	%	0.6%	0.1%	0.0%	0.1%	0.2%	0.2%	0.1%	0.1%	1.3%	0.6%	1,695.00
Dy2O3	%	3.7%	0.1%	0.0%	0.3%	1.9%	0.5%	0.1%	0.6%	8.8%	5.7%	461.00
Ho2O3	%	0.7%	0.1%	0.0%	0.0%	0.4%	0.1%	0.0%	0.1%	1.8%	1.5%	194.50
Er2O3	%	2.0%	0.1%	0.0%	0.1%	1.1%	0.1%	0.0%	0.2%	5.3%	6.1%	60.00
Tm2O3	%	0.3%	0.1%	0.0%	0.0%	0.1%	0.1%	0.0%	0.0%	0.7%	1.2%	850.00
Yb2O3	%	1.3%	0.1%	0.0%	0.1%	0.9%	0.1%	0.0%	0.1%	4.4%	9.4%	16.30
Lu2O3	%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	1.3%	850.00
Y2O3	%	25.4%	0.4%	0.1%	1.4%	15.8%	1.1%	0.2%	2.6%	58.2%	47.7%	10.50
Sum Total		100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Magnet REO	%	43%	26%	17%	30%	24%	48%	24%	27%	24%	19%
LREO	%	56%	96%	99%	94%	76%	91%	97%	92%	11%	22%
HREO	%	44%	4%	1%	6%	24%	9%	3%	8%	89%	77%
CREO	%	54%	20%	12%	23%	32%	36%	17%	21%	72%	59%
CREO+HREO	%	73%	28%	17%	32%	42%	50%	24%	30%	93%	84%
Basket Value	REO/kg	$ 81.80	$ 36.86	$ 22.56	$ 40.17	$ 43.50	$ 63.93	$ 31.19	$ 37.54	$ 103.22	$ 95.46

Note. Rounding Applied to nearest 0.1%.

1 Lynas Rare Earths website. 2 MP Materials 31 Dec 2014. 3 Arafura Resources – Nolans DFS Delivers Robust Project Economics, 7 February 2019. 4 ASM Information Memorandum Demerger Booklet, June 2020. 5 Yangibana Project – Begin the Future December 2019.[6 ] Project Update, Ngualla Rare Earth Project, October 2017.[7 ] Pensana - Longonjo PFS 15 November 2019.[8] Browns Range Project Definitive Feasibility Study, February 2015.[9] USARE_NI43-101 PEA_2019-16AUG REV A

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Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production
ACTIVITY	2021	2022				2023				2024
	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Resource Drilling (Phase 4)
Metallurgy Testwork
MRE Update
ESIA
Feasibility Study
Landowner Agreements
Demonstration Plant
Funding Agreements
Mining Licence Application
Final Investment Decision
Site Early Works
Construction
Mining Commences
Commissioning
Plant Production

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Tier-One In-Country Infrastructure already there – supports low CAPEX development

EXCELLENT LOCAL INFRASTRUCTURE SUPPORTS LOW CAPEX DEVELOPMENT

LOGISTICS

Approximately 10 km from Highway 109, connecting Makuutu to both capital city Kampala and Port of Mombasa, Kenya

Approximately 20 km from rail line connecting to Port of Mombasa

POWER

Large hydroelectric generation capacity (+810MW) within 65 km of Makuutu Project area will deliver very low-cost (US$0.05/kWh), plus further capacity being developed

Existing electrical grid infrastructure immediately adjacent to site to provide stable power

WATER

Plentiful fresh water within and near project area (water harvesting)

WORKFORCE

No camp required – low-cost professional local workforce available

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Investment in Uganda – The Pearl of Africa

MAJOR INTERNATIONAL INVESTMENT INTO UGANDA IS UNDERWAY

• Ugandan law allows for 100% foreign-owned businesses, and foreign businesses are allowed to partner with Ugandans without restrictions.

• The US$10B Lake Albert Oil Project (Total (56.67%), CNOOC (28.33%) and UNOC (15%)) development encompasses Tilenga (operated by Total) and Kingfisher (operated by CNOOC) upstream oil projects in Uganda, delivering a combined production of 230,000 barrels per day, and the construction of the East African Crude Oil Pipeline (EACOP) transporting from the oilfields in Uganda 1440km to the port of Tanga in Tanzania.

