METEORIC RESOURCES NL — M&A Activity 2023

Mar 12, 2023

13 March 2023

Caldeira Project Definitive Acquisition Agreement Signed

Highlights

• Definitive Agreement signed with Togni Group of Companies for the acquisition of the Caldeira Project, a Tier 1 Ionic Clay Rare Earths Project located in Minas Gerais State, Brazil

• Meteoric and Togni have further agreed to work together to enable Meteoric to fully leverage the benefit of Togni’s long mining experience and extensive local commercial and regulatory contacts

• Relationship expanded to include Togni providing significant assistance with respect to the exploration, development and permitting of the Caldeira Project, as well as the potential acquisition of neighbouring Licences prospective for Rare Earths - Parties’ interests aligned with Togni to be issued 100m Performance Shares with significant milestones on Completion

• Due Diligence progressing very well, diamond drilling continuing, and assay results from 398 check assays samples showing excellent correlation, confirming the high-grade nature of the Caldeira Project

• Meteoric currently building out its management and technical team in readiness for Acquisition Completion

• Completion of the Acquisition to occur immediately following receipt of the US$17.5m for the Juruena sale on 31 March

• Maiden JORC Mineral Resource Estimation on historic exploration data to be released in late April

Meteoric Resources NL ( Meteoric or the Company ) (ASX: MEI ) is pleased to announce that the Definitive Agreement for the acquisition of the Rare Earths ( REE ) rights comprising the Caldeira Project has been signed. The material terms of the Definitive Agreement are set out in Appendix 1.

Dr Andrew Tunks Meteoric’s Director said, “The signing of the Definitive Agreement is a significant step for Meteoric and represents several months of hard work by all parties resulting in a comprehensive document focused on the path forward for exploration and development of the Caldeira Project. In this process, Togni and Meteoric have developed extremely strong ties which now enables Meteoric to leverage Togni’s remarkable 112-year history of mining in the area to fast track our efforts.

The technical, legal and financial due diligence is proceeding very well. On the technical front, work has focused on the ongoing diamond drilling of 26 twin holes to examine the depth potential of the REE mineralisation, as well as a significant assay verification exercise where 5% of samples from the original exploration were re-assayed at an alternate laboratory. Pleasingly, the results confirm the original work was of high quality with the new results being almost identical to the original assays.

The USD$17.5 million from the sale of Juruena on 31 March will be used to complete the acquisition of the Caldeira Project, with the payment of the first US$5 million instalment to Togni. The remaining funds, together with ~AUD$7.5m of in-the-money 2023 options, ensures Meteoric is well funded to hit the ground running on the exploration and development of this truly amazing Tier 1 project. We are also working hard to attract the best Rare Earths talent to our team to drive the project towards development.

Geological modelling for the estimation of a Maiden JORC Mineral Resource for the Caldeira Project is well underway. Senior representatives of Meteoric met with the Resource Group BNA Mining Solutions in Belo Horizonte, Brazil, recently to review the work, which is progressing very well and we anticipate the Resource will be available to the market in late April”.

DUE DILIGENCE UPDATE

RE-ASSAY OF HISTORICAL DATA

Results for 398 samples including both laboratory pulps (296) and coarse auger drilling rejects (102) were selected from 23 holes representing a broad geographical representation of historic exploration ( Figure 1 ). Holes were also selected to ensure that all grade ranges were represented across the Project. Results indicate excellent correlation between old and new assays for the samples, thereby increasing confidence in the previous work.

A plot showing original samples (SGS Laboratory) verses re-assay samples (ALS Laboratory) is shown in Figure 2 and indicates no statistically significant bias between the original exploration results and Meteoric’s re-assay data. (See JORC TABLE 1 for Sample Prep and analysis methods).

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Figure 1. Location map of holes selected for re-assay.

Mining Licences in red were explored between 2016 and 2019 by an intensive program of auger drilling and assaying for rare earth elements.

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Figure 2. Comparison plot of sample pairs for all 398 samples selected for re-assay at ALS Laboratory. Red dots represent re-assayed pulps and blue dots represent reassayed coarse rejects.

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Figure 3. Core from the first diamond hole drilled at Capo Do Mel. This hole has a narrow soil horizon 0-1.4m and then a thick zone of Saprolitic clays until 26.6m. The hole finished in phonolite/syenite at 31.8m

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Figure 4 . Caldeira Project team members at the Togni offices after Agreement signing. Anibal Togni (Vice President - Togni), Livio Togni (President Togni), Andrew Tunks (Director Meteoric), Fabio Togni (Commercial Director Togni), Teresa Togni (Technical Vice President Togni), Luiz Noronha (Lawyer – Target Latin America), Alvaro Fochi (Technical Director Etgran) and Vinicius Rodrigues (Senior Geologist Target Latin America).

This release has been authorised by the Board of Meteoric Resources NL.

For further information, please contact:

Dr Andrew Tunks Victoria Humphries Director Investor and Media Relations Meteoric Resources NWR Communications E: ajtunks@meteoric.com.au E: victoria@nwrcommunications.com.au

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T: +61 400 205 555

T: +61 431 151 676

The information in this announcement that relates to exploration results is based on information reviewed, collated and fairly represented by Dr Andrew Tunks who is a Member of the Australasian Institute Geoscientists and a Director of Meteoric Resources NL. Dr Tunks has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Tunks consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Dr Tunks confirms information in this market announcement is an accurate representation of the available data and studies for the material mining project.

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APPENDIX 1 MATERIAL TERMS OF THE AGREEMENT

The material terms of the Definitive Agreement for the Acquisition of the Rare Earth Rights comprising the Caldeira Project are as follows:

Togni S/A – Materiais Refratários (and various subsidiaries and affiliates) and Etgran Mineração, Importação E Exportação De Produtos Ltda (collectively Togni ) grant Meteoric the exclusive right to explore, develop and mine the Rare Earth Minerals ( REE ) on the 30 Licences (21 Mining Licences and 9 Mining Licence Applications) that comprise the Caldeira Project.

Any Licences within a 10km radius of the outer boundary of the Caldeira Project acquired by either Meteoric or Togni shall also be subject to the terms of the Agreement.

In consideration of the grant of the exclusive right, Meteoric shall pay Togni:

• USD$5m on or before 10 April 2023 ( Completion ), USD$5m on or before 2 April 2024, USD$5m on or before 2 April 2025 and USD$5m on or before 2 April 2026, which amounts are deemed to be advance payments for (and therefore offset against) the Royalty; and

• Upon production commencing, and subject to the advanced payments referred to above, a 4.75% Royalty based on the REO value, and benchmarked against the FOB-China pricing published in the Metal-Pages service provided by the Argus Metals publication ( Royalty ). In the first four years of production, Meteoric shall pay the Royalty based on a monthly minimum of 210 tons per month (being one quarter of the envisioned production subject to studies) even if production is less than this amount. From the fifth year onward Meteoric shall pay the Royalty on a monthly minimum of 420 tons per month (being half of the envisioned production subject to studies) even if production is less than this amount.

Meteoric shall expend a minimum of USD$5m on the Caldeira Project in the first two years, and USD$2.5m in subsequent years. Initial expenditure shall be focused on driving Resource growth towards Reserves as fast as possible, Metallurgical Testwork, Development Studies and Plant Design. Any annual expenditure exceeding the minimum amount shall carry over to the following years.

Togni shall do all things necessary to assist Meteoric in perfecting its title to the REE.

Eight of the thirty Licences are held by a third party, with Togni holding, amongst other things, the rights to the REE on these eight Licences. Meteoric acknowledges that it may be required from time to time to adjust or revise its proposed exploration, development and production programs to avoid interference with the third parties pre-existing exploration and mineral mining rights. It is noted that none of the eight Licences form part of the area in which Meteoric intends to initially explore, develop and produce.

Meteoric shall commence production within four years, failing which it shall make Royalty payments of USD$600,000 per month, which amounts are deemed to be advance payments for (and therefore offset against) the Royalties. If after eight years Meteoric has not commenced production then the Agreement shall terminate.

The Agreement contains standard representations and warranties.

The Agreement is legally binding and governed by the laws of Brazil.

