VITAL METALS LIMITED — Capital/Financing Update 2021

Aug 2, 2021

ASX / Media Announcement 3 August 2021

Vital intersects high-grade REO in Tardiff Zones 2 & 3 including outside existing resource at Nechalacho

Highlights

• Vital completed 10 holes across Tardiff Zones 2 and 3 to define a Stage 2 Mine Plan for Nechalacho rare earths project in Canada, with all holes hitting extensive mineralisation

• Drilling at Tardiff Zones 2 and 3 intersected thick zones with total rare earth oxides grades above 2% TREO

• Best results from Zone 2 from the 5 drill holes include:

• 25.1m at 3.03% TREO

• 19.0m at 2.05% TREO

• All Zone 2 intersections are within 75m of surface with the best results in the western most drill holes, indicating high-grade TREO is open to the west

• Zone 2 high-grade TREO intercepts are outside the Upper Zone Mineral Resource, indicating potential for an additional high-grade TREO resource in the Tardiff area

• The remaining 5 holes drilled at Zone 3 also hit shallow, high grade REO intersections

• Best results from Zone 3 include:

• 51.0m at 2.13% TREO

• 36.7m at 1.96% TREO

• All 5 holes drilled in Zone 3 confirmed the high grades previously encountered with highgrade mineralisation open in all directions

• With high grade mineralisation remaining open at all zones, Vital will undertake additional drilling at Tardiff to delineate the boundaries of the three Tardiff high-grade zones in addition to identifying the relationships between the zones, including whether they are in fact connected.

• Previously announced metallurigcal results from Tardiff indicate that this bastnaesite mineralision can be processed through the same plant being constructed to process North T ore.

Vital Metals Ltd (ASX:VML) ( “Vital”, “ Vital Metals ” or “ the Company ”) is pleased to announce it has received outstanding first-pass assay results from the Tardiff Zones 2 and 3 within its 100%-owned Nechalacho Rare Earth Project, Northwest Territories, Canada. The results have added potential to extend the mine life of the Nechalacho project significantly, with further drilling needed to better define the Tardiff zones, which remain open in all directions.

Vital is commencing Stage 1 rare earth production at Nechalacho via ore sorting, with plans to mine the North T deposit in Stage 1. Stage 2 will focus on the Tardiff deposit, where it anticipates building a large-scale, long life rare earth mining and processing operation.

Vital Metals Managing Director Geoff Atkins said , “Drilling results from Tardiff Zones 2 and 3 have shown the potential for Nechalacho to be a much larger rare earths operation than we anticipated. We completed the drilling at Tardiff as part of defining a Mine Plan for Stage 2 operations at Nechalacho, which will initially focus on Tardiff Zone 1, but with the results showing mineralisation in both Zone 2 and 3 remaining open, we will plan further drilling in these areas over the next year to get a better understanding of the mineralisation and determine if the three zones are connected.“

“Our recent metallurgical test work, reported in recent weeks, showing material from Tardiff Zone 1 was amenable to a similar process flowsheet, with an additional beneficiation step such as flotation, to that being utilised at North T, has given us great confidence for the potential of Nechalacho to be built into a large-scale, long-life rare earths operation. We will complete further metallurgical testwork Tardiff Zones 1 material to define a process flowsheet to provide further clarity on the scope of Stage 2.”

“With the commencement of production at Nechalcho, we are excited about the future of this project, which continues to grow in potential and is turning into one of the worlds best light rare earth projects.”

The Nechalacho rare earth project consists of two distinct deposits which Vital will develop over two stages. The North T deposit hosts a high-grade resource of 101,000 tonnes at 9.01% LREO[1] in the measured and indicated JORC 2012 categories, making it one of the highest grade rare earth deposits in the world. Development of this deposit in currently underway under Stage 1. The second deposit, the Upper Zone where the Tardiff Zones are located, boasts an impressive light rare earth oxides (LREO) resource of 94.7 million tonnes at 1.46% TREO[2] in the measured, indicated and inferred JORC 2012 categories and will be the focus of expanded operations in Stage 2.

Vital’s drilling program targeted three high-grade REO zones previously identified in wide-spaced historic drilling by Avalon Materials Inc and its predecessors. These zones are known as Tardiff Zones 1, 2 and 3.

