VHM LIMITED — Investor Presentation 2023

Nov 15, 2023

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Securing supply of critical minerals for the global energy transition

TZMI Congress 2023 I Singapore

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.

VHM Limited (ASX:VHM) overview

Corporate Snapshot[1]

Market Cap

Top 20 Shareholders Top 20: 34% Ellison WA: 8.9%

A$96.57M

Share Price

Cash[2]

A$0.48

A$13.9 million

Issued Shares

Key Assets

203,101,902

Goschen Project Orion Project Cannie Project Nowie Project

Share Options 8,504,334

Notes:

(1): Market data at 13 November 2023 and sourced from the ASX

(2): Cash position reported 30 September 2023 to the ASX

(3): See Company ASX release dated 28 March 2023

(4): See Company ASX release dated 16 May 2023

(5): See Company ASX release dated 29 September 2023

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Australian owned rare earths and mineral sands mine and processing developer

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Melbourne
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GOSCHEN PROJECT[3]

210Mt @ 3.8% THM, MRE 629Mt, 413Kt TREO, Zircon 21.4%, Rutile 9.7%, Mon 3.5%, Xen 0.6%

CANNIE PROJECT[4]

192Mt MRE @ 3.1% THM, 176Kt TREO, Zircon 24.5%, Rutile 15.5%, Mon 4.1%, Xen 0.8%

AREA 4 ORION PROJECT[5] 11.5Mt ORE @ 5.6% THM, Zircon 19.6%, Rutile 12.2%, Mon 3.0%, Xen 0.7%

NOWIE PROJECT

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VHM – Our value proposition

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Emerging Tier 1 integrated rare earth and minerals sands project with globally significant mineral assemblage

Goschen’s Strong Financials: NPV A$1.525B I IRR 44% I Low Capex A$500M I FCF A$270M I Dual commodity stream[1]

Life of Mine: 20 years I Potential for a further 20 years based on Global Ore Reserves of 210.2Mt (subject to future approvals) I Final land acquisition agreement signed, securing ownership of 100% of the Goschen Project footprint.

Advanced Approvals: All environmental and social assessments complete I Adequacy assessment with Victorian government complete I Public exhibition set for 20 November 2023

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Advanced Flowsheet: Developed in partnership with Mineral Technologies and ANSTO and based on numerous metallurgical testwork programs.

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Critical Minerals: 87% of Goschen’s rare earth minerals basket value will be derived from dysprosium, neodymium, praseodymium, and terbium oxides, all are high demand ‘critical’ rare . earths used in permanent magnets for EV traction motors[2]

Zircon and titanium are also listed on the Australian and US Critical Minerals List.

First Offtake Agreement: Indicating quality of commercial product from the Goschen Project.

Discovery of New Major Critical Minerals Province in Victoria: Stretching over 55 kilometres along the western flank of the Lake Boga Granite. Notes:

(1): See Company ASX release 28 March 2023

(2): Rare Earth Market Outlook, Independent Analysis for VHM Limited (Q1 2023) Adamas Intelligence

Notes:

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Goschen Pro ect ermittin and a roval athwa j p g pp p y

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We are here
Planning Approvals & Construction
2018 – 2020 2021 – 2022 2023 2024
  
Feasibility studies Prepare EES  EES Inquiry & Advisory
EES public

design to Committee
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  Feasibility studies Prepare EES  Preliminary design to environmental inform EES studies assessment

 EES public exhibition

• Ministerial decision on EES

• Obtain statutory approvals (including work plans)

• Stakeholder consultation

• Commence construction

Operation Closure 2025– 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

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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
2 [years] To target to production
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*Subject to Ministerial approvals

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7

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1 4

Geology overview

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3
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2
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Notes:

(1): See Company ASX release dated 8 August 2023

(2): See Company ASX release dated 29 September 2023

(3): See Company ASX release dated 16 May 2023

(4): See Company ASX release dated 28 March 2023

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Conventional low-cost processing

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Simple, low-risk, proven flowsheet: multiple commodity streams with demonstrated high recoveries

High recoveries: Continuous improvements achieved through multiple bulk sample drill programs and metallurgical testwork programs has delivered high recoveries of valuable rare earth, zircon and titanium products.

• Low-cost truck shovel operation: No drilling or blasting due to minerals being fully liberated in sand.



Logistics: Ultima rail terminal (45km from the processing facility) will provide intermodal rail solution, to reach the shipping export ports. Products can be safely transported via rail and ship.