Meteoric and Togni have agreed to work together so as to enable Meteoric to fully leverage the benefit of Togni’s long mining experience and extensive local commercial and regulatory contacts. Togni have agreed to provide every assistance to Meteoric with respect to exploration and development of the Caldeira Project, securing all licences, permits and any other form of permission required to enable Meteoric to explore, develop and mine the Caldeira Project as quickly and efficiently as possible, and seeking to expand the footprint of the Caldeira Project via the potential acquisition of neighboring Licences prospective for Rare Earths. In consideration of this invaluable assistance and so as to align the parties’ interests going forward, Meteoric has agreed to issue to Togni 100m Performance Shares at completion and pursuant to ASX Listing Rule 7.1 in the following tranches and subject to the following milestones:

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Tranche	Number of Performance Shares	Performance Milestone
1	25 million Class A Performance Shares	(a) Completion of the acquisition of the Caldeira Project; and (b) delineation on the Caldeira Project of an Inferred Mineral Resource Estimate (JORC 2012) of not less than 100Mt at or above a Total Rare Earths Oxide grade of 2,500 PPM, by no later than 2 April 2024.
2	25 million Class B Performance Shares	Delineation on the Caldeira Project of an Indicated and Measured Mineral Resource Estimate (JORC 2012) of not less than 200Mt at or above a Total Rare Earths Oxide grade of 3,000 PPM, by no later than 2 April 2025.
3	25 million Class C Performance Shares	Completion of positive feasibility studies on the Caldeira Project, as evidenced by a decision to mine by the Company Board, by no later than 2 April 2026.
4	25 million Class D Performance Shares	The Company securing funding in the amount of not less than AUD$125m for the construction of the first stage of a rare earths processing facility on the Caldeira Project, by no later than 2 April 2027.

Each Performance Shares shall convert into an Ordinary Share in Meteoric on a one for one basis upon satisfaction of the relevant milestone. Each Ordinary Share issued shall be subject to a one-year escrow on date of issue of the Ordinary Share.

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APPENDIX 2 JORC Table 1

Section 1. Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Sampling techniques	 Holes were sampled using a powered auger drill rig (open hole). Each drill site was cleaned,
	removing leaves and roots at the surface. Tarps were placed on either side of the hole and
	samples of soil and saprolite where collected every 1m of advance, logged, photographed
	with subsequent bagging of the sample in plastic bags.
Drilling techniques	 Powered auger drilling was employed. All holes are vertical and 4 inch in diameter. The
	maximum depth achievable with the powered auger was 20m, and this was only
	achievable if the hole did not encounter fragments of rocks/boulders etc. sitting within
	the weathered profile, and / or the water table.
Drill sample recovery	 Auger sample recovery calculated as length of sample recovered per interval drilled.
	 Generally, within range of 75% to 100%.
Logging	 For every 1m drilled, the material was described in a drilling bulletin, and photographed.
	 The sample description is made according to the tactile-visual characteristics, such
	as material (soil, colluvium, saprolite, rock fragments); material color; predominant
	particle size; presence of moisture; indicator minerals; extra observations. If the
	water level is reached, it will also be described.
Sub-sampling	 The auger drill samples underwent a physical preparation process:
techniques and sample	o Samples were weighted.
preparation	o If the samples were wet, they were dried for several days on rubber mats.
	o Samples when dried were passed through a screen (5mm).
	o Homogenization occurs by agitation in bags, followed by screening to <3mm.
	o Fragments of rock or hardened clay that were retained in the sieves were
	fragmented with a 10kg manual disintegrator and a 1kg hammer, until 100% of the
	sample passed through the screening.
	o The sample was homogenized again by agitation in bags.
	o Sample then passed through a Jones 12 channel splitter, where 500g was
	send to the lab (SGS geosol laboratory in Vespasiano – Minas Gerais).
	o Remaining samples were placed in 20 litre plastic buckets, clearly labelled by
	hole ID and depth, and stored on site.
	o For re-assay the pulps were send directly to ALS Geochemistry laboratory in
	Vespasiano – Minas Gerais.
	o For re-assay of the coarse rejects were prepared on-site by splitting into four
	quarters from which 150 to 200g was collected from each quarter before sending
	to ALS Geochemistry laboratory in Vespasiano – Minas Gerais.
	 All samples had registered identification that was captured on internal control
	spreadsheets. This identification was linked to the name of the hole and interval
	to which the sample belonged.
Quality of assay data	 Each batch analysed at SGS Geosol laboratory are composed of 43 samples, 37 of which
and laboratory tests	belong to exploration intervals and 6 were QAQC` samples (duplicate, blank and standards).
	 Duplicate samples were predetermined and identified in the splitting phase with two
	samples, ~ 500g, receiving different identifications. Blank samples consisted of milky quartz,
	two blank samples (100g each) were inserted into each batch. Two standard samples were
	also inserted into each batch.
	 After the physical preparation of the samples at Plant 2, in Poços de Caldas, batches with 43
	samples were sent to the SGS-Geosol laboratory, located in Vespasiano – MG for splitting of
	the natural sample into a Jones type splitter to remove an aliquot and later, pulverized in a
	steel mill, 95% minus 150 mesh.
	 The analytical methodologies used were identified by the codes IMS95A (determination by
	fusion with lithium metaborate - ICP MS).
	 For fusion with lithium metaborate, graphite crucibles were used, in which initially 0.5 g of
	lithium metaborate, 0.1 g of pulverized sample and another 0.5 g of lithium metaborate were
	inserted. Heated up to 950 °C. Molten content was placed in beaker with 100ml solution of
	2% tartaric acid (C4H6O6), 10% nitric acid (HNO3) and 88% purified water for
	homogenization.
	 Two aliquots of 15ml each were transferred to test tubes and were sent for ICP analysis
	(analytical referenceIMS95A).

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• The analyses were performed through mass spectrometry with inductively coupled plasma (ICP-MS). In this procedure, the ions were separated according to the mass / charge ratio through transport under the action of electric and magnetic fields. Quantitative analyzes include rare earth elements, in addition to Y, Co, Cu, Cs, Ga, Hf, Mo, Ni, Rb, Sn, Ta, Th, Tl, U and W (ICP-MS-IMS-95A Detection limits are shown in the Table below).

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Verification of  sampling and assaying Re-assay

• After the physical preparation of the samples in Poços de Caldas,

• Two batches, one with 294 pulp samples and another with 102 coarse reject samples were sent to ALS Geochemistry laboratory in Vespasiano – Minas Gerais for CRU-31 (fine crushing 85% passing through 2mm screen), SPL-21 (splitting the samples using a riffle splitter, PULP-31 (pulversising 285g, 85 passing through a 75 micron screen) and SPL-34 (splitting for the various analysis methods).

• The analytical methodologies used were identified by the codes ME-MS81[TM] (determination by fusion with lithium metaborate - ICP MS) and ICM655 (2% ammonium sulfate leaching and reading by ICP OES / ICP MS).

• For fusion with lithium metaborate, graphite crucibles were used, in which initially 0.5 g of lithium metaborate, 0.1 g of pulverised sample and another 0.5 g of lithium metaborate were inserted. Heated up to 950°C. Molten content was placed in a beaker with 100ml solution of 2% tartaric acid (C4H6O6), 10% nitric acid (HNO3) and 88% purified water for homogenization. Two aliquots with 15ml each were transferred to test tubes and then sent for ICP analysis (analytical reference MEMS81[TM] ).

• The analyses were performed through mass spectrometry with inductively coupled plasma (ICPMS). In this procedure, the ions were separated according to the mass / charge ratio through transport under the action of electric and magnetic fields. Quantitative analyses include rare earth elements, in addition to Y, Co, Cu, Cs, Ga, Hf, Mo, Ni, Rb, Sn, Ta, Th, Tl, U and W (ICP-MS, MEMS81[TM] ) Detection limits are shown in the Table below

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• There has been no adjustment to the REE assay results other than the accepted factors applied to report.

• Location of data  All holes were picked up by Nortear Topografia e Projectos Ltda., planialtimetric topographic points surveyors. The GPS South Galaxy G1 RTK GNSS was used, capable of carrying out data surveys and kinematic locations in real time (RTK-Real Time Kinematic), consisting of two GNSS receivers, a BASE and a ROVER. The horizontal accuracy, in RTK, is 8mm + 1ppm, and vertical 15mm + 1ppm.

• The coordinates were provided in the following formats: Sirgas 2000 datum, and UTM WGS 84 datum - georeferenced to spindle 23S.

• For the generation of planialtimetric maps (DEM), drones were used to control points in the field (mainly in a region with more dense vegetation), in addition to the auger drillholes.