Tardiff Zones 1 and 3 were drilled on a close spacing (25m x 25m) to enable their resource confidence levels to be upgraded so mining and processing studies can be carried out on these zones. The drilling at Tardiff Zone 2 was designed to get a better understanding of high-grade REO mineralisation that is not currently in the resource estimation released in 2019. All drill holes were drilled to a maximum depth of 72m vertical.

1 ASX Announcement 15 April 2020: Substantial Increase in Resource Size and Grade at North-T Zone Nechalacho

2 ASX Announcement 13 December 2019: Vital Announces JORC 2012 Compliant Resources for the Nechalacho Rare Earth Deposit

2

==> picture [398 x 283] intentionally omitted <==

Figure 1 – Nechalcacho Upper Zone

==> picture [283 x 283] intentionally omitted <==

Figure 2 – Vital’s Drilling program targeting Tardiff Zones 1, 2 and 3

3

Tardiff Zone 2

Vital drilled five drill holes at Tardiff Zone 2 to investigate high-grade REO mineralisation indentified by drill holes drilled in the 1980s with minor follow-up by Avalon in 2013. The 1980s drilling returned high-grade assays but Vital’s experience of REO assaying at Nechalacho in the 1980s found it was not accurate for resource estimation. REO assaying of the 1980s drill holes was sporadic and much of the core had not been assayed for TREO where high zirconium grades indicate high-grade REO would have been in the core. Vital decided to position five holes to get an understanding of the thickness and grade of the REO mineralisation in the Tardiff Zone 2 area.

==> picture [452 x 308] intentionally omitted <==

Figure 3 – Tardiff Zone 2 Drill Plan

4

==> picture [452 x 271] intentionally omitted <==

Figure 4 – Section at Tardiff 2

All five holes drilled at Tardiff Zone 2 successfully intersected the REO mineralisation and demonstrated similar grades and intercept lengths to nearby historic drill holes. Pleasingly, holes L21269 and L21-570 on the western side shows the high-grade REO mineralisation is open to the west and appears to be getting thicker and higher grade to the west. The 2021 drilling has shown there is potential for a significant high grade REO resource in the Tardiff Zone 2 area and further drilling is required to delineated the size and grade of this zone of mineralisation.

Tardiff Zone 2 intersections are shown in the following table.

Hole Name	From (m)	To (m)	Interval (m)	TREO Grade (%)
L21-567	3	25.6	22.6	1.54
L21-567	37	50	13	1.53
L21-568	3.8	9	5.2	2.36
L21-568	16.6	19.4	2.8	3.92
L21-569	8	11.5	3.5	1.88
L21-569	24.9	50	25.1	3.03
L21-570	12	31	19	2.05
L21-571	11	15	4	1.12

Table 1: Intervals greater than 1% TREo in the Tardiff Zone 2

5

Tardiff Zone 3

Historical drill holes from drilling programs by Avalon Materials Inc between 2007 and 2013 targeted the heavy rare earth rich Basal Zone (below the Vital Metals owned Upper Zone). The targeting of the Basal Zone resulted in very poor definition of the Upper Zone as many of the holes were drilled as fans from a single drill pad. One of these fans of five holes delineated a high-grade zone of REO mineralisation near the surface. As the fan of five holes were drilled from one drill pad, the high-grade mineralisation was only defined over a small area of 25m by 30m and it was unknown if the high grades extended beyond this small area.

Vital completed five holes to the north, south and west of the historic fan of holes aiming to increase the size of the high-grade zone and understand the extent and orientation of the high-grade zone.

==> picture [452 x 308] intentionally omitted <==

Figure 5 – Tardiff Zone 3 Drill Plan

6

==> picture [452 x 271] intentionally omitted <==

Figure 6 – Section at Tardiff Zone 3

All five drill holes at Tardiff Zone 3 all successfully intersected the higher grade REO mineralisation, with the high-grade mineralisation open in all directions. It appears as though the high-grade zone strike is in an east-west direction and dips to the south. Vital will plan further drilling to better understand the potential of this zone of high-grade mineralisation.

Tardiff Zone 3 intersections are shown in the following table.

