VHM LIMITED — Investor Presentation 2023

Sep 28, 2023

29 September 2023

Company Announcements Office ASX Limited PO Box H224 Australia Square SYDNEY NSW 2000

Dear Sir/Madam

RELODGED PRESENTATION

VHM Ltd (ASX:VHM) advises it retracts the presentation lodged with ASX on 21 September 2023. The reason for the retraction is to delete slide on page 26 with the Exploration Target summary.

This ASX release has been approved by Graham Howard, Managing Director.

Enquiries to:

Ian Hobson Company Secretary Ian.hobson@vhmltd.com.au

1

ABN 58 601 004 102 Suite 8, 110 Hay Street Subiaco WA 6008

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VHM Limited

Emerging Tier 1, Australian project with globally significant mineral assemblage

September 2023

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.

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 DFS & FEED studies, the JORC estimates of Goschen Mineral Resources and Ore Reserves was first reported in the ASX announcement on 28 March 2023 and the Cannie JORC estimates and Mineral Resource were reported in the ASX announcement on 16 May 2023. The Area 4 JORC estimate was reported in the ASX announcement on 18 September 2023. The information in this presentation that relates to the Exploration Target was first reported in the Prospectus dated 21 November 2022 as supplemented by the supplementary prospectus dated 5 December 2022, lodged with ASX on 5 January 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 estimates 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 have not been materially modified.

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.

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Contents

1	Company Overview
2	Goschen Project Highlights
3	Cannie Project
4	Area 4 Orion Strandline

Appendix

A JORC Tables

3

VHM Limited (ASX:VHM) overview

Corporate Snapshot[1]

Market Cap

Goschen Project

A$111.70M

DFS complete Targeting production 2025 (20+ Years LoM)

Share Price

A$0.54

Cash[2]

Cannie Project

A$20.65M

Early Mineral Resource estimates infer future supply of high-purity rare earths, rutile & zircon

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

Nowie Project

Issued Shares

Potential future project in Victoria’s NorthWest Critical Minerals Province

203,101,902

Share Options

8,504,334

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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

198.7Mt ORE @ 3.7% THM, MRE 629 Mt, 413 Kt TREO, Zircon 21.4%, Rutile 9.7%, Mon 3.5%, Xen 0.6%

CANNIE PROJECT

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

AREA 4 ORION PROJECT

11.5Mt ORE @ 5.6% THM, Zircon 19.6%, Rutile 12.2%, Mon 3.0%, Xen 0.7

NOWIE PROJECT

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Notes: (1) Market data at 18 September 2023 and sourced from the ASX (2) Cash position reported 30 June 2023 to the ASX

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Board and management team

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Don Runge, BE (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.

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Graham Howard, BAppSc (Geology), FAusIMM

Managing Director

• 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.

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Ron Douglas, BE, FAIM, MAusIMM, MAICD

Non-Executive Director (August 2023)

• 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.

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Ian Smith, B.E. Mining, BFinAdmin, FAusIMM, FIEAust

Non-Executive Director (August 2023)

• 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.

Maree Arnason, BA, FAID

Non-Executive Director (August 2023)

• 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.

• Ms Arnason serves on the Corporate Governance Consultative Panel for Australian Securities and Investments Commission (ASIC).

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.

• Mr Sheridan has held responsibility for origination and negotiation of project acquisition and development debt and refinancing facilities of c.US$600m.

Ms Carly O’Regan, MBA, GDipCom

Executive General Manager, Strategy and Investor Relations

• 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.

Bernie Hyde

Executive General Manager, Operations Readiness

• 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.

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Premium Rare Earths and Mineral Sands Projects Located on freehold land in North West Victoria

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Notes:

Three distinct Projects have been defined: The flagship, Goschen Project with compelling : economics defined by the DFS Refresh[1]

▪ NPV of $1.5 billion

▪ IRR of 44%

▪ payback of 2.8 years[2]

Advanced approvals schedule that currently has an Environment Effects Statement targeting public exhibition in H2 2023.

The exciting Cannie Project that recently announced an initial Mineral Resource Estimate that lifted the total TREO (+Y2O3) inventory by 43%[3] .