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Data spacing	 Hole spacing varies across the prospects from a maximum of: 200m by 200m, infill drilled to
and distribution	100m by 100m in some areas, with tighter spacing of 50m by 50m in the closest space areas.
	 Given the substantial geographic extent and generally shallow, flat lying geometry of the
	mineralisation, the spacing and orientation are considered sufficient to establish the geologic
	and grade continuity.
	 Samples were not composited.
Orientation of	 The mineralisation is flat lying and occurs within the saprolite/clay zone of a deeply
data in relation	developed regolith (reflecting topography and weathering). Vertical sampling from the
to geological	powered auger holes was appropriate.
structure	 As such, no sampling bias was believed to be introduced.
Sample security	 Samples were removed from the field and transported back to Plant 2 sample preparation and
	sample storage facility of Togni SA Materiais Refratarios where they were checked and
	organised on wooden pallets in a covered shed. After checking, all samples were weighed then
	the samples underwent a physical preparation process including: drying, sieving,
	homogenisation, and finally splitting before being packed in plastic bags, packed into batches of
	43 samples, and despatched to SGS-Geosol for analysis.
	 The remaining samples were stored in 20 ltr plastic buckets, labelled with the name of the
	target, the hole name and sampled intervals. Samples were securely locked up in the storage
	shed.
Audits or reviews	 This announcement presents the audit of ALS Geochemistry laboratory in Vespasiano – Minas
	Gerais: for details see“verification of assaying and sampling”.

Section 2. Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section).

Criteria
Mineral tenement and land tenure status. Process Phase Owner 814.251/1971 Mining Concession Mineração Perdizes Ltda 814.860/1971 Mining Concession Mineração Zelândia Ltda 815.006/1971 Mining Concession Mineração Perdizes Ltda 815.274/1971 Mining Request Companhia Geral de Minas 815.645/1971 Mining Concession Companhia Geral de Minas 815.681/1971 Mining Concession Mineração Zelândia Ltda 815.682/1971 Mining Concession Companhia Geral de Minas 816.211/1971 Mining Concession Mineração Perdizes Ltda 817.223/1971 Mining Concession Mineração Daniel Togni Loureiro Ltda 820.352/1972 Mining Concession Mineração Zelândia Ltda 820.353/1972 Mining Concession Mineração Zelândia Ltda 820.354/1972 Mining Concession Mineração Zelândia Ltda 813.025/1973 Mining Request Mineração Perdizes Ltda 808.556/1974 Mining Concession Mineração Perdizes Ltda 811.232/1974 Mining Concession Mineração Perdizes Ltda 809.359/1975 Mining Concession Companhia Geral de Minas 803.459/1975 Mining Concession Mineração Perdizes Ltda 804.222/1975 Mining Request Mineração Perdizes Ltda 807.899/1975 Mining Request Companhia Geral de Minas 808.027/1975 Mining Concession Companhia Geral de Minas 809.358/1975 Mining Concession Companhia Geral de Minas 830.391/1979 Mining Request Mineração Perdizes Ltda 830.551/1979 Mining Request Togni S A Materiais Refratários 830.000/1980 Mining Request Mineração Perdizes Ltda 830.633/1980 Mining Request Mineração Zelândia Ltda 831.880/1991 Mining Request Mineração Zelândia Ltda 835.022/1993 Mining Concession Mineração Perdizes Ltda 835.025/1993 Mining Concession Mineração Perdizes Ltda 831.092/1983 Mining Concession Mineração Perdizes Ltda 830.513/1979 Mining Request Mineração Monte Carmelo Ltda  Given the rich history of mining and current mining activity in the Pocos de Caldas there appears to be no impediments to obtaininga License to operate in the area. Exploration done by other parties  The Caldera Project has had significant exploration in the form of surface geochem across 30 granted mining concessions, plus: geologic mapping, topographic surveys, and powered auger(1,396 holes for 13,710m and 12,962 samples).	Process	Phase	Owner	Area (ha)
	814.251/1971	Mining Concession	Mineração Perdizes Ltda	124.35
	814.860/1971	Mining Concession	Mineração Zelândia Ltda	341.73
	815.006/1971	Mining Concession	Mineração Perdizes Ltda	717.52
	815.274/1971	Mining Request	Companhia Geral de Minas	739.73
	815.645/1971	Mining Concession	Companhia Geral de Minas	366.02
	815.681/1971	Mining Concession	Mineração Zelândia Ltda	766.54
	815.682/1971	Mining Concession	Companhia Geral de Minas	575.26
	816.211/1971	Mining Concession	Mineração Perdizes Ltda	796.55
	817.223/1971	Mining Concession	Mineração Daniel Togni Loureiro Ltda	772.72
	820.352/1972	Mining Concession	Mineração Zelândia Ltda	26.40
	820.353/1972	Mining Concession	Mineração Zelândia Ltda	529.70
	820.354/1972	Mining Concession	Mineração Zelândia Ltda	216.49
	813.025/1973	Mining Request	Mineração Perdizes Ltda	943.74
	808.556/1974	Mining Concession	Mineração Perdizes Ltda	204.09
	811.232/1974	Mining Concession	Mineração Perdizes Ltda	524.40
	809.359/1975	Mining Concession	Companhia Geral de Minas	317.36
	803.459/1975	Mining Concession	Mineração Perdizes Ltda	24.02
	804.222/1975	Mining Request	Mineração Perdizes Ltda	403.65
	807.899/1975	Mining Request	Companhia Geral de Minas	948.92
	808.027/1975	Mining Concession	Companhia Geral de Minas	600.76
	809.358/1975	Mining Concession	Companhia Geral de Minas	617.23
	830.391/1979	Mining Request	Mineração Perdizes Ltda	7.30
	830.551/1979	Mining Request	Togni S A Materiais Refratários	528.88
	830.000/1980	Mining Request	Mineração Perdizes Ltda	203.85
	830.633/1980	Mining Request	Mineração Zelândia Ltda	35.25
	831.880/1991	Mining Request	Mineração Zelândia Ltda	84.75
	835.022/1993	Mining Concession	Mineração Perdizes Ltda	73.50
	835.025/1993	Mining Concession	Mineração Perdizes Ltda	100.47
	831.092/1983	Mining Concession	Mineração Perdizes Ltda	171.39
	830.513/1979	Mining Request	Mineração Monte Carmelo Ltda	457.27

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Geology	The	Alkaline Complex of Poços de Caldas represents in Brazil one of the most important geological
	terrains which hosts deposits of: bauxite, clay, uranium, zirconium, rare earths and leucite. The different
	types of mineralisation are products of a history of post-magmatic alteration and weathering in the last
	stages of its evolution (Schorscher & Shea, 1992; Ulbrich et al., 2005), described below:
		1. Deuteric post-magmatic alteration and incipient hydrothermal alteration: potassium
		metasomatism and zeolitization and, subordinately, formation of clays under oxidizing
		conditions, with hematitization and hydrated iron oxides;
		2. Hydrothermal alteration: pyritisation, strong potassium metasomatism, mobilization and
		concentration of U, Th, ETR, Zr and Mo;
		3. Emplacement of mafic-ultramafic dikes (lamprophyres);
		4. Development of lateritic surface and extensive saprolitization of the massif, supergene
		remobilization and precipitation of uranium concentrations.
		5. The REE mineralisation focused on in this release is of the Ionic Clay type as evidenced by
		development within the saprolite/clay zone of the weathering profile of the Alkaline granite
		basement as well as enriched HREE composition.
Drill hole		Drill hole information for all 1,396 powered auger holes drilled by previous explorers is presented
Information		in previous release.
Data		Previous release lists Mineralised Intercepts for all powered auger holes drilled by previous
aggregation		explorers. For simplicity the mineralised intercepts reported are a weighted average grade of
methods		the entire drill hole. No top- cuts have been employed and no restriction on the amount of
		internal dilution. Inspection of the assay table shows there are only 26 samples of 12,964 total
		samples which are <500 ppm TREO, therefore it is effectively a 500ppm bottom cut.
		No Metal Equivalents are used.
Relationship		The mineralisation is flat lying (reflecting topography and weathering) and occurs within the
		saprolite/clay zone of a deeply developed regolith. As the drilling is vertical, down hole intervals
		are assumed to be true widths.
between
mineralisation
widths and
_intercept lengths _
Diagrams		A tenement location plan, regional geology map, and a type cross section are presented in the main
		body.
Balanced		Collar information and Significant Intercepts for all drill holes from the project are reported in
reporting		Appendix 3.
Other		A report on preliminary metallurgical testwork of material from Capo Do Mel has been
substantive		announced to the market on ASX:MEI .
exploration data
Further work		Proposed work is discussed in the body of the text.

