Announcement PDF Annual Report 2022 Contents Corporate Directory ................................................................................................................................ ii Review of Operations............................................................................................................................. iii Environmental, Social and Governance Framework..............................................................................xii Mineral Resources Statement............................................................................................................... xiii Corporate Governance.......................................................................................................................... xiv Financial Statements ..............................................................................................................................xv ASX Additional Information .................................................................................................................. 58 i Corporate Directory Directors Registered and business address John Young (Non-Executive Chairman) Unit 6, 94 Rokeby Road Jeremy Robinson (Managing Director) Subiaco WA 6008 Shaun Hardcastle (Non-Executive Director) Australia Cameron Henry (Non-Executive Director) Telephone: +61 8 6383 6593 Website: www.rarex.com.au Company secretary Auditors Oonagh Malone SW Audit Level 25, 108 St Georges Terrace Perth, Western Australia 6000 Securities exchange Share registry Australian Securities Exchange (ASX) Automic Registry Services Code: REE 126 Phillip Street Home office: Perth Sydney, New South Wales 2000 Telephone: 1300 288 664 Country of incorporation and domicile Australia ii Review of Operations The Board is pleased to provide a review of operations across the Company’s asset portfolio for the financial year 2022 and to date. Cummins Range Rare Earths Project RareX Limited (ASX: REE) is a Perth-based rare earths company committed to becoming a near- term producer of neodymium and praseodymium (NdPr). RareX’s focus is on developing rare earths deposits in Australia, including the flag-ship Cummins Range Rare Earths – Phosphate Project. NdPr is a core enabler of decarbonisation of our society and enables low carbon technologies, especially in the electric mobility sector, robotics solutions and renewable energy, e.g. the wind energy sector. NdPr is the key raw material for manufacturing rare earth powered permanent magnet NdFeB electric motors, the heart of the next industrial revolution the Electrification of our Society. RareX’s focus is on developing rare earths deposits in Australia, including the Cummins Range Rare Earths Phosphate Project in the East Kimberley region of Western Australia. RareX is committed to developing a sustainable, ethical, transparent and secure low carbon rare earth supply chain solution for the global electric mobility market and NdFeB permanent motor downstream ecosystem. 2021 Mineral Resource Upgrade On 19 July 2021, the Company announced a substantial resource upgrade for Cummins Range, having incorporated the results of the successful 2020 drill program. The Cummins Range Mineral Resource has grown significantly both in size and quality, firmly establishing the deposit as a high-quality development opportunity in a Tier-1 mining jurisdiction. The resource has increased on the back of the quality work undertaken by the RareX technical team, with the increase stemming both from drilling results from 2020 and correct specific gravity measurements taken from the current expansionary drill program. The overall 46% increase in the deposit is accompanied by a significant high-grade component and the announcement of a maiden Indicated resource of 11.1 million tonnes at 1.34% TREO + 0.17% Nb2O5 (0.5% TREO cut-off) and 4.9 million tonnes at 2.11% + 0.23% Nb2O5 (1.0% TREO cut-off) marking a significant increase in the quality of the resource as well. Table 1: Cummins Range JORC Resource at 0.5% TREO and 1.0% TREO Cut Off grade 0.5% Cut Off Tonnes Mt TREO % NdPr % Nb₂O5 % HREO ppm Indicated 11.1 1.34 0.27 0.17 830 Inferred 7.7 0.88 0.18 0.11 540 Total 18.8 1.15 0.23 0.14 711 1.0% Cut Off Tonnes Mt TREO % NdPr % Nb₂O5 % HREO ppm Indicated 4.9 2.11 0.41 0.23 1,150 Inferred 1.6 1.60 0.31 0.16 800 Total 6.5 1.98 0.38 0.21 1,060 iii 2021 and 2022 Drill Programs In July 2021, the Company announced the commencement of a significant diamond drilling and reverse circulation (RC) program at Cummins Range. The success of the 2021 program enabled the Company to estimate an Exploration Target (see below) which is in addition to and located below the current Resource. It also gave the Company the confidence to commence its largest drill campaign to date with up to three rigs on site, commencing in April 2022, which has continued to produce spectacular high-grade grade results. Hole CDX0007 was the first assayed diamond drill-hole at Cummins Range in 40 years and was drilled into an area where a displacement fault had been interpreted. This interpretation has now been supported by the hole intersecting a 77m wide breccia zone that has assayed 61.4m at 1% TREO (Total Rare Earth Oxides) and 0.3% Nb2O5. The lower 34.6m of this breccia is in fresh rock with common disseminations of monazite grading at 34.6m at 1.3% TREO and 0.4% Nb2O5, including 3.6m at 2.5% TREO and 0.7% Nb2O5. Drill hole CDX0004 assayed a whopping 102.97m at 1.6% TREO with 