RAREX LIMITED — Investor Presentation 2022

Oct 17, 2022

alha! RANGE R CONTROLLER

RARE

Sustainable Rare
Earths

Jeremy Robinson

18 October 2022 Las Vegas

ASX: REE OTCQB: REEEF rarex.com.au

P: +61 8 6383 6593 E: info@rarex.com.au

P: +61 8 9388 1474

E: info@rarex.com.au

This presentation contains summary information about RareX Limited (REE) and is current as of 18 October 2022 and is authorised for release by the Board. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. REE has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. For further information, please contact Managing Director, Jeremy Robinson.

This presentation contains certain "forward-looking statements". Forward looking statements can generally be identified by the use of forward looking words such as, "expect", "should", "could", "may", "predict", "plan", "will", "believe", "forecast", "estimate", "target" and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with REE and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. REE disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

To the maximum extent permitted by law, REE, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

Competent Person's Statements: The information in this presentation relating to the Mineral Resource estimate for the Cummins Range Rare Earths Project is extracted from the Company's ASX announcement dated 19 July 2021. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply. The Company confirms there have been no material changes to exploration results since first reported in accordance with Listing Rule 5.7. The information in this announcement that relates to the Exploration Target is based on and fairly represents information compiled by Mr Guy Moulang, an experienced geologist engaged by RareX Limited, and is extracted from the Company's ASX announcement dated 16 February 2022. Mr Moulang is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Moulang consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. REE confirms that it is not aware of any new information or data that materially affects the information included in the Exploration Target announcement and that all material assumptions and technical parameters underpinning the Exploration Target continue to apply. The information in this presentation relating to the scoping study, production target and forecast financial information for the Cummins Range Rare Earths Project is extracted from the Company's ASX announcement dated 12 September 2022. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the production target and forecast financial information continue to apply. Prior Exploration Results have previously been released by the Company in accordance with Listing Rule 5.7 and the Company confirms there have been no material changes since the results were first released.

Neodymium

"NdPr is a core enabler of highly" efficient electric rare earth NdFeB permanent magnet synchronous motors, a core pillar for the global decarbonisation and CO₂ reduction roadmaps of our governments and industries."

Jeremy Robinson RareX Founder and Managing Director

RareX Vision

"RareX's vision is to be one of the world's leading rare earth material suppliers outside of China for the global NdFeB permanent magnet industry.

We want to provide high quality, sustainable, ethical low carbon produced materials and services through an integrated operation and corporate business model.

Through a continuous improvement process we want to reflect our ESG commitments to our partners, customers, shareholders, employees and to the communities in which we operate."

The RareX Team

Our ESG Commitment

Stakeholders and Stages

Employees, suppliers and contractors

Halls Creek / Port Wyndham / Kununurra Communities

Mine

Project Definition

Exploration and

Development Operation Principles of Governance / Planet /

People & Prosperity

Investors

Level of granularity of data will increase

Mine

KLC and traditional land owners Downstream communities and environments

Regulators

Status Quo

RareX announced its maiden ESG framework in September 2021 and plans to publish its maiden ESG report in 2022.

RARE

Earths

RareX has aligned itself with the World Economic Forum (WEF) Principles.

RareX already contributes 3.5% of its annual exploration expenditure to the Kimberley sustainable development trust for the benefit of the Jaru People on whose land it operates.

ASX Code
OTCQB
Share Price (14.10.2022)
Shares on issue
Market Capitalisation
Cash & Investments (Q1 –22)
Enterprise Value

Chairman Managing Director Non -Executive Director Non -Executive Director Exploration Manager GM Projects Head of Corporate Development Company Secretary

Top 40 Shareholders Number of Shareholders Major Shareholder

ASX:

Electric Trains, E-Buses, E-bikes, EVs. They all use NdPr – NdFeB permanent magnets either in the drivetrain itself or in interior applications, due to better weightperformance attributes and higher overall efficiency.