The highly prospective Nowie Project to the North which recently completed an initial drill program to test multiple promising geophysical targets.

(2) Rare Earth Market Outlook, Independent Analysis for VHM Limited (Q1 2023) Adamas intelligence (3) See Company ASX announcement on 16 May 2023

(1) See Company ASX announcement on 28 March 2023

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Company asset overview

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Location of deposits

• The Goschen Project is located within Retention Licence (RL) 6806 and Exploration Licence (EL) 6419 in north west Victoria • 280km north west of Melbourne

• 30km south west of Swan Hill

• 4km east of Lalbert

• The different project areas

• Area 1

• • Area 2 East

• • Area 2 West

• • Area 3 Extended

• • Area 4

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

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

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Goschen Project VHM’s near-term rare earths and mineral sands project

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• Development plan and offtake strategy considerations

• VHM seeks to achieve the ultimate objective of its offtake strategy by aligning with its phased production development

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Phase 1 Base Project

Phase 1A Hydromet

• Additional Hydromet Circuit with a throughput capacity of 2.0 tonnes per hour

• Low capex and low opex expected

• MUP, FFP, WCP, and REM flotation circuit

• Co-located at Goschen and included in the EES approval program

• Produces a zircon-titania HMC and rare earth mineral concentrate

• Significant testwork conducted at Mineral Technologies

• Produces a mixed rare earth carbonate driven by high grade rare earth mineral concentrate from Goschen

• First production targeted in 2025

• Mineral Technologies appointed for Detailed Design

• Pilot plant testwork completed at ANSTO

• Capex estimate: A$376 million ▪

• (+A$106 million ancillary costs) Capex estimate: A$124 million

Near-term

Secure additional offtake partner who can offer:

• Globally recognised processing of REMC and MREC.

• Capacity to absorb the production offtake from Phase 1 and Phase 1A.

• May consider additional funding to accelerate future Phases.

Mid-term

Expand offtake into Asian, European and North American markets.

The maturing of the Offtake Strategy through this mid-term phase aligns with VHM’s phased development.

As the Company progresses towards producing a combination of MREC and premium zircon and titania products, its universe of potential buyers expands.

Long-term

Complete phased production development, including construction of the Australian Rare Earth Mineral (AREM) Refinery Project.

The AREM will facilitate production of rare earth oxides locally in Australia to support demand in the permanent magnet sector.

Production of such rare earth oxides in Australia means that VHM’s products can be sold to a multitude of end users worldwide.

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Notes: Capex estimates are current nominal mid-point estimates and may change. See Company ASX announcement “DFS Refresh” published 28 March 2023

Goschen Project overview Phase 1 and Phase 1A (Hydromet Circuit) process flowsheet

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Phase 1
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Legend
HMC – Heavy mineral concentrate
HTR – High-tension roll separator
REMC – Rare earth mineral concentrate
IX – Ion exchange
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▪

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High recoveries likely at Goschen Mine: Continuous improvements achieved through testwork has delivered high recoveries of valuable rare earth, zircon and titanium products.

Final products: Zircon and titania products, REMC and MREC will be containerised in sealed sea containers on site and exported.

Logistics solutioning: Ultima terminal (45km from the processing facility) will provide intermodal rail solution, to reach the shipping export ports.

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Phase 1A
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Goschen Hydromet Pilot Plant test results Exceptional recoveries meet specifications required by Western strategic offtake partners

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• Market leading recoveries achieved by ANSTO Pilot Hydromet Plant 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

• ▪ 61.87% Total Rare Earth Oxides

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

• Samples of the MREC product meets criteria for potential domestic, European, North American and Asian offtake partners

Note: (1) See Company ASX announcement released on 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.
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Goschen Project highlights The DFS Refresh[1] demonstrates the Goschen Project economics to be compelling

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5Mtpa
9.4ktpa
>20 years REMC
Conventional open cut
Target annual production rates for
mining methods
rare earth mineral concentrate
excavation, load and
haul
8.5ktpa 134.5ktpa
MREC HMC
Target annual production Target annual production rates
rates for mixed rare earth for zircon/titania heavy mineral
carbonate concentrate
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Note: (1) See Company ASX announcement 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.