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APPENDIX 3

APPENDIX 3	APPENDIX 3	APPENDIX 3	APPENDIX 3	APPENDIX 3
Data for all samples re-assayed
	Sample information					Original: SGS (		ppm)			Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
CDM-119	0.0	346626	7567193	Pulp	259	677	6	31	973	248	706	5	28	987
CDM-119	1.0	346626	7567193	Pulp	560	1423	10	49	2042	545	1499	11	51	2106
CDM-119	2.0	346626	7567193	Pulp	551	1418	12	61	2041	531	1452	13	61	2058
CDM-119	3.0	346626	7567193	Pulp	382	988	10	51	1430	346	965	9	49	1369
CDM-119	4.0	346626	7567193	Pulp	472	1210	12	63	1757	434	1207	12	60	1714
CDM-119	5.0	346626	7567193	Pulp	545	1392	11	55	2003	495	1359	11	53	1918
CDM-119	6.0	346626	7567193	Pulp	723	1807	13	67	2610	703	1860	14	65	2643
CDM-119	7.0	346626	7567193	Pulp	820	2066	13	62	2962	754	1989	14	62	2818
CDM-119	8.0	346626	7567193	Pulp	591	1497	11	52	2151	604	1551	12	52	2219
CDM-119	9.0	346626	7567193	Pulp	385	986	8	46	1424	352	953	8	43	1357
CDM-119	10.0	346626	7567193	Pulp	432	1107	7	36	1582	383	1040	7	33	1464
CDM-119	11.0	346626	7567193	Pulp	327	860	8	41	1236	303	841	8	39	1192
CDM-119	12.0	346626	7567193	Pulp	314	827	7	35	1183	280	773	8	32	1093
CDM-119	13.0	346626	7567193	Pulp	315	811	5	28	1159	274	757	6	27	1064
CDM-119	14.0	346626	7567193	Pulp	259	666	5	29	959	248	675	6	28	958
CDM-119	15.0	346626	7567193	Pulp	194	526	7	38	765	187	540	7	39	774
CDM-119	16.0	346626	7567193	Pulp	138	373	5	29	546	130	374	5	29	540
CDM-119	17.0	346626	7567193	Pulp	153	391	4	21	569	144	398	4	22	568
CDM-119	18.0	346626	7567193	Pulp	128	336	4	24	492	123	350	5	24	503
CDM-132	0.0	346026	7566998	Pulp	69	191	3	20	282	63	176	4	19	262
CDM-132	0.0	346026	7566998	Coarse	69	191	7	34	300	68	196	4	21	289
CDM-132	1.0	346026	7566998	Pulp	94	250	3	16	363	82	225	3	15	325
CDM-132	1.0	346026	7566998	Coarse	94	250	3	20	367	76	223	3	15	316
CDM-132	2.0	346026	7566998	Pulp	105	282	3	18	408	94	255	3	16	368
CDM-132	2.0	346026	7566998	Coarse	105	282	3	16	406	81	233	3	16	332
CDM-132	3.0	346026	7566998	Pulp	186	505	4	21	716	166	451	4	21	642
CDM-132	3.0	346026	7566998	Coarse	186	505	3	18	712	153	444	4	20	620
CDM-132	4.0	346026	7566998	Pulp	151	404	3	18	577	143	394	3	19	560
CDM-132	4.0	346026	7566998	Coarse	151	404	4	21	580	130	378	3	17	529
CDM-132	5.0	346026	7566998	Pulp	145	386	3	19	553	130	357	4	18	509
CDM-132	5.0	346026	7566998	Coarse	145	386	3	18	552	136	390	3	17	546
CDM-132	6.0	346026	7566998	Pulp	203	553	4	21	781	189	518	4	23	734
CDM-132	6.0	346026	7566998	Coarse	203	553	3	19	779	179	520	4	21	724
CDM-132	7.0	346026	7566998	Pulp	207	558	4	23	793	193	527	5	23	748
CDM-132	7.0	346026	7566998	Coarse	207	558	4	21	790	185	542	5	23	756
CDM-132	8.0	346026	7566998	Pulp	140	383	4	19	545	125	349	4	19	497
CDM-132	8.0	346026	7566998	Coarse	140	383	4	23	551	121	364	4	19	508
CDM-132	9.0	346026	7566998	Pulp	165	436	3	18	622	151	408	4	18	581
CDM-132	9.0	346026	7566998	Coarse	165	436	4	19	623	150	432	3	18	603
CDM-132	10.0	346026	7566998	Pulp	474	1291	8	39	1812	415	1150	8	37	1611
CDM-132	10.0	346026	7566998	Coarse	474	1291	3	18	1787	377	1107	7	33	1524
CDM-132	11.0	346026	7566998	Pulp	1133	3244	27	115	4517	1170	3418	26	117	4731
CDM-132	11.0	346026	7566998	Coarse	1133	3244	8	39	4424	1084	3441	27	116	4667
CDM-132	12.0	346026	7566998	Pulp	836	2420	18	83	3357	749	2100	17	77	2942
CDM-132	12.0	346026	7566998	Coarse	836	2420	27	115	3398	690	2111	17	75	2894
CDM-132	13.0	346026	7566998	Pulp	543	1545	10	47	2145	484	1423	9	43	1960
CDM-132	13.0	346026	7566998	Coarse	543	1545	18	83	2189	435	1324	9	41	1810
CDM-132	14.0	346026	7566998	Pulp	162	478	4	21	665	146	440	4	19	608
CDM-132	14.0	346026	7566998	Coarse	162	478	10	47	697	138	440	4	19	601
CDM-132	15.0	346026	7566998	Pulp	86	254	2	12	354	77	231	2	12	321
CDM-132	15.0	346026	7566998	Coarse	86	254	4	21	365	78	254	2	13	348
CDM-263	0.0	346279	7567044	Pulp	272	748	7	33	1061	250	685	6	29	970
CDM-263	1.0	346279	7567044	Pulp	722	1913	14	62	2711	687	1767	12	53	2519
CDM-263	2.0	346279	7567044	Pulp	754	2006	16	69	2844	730	1913	14	63	2720
CDM-263	3.0	346279	7567044	Pulp	945	2514	21	89	3568	887	2403	18	77	3385
CDM-263	4.0	346279	7567044	Pulp	797	2113	17	73	3001	745	1960	15	66	2785
CDM-263	5.0	346279	7567044	Pulp	507	1363	12	55	1937	480	1254	11	49	1793
CDM-263	6.0	346279	7567044	Pulp	612	1634	13	59	2319	544	1406	11	50	2011
CDM-263	7.0	346279	7567044	Pulp	359	970	10	45	1383	310	846	8	37	1201
CDM-263	8.0	346279	7567044	Pulp	347	955	11	49	1362	301	829	9	41	1180
CDM-263	9.0	346279	7567044	Pulp	220	619	9	43	891	187	540	8	36	770
CDM-263	10.0	346279	7567044	Pulp	167	476	7	36	685	144	419	6	29	598
CDM-263	11.0	346279	7567044	Pulp	161	452	5	25	642	136	390	5	20	551
CDM-263	12.0	346279	7567044	Pulp	146	395	4	18	563	144	401	4	18	567
CDM-263	13.0	346279	7567044	Pulp	122	341	3	15	481	108	302	3	13	425
CDM-263	14.0	346279	7567044	Pulp	146	403	4	18	571	152	400	4	19	575
CDM-266	0.0	346428	7567045	Pulp	110	329	5	29	472	105	301	5	27	437
CDM-266	1.0	346428	7567045	Pulp	154	444	5	26	629	152	425	5	26	607
CDM-266	2.0	346428	7567045	Pulp	299	867	9	44	1218	279	787	8	40	1113
CDM-266	3.0	346428	7567045	Pulp	411	1171	10	46	1638	396	1094	8	45	1543
CDM-266	4.0	346428	7567045	Pulp	999	2827	20	90	3936	832	2228	15	75	3149
CDM-266	5.0	346428	7567045	Pulp	741	2079	17	85	2922	728	1855	14	77	2673
CDM-266	6.0	346428	7567045	Pulp	626	1574	15	73	2289	634	1720	15	80	2450