The European, Canadian, American, Korean, Japanese and Australian Governments acknowledge how import it is to diversify the global rare earth supply chain from Chinese dominance (mining to magnet). In this context, governmental resources and funds have been allocated to assess potential investment targets. The best recent Australian example is the \$1B government backing for Iluka's Eneabba rare earth refinery.

RareX is well funded, highly leveraged to the booming global rare earths sector, with a quality asset in a Tier-1 location with Tier-1 partners and a clear growth strategy to become a sustainable low carbon rare earth producer.

Substantial resource with potentially significant upside. Outstanding recent exploration results have confirmed high-grade extensions at depth and along strike. Additional drilling program commenced Q2–2022 approx. 30,000 metres.

"The Scoping Study shows that the Cummins Range Project has the potential to be a world leader in the application of low carbon energy solutions to rare earths projects. The Project's maximum resource utilisation and refining capacity, powered by green hydroelectric power, demonstrate RareX's commitment to reducing its potential carbon footprint. The Study has been based on the current 2021 Resource and has good potential to grow in scale in the coming 12 months."

Cameron Henry Non-Executive Director

• Strong financials
• Tier-1 Mining Jurisdiction
• Significant production profile of sustainably, Australian produced rare earth and phosphate products with local placement opportunities

• Scoping study based only on current 2021 Indicated and Inferred Resources with 85% of the mine plan in the Indicated category

• Study considers the utilisation of grid-connected hydroelectric power for refinery operations, a potential world first for rare earth refineries

• Board approved commencement of prefeasibility study

RareX - Delivering Strong Financial Scoping Study Results

Capital expenditures

AUD 430M

Life of mine

$12 - 13$ Years

Return of investment

2.8

Years

production

1.5 ktpa* NdPr

7.9 ktpa* TREO

Annual

Net present value NPV⁸

AUD 633M

Unit cost per TREO

AUD/kg 26.58

AUD/kg 6.09*

LOM EBITDA (AUD '000)

AUD 1,900M

Internal return rate

$29%$

Located in the Kimberley region of Western Australia near the township of Halls Creek.

A at site is foreseen producing two products which get trucked along mainly sealed roads of the Great Northern Highway via the Tanami Road and the site access track, both currently unsealed.

The Tanami Road is anticipated to be sealed by the time the Project becomes operational financed by the Government.

Located in the east Kimberley region of Western Australia at Port Wyndham, it's envisaged to build a sourcing the renewable energy from the Ord River Hydroelectric Power Station. It is envisaged to commercialize three products.

Lake Argyle - Hydro Plant Enabling A Low Carbon Operation

Electric Logistics Fleet

Future study work will include an assessment to electrify the local fleet with charging from the hydro powered grid, eliminating fuel use for the RareX facilities at the port and mine site and the transportation of the concentrate, consumables and staff.

Representing another important step in becoming the rare earth operation with one of the lowest carbon footprints worldwide.

Cummins Range - The Mine Mining And Concentrating

RARE Sustainable

Location

Kimberley region, Western Australia near Halls Creek, Good available infrastructure with power, water and sealed airstrip.

Mine Site

Open pit; LOM strip ratio 1:2.2 500 ktpa flotation concentrator

Two products:

• 36 ktpa at 15%TREO of rare earth mineral concentrate
• 130 ktpa at 32% $P_2O_5$ and 2.5% TREO of phosphate mineral concentrate

Permits & Licences

Exploration licence obtained. Mining licence application started including the required surveys.

Geology

Predominantly well understood monazite hosted rare earth mineralisation. Carbonatite & pyroxenite with occasional massive glimmerite.

Resource

18.8 Mt at 1.15% TREO + 0.14% $Nb₂O₅$ , incl. 6.5 Mt at 1.98% TREO + $0.21\%$ Nb₂O₅¹.

Exploration Target

23 Mt to 41 Mt at 1.6% to 2.4% TREO² is in addition to current Resource.

¹ Indicated 11.1Mt at 1.32% TREO + 0.17% $Nb_2O_5$ ; Inferred 7.7Mt at 0.88% TREO + 0.11% Nb₂O₅

² The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been developed following a diamond drilling program completed in 2021. A 15,000m diamond drilling program designed to test the Exploration Target is on track for completion this calendar year. Drilling throughout 2022 continues to confirm this target. The average grade of the primary mineralisation below the current Resource is 2% TREO and therefore a range of 1.6% and 2.4% is provided around that figure to account for uncertainty.

