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Building Secure Critical and Heavy Rare Earths Capacity Long-term supply potential of the Critical Raw Materials required to help transition towards Carbon Neutrality

17 AUGUST 2021

IONICRE.COM.AU

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 m 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.

IONIC RARE EARTHS

PAGE 2

IonicRE Corporate Snapshot

STRATEGIC VALUE DRIVEN BY THE UNIQUE CREO/HREO BASKET


	CAPITAL STRUCTURE (as @ 13/08/2021)
	Shares Outstanding	3,392,399,514
	Total Options Outstanding	195,000,000 (exercisable at 1.8 to 6.0 cents)
	Share Price	A$0.037
	Market Capitalisation	A$126 million
	52 week share price range	A$0.009 – A$0.065
	Cash Balance (30/06/2021)	A$11.2 million
	IXR MAJOR SHAREHOLDERS
	Major Shareholders	15%
	Board, Executives, & Key Advisors	8%
	BOARD AND MANAGEMENT
	Trevor Benson	Chairman
	Tim Harrison	Managing Director
	Jill Kelley	Executive Director
	Max McGarvie	Non Executive Director
	Brett Dickson	Company Secretary & CFO

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Ionic Rare Earths (ASX: IXR)
$0.070 450
Volume Share Price
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$0.060
350
$0.050
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$0.040
250
200
$0.030
150
$0.020
100
$0.010
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Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
IXR Share Price (A$)
Volume Traded (Millions)
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IONIC RARE EARTHS

PAGE 3

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 less than a handful of 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 low capex mining and processing to produce Mixed Rare Earth Carbonate (MREC)

No radionuclides

The Refinery – Secure Supply

Opportunity to maximise overall 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 development 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 source of future 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

PAGE 4

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

PAGE 5

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

Infrastructure in close proximity to Makuutu

Makuutu is unique and receiving global interest due to high quality balanced (CREO + HREO) basket

Existing 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

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

Strategic importance of Makuutu

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

Cell phone communications available across site

Discussions continue with other

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

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

Water available

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Potential for 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

underway to increase Indicated and Measured resource base

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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 potential upside out to 27 years

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.

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PAGE 7

Tier-One In-Country Infrastructure already there!

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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PAGE 8

Excellent local infrastructure supports low CAPEX development

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Clockwise, top left: Isimba hydroelectric dam with 183 MW installed capacity at Jinja; Uganda’s excellent hydro-power transmission infrastructure, with 132 kV power lines running through tenements and immediately adjacent proposed plant site; Rail line connecting to Kampala and Port of Mombasa; All weather access roads across tenements connecting site to highways; Sealed highway running directly adjacent site.

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PAGE 9

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 (application TN03573 pending)

Phase 4 infill drilling program now underway (5,700 m approved) to be completed by November to feed into next MRE update planned for H1 2022

Plan to increase Indicated and Mineral Resource classifications 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.

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PAGE 10

Makuutu and Critical Raw Materials 2020

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

Secure and sustainable supply of both primary

and secondary raw materials, specifically of critical raw materials (CRM) Targeting key technologies and strategic sectors as renewable energy, e-mobility, digital, space and defence is one of the pre-requisites to achieve climate neutrality

European Commission report identified Global competition for resources will become fierce in the coming decade

Dependence of critical raw materials may soon replace today's dependence on oil

Makuutu has all the REO requirements in appreciable quantities

Scandium potential at Makuutu to facilitate light weighting transportation

Long term stable supply is not a given – will require investment further up the supply chain

Economic Importance vs Supply Risk results for 2020 criticality assessment[1]

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7.0
Erbium Cerium Gadolinium Dysprosium
6.0 Lanthanum Neodymium Samarium
Terbium
Ho, Tm, Lu, Yb
Praseodymium
5.0
Makuutu REEs
LREO
HREO
Yttrium Scandium
4.0
Germanium Niobium Magnesium
Europium Ruthenium Phosphorus
Borate Iridium
Scandium
3.0
Strontium
Cobalt
Sapele wood Natural graphite Bismuth Beryllium
Bauxite Rhodium
2.0 Natural Teak wood Antimony
Indium Platinum
Vanadium
Lithium Tungsten
Baryte Fluorspar Tantalum
Arsenic Gallium Silicon metalTitanium Palladium
1.0 Natural cork Helium Coking coal Hafnium Phosphate rock Natural Rubber
Feldspar Zirconium Tin Potash Manganese Chromium
Rhenium Silver Molybdenum
DiatomiteGypsumBentonite MagnesiteTellurium Nickel Aluminium Iron ore
GoldPerliteKaolin clayAggregatesSilica sand LimestoneHydrogenTalcLeadSulphurCadmium SeleniumCopper Zinc
0.0
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
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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REO Pricing Basis

MAKUUTU’S STRATEGIC IMPORTANCE WILL INCREASE LONG TERM

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Where are the HREO going to come from beyond 2030?

95% of current world supply of HREO supplied from Chinese/Myanmar IAC deposits which are being depleted

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

Global governments mandate change with Internal Combustion Engines (ICE) to be banned in several countries from 2025, with significant changes expected in Europe where demand driven by government incentives will see it overtake China by 2030 as the largest market for EVs

Offshore wind turbines need DyTb

Pledges to add 230 GW of offshore wind turbine demand committed by 2030, 1400GW target by 2050 (?)

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

Adamas Intelligence, Sept 28, 2020

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Makuutu CREO & HREO Dominant Product Basket Value

REO PRICING TO 2030….