• Uganda is rich in natural resources. Foreign Direct Investment (FDI) mainly goes to the coffee and mining sectors. Kenya, Germany and Belgium are the country’s main investors.

• Good support from government agencies including the Directorate of Geological Survey and Mines (DGSM)

• Transparent Mining Cadastral system implemented in Uganda for tenement management

• Ugandan Mining Act 2003 outlines royalties for base metals at 5% and Corporate Tax Rate = 30%

• Asset depreciation given Project is > 50km from Kampala is 50% initial depreciation allowance, and 100% of the assets in a 3-year period.

Foreign Direct Investment1	2017	2018	2019
FDI Inward Flow(million US$) 803 1,055 1,266
FDI Stock(million US$) 11,996 13,051 14,317
Number of Greenfield Investments 8 17 29
Value of Greenfield Investments (million US$) 290 366 960

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1 Source: UNCTAD - Latest available data.

China Dominates Global REE Separation & Refining Capacity

ALL HEAVY RARE EARTH ROADS LEAD TO ….. CHINA

Global HREO separation and refining capacity operated and NPM Silmet controlled by China[1] Estonia Light Rare Earth Separation and Refining Northern Rare Earths Small capacity identified in Bayan Obo (Inner Mongolia) Vietnam Light Rare Earth Separation and Refining China Rare Earths Jiangsu Minmetals operate 4 REO Refineries Several Provinces Light and Heavy Rare Earth • Chinalco (Changzhou) Separation and Refining • Chinalco (Funing) Chinalco Several Provinces • Chinalco (Yixing) Light and Heavy Rare EarthSeparation and Refining • Chinalco (Changshu) Xiamen Tungsten Fujian Thailand Light and Heavy Rare Earth Light Rare Earth Separation and Refining HREO refining plants in US India Rare Separation and Southern Rare Earths under consideration but no Earths Limited Refining Jiangxi and Sichuan committed timelines as yet Separation and RefiningLight Rare Earth Vietnam Light and Heavy Rare EarthSeparation and Refining Light and Heavy Rare Earth Guangdong Rare Separation and Refining IonicRE to consider best global LREO Capacity Earth Group Refinery location with direct Guangdong Light and Heavy Rare Earth access to sell product to HREO Capacity Separation and Refining Lynas Rare Earths partners in US, UK, Europe, Malaysia and Asia Light Rare Earth Separation and Refining

Northern Rare Earths Bayan Obo (Inner Mongolia) Light Rare Earth Separation and Refining

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1 Argus Analytics.

Strategic Partnership Activity – Exploring Optionality

A RARE EARTH BASKET WITH ‘BALANCED’ APPEAL

• IAC balanced basket appeal as one of only two global IACs of scale in development

• IonicRE in April signed a non-binding MOU[1] with China Rare Earths Jiangsu, a subsidiary of Chinalco

• IonicRE continues parallel discussions with numerous global groups regarding the development of the Project, and ultimately access to the Makuutu basket

• Growing understanding of importance of IACs to provide balance to REO production capacity

• Standalone Rare Earth refinery and integration into new supply chains becoming clearer and demand will become stronger

• Electrical Vehicle market

• Offshore wind farms

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1 ASX Announcement 7 April 2021.

IonicRE Value Proposition

MAKUUTU’S STRATEGIC IMPORTANCE WILL INCREASE LONG TERM LONG-LIFE, LOW-COST, HIGH-VALUE BASKET ASSET

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Large, Long-Life Potential

• Massive Ionic Adsorption Clay deposit with exploration upside

• • 37km long mineralisation trend, 26 km in MRE with prospective ground to east and northwest

• 95% of current world supply of HREO supplied from Chinese/Myanmar IAC deposits which are being depleted – declining HREO supply on horizon

• • Scandium upside yet to be fully demonstrated

High Value Product

• REO demand increasing at rates that exceed forecast driven by Government Stimulus spending on electric vehicles (EVs), renewable energy, communications, defence

• Makuutu’s basket ~ 43% magnet REOs (Nd, Pr, Dy, Tb, Sm, Gd, Ho)

• 73% critical plus heavy REOs makes it a standout

Growing Demand

• EVs and Offshore wind turbines need DyTb plus NdPr – Makuutu basket has the right ratio