	Sample information	Sample information	Sample information			Original: SGS (	Original: SGS (	ppm)			Reassay: ALS (ppm)	Reassay: ALS (ppm)	Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
CDM-266	7.0	346428	7567045	Pulp	624	1576	14	60	2274	584	1604	12	63	2263
CDM-266	8.0	346428	7567045	Pulp	422	1132	11	47	1613	419	1148	10	49	1626
CVN-117	0.0	343860	7577877	Pulp	64	195	3	17	278	74	234	3	19	330
CVN-117	2.0	343860	7577877	Pulp	159	486	5	22	672	174	544	4	24	745
CVN-117	4.0	343860	7577877	Pulp	236	717	7	32	991	250	781	6	31	1070
CVN-117	6.0	343860	7577877	Pulp	378	1180	11	49	1617	413	1312	10	50	1786
CVN-117	8.0	343860	7577877	Pulp	413	1292	13	56	1774	449	1435	12	57	1953
CVN-117	10.0	343860	7577877	Pulp	330	1053	10	48	1441	352	1143	10	48	1553
CVN-117	12.0	343860	7577877	Pulp	415	1316	14	60	1804	465	1516	13	63	2057
CVN-117	14.0	343860	7577877	Pulp	221	699	7	34	962	229	743	7	33	1013
CVN-171	0.0	343273	7577083	Pulp	93	285	3	17	398	99	278	3	15	394
CVN-171	2.0	343273	7577083	Pulp	152	547	6	32	738	177	583	7	33	800
CVN-171	4.0	343273	7577083	Pulp	133	444	4	22	604	153	482	5	23	662
CVN-171	6.0	343273	7577083	Pulp	289	1053	10	51	1404	337	1144	11	52	1545
CVN-171	8.0	343273	7577083	Pulp	320	1175	13	64	1572	379	1301	14	67	1760
CVN-171	10.0	343273	7577083	Pulp	199	715	7	37	958	243	804	8	38	1093
CVN-171	12.0	343273	7577083	Pulp	270	971	11	59	1311	314	1051	12	62	1438
CVN-171	14.0	343273	7577083	Pulp	287	1030	13	69	1398	331	1107	13	69	1520
CVN-171	16.0	343273	7577083	Pulp	152	568	8	48	777	184	639	9	51	883
CVN-171	18.0	343273	7577083	Pulp	93	331	5	32	461	111	377	6	34	527
CVN-175	0.0	342669	7576958	Pulp	77	229	3	18	328	80	248	3	18	349
CVN-175	2.0	342669	7576958	Pulp	81	222	3	16	322	82	245	3	15	345
CVN-175	4.0	342669	7576958	Pulp	104	291	3	17	415	108	331	3	17	460
CVN-175	6.0	342669	7576958	Pulp	88	256	3	15	362	90	279	3	15	387
CVN-175	8.0	342669	7576958	Pulp	109	328	4	20	461	113	357	4	20	493
CVN-175	10.0	342669	7576958	Pulp	105	305	3	17	431	109	341	3	17	470
CVN-175	12.0	342669	7576958	Pulp	177	542	5	25	750	179	581	5	25	790
CVN-175	14.0	342669	7576958	Pulp	382	1164	11	50	1608	379	1254	10	50	1693
CVN-175	16.0	342669	7576958	Pulp	487	1524	16	69	2096	495	1674	14	71	2254
CVN-175	18.0	342669	7576958	Pulp	427	1341	14	58	1840	431	1458	12	58	1959
CVN-182	0.0	342886	7576690	Pulp	144	423	4	21	592	145	458	4	20	628
CVN-182	0.0	342886	7576690	Coarse	144	423	4	21	592	171	509	4	22	706
CVN-182	2.0	342886	7576690	Pulp	315	880	8	34	1237	314	1030	7	34	1384
CVN-182	2.0	342886	7576690	Coarse	315	880	4	21	1221	342	1009	7	35	1393
CVN-182	4.0	342886	7576690	Pulp	494	1367	13	58	1932	495	1610	12	61	2178
CVN-182	4.0	342886	7576690	Coarse	494	1367	8	34	1902	516	1545	13	56	2130
CVN-182	6.0	342886	7576690	Pulp	437	1246	14	62	1758	440	1417	12	60	1929
CVN-182	6.0	342886	7576690	Coarse	437	1246	13	58	1754	432	1289	13	57	1791
CVN-182	8.0	342886	7576690	Pulp	578	1640	18	81	2317	591	1890	18	82	2580
CVN-182	8.0	342886	7576690	Coarse	578	1640	14	62	2293	571	1720	17	75	2384
CVN-182	10.0	342886	7576690	Pulp	691	1995	22	97	2805	735	2315	21	97	3168
CVN-182	10.0	342886	7576690	Coarse	691	1995	18	81	2785	704	2117	22	95	2938
DM1-11	0.0	338545	7579938	Pulp	12	37	2	11	62	13	43	2	13	71
DM1-11	0.0	338545	7579938	Coarse	12	37	22	97	168	28	79	2	14	123
DM1-11	1.0	338545	7579938	Pulp	12	37	2	12	63	13	41	2	12	69
DM1-11	1.0	338545	7579938	Coarse	12	37	2	11	62	24	71	2	14	111
DM1-11	2.0	338545	7579938	Pulp	16	49	2	12	79	17	54	2	13	86
DM1-11	2.0	338545	7579938	Coarse	16	49	2	12	79	34	104	2	14	154
DM1-11	3.0	338545	7579938	Pulp	18	58	2	13	91	20	64	2	13	99
DM1-11	3.0	338545	7579938	Coarse	18	58	2	12	90	25	75	2	13	115
DM1-11	4.0	338545	7579938	Pulp	35	110	2	16	163	37	117	3	16	173
DM1-11	4.0	338545	7579938	Coarse	35	110	2	13	159	37	108	3	15	163
DM1-11	5.0	338545	7579938	Pulp	112	353	4	21	490	116	366	4	23	509
DM1-11	5.0	338545	7579938	Coarse	112	353	2	16	484	115	349	4	21	488
DM1-11	6.0	338545	7579938	Pulp	184	572	4	27	787	199	636	5	30	870
DM1-11	6.0	338545	7579938	Coarse	184	572	4	21	780	185	583	5	28	802
DM1-11	7.0	338545	7579938	Pulp	338	1064	8	43	1453	366	1166	9	48	1589
DM1-11	7.0	338545	7579938	Coarse	338	1064	4	27	1434	358	1085	9	43	1494
DM1-11	8.0	338545	7579938	Pulp	282	879	7	39	1207	321	1037	9	47	1414
DM1-11	8.0	338545	7579938	Coarse	282	879	8	43	1212	296	893	8	40	1238
DM1-11	9.0	338545	7579938	Pulp	196	618	5	30	849	220	705	6	34	965
DM1-11	9.0	338545	7579938	Coarse	196	618	7	39	860	207	628	6	30	870
DM1-11	10.0	338545	7579938	Pulp	517	1638	12	67	2234	543	1726	13	72	2355
DM1-11	10.0	338545	7579938	Coarse	517	1638	5	30	2191	529	1604	14	63	2209
DM1-11	11.0	338545	7579938	Pulp	673	2105	16	85	2878	723	2234	17	91	3064
DM1-11	11.0	338545	7579938	Coarse	673	2105	12	67	2856	678	2047	18	79	2821
DM1-11	12.0	338545	7579938	Pulp	821	2570	20	106	3516	873	2753	21	113	3760
DM1-11	12.0	338545	7579938	Coarse	821	2570	16	85	3491	797	2391	21	95	3305
DM1-11	13.0	338545	7579938	Pulp	556	1745	14	73	2388	585	1890	15	79	2569
DM1-11	13.0	338545	7579938	Coarse	556	1745	20	106	2427	535	1715	15	74	2339
DM1-11	14.0	338545	7579938	Pulp	482	1508	12	61	2062	502	1586	12	65	2165
DM1-11	14.0	338545	7579938	Coarse	482	1508	14	73	2076	501	1563	14	61	2139