MAKUUTU PRODUCT BASKET[1] , US$/KG

Makuutu’s basket value which is 73% CREO + HREO dominant

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$250
$200
$150
$100
$50
$0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Forecast Low Base Case Forecast High Spot
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Forecast to experience substantial appreciation over next 10 years

Declining IAC reserves and production from China will reduce availability of HREO to global consumers

All CREO and HREO forecast pricing out to 2030 has been trending up since China’s Export Control Ban was implemented in November 2020

Long-term magnet REO pricing forecasts released since March 2021 continue to increase, with supply deficits pending sooner than previously expected

Yttrium pricing forecast for significant increase by end of the decade

1 Pricing specific to Makuutu product basket calculated based upon Argus Analytics research released 26 March 2021

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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 Impact Assessment (ESIA) in progress

Community Support Programs identified

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

Baseline environmental surveys completed

Aligned with Uganda’s 3[rd] 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

Water treatment for reagent recovery and rehabilitation strategy

Key focus being community health and education

Agroforestry

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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

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PAGE 14

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%
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.

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Mine to Market HREO initiative from long-life supply at Makuutu

PAGE 16

IONIC RARE EARTHS

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) Light Rare Earth Separation and Vietnam Refining China Rare Earths Jiangsu Minmetals Several Provinces operate 4 REO Refineries Light and Heavy Rare Earth Separation and Refining • Chinalco (Changzhou) • Chinalco (Funing) Chinalco Several Provinces • Chinalco (Yixing) Light and Heavy Rare Earth • Chinalco (Changshu) Separation and Refining Xiamen Tungsten Fujian HREO refining plants in US under Light Rare Earth Thailand Light and Heavy Rare EarthSeparation and Refining consideration but no committed India Rare Separation and Southern Rare Earths Earths Limited Refining timelines as yet Light Rare Earth Jiangxi and SichuanLight and Heavy Rare Earth Separation and Refining Vietnam Separation and Refining Light and Heavy Rare Earth Guangdong Rare IonicRE to consider best global Separation and Refining LREO Capacity Earth Group Refinery location with direct Guangdong Light and Heavy Rare Earth access to sell product to partners HREO Capacity Separation and Refining Lynas Rare Earths in US, UK, Europe, and Asia Malaysia Light Rare Earth Separation and Refining

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

1 Argus Analytics.

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PAGE 17

nced basket REOs ASING DEMAND AND Rare Earth Element REO Production Capacity1 (t/annum) Major Applications and Uses Lanthanum (La) 580 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,ceramics,and optics Cerium (Ce) 550 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,and ceramics Praseodymium (Pr) 220 Permanent magnets, battery alloys, metal alloys, auto catalysts, polishing powders, glass additives and colouring ceramics Neodymium (Nd) 1,000 Permanent magnets, battery alloys, metal alloys, auto catalysts, glass additives and ceramics Samarium (Sm) 180 Magnets, ceramics, andradiationtreatment (cancer) Europium (Eu) 35 Phosphors, optical fibres,flat paneldisplays Gadolinium (Gd) 170 Ceramics,nuclearenergy, andmedical(magneticresonanceimagingX-rays) Terbium (Tb) 25 Permanent magnets for high temperature applications, fluorescent lamp phosphors, defence applications Dysprosium (Dy) 140 Permanentmagnets, defence Holmium (Ho) 30 Permanentmagnets,nuclearenergy andmicrowave equipment Erbium (Er) 75 Nuclearenergy,fibre optic communications, and glass colouring Thulium (Tm) 11 X-rays (medical) andlasers Ytterbium (Yb) 65 Cancertreatment and stainless steel Lutetium (Lu) 10 Age determination,medicaland petroleum refining Yttrium (Y) 1,000 Battery alloys, metal alloys, phosphors, catalytic converters, ceramics and defence Scandium (Sc) 120 High strength, low weight aluminium scandium alloys, solid state energy storage, 3Dprinting,high intensitylighting	nced basket REOs ASING DEMAND AND Rare Earth Element REO Production Capacity1 (t/annum) Major Applications and Uses Lanthanum (La) 580 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,ceramics,and optics Cerium (Ce) 550 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,and ceramics Praseodymium (Pr) 220 Permanent magnets, battery alloys, metal alloys, auto catalysts, polishing powders, glass additives and colouring ceramics Neodymium (Nd) 1,000 Permanent magnets, battery alloys, metal alloys, auto catalysts, glass additives and ceramics Samarium (Sm) 180 Magnets, ceramics, andradiationtreatment (cancer) Europium (Eu) 35 Phosphors, optical fibres,flat paneldisplays Gadolinium (Gd) 170 Ceramics,nuclearenergy, andmedical(magneticresonanceimagingX-rays) Terbium (Tb) 25 Permanent magnets for high temperature applications, fluorescent lamp phosphors, defence applications Dysprosium (Dy) 140 Permanentmagnets, defence Holmium (Ho) 30 Permanentmagnets,nuclearenergy andmicrowave equipment Erbium (Er) 75 Nuclearenergy,fibre optic communications, and glass colouring Thulium (Tm) 11 X-rays (medical) andlasers Ytterbium (Yb) 65 Cancertreatment and stainless steel Lutetium (Lu) 10 Age determination,medicaland petroleum refining Yttrium (Y) 1,000 Battery alloys, metal alloys, phosphors, catalytic converters, ceramics and defence Scandium (Sc) 120 High strength, low weight aluminium scandium alloys, solid state energy storage, 3Dprinting,high intensitylighting	nced basket REOs ASING DEMAND AND Rare Earth Element REO Production Capacity1 (t/annum) Major Applications and Uses Lanthanum (La) 580 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,ceramics,and optics Cerium (Ce) 550 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,and ceramics Praseodymium (Pr) 220 Permanent magnets, battery alloys, metal alloys, auto catalysts, polishing powders, glass additives and colouring ceramics Neodymium (Nd) 1,000 Permanent magnets, battery alloys, metal alloys, auto catalysts, glass additives and ceramics Samarium (Sm) 180 Magnets, ceramics, andradiationtreatment (cancer) Europium (Eu) 35 Phosphors, optical fibres,flat paneldisplays Gadolinium (Gd) 170 Ceramics,nuclearenergy, andmedical(magneticresonanceimagingX-rays) Terbium (Tb) 25 Permanent magnets for high temperature applications, fluorescent lamp phosphors, defence applications Dysprosium (Dy) 140 Permanentmagnets, defence Holmium (Ho) 30 Permanentmagnets,nuclearenergy andmicrowave equipment Erbium (Er) 75 Nuclearenergy,fibre optic communications, and glass colouring Thulium (Tm) 11 X-rays (medical) andlasers Ytterbium (Yb) 65 Cancertreatment and stainless steel Lutetium (Lu) 10 Age determination,medicaland petroleum refining Yttrium (Y) 1,000 Battery alloys, metal alloys, phosphors, catalytic converters, ceramics and defence Scandium (Sc) 120 High strength, low weight aluminium scandium alloys, solid state energy storage, 3Dprinting,high intensitylighting
Rare Earth Element	REO Production Capacity1 (t/annum)	Major Applications and Uses
Lanthanum (La) 580 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,ceramics,and optics
Cerium (Ce) 550 Battery alloys, metal alloys, auto catalysts, petroleum refining, polishing powders, glass additives, phosphors,and ceramics
Praseodymium (Pr) 220 Permanent magnets, battery alloys, metal alloys, auto catalysts, polishing powders, glass additives and colouring ceramics
Neodymium (Nd) 1,000 Permanent magnets, battery alloys, metal alloys, auto catalysts, glass additives and ceramics
Samarium (Sm) 180 Magnets, ceramics, andradiationtreatment (cancer)
Europium (Eu) 35 Phosphors, optical fibres,flat paneldisplays
Gadolinium (Gd) 170 Ceramics,nuclearenergy, andmedical(magneticresonanceimagingX-rays)
Terbium (Tb) 25 Permanent magnets for high temperature applications, fluorescent lamp phosphors, defence applications
Dysprosium (Dy) 140 Permanentmagnets, defence
Holmium (Ho) 30 Permanentmagnets,nuclearenergy andmicrowave equipment
Erbium (Er) 75 Nuclearenergy,fibre optic communications, and glass colouring
Thulium (Tm) 11 X-rays (medical) andlasers
Ytterbium (Yb) 65 Cancertreatment and stainless steel
Lutetium (Lu) 10 Age determination,medicaland petroleum refining
Yttrium (Y) 1,000 Battery alloys, metal alloys, phosphors, catalytic converters, ceramics and defence
Scandium (Sc) 120 High strength, low weight aluminium scandium alloys, solid state energy storage, 3Dprinting,high intensitylighting