Hole Name	From (m)	To (m)	Interval (m)	TREO Grade (%)
L21-572	22.75	33	10.25	1.83
L21-572	37	50	13	2.31
L21-573	14.5	51.2	36.7	1.96
L21-573	57.6	62	4.4	2.20
L21-574	11	62	51	2.13
L21-575	3.8	29.8	26	1.68
L21-576	5.3	17	11.7	1.87
L21-576	21	30.3	9.3	1.71

Table 2: Intervals greater than 1% TREo in the Tardiff Zone 3

7

Conclusions and Next Steps

Results for the Tardiff Zone 1,2 and 3 drilling program demonstrate that broad high grade zones of significant tonnages are present within the larger Upper Zone, with the previous drilling programs undertaken by Avalon being too wide to delineate these zones and their extent. In addition, the drilling program undertaken at Tardiff Zone 2 indicates the potential for a significant high grade resource which is not currently contained within the Mineral Resource estimate.

Following the positive nature of these results, coupled with the results achieved from the scouting metallurgical testwork program previously announced (refer ASX announcement 23[rd] June 2021), Vital will now proceed to define a mining and processing operation at Tardiff, which will commence utilising Tardiff Zone 1 ore before expanding into Zones 2 and 3.

As part of this program, Vital will undertake further drilling for all three of the Tardiff Zones. The goals of this program will be to delineate the boundaries of the three Tardiff high-grade zones in addition to identifying the relationships between the zones, including whether they are in fact connected. Further with a number of holes ending in high grade mineralisation, the future drill program will test the full depth of the high grade zones. Vital expects this drilling to commence during the northern winter.

-ENDS-

This announcement has been approved by the Board of Vital Metals.

Contact:

Mr Geoff Atkins Managing Director Vital Metals Ltd Phone: +61 2 8823 3100 Email: vital@vitalmetals.com.au

ABOUT VITAL METALS

Vital Metals Limited (ASX:VML) is an explorer and developer focussing on rare earths, technology metals and gold projects. Our projects are located across a range of jurisdictions in Canada, Africa and Germany.

Qualified/Competent Persons Statement

Nechalacho Rare Earth Project

The information in this report relating to Exploration Results at the Nechalacho Rare Earths Project is based on, and fairly represents, information and supporting documentation prepared for Vital Metals Limited by Mr Brendan Shand. Mr Shand is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy and an employee of the Company. Mr Shand has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Shand consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX Listing Rule Information

This announcement contains information relating to Mineral Resource Estimates extracted from ASX market announcements reported previously and published on the ASX platform on 13 December 2019 and 15 April 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed.

8

JORC Code, 2012 Edition – Table 1 report – Nechalacho Upper Zone

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

JORC Code explanation

Commentary

• Sampling • Nature and quality of sampling (eg cut channels, random chips, or specific techniques specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• Drilling • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, techniques auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• Sampling of 2021 diamond drill core are half splits of drill core using a core splitter.

• Samples were collected from the bastnaesite mineralisation with lengths ranging 0.5 to 2.7 metres. The typical sample length was between 1.0 and 2.0 metres. The sampling lengths were dictated by the lithology of the core.

• All drill core samples were crushed to 90% <2 mm, then 1 kg was riffle split. The 1 kg splits from the samples were then pulverized to 85% <75 µm.

• The samples were assayed using ICP-MS for the REE.

• The accuracy of the assaying has been validated through a combination of using standards with a known grade and inserting field blanks.

• The Historic Avalon drill holes in the Tardiff Zones 2 and 3 were sampled and assayed using the same methods.

• The sampling and assaying methods for the 1980s drill holes in Tardiff Zone 2 are unknown

• HQ diameter core for the 2021 drill program

• The Avalon drill holes in the Tardiff Zones 2 and 3 area were either PQ, NQ or HQ diameter core. The actual hole diameter for each individual hole was not in the database obtained by Cheetah from Avalon.

• The 1980s drill holes were core holes but the size is unknown.

• Drill sample • Method of recording and assessing core and chip sample recoveries and • Good core recovery was observed for the 2021 drill program. recovery results assessed. • The geological nature of the mineralization in the Upper Zone (coarse • Measures taken to maximise sample recovery and ensure representative bastnaesite), in many cases, is such that the risk of biased sampling is nature of the samples. somewhat reduced.

• • Whether a relationship exists between sample recovery and grade and • Avalon noted good core recovery in the historic holes in the Tardiff Zone 2 whether sample bias may have occurred due to preferential loss/gain of and 3 areas. fine/coarse material. • The recovery in the 1980s drill holes is unknown.