12

	Sample information	Sample information	Sample information			Original: SGS (	Original: SGS (	ppm)			Reassay: ALS (ppm)	Reassay: ALS (ppm)	Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
DM1-15-A	0.0	338154	7579809	Pulp	145	535	4	19	703	166	587	4	22	778
DM1-15-A	1.0	338154	7579809	Pulp	263	983	6	27	1278	294	1037	6	29	1367
DM1-15-A	2.0	338154	7579809	Pulp	477	1792	12	53	2334	488	1656	11	50	2205
DM1-15-A	3.0	338154	7579809	Pulp	935	3413	21	95	4464	969	3406	21	101	4497
DM1-15-A	4.0	338154	7579809	Pulp	579	2005	15	64	2663	610	2088	14	64	2775
DM1-15-A	5.0	338154	7579809	Pulp	427	1461	13	59	1959	477	1633	13	61	2184
DM1-15-A	6.0	338154	7579809	Pulp	375	1270	13	58	1715	389	1376	13	58	1835
DM1-15-A	7.0	338154	7579809	Pulp	366	1256	14	64	1701	427	1400	15	68	1910
DM1-15-A	8.0	338154	7579809	Pulp	485	1641	19	86	2230	462	1528	16	76	2083
DM1-18	0.0	338749	7579751	Pulp	49	136	2	15	202	68	183	3	17	270
DM1-18	1.0	338749	7579751	Pulp	61	166	2	15	245	52	145	3	17	218
DM1-18	2.0	338749	7579751	Pulp	66	188	3	15	272	71	205	3	17	296
DM1-18	3.0	338749	7579751	Pulp	45	143	3	19	210	47	153	3	21	223
DM1-18	4.0	338749	7579751	Pulp	70	204	2	13	289	73	218	2	15	307
DM1-18	5.0	338749	7579751	Pulp	161	506	3	18	687	169	535	3	19	725
DM1-18	6.0	338749	7579751	Pulp	264	842	3	19	1128	268	862	3	20	1153
DM1-18	7.0	338749	7579751	Pulp	581	1794	7	37	2418	600	1872	8	38	2518
DM1-18	8.0	338749	7579751	Pulp	977	2992	12	59	4039	1017	3068	12	60	4158
DM1-18	9.0	338749	7579751	Pulp	415	1320	7	38	1780	410	1336	7	39	1791
DM1-18	10.0	338749	7579751	Pulp	505	1620	10	54	2190	503	1627	10	53	2194
DM1-189	0.0	338209	7581036	Pulp	27	83	2	14	126	28	88	2	13	131
DM1-189	1.0	338209	7581036	Pulp	35	106	3	17	160	34	109	3	17	162
DM1-189	2.0	338209	7581036	Pulp	72	225	4	26	326	69	220	4	25	319
DM1-189	3.0	338209	7581036	Pulp	135	436	6	35	612	134	450	6	36	626
DM1-189	4.0	338209	7581036	Pulp	200	662	10	50	922	201	682	9	48	940
DM1-189	5.0	338209	7581036	Pulp	316	1075	14	68	1473	323	1110	13	66	1513
DM1-189	6.0	338209	7581036	Pulp	436	1455	14	67	1972	407	1423	13	65	1908
DM1-189	7.0	338209	7581036	Pulp	465	1603	18	84	2170	491	1662	16	81	2250
DM1-189	8.0	338209	7581036	Pulp	457	1563	17	84	2121	491	1598	16	82	2188
DM1-189	9.0	338209	7581036	Pulp	406	1362	15	72	1855	396	1353	14	70	1832
DM1-189	10.0	338209	7581036	Pulp	499	1690	19	92	2300	503	1703	17	88	2311
DM1-189	11.0	338209	7581036	Pulp	537	1856	23	112	2528	545	1919	22	109	2595
DM1-189	12.0	338209	7581036	Pulp	536	1842	23	113	2514	495	1790	21	110	2416
DM1-189	13.0	338209	7581036	Pulp	491	1712	22	107	2332	453	1633	20	105	2211
DM1-189	14.0	338209	7581036	Pulp	490	1694	21	103	2308	451	1633	20	100	2204
DM1-189	15.0	338209	7581036	Pulp	482	1674	22	106	2284	454	1639	20	104	2218
DM1-189	16.0	338209	7581036	Pulp	254	870	12	60	1196	271	956	12	64	1304
DM1-189	17.0	338209	7581036	Pulp	80	256	4	22	363	82	267	4	22	375
DM2-06	0.0	339948	7580841	Pulp	64	190	3	17	274	62	189	3	17	272
DM2-06	1.0	339948	7580841	Pulp	102	306	3	16	427	106	306	3	16	431
DM2-06	2.0	339948	7580841	Pulp	101	298	2	14	415	104	303	3	15	425
DM2-06	3.0	339948	7580841	Pulp	211	625	5	27	869	222	647	5	28	903
DM2-06	4.0	339948	7580841	Pulp	325	980	7	36	1348	334	979	7	36	1355
DM2-06	5.0	339948	7580841	Pulp	198	596	5	25	824	203	601	5	27	836
DM2-06	6.0	339948	7580841	Pulp	181	539	5	25	750	160	472	4	23	660
DM2-06	7.0	339948	7580841	Pulp	182	547	5	26	759	188	556	5	26	776
DM2-06	8.0	339948	7580841	Pulp	165	495	4	26	690	165	488	5	25	683
DM2-06	9.0	339948	7580841	Pulp	126	375	4	23	527	131	388	5	25	550
DM2-06	10.0	339948	7580841	Pulp	140	417	5	28	590	148	437	5	29	619
DM2-06	11.0	339948	7580841	Pulp	176	508	5	27	716	179	511	5	28	723
DM2-56	0.0	339848	7579938	Pulp	56	159	2	17	235	53	156	2	15	226
DM2-56	1.0	339848	7579938	Pulp	112	327	3	19	461	109	329	3	18	459
DM2-56	2.0	339848	7579938	Pulp	222	647	4	23	897	209	639	4	21	873
DM2-56	3.0	339848	7579938	Pulp	308	895	6	30	1238	286	861	5	28	1179
DM2-56	4.0	339848	7579938	Pulp	438	1279	9	45	1772	412	1260	9	45	1726
DM2-56	5.0	339848	7579938	Pulp	573	1655	13	65	2305	500	1522	13	60	2095
DM2-56	6.0	339848	7579938	Pulp	436	1254	13	61	1763	408	1231	11	59	1709
DM2-56	7.0	339848	7579938	Pulp	238	674	8	44	964	225	677	8	45	954
DM2-56	8.0	339848	7579938	Pulp	193	565	6	32	796	170	510	6	29	715
DM2-56	9.0	339848	7579938	Pulp	155	459	5	25	644	135	421	4	23	583
DM2-56	10.0	339848	7579938	Pulp	194	552	6	31	783	171	518	5	28	722
DM2-57	0.0	340043	7579939	Pulp	105	325	3	20	453	93	283	3	19	398
DM2-57	0.0	340043	7579939	Coarse	105	325	12	61	502	109	317	4	18	448
DM2-57	1.0	340043	7579939	Pulp	174	537	4	20	735	183	549	4	21	757
DM2-57	1.0	340043	7579939	Coarse	174	537	3	20	734	192	541	4	21	758
DM2-57	2.0	340043	7579939	Pulp	597	1718	12	57	2384	624	1656	12	57	2349
DM2-57	2.0	340043	7579939	Coarse	597	1718	4	20	2339	546	1510	11	48	2116
DM2-57	3.0	340043	7579939	Pulp	609	1745	18	87	2459	653	1738	18	89	2498
DM2-57	3.0	340043	7579939	Coarse	609	1745	12	57	2423	548	1522	16	72	2158
DM2-57	4.0	340043	7579939	Pulp	375	1065	13	67	1520	383	1057	14	66	1519
DM2-57	4.0	340043	7579939	Coarse	375	1065	18	87	1545	371	1031	13	58	1474
DM2-57	5.0	340043	7579939	Pulp	246	718	10	49	1022	262	739	10	50	1062