Standalone Refinery to unlock value of balanced basket REOs

DEVELOPMENT OF REFINERY TO PRODUCE SEPARATED REOs OF INREASING DEMAND AND

Rare earth separation and refinery facility developed to take advantage of long life, secure and traceable supply source from Makuutu
27+ years producing a basket with suite of individual REE that will be worth more in the future
Increase of Makuutu MRE →extension of life or increased production capacity → increased appeal to go downstream
Ability to increase revenue from Makuutu basket
MREC payability from Makuutu = 70%
Separating and refining increases REO payability = 100%
Potential to source additional HREO feed stocks (as heavy MREC products) by other REE mines for additional revenue generation
Facilitate the value of the refined REOs into downstream industry
Opportunity for OEMs to participate in secure and traceable supply chain
Maximise revenue upside from development of the Sc market

1 ASX Announcement 9th August 2021.

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PAGE 18

Makuutu is Unique – it’s Basket is the Key

INITIAL REFINERY PRODUCTS Nd, Pr, Dy, Tb, Y AND Sc CONTAIN > 93% OF POTENTIAL REVENUE

Makuutu Basket Volume

Makuutu Basket Value

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La2O3; 0.1%
Y2O3; 7.2% CeO2; 0.1%
La2O3; 13.5% Lu2O3; 1.8%
Pr6O11; 7.7%
Yb2O3; 0.2%
Tm2O3; 2.2%
Y2O3; 25.4%
Er2O3; 0.6%
Ho2O3; 1.1%
Lu2O3; 0.2% CeO2; 13.5% Dy2O3; 14.4%
Yb2O3; 1.3%
Tm2O3; 0.3%
Er2O3; 2.0%
Pr6O11; 5.5%
Ho2O3; 0.7%
Nd2O3; 44.4%
Dy2O3; 3.7%
Tb4O7; 18.8%
Tb4O7; 0.6%
Gd2O3; 4.4%
Eu2O3; 0.9%
Sm2O3; 4.7% Nd2O3; 23.2% LREO Gd2O3; 1.2%
HREO Eu2O3; 0.2% Sm2O3; 0.1%
----- End of picture text -----

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Makuutu Basket ~ 43% Magnet REOs required for Permanent Magnet drives for EVs

PAGE 20

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Electric Vehicles – Driven by NdPr (and DyTb)

Nd, Pr, Dy & Tb EXPECTED TO BE IN DEFICIT BY 2027

Worldwide EV demand driving insatiable appetite for NdPr
NdFeB permanent magnets (PM) are essential for producing light, compact and high efficiency traction motors. Approx. 28-32% of the NdFeB magnet is magnet NdPr, with DyTb used as a minor additive (~4-8%) to improve magnet performance at high temperatures[1]
Global governments mandate change with ICE to be banned in several countries from 2025, with significant changes expected in Europe where demand driven by government incentives will see it overtake China by 2030 as largest market for EVs

