VHM LIMITED — AGM Information 2023

Nov 19, 2023

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VHM Limited Annual General Meeting

20 November 2023 I THE WESTIN BRISBANE, 111 Mary Street, Brisbane Queensland

ASX:VHM

Acknowledgement of Country VHM acknowledges the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and the traditional custodians of the lands where we live, learn and work. We pay our respects to past, present and emerging Elders.

Disclaimer and forward-looking statements

Important Information

This presentation has been prepared by VHM Limited ACN 601 004 102 (Company). It contains general background information only which is current at the date of this presentation unless otherwise specified. It is not intended to be an investor presentation. It contains selected summary information only and does not purport to be all-inclusive or to contain all the information that may be relevant to a prospective investor or stakeholder.

The Company, its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). No representation or warranty is made as to the Presentation’s accuracy or completeness. Recipients must satisfy themselves as to the accuracy of all such information. The presentation has been prepared based on information available at the time of preparation and is subject to change without notice. In receiving this presentation, each recipient agrees to the terms and conditions stated in this slide, including any modification to them.

This presentation does not constitute investment or financial product advice. it is not intended to be used as the basis for making an investment decision, nor is it intended to constitute legal, tax, accounting or other advice. Any references to or explanations of legislation, regulatory issues, benefits or other legal commentary (if any) are indicative only, do not summarise all relevant issues and are not intended to be a full explanation of a particular matter. The information has been obtained from and based on sources believed by the Company to be reliable. Past performance is not an indication of future performance.

This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward Statements). Forward Statements can generally be identified by the use of forward-looking words such as "anticipate",

"estimates", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. To the extent that certain statements contained in this presentation may constitute 'Forward Statements' or statements about forward looking matters, then the information reflects the Company's (and no other party's) intent, belief or expectations as at the date of this presentation. No independent third party has reviewed the reasonableness of any such statements or assumptions. None of the Company, its related bodies corporate and its officers, directors, employees, advisers, partners, affiliates and agents (together, the VHM Parties) represent or warrant that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, the Company assumes no obligation to release updates or revisions to Forward .

Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond VHM Limited’s control that could cause actual results, performance or achievements of VHM Limited to be materially different from future results, performance, or achievements expressed or implied by such forward looking statements.

Statements to reflect any changes. Recipients should form their own views as to these matters and any assumptions on which any of the Forward Statements are based and not place reliance on such statements.

Forward looking statements are based on numerous assumptions regarding VHM Limited’s present and future business strategies and the environment in which VHM Limited will operate in the future. Among the important factors that could cause VHM Limited actual results, performance or achievements to differ materially from those in the forward-looking statements in this Presentation (without limitation) a significant change in VHM’s performance (financial or otherwise) or operating environment, a material change to law or regulation (including changes to the regulatory policy or interpretation), and risks and uncertainties associated with the ongoing impacts of the COVID19 pandemic, the conflict between Russia and Ukraine, and the Australian and global economic environment and capital market conditions.

These forward-looking statements speak only as at the date of this Presentation. Save as required by applicable law or regulation the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements in this Presentation may not occur.

No party other than the Company has authorised, permitted or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statement, representation or undertaking in this presentation and there is no statement in this presentation that is based on any statement by any other party. No person, either as a director, partner of or in the employment of the Company has any authority to make, imply, or give any representation or warranty whatsoever in relation to the information contained in this presentation. None of the VHM Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information.

To the maximum extent permitted by law, the VHM Parties:

• exclude and disclaim all liability, including (without limitation) any liability or negligence, for any expenses, losses, damages or costs incurred either as a result of the information in this presentation being inaccurate or incomplete in any way for any reason, or otherwise arising in connection with this presentation; and

make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation.

Compliance Statement

The information in this presentation that relates to the Goschen DFS refresh and the Mineral Resource and Ore Reserve estimates were reported in the ASX announcement dated 28 March 2023. The Cannie Mineral Resource estimate was reported in the ASX announcement dated 16 May 2023 and the Area 4 Ore Reserve estimate was reported in the ASX announcement dated 29 September 2023. The Nowie exploration results were reported in the ASX announcement dated 8 August 2023. The Company confirms that it is not aware of any new information or data that materially affects the matters previously reported and that all material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserves estimates and forecast financial information derived from the production target in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented and have not been materially modified.

