Quarterly Activities/Appendix 5B Cash Flow Report

A challenging quarter on the macro front but we're managing well with a focus on offtake for Cummins Range and a targeted portfolio growth plan for discovery-ready carbonatite exploration prospects, now that we've become relative experts in rare earth and niobium geology, metallurgy and processing.

With a cash base of $1.5m, and a total assets base over $5.3m, including $3m invested in listed companies we have a solid asset at Cummins Range (Australia's largest undeveloped rare earth project) and a number of re-rate opportunities in the wings against a backdrop of rare earth price recovery, which, driven by strong demand, strategic requirement, and geopolitics will see prices return to health in the short to medium term.