Becoming Australia's 3rd Biggest Rare Earth Deposit

Scale

TREO (kt)

$NdPr (kt)$

Port Wyndham -Hydroelectric Powered Rare Earth Refinery

The Mixed Rare Earth Carbonate (MREC) Refinery Standard acid bake - water leach MREC plant.

Located in the east Kimberley region of Western Australia, it's envisaged to build a hydroelectric powered rare earth refinery sourcing the renewable energy from the Ord River Hydroelectric Power Station.

It is planned to commercialize three products:

• 8.9 ktpa 52% MREC equivalent to 4.7 ktpa TREO containing 0.9 ktpa NdPr
• With a by-product of 13.5 ktpa, 54% $P_2O_5$ merchant grade phosphoric acid
• 128.8 ktpa @ 32% P₂O₅ and 2.5% TREO of phosphate mineral concentrate equivalent to 3.2 ktpa TREO and 0.6ktpa NdPr

Infrastructure

No significant additional non processing infrastructure is required at Port Wyndham due to the availability of existing facilities.

Trucking distance between the mine site and the Wyndham refinery is 535 km.

RARE Sustainab

Earths

Local HOM LOCAL

percentage of global marketshare of LFP batteries in 2021

projected ARK forecast for 2026

projected UBS forecast for 2030

Rock demand: CRU Phosphate Rock: Arianne Phosphates corporate presentation, June 2022 Market share and forecast information: ARK & UBS

Demand tor NdPr

NdPr Enabling Decarbonisation of our Society

NdFeB permanent magnet motors are crucial in reducing greenhouse gas emissions as they are at the heart of so many electric mobility solutions. Green, clean electric mobility solutions require ethical, sustainable, transparently produced NdPr.

Each direct drive permanent magnet wind turbine requires

NdPr Enabling Decarbonisation of our Society

Earths

Ü

Each electric vehicle contains

of all automotive applications, including hydrogen vehicles, have selected a rare earth NdFeb permanent magnet electric motor for their default driveline solution.

Global EV Megatrend Continues to Accelerate

The global automotive industry surpassed in 2022

TATHION

in investments to transition towards EVs

"Global carmakers now target to spend USD 515b* for EVs & batteries. Including Tier 1 suppliers, investments should have surpassed USD 1 trillion."

Jeremy Robinson MD RareX

* https://www.reuters.com/business/autostransportation/exclusive-global-carmakers-now-target-515billion-eys-batteries-2021-11-10/

https://cleantechnica.com/2021/01/02/31-countries-states-and-cities-have-ice-bans-in-place/

MD RareX

NdPr Pricing And Market Information

Sustainable Rare Earths

The Market

Overall market sentiment is positive due to strong growth in the E-mobility sector and increasing EV sales volumes underpinned by a promising market outlook. We anticipate the continuation of the volatility of the NdPr oxide price, but with a steady continuous trend upwards.

Rare Earth Material Pricing from Asian Metals (USD per kg)

Price (USD/kg)

Cummins Range basket price distribution

NdPr Oxide domestic China - RMB converted to USD

is the founder of RareX that was acquired by Sagon Resources Ltd. Jeremy has worked in both the capital markets and in-house for junior and mid-cap mining companies for the past 15 years. Jeremy is an experienced mining executive having held senior roles at Mungana Goldmines Limited and Apex Minerals Limited. Jeremy holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing.

James is a Mining and Mechanical Engineer with a background in tier 1 and junior mining company operational leadership and project development, across Africa and Australia, having started his career with BHP Billiton. James is experienced in greenfield project development from exploration through to development. His experience includes leading the engineering, socio-environmental and infield investigation programs.