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134,500tpa 9,400tpa
Zircon-titania REMC
HMC at 61% TREO
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8,500tpa
MREC
at 61% TREO
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Ore Reserve peer comparison Selected Global Rare Earth and Mineral Sand Reserves

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 Monazite and Xenotime (% in-situ) vs. Zircon (% in-situ)  Bubble size denotes in-situ HM Tonnes (Mt)

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Bubble size denotes in-situ HM Tonnes (Mt)
0.40% Bubble size denotes in-
situ HM tonnes
0.35%
Goschen (Area 4 Z5)
0.30%
0.25%
Goschen (Area 1)
Goschen (Area 4)
0.20%
Goschen (Total)
0.15%
0.10%
Atlas
VHM Ore Reserves
Donald
0.05% Avonbank
Peer Ore Reserves
0.00%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
% In-Situ Zircon
% In-Situ Monazite and Xenotime
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Note: See peer comparison table for source data in Appendix A

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Global energy transition targets The catalyst driving demand for rare earth elements and commercialisation of Australia’s critical minerals

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87% of Goschen basket value is derived
from the critical rare earths crucial for
electric vehicles and the green energy
transition [1] .
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Notes: (1) Rare Earth Market Outlook, Independent Analysis for VHM Limited (Q1 2023) Adamas Intelligence

Hydromet Pilot Plant results demonstrate potential

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• Exceptional recoveries meet specifications required by Western strategic offtake partners

• 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.

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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.
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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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Magnet rare earth oxide basket value peer comparison

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Attractive proportion of valuable rare earth elements – heavy and light (US$/kg)

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70
60 Dy Tb
50
Nd Pr
40
30
20
10
0
Hastings VHM Astron Arafura Peak
Yangibana Goschen Donald Nolans Ngualla
US$ of magnet REO per kg of REO
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Note: See peer comparison table for source data in Appendix A

Upcoming milestones

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Advance permitting with the Public Exhibition of the Goschen Project

Finalise offtake with strategic partners

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Secure arrangements for a Final Investment Decision

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Mineral Resource exploration upside remains to be unlocked

Australian owned rare earths and mineral sands developer

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APPENDIX A Peer Comparison Data

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Project comparison data table for Ore Reserve

Company	Project	Location	Commodity Product	Reserve Classification	Material tonnes (Mt)	In-situ HM tonnes (Mt)	% HM Grade	% Zircon Grade	% Rutile Grade	% Monazite & Xenotime Grade	% In-situ Zircon	% In-situ rutile	% In-situ Titanium Minerals (rutile, ilmenite and leucoxene)	% In-situ Monazite & Xenotime	Stage of Development
VHM(1)	Goschen Area 1	VIC	Rare Earth & Mineral Sands	Proved	24.5	1.3	5.4	29.9	10.8	5.1	1.6	0.6	2.4	0.28	DFS
VHM(1)	Goschen Area 1	VIC	Rare Earth & Mineral Sands	Probable	14.6	0.5	3.2	29.2	11.7	5.4	0.9	0.4	1.5	0.17	DFS
VHM(1)	Goschen (Total)	VIC	Rare Earth & Mineral Sands	Proved	24.5	1.3	5.4	29.9	10.8	5.1	1.6	0.6	2.4	0.28	DFS
VHM(1)	Goschen (Total)	VIC	Rare Earth & Mineral Sands	Probable	185.7	6.7	3.6	20.9	9.8	4.0	0.8	0.4	1.6	0.14	DFS
VHM(1)	Goschen Area 4	VIC	Rare Earth & Mineral Sands	Probable	11.5	0.6	5.6	19.6	12.2	4.0	1.1	0.7	2.7	0.2	DFS
VHM(1)	Goschen Area 4 (Zone 5)	VIC	Rare Earth & Mineral Sands	Probable	2.6	0.2	9.6	27.6	14.0	3.7	2.6	1.3	5.3	0.4	DFS
Astron(2)	Donald	VIC	Rare Earth & Mineral Sands	Proved	415	19.9	4.8	18.6	7.2	1.8	0.9	0.3	2.7	0.09	DFS
Astron(2)	Donald	VIC	Rare Earth & Mineral Sands	Probable	410	16.8	4.1	16.9	7.3	1.6	0.7	0.3	2.4	0.07	DFS
WIM Resource(3)	Avonbank	VIC	Rare Earth & Mineral Sands	Proved	220.4	9.7	4.4	20.2	14.9	2.1	0.9	0.7	2.2	0.09	BFS
WIM Resource(3)	Avonbank	VIC	Rare Earth & Mineral Sands	Probable	91.4	3.66	4.0	19.3	16.9	2.1	0.8	0.7	2.2	0.08	BFS
Image Resources(4)	Atlas	WA	Rare Earth & Mineral Sands	Proved	4.5	0.48	10.6	12.0	8.0	1.1	1.3	0.8	7.1	0.12	BFS
Image Resources(4)	Atlas	WA	Rare Earth & Mineral Sands	Probable	0.9	0.02	2.1	8.1	5.2	0.8	0.2	0.1	0.8	0.02	BFS