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Agenda

1	Chairman’s Address
2	Board Introduction
3	Review of Operations
4	Market Outlook
Appendices
A	Financials
B	JORC Tables

3

Chairman’s address

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Don Runge Non-Executive Chairman

4

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5
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Chairman’s address

Board Introduction

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Board and management team

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Michael Sheridan BEc, LLB, LLM, GradDipAppFinInv Chief Financial Officer

30+ years’ operations and financial experience as executive, having worked at senior management levels in publicly listed companies, predominantly in the international resources sector (mining and oil and gas), as well as telecommunications and corporate advisory sectors.

Ian Smith BEng Mining (Honours), BFinAdmin, FAusIMM, FIEAust Non-Executive Chairman

Ron Douglas

Graham Howard BAppSc (Geology), FAusIMM Non-Executive Director

Maree Arnason BA, FAICD Non-Executive Director

BE, FAIM, MAusIMM, MAICD Executive Director and Interim CEO

35+ years’ operations and project experience with significant corporate experience as Chief Executive Officer of unlisted public companies and an ASX-listed gold company. Mr Howard managed the Telfer Gold Mine (Newcrest) mineral resource inventory expansion, held significant senior management functions including Boddington Gold Mine (Newcrest) and Silangan Au/Cu Project.

40+ years executive and board experience with a career spanning domestic and international mining and mining services companies. Mr Smith’s technical, operational and commercial disciplines have been attributes of his successful delivery of major capital projects and business growth for a number of listed companies and has held managing director and chief executive officer positions for Orica and Newcrest Mining.

35 years’ experience across the resources, energy and manufacturing sectors and is highly experienced in the areas of governance, strategy, sustainability, risk, corporate affairs, stakeholder relations, transformations, divestments and integrations. Her broad commodity experience includes iron ore, gold, copper, timber, coal, mineral sands, and natural gas.

Extensive executive and operations delivery experience gained over a 40-year career with publicly listed global mining, energy, and manufacturing companies. Mr Douglas expertise is in executive operations delivery positions with strengths in major capital program execution, and running corporate profit/loss centres, involving strategic program directorship, safety leadership and corporate transaction negotiation.

Mining. Other Directorships: • Chair of Rex Minerals Limited • NED of Kestrel Coal Limited • NED of Raven Gold Limited	Other Directorships: • Director of Talbot Investments	Other Directorships: • Director of Talbot Investments	Other Directorships: • NED of Gold Road Resources Limited • NED of Ardea Resources Limited • Chair of Juniper Aged Care • ASIC Corporate Governance	Other Directorships: • NED of Gold Road Resources Limited • NED of Ardea Resources Limited • Chair of Juniper Aged Care • ASIC Corporate Governance	Other Directorships: • NED of VP Minerals Limited	Other Directorships: • NED of VP Minerals Limited
				Consultative Panel
			•	Co-founder and Director of
				Energy Access Services

Don Runge

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BEng Mining, MAusIMM Non-Executive Director

Ms Carly O’Regan MBA, GDipCom Executive General Manager, Strategy and Investor Relations

40+ years’ operational and project experience including industrial minerals where he managed the development of the Uley Graphite Project in South Australia. Mr Runge has held executive management positions for Newcrest Mining Limited, including Manager for Ridgeway Underground Project Development and General Manager of Cracow Gold Mine.

Significant business and operational experience in a diverse range of industries, including finance, commercial, mining, oil and gas, both in Australia and internationally including Barclays Global Investors (iShares), Chevron Australia Gorgon and Wheatstone Projects, KPMG, Newcrest, and Shell Australia.

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Mr Bernie Hyde Executive General Manager, Operations Readiness

Managed the team advising Philix Mining Corporation on development of its Silangan Au/Cu Project.

25+ years supervisory and management experience in operations and maintenance roles in the mining industry.

Mr Hyde is the current Chair of the MCA (Vic) Safety and Health Working Group.

