VHM LIMITED — Investor Presentation 2024

Feb 27, 2024

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VHM Limited

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1H FY24 Results Presentation
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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 forwardlooking 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 Mineral Resource estimate was first reported in the ASX announcement dated 24 January 2024. 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.

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.

VHM Limited (ASX:VHM) overview

Corporate Snapshot

Market Cap[1]

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

A$103.68 million

Share Price

Cash[2]

A$0.51

A$14.0 million

Issued Shares

Key Assets

203,101,902

Goschen Project

Orion Project Cannie Project Nowie Project

Share Options

12,793,708

Notes:

(1): Market data at 27 February 2024 and sourced from the ASX

(2): Cash position reported 27 February 2024 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

(6): See Company ASX release dated 24 January 2024

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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%, Xen0.7%

NOWIE PROJECT[6]

16.4Mt MRE @ 3.8% THM, Zircon 16.1%, Rutile 15.6%, Mon 2.1%, Xen 0.5%

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Board and management team

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Ian Smith

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

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:

• Chair of Rex Minerals Limited

• • NED of Kestrel Coal Limited

• • NED of Raven Gold Limited

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

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Maree Arnason

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.

Other Directorships:

• NED of Gold Road Resources Limited

NED of Ardea Resources Limited WA Division Director, AICD

• Chair of Juniper Aged Care

• • Co-founder and Director of Energy Access Services

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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 Director

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

40+ years’ operational and

project experience including industrial minerals where he

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.

managed the development of the Uley Graphite Project in South Australia. Mr Runge has held 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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Mr 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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Half year activities[1] Period ending 31 December 2023

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Goschen Permitting Environment Effects Statement Mining Licence application Commercial Shenghe binding offtake agreement Research & Development funding Demerger transaction complete with transfer of four exploration licences Final land acquisition agreement to secure Goschen footprint Exploration Maiden Mineral Resource estimate for Nowie (Inferred) Area 4 Orion Ore Reserve (Probable) Exploration Licence Renewals

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Note: (1) See ASX release dated 27 February 2024

Goschen permitting pathway

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Approvals milestones achieved

Primary Approval (EES)[1]

Secondary Approvals (Work Plans, Mining Licence)[2]

Q4 2023

Victorian Minister for Planning approved public exhibition for Goschen EES[3]

Exhibition stage: Public Submissions[4] Monday 20 November 2023 – Wednesday 17 January 2024

Q1 2024 Hearing stage: Directions Hearing Tuesday 13 February 2024 Hearing stage: Public Hearing Commencing Monday 25 March 2024[5]

Q2 2024 Report stage: IAC Panel reports back to Planning Minister and next steps Approval stage: Ministerial approval

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Statutory advertising for the Goschen Mining Licence . application commenced subsequent to the period[6]

NEXT STEP

Mining Licence application assessed by Earth Resources Regulator

Notes:

(1) EES Approval process managed by the Victorian Department for Planning

(2) Secondary Work Plans and Mining Licence application assessment outcome expected H2 2024

(3) See ASX release dated 1 November 2023

(4) See ASX release dated 14 November 2023

(5) See ASX release dated 24 January 2024

(6) See ASX release dated 24 January 2024

Approvals

Source: Engage Victoria website

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Binding offtake agreement for Goschen products

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Period ending 31 December 2023

Key offtake terms[1]

• Memorandum of Understanding (MOU) relates to a dual product take or pay offtake agreement of

REMC and zircon-titania HMC.

• Shenghe has committed to purchase 60% of the REMC and HMC for each calendar year of the agreement term.

• .

• Initial three-year agreement term commencing on the first commercial shipment

About Shenghe Resources

• Shenghe Resources (Singapore) Pte Ltd is a wholly owned subsidiary of global rare earths company Shenghe Resources Holding Co Ltd.