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Global EV sales in 2020 ~ 3.1 million, with global EVs sales expected to hit ~11 million in 2025, and ~23 million by 2030[2]

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Proposed Internal Combustion Engine (ICE) Bans
Year Country
2025 Norway
Denmark, Iceland, Ireland,
2030
Netherlands, Slovenia, Sweden, UK
2040 France, Spain
2050 Japan
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1 Pavel, et al., Role of substitution in mitigating the supply pressure of rare earths in electric road transport applications, 2017; Roskill, Rare Earths: Outlook to 2030, January 2021; 2 Argus Analytics, March 2021;

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Makuutu Basket – Producing Dy and Tb required for offshore wind turbines

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Land Constrained – Go Offshore

COUNTRIES ADOPT OFFSHORE WIND TURBINES TO REACH CO 2 TARGETS

Current world offshore wind turbine capacity is 36 GW

Argus[1] estimates an additional 200 GW of installed offshore wind turbine capacity to be added by 2030, → 20% CAGR for the remainder of the decade

In its 2019 World Energy Outlook, the International Energy Agency (IEA) Sustainable Development Scenario has up to 570GW of offshore wind in 2040. If achieved, the world would be on track to reach about 1TW in 2050[2] .

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The International Renewable Energy Agency (IRENA) also has a 1TW ambition by 2050.

US DOE announced in March 2021 plan to develop 30GW of offshore wind turbine by 2030. Further, Achieving this target also will unlock a pathway to 110 GW by 2050.

Makuutu’s existing MRE has the potential to supply the magnet REOs (in the right ratio) required for the development of 90 GW of offshore wind capacity

1 Argus analytics, March 2021; 2 Ocean Renewable Energy Action Coalition, The Power of our Ocean, December 2020;

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Without DyTb – No Offshore Wind Turbine Capacity

THE BASICS – HOW MUCH REO IS REQUIRED PER MW OF OFFSHORE TURBINE CAPACITY?

Rare-earth elements and boron (B) are essential for turbine designs that employ permanent magnets (NdFeB). The HREOs Dy2O3, Tb4O7 and in some cases Ho2O3, can be substituted to improve the operability of the NdFeB magnets. Adding these HREOs helps the high temperature direct drive turbines maintain their magnetic characteristics[1] . Substitution is not an option.

Most direct-drive turbines, but also to different extents certain technical designs with gearboxes, are equipped with permanent magnet generators, which contain NdPr and smaller quantities of DyTb. On average, a permanent magnet contains 28.5% NdPr, 4.4% DyTb, 1% B and 66% Fe and weighs up to 4 tonnes for a 6MW offshore direct drive wind turbine[2] .

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**HALIDE* 150-MV OFFSHORE WINE TURBINE**

Each 6 MW of offshore direct drive wind turbine capacity requires ~ 1,700 kg magnet REOs;
~210 kg/MW Nd2O3 x 6 MW = 1,260 kg Nd2O3
~42 kg/MW Pr6O11 x 6 MW = 254 kg Pr6O11
~20 kg Dy2O3 x 6 MW = 117 kg Dy2O3
~8 kg Tb4O7 x 6 MW = 49 kg Tb4O7
HaliadeX 13 MW offshore direct drive wind turbines now under development

1 Roskill, Rare Earths: Outlook to 2030, January 2021; 2 European Commission, Raw materials demand for wind and solar PV technologies in the transition towards a de-carbonised energy system, 2020;[3] Li et al., One Earth 3, Critical Rare-Earth Elements Mismatch Global Wind Power Ambitions, 2020; Haliade 150-6MW turbine by GE Renewable Energy @GErenewables;

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Makuutu & Offshore Wind Turbine Capacity

MAGNET REO – SUPPLY FAILING DEMAND → ‘ESCAPE VELOCITY’ BY 2027

Forecast offshore capacity increase by 200 GW by 2030[1,2]
2020 global offshore wind turbine capacity of 36 GW, with 2020 installations of 6.6 GW (+20% of 2019 capacity)
Beyond 2030 the rate of growth of offshore wind turbine appears to exceed the capability to supply magnet REOs
By 2025 forecast supply of magnet REOs is forecast to be below demand
By 2027 heavy magnet REOs Dy2O3 and Tb4O7 significantly in deficit
By 2030 demand of magnet REOs forecast to exceed supply by 40%
Projections of future wind turbine installation growth beyond 2030 to 2050 have highlighted the inadequacy of existing REO supply chains, with an estimated 11to-26-fold expansion of current magnet REO supply required to meet global wind turbine targets[2] .
Makuutu magnet REO production ramped up from 2024 to supply an estimated 17 GW of offshore wind turbine capacity by 2030, 11-year LOM estimated to enable 35 GW of capacity, LOM potential 90+ GW of capacity

GLOBAL OFFSHORE WIND TURBINE CAPACITY

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35 250
30
200
25
150
20
15
100
10
50
5
0 0
2020 2022 2024 2026 2028 2030
Cumulative total capacity Others Makuutu
Annual Installed Capacity (GW)
Cumulative Installed Capacity (GW)
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1 Argus Analytics 26 March 2021. 2 Li et al., One Earth 3, Critical Rare-Earth Elements Mismatch Global Wind Power Ambitions, 2020. 2 Excludes US DOE plan to add 30 GW by 2030

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Key HREO Applications without Substitute – New Supply Required

HREO USED IN HIGH END FOR NICHE APPLICATIONS – NO SUBSTITUTION FOR REOS IN SPECIFIC APPLICATIONS

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MRI Machine
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Erbium is a key input into enabling 5G technology