	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically	• Geological drill logs completed by an experienced professional geoscientist
	logged to a level of detail to support appropriate Mineral Resource	were produced to a standard to support a mineral resource estimation.
	estimation, mining studies and metallurgical studies.	• For the 2021 drill program, core photographs are available. For the historic
	• Whether logging is qualitative or quantitative in nature. Core (or costean,	Avalon drill holes and 1980s drill holes photographs are not available.
	channel, etc) photography.	• All the half splits from the 2021 drilling program were retained with the drill
	• The total length and percentage of the relevant intersections logged.	core stored on site, as half core, and can be viewed. The core from the
		historic drilling is stored on site.
		• Total length of the logged core for the 2021 program is 1712 m and the core
		are 100% logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	• Half core splits were sampled for the 2021 drill program and the historic
techniques and	• If non-core, whether riffled, tube sampled, rotary split, etc and whether	Avalon drill holes.
sample	sampled wet or dry.	• For each sampled interval the entire interval was half split to ensure a
preparation	• For all sample types, the nature, quality and appropriateness of the sample	representative sample of the interval. The sampled core was crushed before
	preparation technique.	assaying to ensure the material from the entire interval was analysed during
	• Quality control procedures adopted for all sub-sampling stages to maximise	the assaying process.
	representivity of samples.	• Duplicates of both the coarse-crushed (<2 mm) rejects and of the assay
	• Measures taken to ensure that the sampling is representative of the in situ	pulps were analysed and showed good reproducibility of the REE assays,
	material collected, including for instance results for field duplicate/second-	indicating that both materials are sufficiently homogeneous.
	half sampling.	• The core sample intervals honour the contacts of the mineralization zones,
	• Whether sample sizes are appropriate to the grain size of the material being	thus providing adequate sample coverage.
	sampled.	• Sub-sampling methods are unknown for the 1980s drill holes.
Quality of	• The nature, quality and appropriateness of the assaying and laboratory	• The assay methods for the REE include lithium borate fusion followed by
assay data and	procedures used and whether the technique is considered partial or total.	ICP-MS and are thus considered total.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	• External REE standards supplied by Avalon Advanced Materials Inc. and
tests	parameters used in determining the analysis including instrument make and	inserted in the field, and external REE standards inserted by the laboratory
	model, reading times, calibrations factors applied and their derivation, etc.	(ALS) were analysed with each batch of assays to ensure the assaying
	• Nature of quality control procedures adopted (eg standards, blanks,	procedures gave accurate results.
	duplicates, external laboratory checks) and whether acceptable levels of	• Field blanks were inserted to monitor contamination; results were
	accuracy (ie lack of bias) and precision have been established.	acceptable.
		• Quality of the assay data is unknown for the 1980s drill holes. The quality of
		1980s assay data from other areas at the Nehalacho Project has been shown
		to be very poor.

10

	JORC Code explanation	Commentary
Verification of	• The verification of significant intersections by either independent or	• The assay data was collated by Brendan Shand of Cheetah Resources.
sampling and	alternative company personnel.	• The entire data set was downloaded from the ALS portal and converted to
assaying	• The use of twinned holes.	oxides. No assay data was manually inserted reducing the likelihood of
	• Documentation of primary data, data entry procedures, data verification,	human data entry errors. Assay data for rare earth elements was converted
	data storage (physical and electronic) protocols.	to rare earth oxides.
	• Discuss any adjustment to assay data.	• Geology tables distinguishing host rock syenite were created from the
		original drill logs.
		• A review of data received from Avalon for the historic drill holes was carried
		out by Brendan Shand.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and down-	• All 2021 drill holes were surveyed at the time by a professional surveyor –
data points	hole surveys), trenches, mine workings and other locations used in Mineral	Sub-Arctic Geometrics Ltd of Yellowknife who used local survey reference
	Resource estimation.	points to ensure accuracy.
	• Specification of the grid system used.	• The grid system used is UTM NAD83 Zone 12 N, currently the standard
	• Quality and adequacy of topographic control.	system used in the area.
		• All historic drill holes have been surveyed by professional surveyors.
Data spacing	• Data spacing for reporting of Exploration Results.	• The drill hole spacing is approximately 25 by 25 m over the 3 Tardiff Zones
and	• Whether the data spacing and distribution is sufficient to establish the	• The drill hole spacing is considered to be adequate for the measured
distribution	degree of geological and grade continuity appropriate for the Mineral	resource confidence category.
	Resource and Ore Reserve estimation procedure(s) and classifications	• Sample compositing will be applied when using the data for resource
	applied.	estimation.
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• All 2021 drill-holes were drilled at -90 to intersect the horizontally layered
data in relation	structures and the extent to which this is known, considering the deposit	REO mineralisation at 90 degrees to achieve unbiassed sampling. All the
to geological	type.	historic Avalon drill holes in the Tardiff Zone 2 and 3 were angled or sub-
structure	• If the relationship between the drilling orientation and the orientation of key	vertical and intersected the mineralisation at shallow angles resulting in no
	mineralised structures is considered to have introduced a sampling bias, this	biased sampling.
	should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	• All assay samples were sealed using zip locks, and multiple samples were
security		placed in rice bags sealed with zip locks. Independent lab verified sealed
		sample integrity upon receipt.
		• Analyses for elements such as rare earths, niobium and zircon are unlikely to
		be altered as a result of insecurity of samples such as contamination.