• Governments have pledged +230 GW of offshore wind turbine by 2030, 20% GAGR forecast by end of the decade

• Banning Internal Combustion Engines (ICE) in several countries from 2025, with significant changes in Europe where demand driven by government incentives will see it overtake China by 2030 as the largest market for EVs

Strategic Asset

• Makuutu one of less than a handful of ‘real’ IACs with scale for development

• One of the largest future sources globally of heavy rare earths

• • Huge importance to key military applications for the future

Adamas Intelligence, Sept 28, 2020

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Looking Forward to 2022

KEY ACTIVITIES OVER NEXT 6 TO 12 MONTH THAT UNLOCK SUBSTANTIAL VALUE AT IONIC RARE EARTHS

• Drill assays from remaining Phase 4 infill program (next 3-4 months)

• Submission of ESIA in Uganda (Q4 2021)

• Mineral Resource Estimate update (Q1/Q2 2022)

• Phase 2 Metallurgical variability and testwork (Q2 2022)

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• Ongoing Exploration Activity – RAB Phase 3 metallurgical testwork to inform exploration drilling at EL00147 and EL0257

• Finalise Makuutu Project Approvals (Q2/Q3 2022)

• Makuutu Feasibility Study (Oct 2022)

• Makuutu Mining Licence Application target submission (Oct 2022)

• Refinery Scoping Study (Q3 2022)

• → Downstream Opportunity and how IonicRE can play a larger role in development of alternative, secure and traceable rare earth supply chains and alliances

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Ionic Rare Earths Limited

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REE Hard Rock Mining/Processing vs IAC Mining/Processing

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Ionic Adsorption Clay (IAC) deposit mineralisation is highly desirable given it produces a balanced REO basket dominant in CREO & HREO with higher value and broader appeal Near surface IAC mineralisation translates to lower strip ratios with lower cost mining methods

IAC ores require much lower CAPEX intensity to produce refined REOs

IACs produce value added Mixed Rare Earth Carbonate product from IAC deposits, higher grade and basket value IAC product achieves nearly double the payability

IACs experience none of the radionuclide issues the plague hard rock LREO Projects

IAC separation and refining much lower CAPEX requirement

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The REE Basket Problem – the Solution requires ‘Balance’

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Ionic Adsorption Clay (IAC) deposit mineralisation is highly desirable given it produces a balanced REO basket dominant in CREO & HREO with higher value and broader appeal

Hard rock rare earth mines typically >90-95% LREE , i.e. very low in HREE content

Very few true IAC deposits (<5) identified of scale outside of southern China, Myanmar and south east Asia

Increased LREE production to facilitate oversupply, and potentially suppress LREE prices, specifically NdPr

IAC HREE mines complement hard rock LREE mines in China , providing ‘balance’ to REE supply quotas

IAC HREE mines typically much lower production capacity than hard rock LREE mines

The rare earth solution for the future requires a balance; LREE readily sourced but HREE is truly rare

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Makuutu and Critical Raw Materials 2020

MAKUUTU BASKET CONTAINS HIGH RANKED CRMs IDENTIFIED IN 2020 EU STUDY REQUIRED TO ACHIEVE CARBON NEUTRALITY

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Secure and sustainable supply of both Economic Importance vs Supply Risk results for 2020 criticality assessment [1]
primary and secondary raw materials,
specifically of critical raw materials (CRM) 7.0
Erbium Cerium Gadolinium Dysprosium
Targeting key technologies and strategic 6.0 Lanthanum Neodymium Samarium
sectors as renewable energy, e-mobility, Terbium
Ho, Tm, Lu, Yb
digital, space and defence is one of the pre-
Praseodymium
requisites to achieve climate neutrality
5.0
Makuutu REEs
European Commission report identified LREOHREO
Global competition for resources will Yttrium Scandium
4.0
become fierce in the coming decade Germanium Niobium Magnesium
Europium Ruthenium Phosphorus
Borate Iridium
Dependence of critical raw materials may 3.0 Scandium
soon replace today's dependence on oil
Strontium
Cobalt
Sapele wood Natural graphite Bismuth Beryllium
Makuutu has all the REO requirements in 2.0 Natural Teak wood Bauxite Antimony Rhodium
appreciable quantities Indium Vanadium Platinum
Lithium Tungsten
Baryte Fluorspar Tantalum
Arsenic Gallium Silicon metalTitanium Palladium
Scandium potential at Makuutu to facilitate 1.0 Natural cork Helium Coking coal Hafnium Phosphate rock Natural Rubber
Feldspar Zirconium Tin Potash Manganese Chromium
light weighting transportation Rhenium Silver Molybdenum
DiatomiteGypsumBentonite MagnesiteTellurium Nickel Aluminium Iron ore
GoldPerliteKaolin clayAggregatesSilica sand LimestoneHydrogenTalcLeadSulphurCadmium SeleniumCopper Zinc
Long term stable supply is not a given – will 0.0
require investment further up the supply 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
chain
Economic Importance
Supply Risk
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1 European Commission, Study on the EU's list of Critical Raw Materials – Final Report, 2020.