MOU for first production confirms the quality of Goschen products

• Shenge is listed on the Shanghai Stock Exchange and has a market capitalisation of approximately US$3.1 billion. Shenghe’s operations span rare earth mining, beneficiation, refining, trading and alloy and metals production.

Commercial

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Note (1) See ASX release dated 31 January 2024

Commercial update

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Period endin 31 December 2023[1] g

Research and Development (R&D) funding received

• $4.5 million R&D refund from the Australian Taxation Office.

100% payment transaction received for four Victorian Exploration Licences

• $1.3 million from former subsidiary VP Minerals Ltd, concluding the loan agreement in accordance with the Demerger term.

Land Acquisition Agreement

• Final land acquisition secured for the operational footprint of

the Goschen Project.

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The receipt of funds puts the Company in a strong position moving into 2024 and will be used to continue the work streams underway for the Goschen Project.

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Commercial

Note: (1) See ASX release dated 24 January 2024 Image : Computer animated design of the proposed Goschen Project facility

Exploration Activities

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Period endin 31 December 2023 g

The Company maintains its tenement holdings in North West Victoria to 2028, after renewing . its four exploration licences during the period[1] Note: (1) See ASX release dated 3 October 2023

Exploration

Exploration Activities

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Area 4 Orion Strandline - Maiden Probable Ore Reserve

Added 11.5 Mt @ 5.6% THM to Company Probable Ore Reserve[1] .

Within this Ore Reserve a high-grade mineable horizon of 2.6 Mt @ 9.6% THM exists at the top of the ore body 6m from surface, including:

• 245,500 tonnes of mineable THM

• Average in-situ grade of TREO 2300ppm

• 67,700 tonnes of zircon at an in-situ grade of 2.6%

Area 4 is situated 8km to the north of the proposed Goschen Rare Earths and Mineral Sands process plant.

Significant high-grade ore body located near surface

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Exploration

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Note: (1) See ASX release dated 29 September 2023

Exploration Activities

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Maiden Mineral Resource estimate for Nowie Project

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Nowie Project is located 22 kilometres north of the flagship Goschen Project in North West Victoria.

A new Inferred Mineral Resource estimate (MRE) of 16.4Mt @ 3.8% THM grade at Nowie[1] .

Results include 6.4Mt @ 6.1% THM contained in highgrade strandline deposits which remain open along and across strike.

16% Zircon 16% Rutile Mineral assemblage containing , , 24% Leucoxene 2.1% Monazite and 0.5% Xenotime . ,

Figure: Nowie geophysics interpretations with identified strandline targets

Exploration

Note: (1) See ASX release dated 24 January 2024

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Community engagement and sponsorship

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Period ending 31 December 2023[1]

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Social
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• Swan Hill Housing Summit

• Swan Hill Rotary Club’s Kerang Art Show

• Golden Rivers and Central Murray FootballNetball Leagues

• Kerang Football-Netball Club

• A Good Kitchen Swan Hill

• Kerang Neighbourhood House Food

Education

• Teacher Earth Science Education Program (TESEP)

• Murray-Mallee Local Learning and Employment Network (MMLLEN) Swan Hill Careers Day

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Local Industry
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• Cross-Border Future Industry Workforce Forum - a Victoria and New South Wales government initiative

 Victorian Mine Rescue Competition (Minerals Council of Australia)

 Mallee Machinery Field Days

Assistance Program

Community

Note: (1) See ASX release dated 27 February 2024 Pictured (L-R): Kerang Art Show, Teachers with TESEP Geology Consultant Dr Rodney Boucher, Cross-Border Future Industry Workforce Forum in action

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Goschen Project Overview

Goschen Project overview Process and product flowsheet

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Phase 1A – Hydromet Circuit
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Phase 1 – Base Plant Phase 1A – Hydromet Circuit
Mining Screening Wet Concentrator Flotation Circuit REMC Product Kiln Hydromet Circuit
Plant (WCP)
Stockpile
Heavy Mineral Concentrate Rare Earth Mineral
Mixed Rare Earth
Zircon-titania HMC Concentrate
Carbonate
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High recoveries: Continuous improvements achieved through test work have demonstrated world leading recoveries of valuable rare earth, zircon and titanium products.