11

	JORC Code explanation	Commentary
Audits or	• The results of any audits or reviews of sampling techniques and data.	• As the drilling is only recent no audits have been carried out on the sampling
reviews		techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	• The Upper Zone is located on Mining Lease NT-3178 registered to Avalon
tenement and	agreements or material issues with third parties such as joint ventures,	Advanced Materials Inc. and expires 21 May 2027. On June 24, 2019, Avalon
land tenure	partnerships, overriding royalties, native title interests, historical sites,	Advanced Materials Inc. announced that it has entered into a definitive
status	wilderness or national park and environmental settings.	agreement with Cheetah Resources Pty Ltd. to transfer ownership of the
	• The security of the tenure held at the time of reporting along with any	near-surface mineral resources on the Property, which includes the Upper
	known impediments to obtaining a licence to operate in the area.	Zone (see Avalon News Release NR 19-04). On October 30, 2019, it was
		announced that Avalon received the full payment from Cheetah Resources
		Pty Ltd. for the near-surface resources on the Nechalacho rare earth
		elements property at Thor Lake (see Avalon News Release NR 19-04). On
		February 6, 2020, the completion of a co-ownership agreement was
		announced, under which Cheetah Resources Pty Ltd. acquired ownership of
		the near-surface resources on the property, including the Upper Zone, and a
		jointly-owned special purpose vehicle to hold and manage the permits and
		authorizations to operate at the site was created (see Avalon News Release
		NR 20-01).
		• Operating licenses in the Northwest Territories are subject to the approvals
		by provincial and environmental regulators and require consultation with
		local communities.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	• The historic resource development drilling was carried out by Avalon
done by other		Materials Inc with the bulk of this drilling carried out between 2007 and
parties		2013.

12

	JORC Code explanation	Commentary
		• The geologist who supervised the historic work, J.C. Pedersen, P. Geo, is an
		experienced geologist in the rare earths field and is well known as a reliable
		geoscientist to the present parties. He also supervised the 2021 drilling
		program.
		• The data for the 1980s drilling at Tardiff Zone 2 was supplied by Avalon but
		Vital does not know who carried out the drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Upper Zone is a polymetallic (REE, Nb, Zr) deposit hosted by the Thor
		Lake Syenite. It is a large layered magmatic deposit.
		• REO mineralization in the Lake Zone is layered in separate zones of light rare
		earths at the top of the deposit (Upper Zone) and a mixture of light and
		heavy REO mineralisation in the lower part of the deposit (Basal Zone).
Drill hole	• A summary of all information material to the understanding of the	• The historic data set for the Lake Zone includes 582 diamond drill holes with
Information	exploration results including a tabulation of the following information for all	many of them in fans from the surface utilising a small number of drill pads
	Material drill holes:	to target the basal zone which begins approximately 80 metres below the
	o easting and northing of the drill hole collar	surface. The historic drill hole data gave poor representation of the Upper
	o elevation or RL (Reduced Level – elevation above sea level in metres) of	Zone as the fans resulted in many holes close together in clusters and wide
	the drill hole collar	spaces between the clusters.
	o dip and azimuth of the hole	• The historic drill holes ranged from 1.5 to 1070 m in length with the bulk of
	o down hole length and interception depth	the drill holes between 150 and 300 m long for a total length of 120,062 m.
	o hole length.	• See the attached appendices for the details of each of the holes and the
	• If the exclusion of this information is justified on the basis that the	assay intervals in the 2021 drilling program.
	information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain	• See the attached appendices for the details of the historic Avalon drill holes and 1980s drill holes in the Tardiff Zones 2 and 3 area.
	why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques, maximum	• Where there was more than 1 assay for an interval a weighted average was
aggregation	and/or minimum grade truncations (e.g. cutting of high grades) and cut-off	used for the grade of the interval. The weighted average was calculated by
methods	grades are usually Material and should be stated.	using the following formula. Interval grade= (Sum of (Assay length X assay
	• Where aggregate intercepts incorporate short lengths of high-grade results	grade) )/(total interval length)
	and longer lengths of low-grade results, the procedure used for such	• No capping was applied as no outliers were observed.
	aggregation should be stated and some typical examples of such
	aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values should be
	clearly stated.