NdFeB and SmCo permanent magnets

PET Scan

IAC mines in southern China and Myanmar produce approximately 95% of the worlds production of HREO
Export Control Ban implemented by China on 1 December 2020 now focused on prioritising Chinese consumption and strategic stockpiling
High-value niche medical applications such as
Magnetic Resonance Imaging (MRI) machines using Gd;
Positron Emission Tomography (PET) imaging using Lu;
X-rays, Solid-state lasers, optical isolators and microwave equipment using Er, Ho, Tm, Yb, Y;
Critical applications REE are essential for electronic devices as permanent magnets (PM) in speakers, computer components, global positioning systems (GPS), sonar, defence systems and lasers – will start to see this flow through to consumer item availability and cost
Er is a key input into enabling 5G technology – Erbium doped fibre amplifiers (EDFA) are used to compensate the loss of an optical fibre in longdistance optical communication and can amplify multiple optical signals simultaneously. No Erbium, No 5G.
Nuclear power plant use Sm-Co permanent magnets, and Dy & Er in neutron-absorbing control rods.

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Makuutu has Strategic Appeal for Defence Applications

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HREO & CREO crucial in Defence Applications

DEFENCE HREO SUPPLY CHAIN – MAKUUTU POTENTIALLY SUPPLIES IT ALL

Numerous HREO & CREO materials are used in defence applications in the engines, disk drive motors, radar of the aircraft, fin actuators in missile guidance and control systems, control devices in tanks, missile systems, command and control centres; lasers, interrogators, underwater mines, countermeasures; satellite communications, radar, and sonar on submarines and surface ships; optical equipment and speakers, components in anti-missile defense systems, satellites and night vision devices among others.
REE metals used in F-35 fighter (417kg); Virginia-class submarine (4,170kg); and Arleigh-Burke guided missile destroyer (2,360kg).

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US Navy Virginia Class Submarine
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Terfonal-D is a rare earth alloy made of Tb, Fe and Dy that is used in high-power sonar on ships and submarines.
Stealth helicopters also use Terfenol-D speakers in their noise cancellation technology blades and NdFeB magnets.

PRODUCT / APPLICATION	RARE EARTH ELEMENT (REE)	USAGE
F-35 Lightning II joint strike fighter	Y	Jet engine
ATHENA laser weapon system	Er, Yb, Nd	Optical fibers in fiber laser module
Tomahawk missile	Combination of Nd, Pr, Dy, Tb, Sm	Fin actuators in missile guidance and control systems, GPS, sensors
Joint Direct Attack Munition (JDAM) guided bombs	Combination of Nd, Pr, Dy, Tb, Sm	Fin actuators in missile guidance and control systems, GPS, sensors
AN/ALQ-184 Electronic Attack Pod	Y	Electronic jamming devices, storage batteries
Zumwalt-class destroyer	Nd, Pr, Dy, Tb, Sm	Electric motors
HUMVEE military truck	Y, Eu, Tb	Humvee-mounted Laser Avenger
F-16, F-15, F-22	Er, Sm	Jet engine, Electric systems- permanent magnets
M1A2 Abrams tank	Sm, Eu, Nd, Tb, Y	Navigation system, Laser-equipped computer main gun sight
Stinger MANPAD	Combination of Nd, Pr, Dy, Tb, Sm	Fin actuators in missile guidance and control systems, GPS, sensors
Precision-guided munitions	Combination of Nd, Pr, Dy, Tb, Sm	Fins attached to fuselage, special magnets
PATRIOT missile air defense system	Gd, Sm, Y	Radio frequency circulators
MQ-9, MQ-1 Predator drones	Y, Tb	Laser Weapon System

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Lockheed Martin F-35 Lightning II
Joint Strike Fighter
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HREO & CREO crucial in Defence Applications

DEFENCE HREO SUPPLY CHAIN – MAKUUTU POTENTIALLY SUPPLIES IT ALL, PROVIDING SECURE SOURCE OPTION

Makuutu Basket ~73% used in Defence Applications

Y O 2 3 used in F-35 comes from IACs in southern China and Myanmar

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La2O3
13.5%
Y2O3
25.4%
Lu2O3
CeO2
0.2%
13.5%
Yb2O3 Lockheed Martin F-35 Lightning II
1.3% Joint Strike Fighter
Tm2O3
0.3%
Er2O3
2.0%
Ho2O3 Pr6O11
0.7% 5.5%
Dy2O3
3.7%
Tb4O7
0.6%
Gd2O3
4.4%
Eu2O3
0.9%
Sm2O3 Nd2O3
4.7% 23.2%
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LREO
HREO
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Scandium – A metal of the future to light-weight aerospace and automotive transportation

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Scandium Market Overview

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AN EMERGING STRATEGIC METAL WITH LARGE POTENTIAL MARKETS IN THE GLOBAL TRANSPORT SECTOR AND AEROSPACE

The Makuutu Rare Earths Project is positioning itself to become a key player in the Sc2O3 market via low cost production, planning to initially produce 20-25 tpa Sc2O3 initially and progressively ramp up production over 10 years to approx. 90-100 tpa Sc2O3
While scandium is abundant in the earth’s crust, it is very uncommon to find it in economically recoverable concentrations
Historically, it tended to be a minor or ignored potential by-product of mining, namely: rare earths, uranium, nickelcobalt laterite, ilmenite (titanium dioxide)
Almost all the current world’s production of scandium oxide (Sc2O3), or scandia, is produced by re-processing titanium dioxide wastes or as a by-product from rare earth production
Despite several large mineral endowments globally, Sc2O3 is predominantly produced by multiple small producers in China (approximately 15-20 tpa) with recent production capacity also being developed via processing of nickel laterite ores
Most of this Sc2O3 is used in Solid Oxide Fuel Cells (SOFC), with Bloom Energy being the main consumer
This small fragmented market has led to the belief that scandium is rare and expensive, which has hindered its growth, even with decades of technical development and use in aluminium alloys
The light-weighting revolution occurring in the global transportation industry, combined with a growing global sector of mined supply, is unlocking a large new market for scandium
Recently Rio Tinto and RUSAL have announced entry into Sc2O3 market, with a key focus being applications in 3D printing specialty components