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Makuutu is one of the largest global Scandium resources… and growing

3[RD] LARGEST GLOBAL SCANDIUM RESOURCE REPORTED

Key to the success of the scandium industry is a diverse and reliable supply chain

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While historically the scandium market has been dominated by Chinese supply, there are companies producing scandium or actively developing scandium supply Elk Creek (Niocorp)

Deposit Metals: Nb, Ti, Sc Scandium Resource: 15,500t Project Status: Financing

The Makuutu Rare Earths Project’s scandium endowment and time to market make it a key future global player in the scandium market

Sorel Tracy (Rio Tinto)

Deposit Metals: TiO2 waste Scandium Resource: unknown Project Status: Development Target Production: 3tpa Sc2O3

Crater Lake (Imperial Mining)

Scandium market

Deposit Metals: Sc, REEs Scandium Resource: to be defined Project Status: Advanced Exploration

expected to grow very quickly once stable supply is demonstrated

Kovdor (EuroChem)

Deposit Metals: FeO, Phosphate Scandium Resource: unknown Project Status: Producing Production: unknown

Makuutu

Deposit Metals: REE, Sc Scandium Resource: 9,450t + Project Status: Feasibility Study underway

SCONI (Australian Mines)

Deposit Metals: Ni, Co, Sc Scandium Resource: 1,400t Project Status: Financing

Nyngan (Scandium Intl)

Deposit Metals: Ni, Co, Sc Scandium Resource: 4,000t Project Status: Financing

Flemington (Australian Mines)

Deposit Metals: Ni, Co, Sc Scandium Resource: 1,100t Project Status: Scoping Study

Dalur (Rosatom)

Deposit Metals: U, Sc Scandium Resource: unknown Project Status: Producing Production: unknown

Bayan Obo (Inner Mongolia) Deposit Metals: REE Scandium Resource: unknown Project Status: Producing Production: ~5tpa Sc2O3

China (several suppliers) Deposit Metals: TiO2 waste Scandium Resource: unknown Project Status: Producing Production: ~10tpa Sc2O3

Taganito (SMM)

Deposit Metals: Ni, Co, Sc Scandium Resource: unknown Project Status: Producing Production: 7.5tpa Sc2O3

Ramu (CMC)

Deposit Metals: Ni, Co, Sc Scandium Resource: unknown Project Status: Producing

Sunrise (Clean TeQ)

Deposit Metals: Ni, Co, Sc Scandium Resource: 17,500t Project Status: Financing

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Applications with Aluminium in Light-weighting Transportation

The need for light-weighting solutions has dramatically increased the adoption of aluminium alloys in transportation. Stricter efficiency standards, the advent of the electric vehicle and the emergence of new sectors are accelerating uptake, generating new opportunities for aluminium alloys, like Al-Sc alloys, to strengthen its position as a key material for the future

AUTOMOTIVE

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AEROSPACE

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SPACE

MARINE

RAIL

Aluminium content in vehicles has been steadily increasing, driven by stricter efficiency and emissions requirements

Aluminium is well-established in aerospace, with most airplanes constructed of aluminium alloys. While carbon fibre materials are lighter, they are more expensive, have a higher maintenance cost and require costly metals (such as titanium) to be used in concert. More advanced aluminium alloys can provide comparable low-cost alternative to composites

Aluminium is displacing highstrength steel (HSS), a lower cost and heavier competitor, in several components

The electric vehicle (EV) concert. More advanced revolution is dramatically aluminium alloys can provide accelerating aluminium’s comparable low-cost market share through new alternative to composites parts (e.g. battery boxes) and The next aerospace the need to increase vehicle aluminium alloys will be range. EVs have 35-50% more strong and weldable, aluminium than internal removing the need for rivets, combustion engine vehicles[1] providing enormous weight saving.