0.3% NdPr and 0.4% Nb2O5. This hole was drilled into an area that was previously interpreted by previous explorers to be an area where rare earth minerals have been upgraded through weathering processes. Instead, the hole has passed through a wide breccia zone which sits in the hanging wall position of the Main Fault. This breccia zone has consistent wide intervals of 1% to 2% TREO and strong niobium mineralisation as shown in by other drilling into this zone. Outstanding assays continued to be received with multiple intercepts above the current Resource grade: • • • • • • CDX0012 – 16.5m at 2% TREO with 0.4% NdPr and 0.1% Nb2O5and 50g/t Ag including, 3m at 6% TREO with 1% NdPr and 0.1% Nb2O5and 25g/t Ag CDX0010 – 15m at 1.8% TREO with 0.4% NdPr and 0.1% Nb2O5and 102g/t Ag, including 11m at 2.3% TREO with 0.4% NdPr and 0.1% Nb2O5and 138g/t Ag CDX006 – 13m at 1.8% TREO with 0.3% NdPr and 0.1% Nb2O5including 8.6m at 2.5% TREO with 0.4% NdPr and 0.1% Nb2O5 CDX0013 – 26m at 2.3% TREO with 0.5% NdPr and 0.3% Nb2O5including 2.8m at 6.6% TREO with 1.2% NdPr and 0.8% Nb2O5 CDX0018 – 21.9m at 1.7% TREO including 6.4m at 3.5% TREO CDX0019 – 27m at 1.81% TREO including 5.6m at 4.81% TREO These results have extended the mineralisation in the primary zone beyond 200m down-dip. Drill-hole CDX0013 (26m at 2.3% TREO) was drilled 50m to the west of CDX0012 and is the westernmost hole drilled at the best orientation to test the deposit, suggesting the primary mineralisation remains open to the north-west. Two holes contain exceptional silver grades of up to 138g/t Ag and CDX0017 reporting 5.9m at 1.5% TREO and 222g/t Ag. Diamond hole CDX0015 intersected significant primary phosphate mineralization in the “Northern Phosphate Zone”, with a spectacular intercept of 71m at 15% Nb2O5from 71.5m down-hole. The grade compares well to other operating mines of this type, in the range of 5% Nb2O5to 15% Nb2O5. Previous drilling in the northern area intersected wide zones of supergene mineralisation, demonstrating the iv potential scale of the system, with intriguingly high NdPr and HREO content for the rare earths contained in this zone. One of the final holes of the 2021 program, deeper hole CDX0016 intersected multiple stacked lenses, all with massive to disseminated rare earths as monazite comprising a cumulative total of 51m grading 2.5% TREO. The 2022 drilling of CDX0020 drilled down-dip from CDX0016 and intersected strong mineralisation 250m down dip from hole CDX0016 which adds considerably to the scale of the Project with a confirmed 450m of mineralisation down dip from surface. Deeper rare earths zones were also intersected including at end of hole. Wide high-grade phosphate was also drilled in "phoscorite" units. The 2022 growth drilling program confirmed the potential scale and significance of Cummins Range for both rare earths and phosphate with an extensive mineral system emerging. The latest results received include: • • • CDX0020 - 384.4m at 4% Nb2O5and 0.3% TREO and multiple high-grade rare earths intersections cumulatively 43m at 1.7% TREO including 11.6m at 1.9% TREO CDX0022 - 455.6m at 5% Nb2O5and 0.5% TREO and multiple high-grade rare earths intersections cumulatively 100.4m at 1.9% TREO including 17m at 2.4% TREO CDX0027 - 326.4m at 4% Nb2O5and 0.4% TREO with multiple high-grade rare earths intersections cumulatively 60.5m at 1.8% TREO including of 6.2m at 4.2% TREO The 2022 drill program has now completed on site and the exploration team look forward to all assays being received over the coming months. Figure 1. Section showing drill results for CDX0027 and CDX0022. Location of section shown on Figure 2. v Figure 2. Drill hole locations of 2022 drill program. Showing TREO % mineralisation and location of drill Section ‘C’ – “C”. Maiden Exploration Target In February 2022, the Company announced its maiden Exploration Target of 23Mt at 1.6% TREO to 41Mt at 2.4% TREO, which is in addition to and located below the current Indicated and Inferred Mineral Resource within the Main Rare Earths Zone. The Company is excited to continue its drilling programs to test this target. The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Cummins Range Scoping Study The Company is making considerable progress on early-stage approvals work for the development of the Cummins Range Project including flora and fauna surveys, water bore monitoring and community engagement. In September 2022, the Company released a positive Scoping Study (Study) which demonstrates a potentially viable project and has given the Board of RareX the confidence to approve the commencement of a Pre-Feasibility Study (PFS). Key metrics of the Study are set out below. Cautionary statement The Scoping Study referred to in this release was completed to determine the viability of a combined mine, beneficiation, and hydrometallurgical processing plan in the Wyndham East Kimberly region of Western Australia, using rare earth deposits at Cummins Range to produce rare earth products. It is a preliminary technical and economic study of the potential viability of the Project. The Scoping Study referred to in this release is based on low-level technical and economic assessments and is insufficient to support an estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. Further evaluation work and appropriate studies are required before RareX will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. This scoping study is an order of magnitude technical and