7

Operations Update

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FY 2023 in review

Pivotal year

ASX:VHM

Q3 2023

• Listed on ASX - A$30 million[1]

• • ANSTO Testwork Demonstrates High Extractions of REM[2]

• Metallurgical Results and Drilling Commencement[3]

• Agreement entered with Shenghe Resources for Phase 1 products[4]

• Refreshed Definitive Feasibility Study for Goschen Project[5]

Q4 2023

• High-grade interim drilling results from Cannie[6]

• Entered Memorandum of Understanding with local council[7]

• Cannie Mineral Resource estimate adds over 40% to VHM’s rare earths mineral resource inventory[8]

• Pilot Hydromet Plant delivers exceptional recoveries of MREC[9]

EES Exhibition

H1 2024

• Drilling Results Indicate New High-Grade Ore Body at Nowie[10]

• Secures Extension to Exploration Licences[11] Appointment of new Directors to accelerate Goschen Project[12]

• Area 4 “Orion” delivers outstanding results adding to Company Reserve[13]

• • Goschen Project Environment Effects Statement permitted to exhibition[14]

Environment Effects Statement for Goschen commences public exhibition[15]

Notes:

(1) See Company ASX release dated 5 January 2023

(2) See Company ASX release dated 17 January 2023

(3) See Company ASX release dated 25 January 2023

(4) See Company ASX release dated 25 February 2023

(5) See Company ASX release dated 28 March 2023

(6) See Company ASX release dated 4 April 2023

(7) See Company ASX release dated 1 May 2023

(9) See Company ASX release dated 6 June 2023

• (10) See Company ASX release dated 8 August 2023

(11) See Company ASX release dated 17 August 2023

(12) See Company ASX release dated 21 August 2023

• (13) See Company ASX release dated 29 September 2023

(14) See Company ASX release dated 1 November 2023

(15) See Company ASX release dated 14 November 2023

(8) See Company ASX release dated 16 May 2023

9

Goschen Project highlights

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The DFS Refresh[1] demonstrates the Goschen Project economics to be compelling

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5Mtpa >20 years Conventional open cut mining methods excavation, load and haul

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8.5ktpa MREC Target annual production rates for mixed rare earth carbonate (MREC)

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9.4ktpa
REMC
Target annual production rates for
rare earth mineral concentrate
(REMC)
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134.5ktpa HMC Target annual production rates for zircon/titania heavy mineral concentrate (HMC)

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10

Operations

Note: (1) See Company ASX release on 28 March 2023. Goschen Project Financial Metrics for Phase 1 estimated to +/10-15% accuracy and Phase 1A completed to a Class 5 level of accuracy.

• Hydromet Pilot Plant results demonstrate potential

• Exceptional recoveries meet specifications required by Western strategic offtake partners

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• Market leading recoveries achieved at ANSTO producing a high purity mixed rare earth carbonate (MREC) product

• >97% critical light rare earths Nd/Pr

• 92% and 94% for critical heavy rare

• earths Dy and Tb , respectively

• Measurements of the final content of uranium or thorium were considered exceptionally low.

Note: (1) See Company ASX release 6 June 2023

Acronyms : Australian Nuclear Science and Technology Organisation (ANSTO), Nd, – Neodymium, Pr – Praseodymium, Dy – Dysprosium, Tb – Terbium

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Goschen MREC
product contains
less than 3% total
impurities
Above: Goschen’s rare earth product undergoing bench scale sulphation kiln testwork at ANSTO.
Left: Final MREC product from the Hydromet Pilot program.
11
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Operations

Goschen Project permitting and approval pathway

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We are here Planning Approvals & Construction 2018 – 2020 2021 – 2022 2023 2024    Feasibility studies Prepare EES  EES Inquiry & Advisory Prepare EES  Preliminary design to  Committee EES public  environmental inform EES Ministerial decision on EES exhibition  studies assessment Obtain statutory approvals  Stakeholder (including work plans)  consultation Commence construction

Operation Closure 2024– 2026 2026 – 2044 2045   Production  Phase 1A End of mining  commences Processing Rehabilitation and  Phase 1 closure MREC and HMC Processing REMC and HMC