While historically niche subsector of aerospace, the commercial space industry represents a fast-growing sector where aluminium has a long, deep-rooted history

Rockets use a range of aluminium alloys in propellant tanks, providing a strong, lightweight material which can operate over large temperature ranges

Advanced aluminium alloys, combined with 3D printing, provide the space industry a unique opportunity to mass produce reusable rockets and satellites

Due to its high strength and high corrosion resistance, aluminium alloys are a growing material of choice for shipbuilding

‘Marine grade’ aluminium is 100 times less prone to corrosion than its steel counterpart[2]

‘Marine-grade’ aluminium alloys are both strong and weldable, which mean large sections of ships can be constructed with no joints or bolts, which reduce corrosion and the risk of water ingress

Like aerospace, aluminium has had a long history with rail, widely used in both freight and passenger cars

Aluminium provides ~3035% weight reduction over steel and does not corrode, leading to a much longer service life

High-speed trains realise the greatest benefit from aluminium, which require low weight and highstrength to minimise friction loss

1 Aluminium Content in European Passenger Cars, Ducker Frontier presentation prepared for European Aluminium, Oct 2019, range depending on vehicle category 2 Aluminium in Transport, www.aluminiumleader.com/application/transport

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Scandium Market Potential

SIGNIFICANT POTENTIAL FOR SCANDIUM MARET TO GROW RAPIDLY IN GLOBAL TRANSPORT SECTORS

While the current scandium (Sc) market is 15-20 tonnes per annum scandium oxide (Sc2O3), the global transportation industry has the potential to turn scandium into a billion-dollar market

Contestable Scandium Market

The adoption of scandium will be heavily dependent on its price-point. As the market grows, the scandium price will decrease as economies of scale for production can occur. This will allow aluminium-scandium to be used in an increasing number of applications.

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Scandium supply chain: 7Mtpa aluminium consumption in global transport: market grows, the scandium price will decrease as economies of scale for
production can occur. This will allow aluminium-scandium to be used in an
increasing number of applications.
While the initial price of scandium could be US$1,000/kg Sc2O32O3O33 at low tonnages,
this will likely drop to ~US$700/kg with increased volumes
Makuutu
Scandium Market Value Makuutu Scandium
•• Avg Sc content: 0.075%Required Scandium: 525tpa (800tpa 20-90+ tpa Sc2O2OO3
Automotive Aerospace Space, Marine, Rail Sc2O3)2O3)O3)3))
Other Scandium Makuutu Sc2O3 5-6Mtpa 1Mtpa <1Mtpa ••• Sc price range: US$700-1,000/kg ScMarket: US$560-800M p.a.Market: US$560-800M p.a. 2O3O33
Producers 20-90 tpa
Sc2O3 2.5-12% market share
710-780 tpa Future Markets / Applications:
Master Alloy 700ktpa aluminium consumption with scandium with a Military Vehicles & Wind Electrical Magnesium-
Producers 10% market penetration over the next 5-10 years Armour Turbines Cable scandium alloys
2% Scandium
Aluminium master alloy
26,000 tpa
0.05-0.1% Scandium-containing alloys ??? tpa
Aluminium Alloy
700,000 tpa
Other Alloying Producers
Elements
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While the initial price of scandium could be US$1,000/kg Sc2O32O3O33 at low tonnages, this will likely drop to ~US$700/kg with increased volumes

Makuutu Scandium

20-90+ tpa Sc2O2OO3

• (2.5-12% total market share)

• Sc2O3)2O3)O3)3))

• ••• 2O3O33 US$20-63M+ p.a. Revenue Sc price range: US$700-1,000/kg ScMarket: US$560-800M p.a.Market: US$560-800M p.a.

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Military Vehicles & Wind Electrical Magnesium-
Armour Turbines Cable scandium alloys
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