Final products: Zircon and titania HMC, REMC and MREC can be containerised in sealed sea containers for export.

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

Commercial

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Goschen Project highlights

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

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

5Mtpa Goschen Project DFS Financial Metrics (Phase 1 and 1A)	5Mtpa Goschen Project DFS Financial Metrics (Phase 1 and 1A)	5Mtpa Goschen Project DFS Financial Metrics (Phase 1 and 1A)	5Mtpa Goschen Project DFS Financial Metrics (Phase 1 and 1A)
Pre-tax NPV10 (A$ m) 1,525
Pre-tax IRR 44%
Payback from commencement of production (years) 2.8
Ore Reserve LoM(years)		20.5
Average oregrade(THM)		4.0%
Average strip ratio (waste : ore)		2.6 : 1
First 10 Years of Mine	Average Production (tpa)	REMC	9,428
		MREC	8,568
		Zircon-titania HMC	134,500
	Average revenue per annum (A$ m)		564
	Average opexper annum(A$ m)		273
	Average EBITDA per annum (A$ m)		291
	Average unlevered, pre-tax FCF per annum (A$ m)		270
	Average revenue A$/t ore		118
	Average operating costs A$/t ore		57
	Payback period (years)		2.8

Commercial

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Note: (1) See ASX release dated 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.

Capex is amongst the lowest of selected rare earth projects

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Oxide

Carbonate

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Concentrate
Arafura (Nolans) 1,680
ASM (Dubbo) 1,678
VHM (Goschen Ph 1 & 1A) 606
Hastings (Yangibana) 503
Peak (Ngualla) 434
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Goschen’s low development capex

Commercial

Note: See peer comparison table for source data in Appendix A *All values are in Australian dollars

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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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

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 ASX release dated 6 June 2023

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

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Upcoming milestones

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Commence Public Hearing stage of Goschen EES Process

Finalise further offtake and strategic partnerships

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Secure arrangements for a Final Investment Decision

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Construction for Phase 1 subject to final approvals

Australian owned rare earths and mineral sands developer

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APPENDIX A Peer Comparison Data

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Project comparison table data for capex

Name	Project	Product	Plant type	Plant Feed Rate	Annual Production	Stage of **Development **	Location	Capital Cost ($A)
Arafura1	Nolans	Oxide	SX Facility	1 Mtpa	4.9ktpa	DFS	N.T.	$1.680B
ASM2	Dubbo	Oxide	SX Facility	1 Mtpa	1.5ktpa	DFS	N.S.W	$1.678B
VHM3	Goschen	Concentrate and Carbonate	Hydrometallurgical Plant	5 Mtpa	Phase 1: 9.4ktpa REMC Phase 1A: 8.5ktpa MREC	DFS	VIC	$606M
Hastings4	Yangibana	Concentrate	RE Flotation	1.1 Mtpa	Stage1: 37ktpa REMC	DFS	W.A.	$503M
Peak5	Ngualla	Concentrate	RE Flotation	0.8 Mtpa	16.2ktpa	BFS	Tanzania	$434M

Source data:

1. Arafura Rare Earths (ARU:ASX) Nolans Project sourced from “ASX Announcement – Quarterly Activities Report and Appendix 5B on 31 October 2023 - A$1,680M.

2. Australian Strategic Materials (ASM:ASX) Dubbo Project data sourced from ASX release “Chief Executive Officer’s AGM Presentation” published on 22 November 2023 - A$1,678M.