1 3D printing using AP Works Scalmalloy® for the Airbus A320 https://www.airbus.com/newsroom/news/en/2016/03/Pioneering-bionic-3D-printing.html. Selective laser sintering using Scalmalloy® https://beamler.com/3d-printing-capabilities/processes/sls-selective-laser-sintering/.

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Scandium Market Overview

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

The electric vehicle (EV) revolution is dramatically accelerating aluminium’s market share through new parts (e.g. battery boxes) and the need to increase vehicle range. EVs have 35-50% more aluminium than internal combustion engine vehicles[1]

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

The next aerospace aluminium alloys will be strong and weldable, removing the need for rivets, providing enormous weight saving.

While historically niche sub-sector 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 ~30-35% 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 high-strength 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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Makuutu is one of the largest global Scandium resources… and growing

3[rd] LARGEST SCANDIUM RESOURCE REPORTED

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

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)

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

Market 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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Makuutu Investment Highlights

STRATEGIC VALUE DRIVEN BY THE UNIQUE CREO/HREO DOMINANT BASKET

MAKUUTU BASKET HIGH VALUE CREO / HREO PRODUCT

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La2O3
Highly attractive Scoping Study (11 year Base Case) economic parameters [[1]] ; 13.5%
Y2O3
25.4%
Post tax long term free cash flow US$766 million over 11 years
Lu2O3
EBITDA of US$1.28 billion 0.2%
CeO2
Yb2O3 13.5%
Post tax Net Present Value (8) of US$321 million 1.3%
Tm2O3
0.3%
Internal Rate of Return of 38%
Er2O3
2.0%
Pre-production CAPEX requirement of US$89 million Ho2O3 Pr6O11
0.7% 5.5%
Expansion CAPEX of $212 million funded by Project free cash flow Dy2O3
3.7%
Tb4O7
Potential to increase Project LOM to 27+ years with conversion of 0.6%
resource to higher classification
Gd2O3
4.4%
Eu2O3 Sm2O3 Nd2O3
0.9% 4.7% 23.2%
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Highly attractive Scoping Study (11 year Base Case) economic parameters[[1]] ;

1 Makuutu Rare Earths Project Scoping Study reported to ASX on 29 April 2021.

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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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Rare Earth Oxide Production Chain – Lower Capex IAC Path
HARD ROCK LREE PROCESS ROUTE COMPLEX, CAPITAL INTENSIVE, LARGE IMPURITY LOAD TO REFINED RARE EARTH OXIDE
REE Calcined REE Pregnant Mixed Rare Rare Earth
Ore
Concentrate Concentrate Leach Solution Earth Carbonate Oxide
0.5 - 10% TREO
10 - 50% TREO 10 - 50% TREO 90% TREO 99%+ TREO
Monazite /
Hardrock
Beneficiation Cracking Water Leaching Precipitation Solvent Extraction
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IAC PROCESS ROUTE A SIMPLER, LOW CAPITAL PATH TO REFINED RARE EARTH OXIDE

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Pregnant Mixed Rare Rare Earth
Ore
Leach Solution Earth Carbonate Oxide
0.03 – 0.3% TREO 90% TREO 99%+ TREO
Ionic
Adsorption Clay
Static Leach Precipitation Solvent Extraction
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Typical optimised separation flowsheet for REE from ion adsorption clay deposits

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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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65	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 REO Pricing Argus Metals 9-Aug-21 US$/kg Mineralisation Ionic Adsorption Clay Monazite Bastnasite Monazite Eudialyte / Bastnasite Monazite Bastnasite Monazite Xenotime Project Makuutu Mt Weld / LAMP Mountain Pass Nolans Bore Dubbo Yangibana Ngualla Longonjo Browns Range Development Stage FS Operations Operations DFS DFS DFS DFS DFS PFS La2O3 % 13.5% 25.5% 34.0% 19.3% 22.1% 10.0% 27.6% 23.9% 1.9% 1.49 CeO2 % 13.5% 46.7% 48.8% 48.7% 36.3% 39.6% 48.2% 45.9% 4.8% 1.51 Pr6O11 % 5.5% 5.3% 4.2% 5.9% 3.6% 8.0% 4.8% 4.9% 0.7% 100.75 Nd2O3 % 23.2% 18.5% 11.7% 20.5% 14.1% 33.8% 16.5% 17.2% 3.2% 98.40 Sm2O3 % 4.7% 2.3% 0.8% 2.3% 1.7% 3.9% 1.6% 2.5% 2.1% 1.93 Eu2O3 % 0.9% 0.4% 0.1% 0.4% 0.0% 0.8% 0.3% 0.6% 0.4% 30.50 Gd2O3 % 4.4% 0.1% 0.2% 1.0% 1.6% 1.8% 0.6% 1.2% 5.7% 44.15 Tb4O7 % 0.6% 0.1% 0.0% 0.1% 0.2% 0.2% 0.1% 0.1% 1.3% 1,332.50 Dy2O3 % 3.7% 0.1% 0.0% 0.3% 1.9% 0.5% 0.1% 0.6% 8.8% 421.00 Ho2O3 % 0.7% 0.1% 0.0% 0.0% 0.4% 0.1% 0.0% 0.1% 1.8% 152.25 Er2O3 % 2.0% 0.1% 0.0% 0.1% 1.1% 0.1% 0.0% 0.2% 5.3% 34.00 Tm2O3 % 0.3% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.7% 800.00 Yb2O3 % 1.3% 0.1% 0.0% 0.1% 0.9% 0.1% 0.0% 0.1% 4.4% 15.30 Lu2O3 % 0.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 802.50 Y2O3 % 25.4% 0.4% 0.1% 1.4% 15.8% 1.1% 0.2% 2.6% 58.2% 5.85 Sum Total 100% 100% 100% 100% 100% 100% 100% 100% 100% Magnet REO % 43% 26% 17% 30% 24% 48% 24% 27% 24% LREO % 56% 96% 99% 94% 76% 91% 97% 92% 11% HREO % 44% 4% 1% 6% 24% 9% 3% 8% 89% CREO % 54% 20% 12% 23% 32% 36% 17% 21% 72% CREO+HREO % 73% 28% 17% 32% 42% 50% 24% 30% 93% Basket Value REO/kg $ 64.89 $ 28.27 $ 17.12 $ 30.46 $ 34.30 $ 48.45 $ 23.60 $ 28.79 $ 86.65