• Commence EES

12

Exploration VHM confirms a ma or new critical mineral rovince j p

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Victoria
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Company Mineral Resources & Reserves

820 Mt[1] Mineral Resource estimate

210 Mt[2] Ore Reserve

590 Kt[1] TREO +Y O 2 3

Notes

Operations

(1) Company Mineral Resource estimate at 30 June 2023

13

(2) Global Reserve last updated and released 29 September 2023

VHM’s ESG credentials

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Fla shi Goschen Pro ect: Buildin a sustainable mine o erations from the start g p j g p

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Environmental Stewardship

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As part of the Goschen EES process, VHM has identified existing environmental and cultural values surrounding the mine. Mitigation measures to reduce impacts and to protect and enhance these values is being incorporated into further feasibility and FEED activities.

First Nations Consultation

Local Community Engagement

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A community benefits program is under development which consists of community sponsorship, grants, training, scholarships, local jobs and supply and procurement partnerships.

A Neighbourhood Agreement is in place for landowners who reside within 3.5 km from the proposed mine site boundary.

VHM is consulting with local Aboriginal Australian communities and the Traditional Owners - the Wemba Wemba and Barapa Barapa peoples.

14

Operations

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Accelerating Goschen towards production in 2025

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Public exhibition of Approvals Construction
Construction
First production
Environment Effects (Phase 1 and 1A) commences commences on (Phase 1)
Statement for Final Investment Hydromet Circuit
(Phase 1)
permitting Decision (Phase 1A)
Q4 2023 H1 2024 H2 2024 H1 2025 H2 2025
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2[years] To target to production *Subject to Ministerial approvals

15

Operations

Market Outlook

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EV Demand by region Emission and EV market share tar ets will continue to row demand for EV and EV lu -in outlets ex onentiall g g p g p y

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56% reduction in fleet-wide GHG emissions by 2032

Sales of only zero-emission vehicles allowed from 2025

56% reduction in fleet-wide GHG emissions by 2032

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Automotive manufacturers are making long-term commitments to . supply chain changes that are already exceeding supply forecasts

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80% of electric car sales in Europe by 2030 100% of battery-electric car sales in Europe by 2030 100% of electric car sales by 2035 Produce 3.5 million electric cars by 2030

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Source: Global rare earths investment horizon outlook (September 2023) Wood Mackenzie

Outlook

17

Market outlook

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Forecasted global production – NdPr

Global demand to triple by 2035

 Adamas projects by 2035 the global demand for NdPr oxide will reach 260,000 tonnes – nearly triple the global consumption in 2022.

• By 2035 – the demand-side of the market will necessitate approximately 200,000 tonnes of freshly-mined NdPr oxide supplies annually - that equates to requiring over 30 Mountain Pass mines.

Source: Adamas Rare Earth Market Outlook to 2040

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18

Outlook

19

Market outlook

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Forecasted global production – Zircon

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• TZMI forecasts a modest cyclic overall zircon demand rebound for 2024 with a 2.7% year on year growth rate.

• TZMI expects long term global demand to grow 2.6% per annum.

• Global zircon existing global supply of zircon is expected to peak in 2025, meaning supply drop anticipated presents favourable market entry point for Goschen planned first production.

Outlook

Priorities 2024 Mature o eration and finance s stem for a res onsible minin business p y p g

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Take Goschen to Production in 2025