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Goschen Project permitting and approval pathway

Planning Approvals & Construction Operation Closure 2018 – 2020 2021 – 2022 2023 2024 2024– 2026 2026 – 2044 2045 ▪ ▪ ▪ ▪ Continue studies ▪ Prepare EES EES Inquiry & Advisory Production ▪ Phase 1A ▪ End of mining Feasibility studies ▪ to inform EES chapters Committee commences processing ▪ Rehabilitation and Preliminary ▪ ▪ environmental assessment ▪ EES public Ministerial decision on EES Phase 1 MREC and HMC closure ▪ ▪ Consultation exhibition Obtain statutory approvals processing REMC studies ▪ with regulators (including work plans) and HMC Stakeholder ▪ Commence construction through the consultation ▪ Technical Commence EES Reference Group

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Cannie Project Impact of the new Cannie Mineral Resource

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• A major critical mineral inventory of a global scale is in the making

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Victoria
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With the discovery of the Cannie and Nowie Projects[1] the Company confirms a major new critical minerals province centred on top and west of the Lake Boga granite.

A significant Critical Minerals inventory that has the potential to unlock new growth in Victoria's mineral processing industry.

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Note: (1) See Company ASX announcements 4 April 2023 and 8 August 2023

VHM Limited geological overview

Confirmin a ma or new critical minerals rovince in Victoria[1] g j p

The addition of Cannie Project maiden Mineral Resource estimate raises total Company Mineral Inventory to:

43% 39% 95% 51% 590 Kt 5.1 Mt 2.9 Mt 2.7 Mt TREO +Y O Zircon Leucoxene Rutile 2 3 Total Company Total Company Total Company Total Company TREO + Y2O3 Inventory Zircon Inventory in Mt Leucoxene Inventory in Mt Rutile Inventory in Mt in Mt

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• The western flank of the Lake Boga granite stretches >55km suggesting that the tenements remain highly prospective.

• The resource remains open in all directions.

Note: (1) See Company ASX announcement 16 May 2023

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Area 4 Orion Strandline

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Area 4 Orion Strandline Maiden Probable Ore Reserve (September 2023)

. 11.5 million tonnes (Mt) @ 5.6% THM[1] Within this Ore Reserve a high-grade minable horizon of 2.6 Mt @ 9.6% THM exists at the top of the ore body, including: ▪ 245,500 tonnes of mineable THM

▪ 67,700 tonnes of zircon at an in-situ grade of 2.6% ▪ Average in-situ grade of TREO 2300ppm

Significantly higher rutile and leucoxene grade than Goschen Project Ore Reserve

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Note: (1) See Company ASX announcement 18 September 2023

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Area 4 Orion Strandline

▪ Sand hosted REM +HMS ▪ 6.5m to the top of mineralisation ▪ Zone 5 is 4.5m thick

• Zone 4 is 4.5m thick

• Metallurgy results demonstrate higher grade

• Mineral Resource complete

100m 6.5m

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Area 4 Orion Strandline

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Mineral Resource understated vs 2023 Metallur Testwork gy

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• A 1600kg ROM sample was used to conduct a variability study on zones 2, 3, 4, and 5 in Area 4[1] .

• Metallurgy results confirm higher grades than forecast by Mineral Resource and Ore Reserve.

• 7.5% higher grade in upper horizon through metallurgical testwork (more metal).

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Note: (1) See Company ASX announcement 25 January 2023

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High-grade strandlines opportunity

• 21 strandlines identified by processing historic data.

• Cygnus strandline 7km east of Goschen Project has returned from VHM drilling very high-grade, 6m below surface 2m >60%THM containing 2.9% in-situ zircon + titanium dioxide and rare earth minerals.

• Nowie discovered in 2023 with grades up to 2.6% in-situ zircon returned.

Several high-grade strandline prospects exist in VHM tenements

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APPENDIX A JORC Tables

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Company Ore Reserves 210Mt Ore Reserve

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Note: The Ore Reserve was disclosed under the JORC Code (2012) in the Company ASX announcement published 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%)

25

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