Michael is a highly-experienced sales, marketing, and business development manager with a deep interest in the transition to a zero-carbon economy and the advancement of the e-mobility industry – drawing on more than 25 years' experience in the automotive & rare earth sectors. He has held management roles at AW Europe in Germany, TomTom, BP in Netherlands, Solvay/Rhodia in France and Peak Resources & Hastings in Australia.

Guy has more than 15 years' experience in technology metals, base metals and gold exploration. Guy has a Bachelor of Science from James Cook University and is a Member of the Australian Institute of Geoscientists (AIG). Guy spent 10 years at Kagara Ltd where he played an integral role in taking Kagara from an ASX-listed junior to an ASX 200 company with a market capitalisation of A\$1.5B.

Gavin has more than 30 years' experience in technical and operational roles in the mining industry with the last 12 being exclusively within the rare earth and technology metals sector. Gavin is a Chartered Professional and a Member of the Australian Institute of Mining and Metallurgy and is qualified as a Competent Person for both JORC and NI 43-101 reporting with respect to his metallurgical expertise.

Damien is a Metallurgical Engineer with a Masters in Mineral Economics from the Western Australian School of Mines. He has 25+ years of experience in development of complex metallurgical projects across nickel, cobalt, uranium and rare earth elements. In particular, he led a team which developed novel and simple processing methods for the unique Kvanefjeld rare earth project of Greenland Minerals. He has an excellent knowledge of the rare earth industry as he has worked almost exclusively on rare earth project development since 2010.

Mr Young is a highly experienced geologist and was co-founder and executive director of successful ASX200 lithium producer Pilbara Minerals Limited (ASX: PLS). Mr Young played a critical role in growing Pilbara from a junior ASX-listed company to a globally significant \$2 billion lithium producer in the Pilbara region of Western Australia. Mr Young currently serves as a nonexecutive director of a number of ASXlisted companies.

Jeremy Robinson is the founder of RareX. Mr Robinson has worked in both the capital markets and in-house for junior and mid-cap mining companies for the past 15 years. Mr Robinson is an experienced mining executive having held senior roles at Mungana Goldmines Limited and Apex Minerals Limited. Mr Robinson holds a Bachelor of Commerce from the University of Western Australia majoring in Corporate Finance, Investment Finance and Marketing.

Mr Hardcastle has over 10 years' experience as a corporate and finance lawyer and extensive experience in corporate governance, risk management and compliance. He has been involved in a broad range of crossborder and domestic transactions including joint ventures, corporate restructuring, project finance, resources and asset/equity sales and acquisitions. Mr Hardcastle has practiced law both in Australia and overseas and is a partner at Hamilton Locke Lawyers. Shaun is currently a non-executive director of a number of ASX listed companies.

Mr Henry is the founding Managing Director of ASX-listed engineering firm, Primero Group Limited (ASX: PGX), where he has led the Company's strategic and operational direction resulting in its successful listing on the ASX in 2018 and rapid growth globally.

He has been instrumental in positioning the Group to grow within the resources sector as a leader in sub-\$150 million CAPEX EPC projects, ensuring it can differentiate its services offering across design, construction and operation. Primero now operates in several regions globally with annual revenues of approximately A\$200 million.

Mr Henry has over 20 years of industry experience in the development and delivery of minerals processing, energy and infrastructure projects across Australia, Indonesia, North and South America. He has been a member of the Australian Institute of Company Directors since 2013 and has previously held nonexecutive roles with ASX-listed resource company Titan Minerals Limited.

Great Track Record

Rare

Rare earths identified for strategic focus.

Cummins Range acquired

Company re-brands to RareX, divests non-core portfolio.

Exploration target drilling. Scoping study released. Environmental baselines begin. Mining licence application initiated.

Exploration drilling and Resource upgrade. Metallurgy begins. ESG commitments established.

What's Nextr

What's Next?