Solidify multi-faceted funding framework

Investment in systems to enable VHM as a Responsible Corporate Citizen

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Explore for further

resource growth

Australian owned rare earths and mineral sands developer

20

Outlook

Appendix A Financial Performance

2023 Financial performance

Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows	Consolidated Statement of Cash Flows	$’000
Net cash outflows from operating activities			(10,487)
Net cash outflows from investing activities			(20,188)
Net cash inflows from financing activities			26,958
Net (decrease) in cash and cash equivalents			(3,717)
Cash and cash equivalents at the beginning of the financial year			24,366
Cash and cash equivalents at the end of the financial year			20,649
Source and use of funds	Funds allocated under Prospectus	Actual to October	Balance Remaining
Goschen Project
- Metallurgical and hydromet circuit testwork	4,700,000	4,700,000	-
- Front end engineeringand design	5,700,000	3,800,000	1,900,000
- Approvals	7,700,000	3,800,000	3,900,000
Land acquisition and community	11,300,000	9,100,000	2,200,000
Exploration & appraisal
- Cannie Project	2,300,000	1,900,000	400,000
- Nowie Project	1,100,000	1,000,000	100,000
- Licence fees / other exploration	800,000	600,000	200,000
Corporate(net General & Administrative)	2,200,000	2,200,000	-
Interest costs and costs of offer	4,300,000	4,200,000	100,000
Workingcapital and liquiditybuffer	1,000,000	-	1,000,000
Total	41,100,000	31,300,000	9,800,000
Finance

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Consolidated Statement of Profit or Loss	$’000
Revenue	337
Expenditure	(18,253)
Loss before income tax	(17,916)
Income tax expense	-
Loss after income tax	(17,916)

Consolidated Statement of Financial Position	$’000
Current assets	22,255
Non-current assets	56,511
Total assets	78,766
Current liabilities	7,981
Non-current liabilities	6,025
Total liabilities	14,006
Net assets	64,760
Issued capital	108,375
Reserves	3,881
Accumulated losses	(47,496)
Total equity	64,760

The expenditure to date is generally less than anticipated at the time of preparation of the Company’s prospectus as the Company has constrained its expenditure pending approval of the Goschen EES.

22

Funding strategy

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Multifaceted funding strategy comprising debt, equity and government funding

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GOSCHEN
PROJECT
FUNDING
DEBT EQUITY
Strategic Debt Partners Strategic Partnerships
Export Credit
Global Debt Markets Equity Capital Markets
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Government Lending/Grants

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The Company is confident that a combination of these options will ultimately provide funding for Goschen.

23

Finance

Appendix B JORC Tables

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Company Ore Reserves 210.2Mt Ore Reserve

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Note: (1) Any discrepancies in totals are a function of rounding. THM Assemblage and Rare Earth Oxides are reported as a percentage of in-situ THM content. (2) The Ore Reserve was prepared and first disclosed under the JORC Code (2012) in the ASX release dated 29 September 2023.