1. VHM (VHM:ASX) Goschen Area 1 and Area 3 data sourced ASX release “DFS Refresh” published on 28 March 2023. Goschen Orion Area 4 and Orion Area 4 Zone 5 sourced from ASX release “Outstanding Results for Area 4 of the VHM Leases” published on 18 September 2023. 2. Astron (ATR:ASX) data sourced from ASX releases “Donald Rare Earth and Mineral Sands Project – Phase 1 Project Ore Reserves” published on 31 March 2023 and “RL2002 Ore Reserve Update & Project Financial Update” published on 27 June 2023. 3. WIM Resource data sourced from their website Projects | WIM Resource Pty Limited WIM.

2. Image (IMA:ASX) data sourced from ASX release “Revised Announcement – Atlas Project Ore Reserve Update” published on 21 December 2022. *All data is subject to change without notice.

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• Project comparison table data for rare earth basket value

			Magnet Rare	Earth Oxide % Distribution of Rare Earth	Earth Oxide % Distribution of Rare Earth	Product
Name	Project	Product	Neodymium (Nd)	Praseodymium (Pr)	Dysprosium (Dy)	Terbium (Tb)	Stage of Development	Location	Market Cap*
Arafura1	Nolans	Oxide	20.5	5.9	0.3	0.1	DFS	N.T.	$443.80M
Hastings2	Yangibana	Concentrate & Carbonate	32.6	8.0	0.3	0.1	DFS	W.A.	$102.19M
Peak3	Ngualla	Concentrate	16.5	4.8	0.1	0.1	BFS	Tanzania	$107.17M
VHM4	Goschen	Concentrate & Carbonate	16.5	4.1	1.9	0.3	DFS	VIC	$95.55M
Astron5	Donald	Concentrate	16.4	4.6	1.8	0.3	DFS	VIC	$78.56M

Source data:

1. Arafura (ARU:ASX) data sourced from ASX release “Nolans Project Definitive Feasibility Study” published on 7 February 2019.

2. Hastings (HAS:ASX) data sourced from ASX release “Yangibana Project NPV increases 84% to A$1Billion (post tax)” published on 21 February 2022.

3. Peak (PEK:ASX) data sourced from ASX release “2023 Annual Report” published on 26 October 2023.

4. VHM (VHM:ASX) data sourced from ASX release “ANSTO Testwork Demonstrates High Extraction of Rare Earth Minerals” published on 17 January 2023. 5. Astron (ATR:ASX) data sourced from ASX release “Investor Presentation – Donald Project DFS” published on 17 May 2023. *Market capital data at 13 November 2023 and sourced from the ASX

5. All data is subject to change without notice

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APPENDIX B VHM Board and Management

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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.

Don Runge

BEng Mining, MAusIMM Non-Executive Chairman

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.

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

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

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.

• Other Directorships: • Director of Talbot Investments

Ian Smith

Maree Arnason

BEng Mining (Honours), BFinAdmin, FAusIMM, FIEAust Non-Executive Director

BA, FAICD

Non-Executive Director

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.

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.

Other Directorships:

• NED of Gold Road Resources

• Other Directorships: Limited • Chair of Rex Minerals Limited • NED of Ardea Resources • NED of Kestrel Coal Limited Limited • • NED of Raven Gold Limited Chair of Juniper Aged Care • ASIC Corporate Governance Consultative Panel

• • Co-founder and Director of Energy Access Services

Graham Howard

BAppSc (Geology), FAusIMM Non-Executive Director

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

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.

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

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

• Other Directorships: • NED of VP Minerals Limited

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

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APPENDIX C JORC Tables

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Company Ore Reserves 210Mt 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. The Ore Reserve was prepared and first disclosed under the JORC Code (2012) in the ASX release dated 18 September 2023

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Company Mineral Resources

820Mt 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%)

23

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