13

	JORC Code explanation	Commentary
Relationship	• These relationships are particularly important in the reporting of Exploration	• For the 2021 drilling the intervals reported closely approximate the true
between	Results.	width of the mineralisation as most holes intersect at right angles to the dip
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is	of the mineralisation. The historic Avalon drill holes were angled or sub-
widths and	known, its nature should be reported.	vertical and intersected the mineralisation at shallow angles to the dip of the
intercept	• If it is not known and only the down hole lengths are reported, there should	mineralisation. So the true width for these holes is slightly shorter than the
lengths	be a clear statement to this effect (eg ‘down hole length, true width not	down hole intervals. The other historic holes were vertical and the
	known’).	intersections are true width.
		• The sample intervals are suitable for the mineralisation.
		• The drill holes intersect the deposit at approximately right angles to the
		orientation of the orebody which is the ideal orientation.
		• The orientation of the holes to the mineralization is well established.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts	• See figures in this ASX release for maps and section.
	should be included for any significant discovery being reported These should
	include, but not be limited to a plan view of drill hole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable,	• All intervals greater 2 metres in length and 1% TREO are reported in the
reporting	representative reporting of both low and high grades and/or widths should	interval tables.
	bepracticed to avoid misleading reporting of Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported	• Not applicable.
substantive	including (but not limited to): geological observations; geophysical survey	• Deleterious and contaminating materials are not present except for some
exploration	results; geochemical survey results; bulk samples – size and method of	thorium as is commonly present in rare earth deposits and well established
data	treatment; metallurgical test results; bulk density, groundwater,	with respect to levels.
	geotechnical and rock characteristics; potential deleterious or contaminating
	substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions	• The higher-grade REO mineralisation in Tardiff Zone 2 is open to the west of
	or depth extensions or large-scale step-out drilling).	the 2021 drilling. It is recommended 2 sections of drillholes 25 and 50 to the
	• Diagrams clearly highlighting the areas of possible extensions, including the	west be drilled. Also if the core from the 1980s drill holes can be located this
	main geological interpretations and future drilling areas, provided this	is resampled and assayed.
	information is not commercially sensitive.	• The high grade mineralisation in Tardiff Zone 3 is open in all directions and it
		is recommended further drilling is carried out along the suspected strike and
		dip.

14

Appendix 2: List of Drill Holes for the 2021 Upper Zone Drill Program

Hole_ID	Northing	Easting	Elevation	Length (m)	Azimuth	Dip
L21-548	6886409.18	417308.71	241.70	71	0	-90
L21-549	6886385.71	417311.70	241.52	50	0	-90
L21-550	6886438.61	417161.58	240.94	62	0	-90
L21-551	6886413.62	417163.04	240.50	59	0	-90
L21-552	6886414.57	417111.53	240.55	53	0	-90
L21-553	6886437.43	417113.88	241.46	53	0	-90
L21-554	6886438.98	417138.67	241.19	53	0	-90
L21-555	6886414.08	417184.51	240.47	56	0	-90
L21-556	6886441.90	417187.55	241.20	62	0	-90
L21-557	6886388.18	417186.54	240.43	56	0	-90
L21-558	6886390.75	417210.07	240.49	50	0	-90
L21-559	6886438.60	417239.03	241.41	56	0	-90
L21-560	6886438.52	417261.85	241.48	62	0	-90
L21-561	6886435.69	417288.51	241.36	72	0	-90
L21-562	6886437.65	417310.11	241.54	62	0	-90
L21-563	6886386.39	417286.82	241.12	74	0	-90
L21-564	6886412.41	417261.94	240.88	74	0	-90
L21-565	6886385.78	417262.43	241.18	62	0	-90
L21-566	6886391.36	417238.81	240.79	56	0	-90
L21-567	6886075.11	417574.72	240.35	50	0	-90
L21-568	6886045.17	417586.33	238.95	50	0	-90
L21-569	6886015.55	417513.91	240.75	50	0	-90
L21-570	6886042.55	417522.69	240.15	62	0	-90
L21-571	6885971.70	417521.74	240.95	62	0	-90