Earths

Pre-feasibility study. Advanced metallurgy. Orebody geochemistry definition. Resource expansion. Mining licence. Environmental referral complete. Offtake.

2024

Definitive feasibility study. Finalised metallurgy. Orebody geometallurgy. Construction readiness.

Construction. Operational readiness. Operations.

RareX Investment Proposition

The Right Market & Timing

• Strong connection to the decarbonisation and CO₂ reduction roadmaps and rising regulatory requirements and targets across the globe
• · Asian Metals NdPr price Dom. China per kg US\$ 88 (5 September 2022); US\$ 48 (12 October 2020); 2022 max price US\$ 175 (1 March 2022)
• Strong governmental financing support for critical materials and in particular for rare earths projects

The Right Project & Jurisdiction

• Significant Exploration Target of 23-41 Mt at 1.6-2.4 % TREO
• Confirmation of high-grade primary mineralisation
• . Massive resource growth expected in 2022

The Right Company

• Well-funded with cash and investments
• RareX EPV compared to its peers is significantly undervalued

The Right Team

• Recent addition of Michael Prassas to the team
• • further continuous team expansion planned

"Rare earths and NdPr (Neodymium and Praseodymium) are an integral part of the electric mobility and renewable energy thematic.

NdPr is a core enabler of highly efficient electric rareearth NdFeB permanent magnet synchronous motors, a core pillar for the global decarbonisation and CO₂ reduction roadmaps of our governments and industries.

As the global green transformation continues to accelerate and governments clearly have expressed their desire to support diversification of the global rare earth supply chain, RareX is confident to play a vital role in this market to mitigate the upcoming emerging NdPr supply shortage."

Jeremy Robinson RareX Founder and Managing Director

Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director

Oonagh Malone

Unit 6, 94 Rokeby Road Subiaco Western Australia 6008 ABN 65 105 578 756 Telephone (08) 6383 6593 Email info@rarex.com.au

Upcoming Milestones And Key Catalysts

Α	B	C
Initiation of PFS	Initiation of advanced metallurgical program	Initiation of renewable hydro power purchase agreement
D	Е	F
Initiation of land purchase agreement for the rare earth refinery at the port	Initiation of business development activities for offtakes discussions for phosphate and rare earth	Orebody geochemistry definition
G	н
Mining licence negotiation protocol agreement with Jaru PBC	Completion of 2022 drilling season

A	B	$\mathbf c$
Metallurgical, geotechnical and resource drilling program	Environmental and socio- economic baseline assessments	Oxide separation facility scoping study
D	E	F
Fertiliser plant scoping study	Mineral resource estimate expansion including rare earths and phosphates	Mining licence agreement with Jaru complete
G	н	Ι
Initiation of pilot plant	Completion of advanced metallurgical program	Completion of renewable hydro power purchase agreement
J	K	μ
Completion of rare earth refinery land purchase agreement	Pre-feasibility study complete	Environmental referral complete
M	N
Maiden ore reserve	Business development activities materially advanced on phosphate and rare earth

A large rare earth – niobium – phosphate rich carbonatite deposit located in the Kimberley region of Western Australia

Significant global Indicated and Inferred JORC Resource

High-grade tonnes to

Indicated Resource of 11.1 Mt at 1.3 % TREO + 0.17 % Nb2O⁵

11.1	1.34	0.17	830
7.7	0.88	0.11	540
18.8	1.15	0.14	711

4.9	2.11	0.23	1,150
1.6	1.60	0.16	800
6.5	1.98	0.21	1,060

• Drilling since April and completed over 15,000m
• Drilling has confirmed the presence of 3 mineralised carbonatite dykes with associated large alteration systems
• Within the dykes and in the surrounding altered wall rocks are coarse monazite, bastnasite and apatite producing intersections up to 455.6m at 0.5% TREO and 5% P2O⁵
• Fresh rock mineralisation has unusually low uranium thorium levels with an average of <40ppm from this year's drilling
• Exploration this year has more than doubled the width of the mineralised system to over 700m wide
• Assay turnaround remains an issue in the west and assays are trickling in

• Assay results will continue to flow to the end of the year
• Updated resource in the first quarter of 2023
• 2023 exploration program will grow the resource and convert further tonnes into the indicated category
• Large portions of the 2km pipe have not been explored with multiple rare earths intersections that have not been followed up
• Several geochemical and geophysical exploration targets proximal to the Cummins Range pipe to be tested

Phoscorite rocks identified over 600m of strike and outcropping. Recent drilling has extended the width of the zone to over 200m, highlighting opportunity for future.