3. VHM (VHM:ASX) Goschen Project data sourced from ASX release “DFS Refresh” published on 28 March 2023. A$376M Phase 1 Plant and A$124M Phase 1A Hydromet. Includes A$106M pre-production mining and ancillary costs – A$606M

4. Hastings (HAS:ASX) Yangibana data sourced from ASX release “Binding Term Sheet Signed for Integrated Tolling and Offtake” published on 16 February 2024 - A$503M

5. Peak Rare Earths (PEK:ASX) Ngualla data sourced from ASX release “Completion of FEED Study’’ published on 30 November 2023. US$287M converted to A$ at 0.66 FX = A$434M.

6. *All data is subject to change without notice.

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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

Source data:

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.

23

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Pro ect com arison table data for rare earth basket value j p

			Magnet Rare	Earth Oxide % Distribution of Rare Earth Product	Earth Oxide % Distribution of Rare Earth Product	Earth Oxide % Distribution of Rare Earth Product
Name	Project	Product	Neodymium (Nd)	Praseodymium (Pr)	Dysprosium (Dy)	Terbium (Tb)	Stage of Development	Location	Market Cap ($A)*
Arafura1	Nolans	Oxide	20.5	5.9	0.3	0.1	DFS	N.T.	$334.99M
Hastings2	Yangibana	Concentrate	32.6	8.0	0.3	0.1	DFS	W.A.	$81.50M
Peak3	Ngualla	Concentrate	16.5	4.8	0.1	0.1	BFS	Tanzania	$61.6M
VHM4	Goschen	Concentrate & Carbonate	16.5	4.1	1.9	0.3	DFS	VIC	$103.68M
Astron5	Donald	Concentrate	16.4	4.6	1.8	0.3	DFS	VIC	$97.28M

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.

5. *Market capital data at 27 February 2024 and sourced from the ASX All data is subject to change without notice

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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. The Ore Reserve was updated and disclosed under the JORC Code (2012) in the ASX release published 29 September 2023.

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Company Mineral Resources

836.8Mt Mineral Resource estimate – at end of eriod 31 December 2023 p

Area	Mineral Resource Category	Material	In Situ THM	Bulk Density	Total Heavy Mineral (THM)	Slimes	Oversize material >2mm	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	THM Assemblage(4)	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	Er2O3	Tm2O3	Yb2O3	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	0.05	0.01	0.05	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	0.05	0.01	0.05	0.49	3.00
Nowie	Inferred	16.4	0.6	1.73	3.8	19	5	16.1	15.6	24.4	5.0	2.1	0.5	0.28	0.61	0.07	0.26	0.05	0.000	0.04	0.01	0.05	0.04	0.01	0.04	0.33	1.80
	Total(3)	16.4	0.6	1.73	3.8	19	5	16.1	15.6	24.4	5.0	2.1	0.5	0.28	0.61	0.07	0.26	0.05	0.000	0.04	0.01	0.05	0.04	0.01	0.04	0.33	1.80
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	495.8	13.1	1.71	2.67	18	4	20.4	12.0	15.8	12.7	3.4	0.7	0.41	0.89	0.10	0.37	0.07	0.003	0.06	0.01	0.06	0.04	0.01	0.04	0.42	2.49
	TOTAL	836.8	24.7	1.72	2.98	18	4	21.1	11.2	12.4	18.4	3.4	0.7	0.40	0.86	0.10	0.36	0.07	0.003	0.06	0.01	0.06	0.04	0.01	0.04	0.41	2.42

	Material	In-Situ TREO + Y2O3 Grade(5)	In-Situ TREO + Y2O3
	(t)	(%)	(t)
Area 1, Area 2 West, Area 3, Area 4, Cannie, Nowie	836,764,884	0.07	601,965

Notes: Any discrepancies in totals are a function of rounding

1 Mineral resources reported at a cut-off grade of 1.0% THM 2 Mineral resources reported at a cut-off grade of 1.75% THM 3 Mineral resources reported at a cut-off grade of 1.0% TVHM

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 (2.98%) multiplied by TREO Grade (2.42%)

27

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