13

	Sample information	Sample information	Sample information			Original: SGS (	Original: SGS (	ppm)			Reassay: ALS (ppm)	Reassay: ALS (ppm)	Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
DM2-57	5.0	340043	7579939	Coarse	246	718	13	67	1044	257	717	10	44	1029
DM2-57	6.0	340043	7579939	Pulp	113	335	5	25	479	110	318	5	24	458
DM2-57	6.0	340043	7579939	Coarse	113	335	10	49	508	119	341	5	23	488
DM2-57	7.0	340043	7579939	Pulp	142	412	5	23	582	139	398	4	23	564
DM2-57	7.0	340043	7579939	Coarse	142	412	5	25	584	136	392	4	20	553
DM2-57	8.0	340043	7579939	Pulp	156	444	4	23	627	146	437	4	22	609
DM2-57	8.0	340043	7579939	Coarse	156	444	5	23	627	140	419	4	22	586
DM2-73	0.0	339848	7579739	Pulp	258	775	7	34	1073	247	772	6	32	1057
DM2-73	0.0	339848	7579739	Coarse	258	775	4	23	1060	264	813	7	35	1120
DM2-73	1.0	339848	7579739	Pulp	491	1481	12	54	2038	569	1545	12	57	2183
DM2-73	1.0	339848	7579739	Coarse	491	1481	7	34	2013	494	1516	12	57	2079
DM2-73	2.0	339848	7579739	Pulp	663	2011	20	95	2789	714	2129	20	100	2963
DM2-73	2.0	339848	7579739	Coarse	663	2011	12	54	2739	731	2152	21	101	3005
DM2-73	3.0	339848	7579739	Pulp	641	1945	24	116	2726	729	2024	24	119	2895
DM2-73	3.0	339848	7579739	Coarse	641	1945	20	95	2701	628	1913	23	114	2679
DM2-73	4.0	339848	7579739	Pulp	416	1244	16	85	1761	448	1266	17	86	1817
DM2-73	4.0	339848	7579739	Coarse	416	1244	24	116	1800	408	1242	17	84	1752
DM2-73	5.0	339848	7579739	Pulp	279	844	12	58	1193	304	886	13	65	1268
DM2-73	5.0	339848	7579739	Coarse	279	844	16	85	1225	296	916	13	62	1287
DM2-73	6.0	339848	7579739	Pulp	165	509	8	37	719	170	510	8	40	727
DM2-73	6.0	339848	7579739	Coarse	165	509	12	58	744	173	541	8	41	763
DM2-73	7.0	339848	7579739	Pulp	108	334	5	30	476	108	322	5	28	463
DM2-73	7.0	339848	7579739	Coarse	108	334	8	37	486	110	348	6	30	493
DM2-73	8.0	339848	7579739	Pulp	75	234	4	24	337	79	239	4	24	347
DM2-73	8.0	339848	7579739	Coarse	75	234	5	30	344	79	240	4	25	349
DM2-73	9.0	339848	7579739	Pulp	77	241	4	24	346	80	240	4	25	349
DM2-73	9.0	339848	7579739	Coarse	77	241	4	24	345	75	231	4	24	334
DM2-73	10.0	339848	7579739	Pulp	55	177	4	22	259	58	176	4	24	262
DM2-73	10.0	339848	7579739	Coarse	55	177	4	24	261	54	177	4	23	258
FG-07	0.0	341049	7573460	Pulp	183	553	6	28	769	169	532	5	28	734
FG-07	1.0	341049	7573460	Pulp	437	1329	11	53	1830	415	1295	11	54	1775
FG-07	2.0	341049	7573460	Pulp	493	1499	14	69	2074	449	1429	14	66	1958
FG-07	3.0	341049	7573460	Pulp	302	953	9	47	1311	289	917	9	46	1261
FG-07	4.0	341049	7573460	Pulp	343	1079	10	49	1482	325	1051	10	50	1436
FG-07	5.0	341049	7573460	Pulp	281	900	8	42	1232	252	813	8	39	1112
FG-07	6.0	341049	7573460	Pulp	323	1028	9	46	1406	293	951	9	46	1298
FG-07	7.0	341049	7573460	Pulp	303	970	9	44	1326	286	930	9	43	1267
FG-07	8.0	341049	7573460	Pulp	277	857	8	38	1179	254	823	8	37	1122
FG-07	9.0	341049	7573460	Pulp	174	553	5	27	760	167	540	5	28	741
FG-07	10.0	341049	7573460	Pulp	163	526	5	28	722	157	517	6	28	708
FG-07	11.0	341049	7573460	Pulp	115	363	4	23	505	103	337	4	23	467
FG-07	12.0	341049	7573460	Pulp	80	255	3	19	357	73	238	3	17	331
FG-25	0.0	341837	7573052	Pulp	21	54	2	14	90	26	62	2	17	107
FG-25	0.0	341837	7573052	Coarse	21	54	8	33	115	23	57	2	14	97
FG-25	1.0	341837	7573052	Pulp	27	66	2	12	107	30	69	2	12	112
FG-25	1.0	341837	7573052	Coarse	27	66	2	14	109	29	69	2	11	111
FG-25	2.0	341837	7573052	Pulp	263	832	14	73	1181	288	883	17	80	1268
FG-25	2.0	341837	7573052	Coarse	263	832	2	12	1108	269	834	16	75	1194
FG-25	3.0	341837	7573052	Pulp	141	470	6	31	648	153	485	7	36	682
FG-25	3.0	341837	7573052	Coarse	141	470	14	73	698	153	476	7	36	671
FG-25	4.0	341837	7573052	Pulp	87	280	4	22	393	97	297	5	25	424
FG-25	4.0	341837	7573052	Coarse	87	280	6	31	404	96	302	4	24	426
FG-25	5.0	341837	7573052	Pulp	72	222	4	20	317	78	233	4	23	337
FG-25	5.0	341837	7573052	Coarse	72	222	4	22	321	78	240	4	21	342
FG-25	6.0	341837	7573052	Pulp	96	308	4	20	428	104	310	4	22	441
FG-25	6.0	341837	7573052	Coarse	96	308	4	20	428	108	331	4	21	464
FG-25	7.0	341837	7573052	Pulp	43	118	2	15	178	43	117	3	15	178
FG-25	7.0	341837	7573052	Coarse	43	118	4	20	185	44	123	2	15	184
FG-25	8.0	341837	7573052	Pulp	47	134	3	15	198	50	137	3	16	205
FG-25	8.0	341837	7573052	Coarse	47	134	2	15	199	51	144	3	16	214
FG-25	9.0	341837	7573052	Pulp	49	136	3	14	201	52	141	3	16	211
FG-25	9.0	341837	7573052	Coarse	49	136	3	15	202	53	149	2	15	221
FG-25	10.0	341837	7573052	Pulp	71	191	3	19	284	67	186	3	20	276
FG-25	10.0	341837	7573052	Coarse	71	191	3	14	277	66	187	3	18	274
FG-25	11.0	341837	7573052	Pulp	72	196	3	20	292	70	199	4	19	292
FG-25	11.0	341837	7573052	Coarse	72	196	3	19	291	71	207	3	19	300
FG-25	12.0	341837	7573052	Pulp	65	188	4	22	279	62	186	4	21	274
FG-25	12.0	341837	7573052	Coarse	65	188	3	20	276	64	186	4	21	275
FG-25	13.0	341837	7573052	Pulp	59	150	3	24	236	53	143	3	22	221
FG-25	13.0	341837	7573052	Coarse	59	150	4	22	235	55	155	4	22	235
FG-25	14.0	341837	7573052	Pulp	155	408	13	82	658	140	380	12	76	609
FG-25	14.0	341837	7573052	Coarse	155	408	3	24	590	158	447	13	77	694