• Unique geology with coarse apatite rich phoscorite and later rare earths mineralised carbonatite veins.
• Results from all drill holes this year have returned assays of 100m plus at >10% P2O⁵ , higher grade intervals up to 10m at 31% P2O⁵
• Rare earths results of 46m at 1.1% TREO and 7m at 2.5% TREO
• Low uranium thorium content of <120ppm
• Apatite is coarse and will be liberated easily
• Assays awaited for over 2,000m of drilling on the Phos Dyke Example of phoscorite

in core: Apatite= light brown Diopside=green Magnetite=dark grey Phlogopite=black

Strong Apatite (light brown) mineralisation (>15% apatite) in phoscorite. Hole CDX0093 at 107m – 114m

• Great metallurgy results supports phosphate growth drilling
• Phoscorite and rare earths mineralisation open in all directions and at depth
• Large portions of the 2km pipe have not been explored with multiple phosphate intersections that have not been followed up
• Several geochemical and geophysical exploration targets proximal to the Cummins Range pipe to be tested

List Of Sources For Grade And Resource Graphs

Resource	Lynas	Source of data	Hastings	Source of data	ASM	Source of data
Resource Million Tonnage	55.2	https://wcsecure.weblink.com.au/pdf/LYC/02434182.pdf	27.42	https://www.investi.com.au/api/announcements/has/01aac 881-001.pdf	75.18	https://asmd.irmau.com/site/PDF/9d1c747a-65d0-4b1a- 9ff0-9a931ee9b649/InvestorPresentation
Total REO Grade	5.30%	https://wcsecure.weblink.com.au/pdf/LYC/02434182.pdf	0.97%	https://www.investi.com.au/api/announcements/has/01aac 881-001.pdf	0.88%	https://asmd.irmau.com/site/PDF/9d1c747a-65d0-4b1a- 9ff0-9a931ee9b649/InvestorPresentation
NdPr Enrichment wrt Resource	1.95%	Calculation	0.33%	Calculation	0.16%	Calculation
NdPr Enrichment wrt TREO	36.82%	Cover full page image (weblink.com.au)	34.02%	https://www.investi.com.au/api/announcements/has/01aac 881-001.pdf	18.20%	http://www.techmetalsresearch.com/metrics-indices/tmr- advanced-rare-earth-projects-index/
Contained NdPr	1,077	Calculation	90	Calculation	120	Calculation
Contained TREO	2,926	Calculation	266	Calculation	662	Calculation

Resource	Arafura	Source of data	RareX	Source of data	Northern Minerals	Source of data
Resource Million Tonnage	56	https://wcsecure.weblink.com.au/pdf/ARU/02524918.pdf	18.8	02396566.pdf (weblink.com.au)	9.24	Resource and Exploration - Northern Minerals
Total REO Grade	2.60%	https://wcsecure.weblink.com.au/pdf/ARU/02524918.pdf	1.15%	02396566.pdf (weblink.com.au)	0.67%	Resource and Exploration - Northern Minerals
NdPr Enrichment wrt Resource	0.69%	Calculation	0.23%	02396566.pdf (weblink.com.au)	0.03%	Calculation
NdPr Enrichment wrt TREO	26.40%	https://wcsecure.weblink.com.au/pdf/ARU/02524918.pdf	20.00%	Calculation	4.50%	02028753.pdf (weblink.com.au)
Contained NdPr	384	Calculation	43	Calculation		Calculation
Contained TREO	1,456	Calculation	216	Calculation	62	Calculation