25

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Company Mineral Resources

820.4Mt Mineral Resource estimate

Area	Mineral Resource Category	Material	In Situ THM	Bulk Density	Total Heavy Mineral (THM)	Slimes	Oversize material >2mm	THM Assemblage(3)	THM Assemblage(3)	THM Assemblage(3)	THM Assemblage(3)	THM Assemblage(3)	THM Assemblage(3)	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides	Rare Earth Oxides
								Zircon	Rutile	Leucoxene	Ilmenite	Monazite	Xenotime	La2O3	CeO2	Pr6O11	Nd2O3	Sm2O3	Eu2O3	Gd2O3	Tb4O7	Dy2O3	Ho2O3	Er2O3	Tm2O3	Yb2O3	Lu2O3	Y2O3	TREO + Y2O3
		(Mt)	(Mt)	(gcm3)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)	(%)
Area 1	Measured	30.7	1.8	1.76	5.72	15	5	29.9	10.8	9.0	24.7	4.3	0.8	0.48	0.96	0.11	0.38	0.07	0.004	0.06	0.01	0.07		0.05	0.01	0.05		0.47	2.72
	Indicated	62.2	1.4	1.72	2.31	18	2	26.6	11.5	9.2	25.0	4.6	0.9	0.53	1.11	0.12	0.46	0.08	0.004	0.07	0.02	0.07		0.05	0.01	0.05		0.48	3.04
	Total(1)	92.9	3.2	1.73	3.44	17	3	27.7	11.2	9.1	24.9	4.5	0.8	0.51	1.06	0.12	0.43	0.08	0.004	0.07	0.02	0.07		0.05	0.01	0.05		0.48	2.94
Area 2 West	Indicated	26.0	0.7	1.72	2.80	20	8	22.0	16.0	12.0	25.0	3.0	1.0	0.31	0.66	0.07	0.28	0.05	0.003	0.05	0.01	0.06		0.04	0.01	0.04		0.39	1.97
	Total(1)	26.0	0.7	1.72	2.80	20	8	22.0	16.0	12.0	25.0	3.0	1.0	0.31	0.66	0.07	0.28	0.05	0.003	0.05	0.01	0.06		0.04	0.01	0.04		0.39	1.97
Area 3	Indicated	204.1	6.9	1.73	3.38	19	3	19.2	9.0	8.0	25.0	3.2	0.6	0.36	0.78	0.09	0.33	0.06	0.003	0.05	0.01	0.05		0.04	0.01	0.04		0.37	2.19
	Inferred	287.7	6.7	1.72	2.32	18	3	17.2	8.7	7.5	22.7	2.9	0.5	0.35	0.76	0.08	0.31	0.06	0.003	0.05	0.01	0.05		0.03	0.01	0.03		0.36	2.10
	Total(1)	491.8	13.6	1.73	2.76	18	3	18.2	8.9	7.7	23.9	3.0	0.6	0.36	0.77	0.09	0.32	0.06	0.003	0.05	0.01	0.05		0.03	0.01	0.04		0.36	2.14
Area 4	Indicated	18.0	0.8	1.74	4.60	20	5	19.0	11.0	10.0	24.0	3.0	1.0	0.32	0.67	0.07	0.28	0.05	0.002	0.05	0.01	0.05		0.03	0.01	0.04		0.33	1.90
	Total(1)	18.0	0.8	1.74	4.60	20	5	19.0	11.0	10.0	24.0	3.0	1.0	0.32	0.67	0.07	0.28	0.05	0.002	0.05	0.01	0.05		0.03	0.01	0.04		0.33	1.90
Cannie	Inferred	191.7	5.9	1.70	3.1	19	6	24.5	15.5	24.3	2.1	4.1	0.8	0.49	1.06	0.12	0.45	0.08	0.004	0.07	0.01	0.07	0.02	0.05	0.01	0.05	0.01	0.49	3.00
	Total(2)	191.7	5.9	1.70	3.1	19	6	24.5	15.5	24.3	2.1	4.1	0.8	0.49	1.06	0.12	0.45	0.08	0.004	0.07	0.01	0.07	0.02	0.05	0.01	0.05	0.01	0.49	3.00
Grand Total	Measured	30.7	1.8	1.76	5.72	15	5	29.9	10.8	9.0	24.7	4.3	0.8	0.48	0.96	0.11	0.38	0.07	0.004	0.06	0.01	0.07		0.05	0.01	0.05		0.47	2.72
	Indicated	310.3	9.8	1.73	3.19	19	3	20.5	10.1	8.6	24.9	3.4	0.7	0.38	0.81	0.09	0.34	0.06	0.003	0.05	0.01	0.05		0.04	0.01	0.04		0.38	2.27
	Inferred	479.4	12.5	1.71	2.61	18	4	20.6	11.8	15.4	13.1	3.4	0.7	0.42	0.90	0.10	0.37	0.07	0.003	0.06	0.01	0.06	0.008	0.04	0.01	0.04	0.004	0.42	2.52
	TOTAL	820.4	24.1	1.72	2.95	18	4	21.2	11.0	12.1	18.8	3.5	0.7	0.41	0.87	0.10	0.36	0.07	0.003	0.06	0.01	0.06	0.004	0.04	0.01	0.04	0.002	0.41	2.43

	Material	In-Situ TREO + Y2O3 Grade(4)	In-Situ TREO + Y2O3
	(t)	(%)	(t)
Area 1, Area 2 West, Area 3, Area 4, Cannie	820,364,884	0.07	588,355

Notes

1. Any discrepancies in totals are a function of rounding

2. Mineral resources reported at a cut-off grade of 1.0% THM

3. Mineral resources reported at a cut-off grade of 1.75% THM

4. Mineral assemblage, via QEMScan Particle Analysis, is reported as a percentage of in-situ THM content

5. In-situ TREO grade is calculated by THM grade (2.95%) multiplied by TREO grade (2.43%)

26

*The Mineral Resource estimate was prepared and first disclosed in the ASX release dated 16 May 2023.

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