Company		Ionic Rare Earths	Lynas Rare Earths1	MP Materials2	Arafura Resources3	Australian Strategic Materials4	Hastings Technology Metals5	Peak Resources6	Pensana Rare Earths7	Northern Minerals8	REO Pricing Argus Metals 9-Aug-21 US$/kg
Mineralisation		Ionic Adsorption Clay	Monazite	Bastnasite	Monazite	Eudialyte / Bastnasite	Monazite	Bastnasite	Monazite	Xenotime
Project		Makuutu	Mt Weld / LAMP	Mountain Pass	Nolans Bore	Dubbo	Yangibana	Ngualla	Longonjo	Browns Range
Development Stage		FS	Operations	Operations	DFS	DFS	DFS	DFS	DFS	PFS
La2O3	%	13.5%	25.5%	34.0%	19.3%	22.1%	10.0%	27.6%	23.9%	1.9%	1.49
CeO2	%	13.5%	46.7%	48.8%	48.7%	36.3%	39.6%	48.2%	45.9%	4.8%	1.51
Pr6O11	%	5.5%	5.3%	4.2%	5.9%	3.6%	8.0%	4.8%	4.9%	0.7%	100.75
Nd2O3	%	23.2%	18.5%	11.7%	20.5%	14.1%	33.8%	16.5%	17.2%	3.2%	98.40
Sm2O3	%	4.7%	2.3%	0.8%	2.3%	1.7%	3.9%	1.6%	2.5%	2.1%	1.93
Eu2O3	%	0.9%	0.4%	0.1%	0.4%	0.0%	0.8%	0.3%	0.6%	0.4%	30.50
Gd2O3	%	4.4%	0.1%	0.2%	1.0%	1.6%	1.8%	0.6%	1.2%	5.7%	44.15
Tb4O7	%	0.6%	0.1%	0.0%	0.1%	0.2%	0.2%	0.1%	0.1%	1.3%	1,332.50
Dy2O3	%	3.7%	0.1%	0.0%	0.3%	1.9%	0.5%	0.1%	0.6%	8.8%	421.00
Ho2O3	%	0.7%	0.1%	0.0%	0.0%	0.4%	0.1%	0.0%	0.1%	1.8%	152.25
Er2O3	%	2.0%	0.1%	0.0%	0.1%	1.1%	0.1%	0.0%	0.2%	5.3%	34.00
Tm2O3	%	0.3%	0.1%	0.0%	0.0%	0.1%	0.1%	0.0%	0.0%	0.7%	800.00
Yb2O3	%	1.3%	0.1%	0.0%	0.1%	0.9%	0.1%	0.0%	0.1%	4.4%	15.30
Lu2O3	%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	802.50
Y2O3	%	25.4%	0.4%	0.1%	1.4%	15.8%	1.1%	0.2%	2.6%	58.2%	5.85
Sum Total		100%	100%	100%	100%	100%	100%	100%	100%	100%
Magnet REO	%	43%	26%	17%	30%	24%	48%	24%	27%	24%
LREO	%	56%	96%	99%	94%	76%	91%	97%	92%	11%
HREO	%	44%	4%	1%	6%	24%	9%	3%	8%	89%
CREO	%	54%	20%	12%	23%	32%	36%	17%	21%	72%
CREO+HREO	%	73%	28%	17%	32%	42%	50%	24%	30%	93%
Basket Value	REO/kg	$ 64.89	$ 28.27	$ 17.12	$ 30.46	$ 34.30	$ 48.45	$ 23.60	$ 28.79	$ 86.65

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.

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Strategic Partnership Activity

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;
To strategically co-operate to accelerate Makuutu mine development and production for mutual benefit;
Potential for future investment in IonicRE, and/or the Makuutu Rare Earths Project directly, and/or off-take agreements, as agreed by the parties, for rare earth product produced by IonicRE.
12-month term
12 months of Due Diligence by China Rare Earths Jiangsu prior to signing non-binding MOU
China Rare Earths Jiangsu operates four facilities with REO refining capacity
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

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1 ASX Announcement 7 April 2021.

Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Metallurgy Testwork MRE Update ESIA BFS 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
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Resource Drilling (Phase 4)
Metallurgy Testwork
MRE Update
ESIA
BFS
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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==> picture [187 x 230] intentionally omitted <==

IonicRE Activity over the remainder of 2021

STEADY WORK PROGRAM UNDERWAY AT MAKUUTU

Drilling progressing with approximately 220 holes (3,600 metres) completed to date of 5,700 metre Phase 4 infil drilling program
Pending confirmation of application TN03555 for conversion of EL 1766 to Retention Licence
Confirmation on status of Exploration Licence application TN03573 for area northwest of existing Makuutu Project area
Drill assay results expected through the remainder of 2021 and into Q1 2022
Stakeholder engagement activity in Uganda ramping up with Environmental and Social Impact Assessment draft documentation expected to be submitted to the Ugandan NEMA in Q4
Metallurgical testwork ongoing at ALS Metallurgy, ANSTO, SGS Lakefield and other providers to optimise inputs for Makuutu
Initiation of landowner access agreements on completion of socio-economic baseline surveys across initial mining areas
Feasibility Study engineering continuing
Planning for additional in country testwork and bulk sampling, test pit mining and large scale metallurgical testwork to increase confidence and de-risk Project development
Ongoing discussions with strategic partner groups on the development of 1) Makuutu and 2) Separation and Refining facility
Metallurgical testwork on MREC conversion to separated REOs and process modeling kicked off
Refinement of inputs for Refinery location analysis

IONIC RARE EARTHS

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Ionic Rare Earths Limited

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IONIC RARE EARTHS

AI assistant

IONIC RARE EARTHS LIMITED — Investor Presentation 2021

65151_rns_2021-08-16_3852432b-5d7a-47c7-93af-be1af5713607.pdf

Cautionary Statement

Important Notice and Disclaimer

Competent Person Statement

IonicRE Corporate Snapshot

STRATEGIC VALUE DRIVEN BY THE UNIQUE CREO/HREO BASKET

The Time is Now

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

The Mine – Makuutu

No radionuclides

The Basket – High Margin

44% Heavy REOs (Sm to Y)

World accelerating to carbon

Harnessing the wide appeal of the Makuutu Basket

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

Infrastructure in close proximity to Makuutu

Strategic importance of Makuutu

Discussions continue with other

Potential for significant Exploration upside at Makuutu still to be realised

Phase 4 drilling program

Makuutu Rare Earth Project Highlights

STRATEGIC VALUE DERIVED BY THE UNIQUE CREO/HREO DOMINANT BASKET

MAKUUTU BASKET HIGH VALUE CREO / HREO PRODUCT

Tier-One In-Country Infrastructure already there!

EXCELLENT LOCAL INFRASTRUCTURE SUPPORTS LOW CAPEX DEVELOPMENT

LOGISTICS

POWER

WATER

WORKFORCE

Excellent local infrastructure supports low CAPEX development

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

FURTHER IAC TARGETS IDENTIFIED AT MAKUUTU

Makuutu and Critical Raw Materials 2020

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

Economic Importance vs Supply Risk results for 2020 criticality assessment[1]

REO Pricing Basis

MAKUUTU’S STRATEGIC IMPORTANCE WILL INCREASE LONG TERM

Makuutu CREO & HREO Dominant Product Basket Value

REO PRICING TO 2030….

MAKUUTU PRODUCT BASKET[1] , US$/KG

ESG initiatives ‘front and centre’ at Makuutu

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

Investment in Uganda – The Pearl of Africa

MAJOR INTERNATIONAL INVESTMENT INTO UGANDA IS UNDERWAY

China Dominates Global REE Separation & Refining Capacity

ALL HEAVY RARE EARTH ROADS LEAD TO ….. CHINA

Standalone Refinery to unlock value of balanced basket REOs

DEVELOPMENT OF REFINERY TO PRODUCE SEPARATED REOs OF INREASING DEMAND AND

Makuutu is Unique – it’s Basket is the Key

INITIAL REFINERY PRODUCTS Nd, Pr, Dy, Tb, Y AND Sc CONTAIN > 93% OF POTENTIAL REVENUE

Makuutu Basket Volume

Makuutu Basket Value

Makuutu Basket ~ 43% Magnet REOs required for Permanent Magnet drives for EVs

Electric Vehicles – Driven by NdPr (and DyTb)

Nd, Pr, Dy & Tb EXPECTED TO BE IN DEFICIT BY 2027

Land Constrained – Go Offshore

COUNTRIES ADOPT OFFSHORE WIND TURBINES TO REACH CO 2 TARGETS

Without DyTb – No Offshore Wind Turbine Capacity

THE BASICS – HOW MUCH REO IS REQUIRED PER MW OF OFFSHORE TURBINE CAPACITY?

HALIDE* 150-MV OFFSHORE WINE TURBINE

Makuutu & Offshore Wind Turbine Capacity

MAGNET REO – SUPPLY FAILING DEMAND → ‘ESCAPE VELOCITY’ BY 2027

GLOBAL OFFSHORE WIND TURBINE CAPACITY

Key HREO Applications without Substitute – New Supply Required

HREO & CREO crucial in Defence Applications

DEFENCE HREO SUPPLY CHAIN – MAKUUTU POTENTIALLY SUPPLIES IT ALL

HREO & CREO crucial in Defence Applications

Scandium Market Overview

AN EMERGING STRATEGIC METAL WITH LARGE POTENTIAL MARKETS IN THE GLOBAL TRANSPORT SECTOR AND AEROSPACE

Scandium Market Overview

MARINE

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

3[rd] LARGEST SCANDIUM RESOURCE REPORTED

Elk Creek (Niocorp)

Sorel Tracy (Rio Tinto)

Crater Lake (Imperial Mining)

Kovdor (EuroChem)

Makuutu

IONIC RARE EARTHS LIMITED Investor Presentation 2021

**HALIDE* 150-MV OFFSHORE WINE TURBINE**