Hole_ID	Northing	Easting	Elevation	Length (m)	Azimuth	Dip
L21-572	6886075.81	417046.40	244.43	50	0	-90
L21-573	6886075.06	417021.67	244.36	62	0	-90
L21-574	6886102.07	417020.47	244.23	62	0	-90
L21-575	6886126.08	417020.03	243.63	62	0	-90
L21-576	6886127.00	417040.00	244.00	59	0	-90

Appendix 3: List of historic Drill Holes in the Tardiff Zone 2 area

Hole_ID	Northing	Easting	Elevation	Length (m)	Azimuth	Dip
85L-06	6885975	417610.8	237.09	401.5	0	-90
86L-07	6886028	417581.9	239	60.96	0	-90
88L-14	6886043	417607.9	240.3	90.53	0	-90
88L-15	6886006	417557.9	240	127.1	0	-90
88L-16	6886055	417567.8	241.1	60.05	0	-90
88L-17	6886035	417543	241	44.81	0	-90
88L-18	6886065	417524.9	242.9	44.81	0	-90
88L-19	6886081	417552.8	242	75.29	0	-90
88L-20	6885997	417527.7	240.1	44.81	0	-90
88L-21	6885983	417500.9	240.2	44.81	0	-90
L13-518	6885953	417574.7	237.875	50	0	-89.5
L13-519	6885978	417566.6	238.348	50	0	-89.32

Appendix 4: List of historic Drill Hole intercepts in Tardiff Zone 2

Hole_ID	From	From	To	To	Length	TREO%
L13-518	No significant intercept
L13-519	23	32.8		9.8		3.48
85L-06	Not assayed for REO
86L-07	Not assayed for REO

16

Hole_ID	From		To	Length	TREO%
88L-14		Not assayed for REO
88L-15		Not assayed for REO
88L-16	5.18	17.37		12.19	2.27
88L-17	2.59	19.81		17.22	1.74
88L-18	12.19	16		3.81	2.54
88L-18	20.88	32.92		12.04	1.64
88L-19	15.54	23.16		7.62	1.79
88L-20	2.74	23.16		20.42	2.46
88L-21	4.88	7.16		2.28	6.06
88L-21	17.53	22.25		4.72	1.90

Appendix 5: List of historic Drill Holes in the Tardiff Zone 3 area

Hole_ID	Northing	Easting	Elevation	Length (m)	Azimuth	Dip
L09-178	6886102	417039	244.488	169.47	0	-90
L09-179	6886102	417038.8	244.44	178.61	0	-75.61
L09-180	6886101	417039.6	244.503	169.47	270	-74.68
L09-181	6886099	417040.8	244.633	184.47	180	-75
L09-182	6886098	417045	244.76	193.47	90	-73.49
L13-518	6885953	417574.7	237.875	50	0	-89.5

Appendix 6: List of historic Drill Hole intercepts in Tardiff Zone 3

Hole_ID	From	To	Length	TREO%
L09-178	6.84	43	36.16	2.34
L09-178	69	75.25	6.25	1.42
L09-179	7	24.6	17.6	2.92
L09-179	31	39.05	8.05	1.35
L09-179	83.1	94.45	11.35	1.69
L09-180	7	28.5	21.5	2.80
L09-180	36	43.95	7.95	1.59
L09-180	57	73	16	1.68
L09-181	12	83.7	71.7	1.87

17

Hole_ID	From	To	Length	TREO%
L09-182	9	17	8	1.60
L09-182	26.35	53.2	26.85	2.36
L09-182	61	65.8	4.8	1.20

18