14

	Sample information	Sample information	Sample information			Original: SGS (	Original: SGS (	ppm)			Reassay: ALS (ppm)	Reassay: ALS (ppm)	Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
FG-25	15.0	341837	7573052	Pulp	75	203	5	30	313	72	205	5	28	310
FG-25	15.0	341837	7573052	Coarse	75	203	13	82	374	73	213	5	27	317
FG-25	16.0	341837	7573052	Pulp	87	225	6	33	351	85	229	5	34	352
FG-25	16.0	341837	7573052	Coarse	87	225	5	30	347	88	247	5	32	373
FG-25	17.0	341837	7573052	Pulp	79	207	4	26	316	74	201	4	25	304
FG-25	17.0	341837	7573052	Coarse	79	207	6	33	325	73	205	4	23	304
FG-25	18.0	341837	7573052	Pulp	117	309	4	24	453	107	306	4	23	440
FG-25	18.0	341837	7573052	Coarse	117	309	4	26	455	106	301	4	22	433
FG-25	19.0	341837	7573052	Pulp	111	298	5	27	440	102	283	5	26	416
FG-25	19.0	341837	7573052	Coarse	111	298	4	24	437	99	276	4	24	404
FG-48	0.0	340840	7572260	Pulp	46	129	2	11	187	42	132	2	11	186
FG-48	0.0	340840	7572260	Coarse	46	129	4	22	201	42	125	2	10	179
FG-48	1.0	340840	7572260	Pulp	115	320	4	21	460	100	315	3	19	437
FG-48	1.0	340840	7572260	Coarse	115	320	2	11	448	104	310	4	20	437
FG-48	2.0	340840	7572260	Pulp	365	1010	9	48	1432	335	997	9	48	1389
FG-48	2.0	340840	7572260	Coarse	365	1010	4	21	1399	318	967	9	45	1340
FG-48	3.0	340840	7572260	Pulp	559	1543	15	75	2192	517	1522	14	74	2128
FG-48	3.0	340840	7572260	Coarse	559	1543	9	48	2160	487	1470	13	67	2037
FG-48	4.0	340840	7572260	Pulp	818	2289	22	113	3241	747	2158	20	105	3030
FG-48	4.0	340840	7572260	Coarse	818	2289	15	75	3196	717	2041	19	97	2875
FG-48	5.0	340840	7572260	Pulp	687	1920	19	97	2724	672	1942	19	99	2732
FG-48	5.0	340840	7572260	Coarse	687	1920	22	113	2742	617	1773	17	86	2492
FG-48	6.0	340840	7572260	Pulp	548	1534	15	80	2177	468	1400	14	72	1953
FG-48	6.0	340840	7572260	Coarse	548	1534	19	97	2198	475	1435	14	72	1995
FG-48	7.0	340840	7572260	Pulp	402	1134	12	63	1610	438	1318	14	71	1840
FG-48	7.0	340840	7572260	Coarse	402	1134	15	80	1631	365	1115	12	61	1553
FG-48	8.0	340840	7572260	Pulp	477	1348	14	75	1915	365	1106	12	59	1541
FG-48	8.0	340840	7572260	Coarse	477	1348	12	63	1900	408	1266	13	69	1756
FG-48	9.0	340840	7572260	Pulp	299	895	11	49	1253	301	914	9	49	1274
FG-48	9.0	340840	7572260	Coarse	299	895	14	75	1283	293	883	10	49	1234
FG-48	10.0	340840	7572260	Pulp	288	855	11	48	1202	295	879	10	51	1235
FG-48	10.0	340840	7572260	Coarse	288	855	11	49	1203	279	854	9	48	1190
FG-48	11.0	340840	7572260	Pulp	198	598	8	33	837	209	640	7	36	893
FG-48	11.0	340840	7572260	Coarse	198	598	11	48	855	192	586	6	33	817
SB-103	0.0	348600	7568692	Pulp	36	101	2	13	151	34	101	2	13	151
SB-103	1.0	348600	7568692	Pulp	80	223	3	17	322	82	241	3	17	344
SB-103	2.0	348600	7568692	Pulp	81	226	2	15	324	84	241	3	16	345
SB-103	3.0	348600	7568692	Pulp	106	302	3	17	428	114	336	3	18	472
SB-103	4.0	348600	7568692	Pulp	112	302	3	16	432	114	334	3	16	468
SB-103	5.0	348600	7568692	Pulp	115	312	3	15	444	119	346	3	17	485
SB-103	6.0	348600	7568692	Pulp	123	345	3	17	488	129	371	3	17	521
SB-103	7.0	348600	7568692	Pulp	125	345	3	16	488	123	357	3	16	499
SB-103	8.0	348600	7568692	Pulp	118	321	2	15	457	121	343	3	15	481
SB-103	9.0	348600	7568692	Pulp	133	373	3	16	524	140	405	3	17	565
SB-103	10.0	348600	7568692	Pulp	147	409	3	18	577	153	450	4	19	626
SB-103	11.0	348600	7568692	Pulp	146	411	3	17	578	152	443	3	19	617
SB-103	12.0	348600	7568692	Pulp	174	482	3	19	679	181	527	4	20	733
SB-103	13.0	348600	7568692	Pulp	120	337	3	14	474	132	385	3	16	536
SB-103	14.0	348600	7568692	Pulp	284	799	5	29	1117	296	878	7	31	1212
SB-103	15.0	348600	7568692	Pulp	275	780	5	26	1086	277	814	6	27	1125
SB-103	16.0	348600	7568692	Pulp	242	675	5	26	947	252	749	5	27	1033
SB-103	17.0	348600	7568692	Pulp	322	886	7	33	1247	345	1012	7	36	1401
SB-103	18.0	348600	7568692	Pulp	405	1134	8	43	1590	461	1289	10	46	1806
SB-103	19.0	348600	7568692	Pulp	323	909	7	36	1274	359	1064	8	41	1472
SB-108	0.0	349105	7571194	Pulp	81	223	2	12	318	82	241	3	12	339
SB-108	1.0	349105	7571194	Pulp	257	712	5	20	993	260	760	4	21	1046
SB-108	2.0	349105	7571194	Pulp	366	1031	6	29	1432	371	1089	6	28	1494
SB-108	3.0	349105	7571194	Pulp	391	1104	8	34	1536	406	1207	7	34	1654
SB-108	4.0	349105	7571194	Pulp	481	1344	11	51	1887	504	1452	11	50	2017
SB-108	5.0	349105	7571194	Pulp	506	1430	17	78	2030	557	1604	16	78	2255
SB-108	6.0	349105	7571194	Pulp	553	1577	23	107	2260	623	1755	22	107	2507
SB-108	7.0	349105	7571194	Pulp	525	1526	26	122	2198	612	1744	27	132	2515
SB-108	8.0	349105	7571194	Pulp	470	1352	25	122	1970	543	1510	25	126	2205
SB-108	9.0	349105	7571194	Pulp	310	894	17	86	1308	336	1008	18	91	1452
SB-108	10.0	349105	7571194	Pulp	168	467	9	46	690	167	493	9	48	718
SB-108	11.0	349105	7571194	Pulp	75	204	4	22	305	80	234	4	23	341
SB-108	12.0	349105	7571194	Pulp	113	312	6	30	461	116	343	5	29	494
SB-108	13.0	349105	7571194	Pulp	111	309	5	24	449	108	317	5	24	454
SB-109	0.0	349325	7571192	Pulp	373	1161	7	32	1573	341	1084	6	31	1461
SB-109	0.0	349325	7571192	Coarse	373	1161	5	27	1565	355	1077	6	30	1467
SB-109	1.0	349325	7571192	Pulp	683	2094	16	63	2856	619	1942	14	60	2636
SB-109	1.0	349325	7571192	Coarse	683	2094	7	32	2817	635	1919	12	57	2624

15

	Sample information	Sample information	Sample information			Original: SGS (	Original: SGS (	ppm)			Reassay: ALS (ppm)	Reassay: ALS (ppm)	Reassay: ALS (ppm)
Hole No	Depth	E	N	Type	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO	Pr6O11	Nd2O3	Tb2O3	Dy2O3	TREO
SB-109	2.0	349325	7571192	Pulp	422	1316	12	52	1803	496	1551	13	61	2122
SB-109	2.0	349325	7571192	Coarse	422	1316	16	63	1817	467	1441	12	54	1973
SB-109	3.0	349325	7571192	Pulp	820	2548	28	123	3519	812	2379	25	114	3331
SB-109	3.0	349325	7571192	Coarse	820	2548	12	52	3432	751	2292	23	102	3168
SB-109	4.0	349325	7571192	Pulp	830	2661	33	139	3663	813	2414	29	133	3389
SB-109	4.0	349325	7571192	Coarse	830	2661	28	123	3642	736	2280	26	118	3160
SB-109	5.0	349325	7571192	Pulp	746	2330	33	141	3251	701	2105	27	133	2967
SB-109	5.0	349325	7571192	Coarse	746	2330	33	139	3248	669	2035	26	122	2853
SB-109	6.0	349325	7571192	Pulp	575	1797	29	127	2526	546	1720	25	122	2414
SB-109	6.0	349325	7571192	Coarse	575	1797	33	141	2546	579	1790	25	120	2515
SB-109	7.0	349325	7571192	Pulp	686	2184	40	180	3089	692	2059	32	155	2938
SB-109	7.0	349325	7571192	Coarse	686	2184	29	127	3024	675	2088	36	170	2969
SB-109	8.0	349325	7571192	Pulp	602	1912	39	172	2725	639	1907	32	153	2730
SB-109	8.0	349325	7571192	Coarse	602	1912	40	180	2734	613	1989	36	172	2809
SB-109	9.0	349325	7571192	Pulp	471	1503	29	129	2132	484	1522	25	122	2154
SB-109	9.0	349325	7571192	Coarse	471	1503	39	172	2185	537	1598	28	135	2298
SB-109	10.0	349325	7571192	Pulp	302	986	20	92	1400	280	907	18	87	1292
SB-109	10.0	349325	7571192	Coarse	302	986	29	129	1447	312	983	19	92	1407
SB-109	11.0	349325	7571192	Pulp	172	556	12	52	792	157	505	10	50	722
SB-109	11.0	349325	7571192	Coarse	172	556	20	92	841	192	600	12	56	859
SB-109	12.0	349325	7571192	Pulp	107	347	7	34	495	99	321	6	31	457
SB-109	12.0	349325	7571192	Coarse	107	347	12	52	517	112	352	7	34	506
SB-133	0.0	349101	7570590	Pulp	22	64	1	10	98	21	61	2	9	93
SB-133	1.0	349101	7570590	Pulp	28	81	2	10	121	26	74	2	10	112
SB-133	2.0	349101	7570590	Pulp	54	156	2	13	225	50	150	2	12	214
SB-133	3.0	349101	7570590	Pulp	83	233	3	17	336	76	226	3	16	321
SB-133	4.0	349101	7570590	Pulp	212	608	5	25	850	188	552	4	23	767
SB-133	5.0	349101	7570590	Pulp	356	1000	6	33	1395	311	903	6	31	1251
SB-133	6.0	349101	7570590	Pulp	290	828	6	32	1156	280	818	6	31	1134
SB-133	7.0	349101	7570590	Pulp	273	766	6	32	1077	267	776	6	31	1080
SB-133	8.0	349101	7570590	Pulp	413	1129	10	46	1598	389	1135	9	46	1578
SB-133	9.0	349101	7570590	Pulp	736	2066	19	89	2909	687	2018	16	80	2802
SB-133	10.0	349101	7570590	Pulp	574	1587	16	78	2254	543	1604	14	73	2234
SB-133	11.0	349101	7570590	Pulp	753	2025	17	83	2878	745	2088	17	80	2930
SB-133	12.0	349101	7570590	Pulp	457	1247	12	57	1773	407	1178	11	56	1653

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