economical assessment and is partially supported by Inferred Mineral Resources1. The Study is based on the material assumptions outlined below. These include assumptions about the availability of funding. While RareX considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct of that the range of outcomes indicated by the Study will be achieved. To achieve the range of outcomes indicated in the Study, funding of approximately AU$430m will likely be required. Investors should note that there is no certainty that RareX will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive or otherwise affect the value of RareX’s existing shares. It is also possible that RareX could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce RareX’s proportionate ownership of the Project. The Study includes appropriate assessment of realistically assumed modifying factors together with other relevant operational factors. The Study is based on indicated resources 85% and inferred resources 15%, which underpin the production target disclosed in the Study. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. 1 ASX Announcement 19 July 2021: RareX delivers major resource upgrade at Cummins Range Rare Earths Project. vi Table 2: Key Project Metrics Financial Total Capital Expenditure Discount Rate (pre-tax, nom) NPV8 IRR (pre-tax, nom) Payback LOM EBITDA Products MREC Product (dry) Phosphate Concentrate Produced (dry) Phosphoric Acid Produced Capex split2F2 Cummins Range Mine Site and Beneficiation Wyndham Port Refinery Facility Opex Cash Costs By-Product Credit Cash Costs (after credit) Product price Basket price (ex Sc2O3) MREC Price (FOB) Phosphate Price inc. REO Credit (FOB) Phosphoric Acid Price (FOB) Units AU$ million % AU$ million % Yrs AU$ billion Units Ktpa Ktpa Ktpa Units AU$ million AU$ million Units AU$/kg TREO in MREC AU$/kg TREO in MREC AU$/kg TREO in MREC Units US$/t US$/t US$/t US$/t Value 430 8.0 % 633 29 % 2.8 1.9 Volume 8.9 128.8 13.5 Value 200 229 Value 26.63F3 (20.5)4F4 6.15F5 Value 29,310 13,580 405 926 Note: TREO = Total Rare Earth Oxides MREC = Mixed Rare Earth Carbonate REO = Rare Earth Oxide LoM = Life of Mine Metallurgical Testwork Subsequent to the end of the quarter, the Company reported on the progress of the various metallurgical testwork that is underway on the Cummins Range material. Flotation Results To investigate the potential of phosphate minerals recovery, a sighter flotation program was undertaken at Auralia Metallurgy in Perth. The primary goal of this metallurgical testing program was to demonstrate that a high grade, commercially viable phosphate mineral concentrate could be produced using a simple flotation process. 2 Beneficiation and Refinery capital costs include non-process infrastructure owner’s costs, indirect costs and a nominal 20% contingency to direct costs. 3 Total LoM C1 cash cost: AU$1.6b by total TREO produced in the MREC product: 60.6kt 4 Total revenue of phosphate mineral concentrate (inc RE credit) and phosphoric acid: US$832 by total TREO produced in MREC product: 60.6kt. 5 Cash costs per kg TREO in MREC less by-product credit per kg TREO in MREC. vii The sighter testwork program was centred on the production of a phosphate mineral concentrate, with testwork undertaken on two composite samples collected from the Cummins Range Project, namely: 1. CDX0015 Phosphate Zone Fresh Composite 2. CDX0015 Phosphate Zone Regolith Composite Both composite samples were subjected to a flotation test with the same circuit configuration, i.e., 3stage rougher flotation followed by 2-stage cleaner flotation. A summary of the flotation testwork results are shown in Table 3. Table 3: Flotation Results Summary CDX0015 Fresh CDX0015 Regolith P2O5 P2O5 Product Rougher Concentrate Cleaner Concentrate FINAL Head Grade Grade % Recovery % Grade % Recovery % 31.0 94.4 23.8 94.3 39.1 80.3 34.1 85.7 13.4 - 12.8 - As demonstrated in the table above, excellent results were achieved from the testwork program, exceeding the primary goal of producing a phosphate mineral concentrate of greater than the benchmark 31% P2O5 grade. The P2O5 grade in the cleaner concentrate was 39% and 34% for the CDX0015 Fresh Composite and CDX0015 Regolith Composite respectively. The P2O5 recoveries were also promising for both samples. These results have further demonstrated the potential of producing a premium phosphate mineral concentrate co-product from the Cummins Range deposit. Following these initial positive flotation results, the next phase of the phosphate mineral beneficiation testwork will focus on grind size optimisation, further gangue suppression, flotation conditions and circuit configuration optimisation to ensure the technical and economic feasibility of the beneficiation flowsheet. Ore Sorting Program Sighter ore sorting testwork was performed on a composite collected from the primary zone of the Cummins Range deposit at TOMRA Sorting Solution in NSW. The composite was crushed to a P100 grind size passing 30mm and screened at 10mm to prepare the feed for the ore sorting testwork. This work was aimed at assessing the amenability of the Cummins Range material to ore sorting and producing a high TREO product fraction with as-high-as-possible TREO recovery by way of high-density REE-bearing inclusion product ejection. The sorter used for this testwork was TOMRA’s COM Tertiary XRT (X-Ray Transmission). To set up/train the sorter and to parameterise the software, images were taken of the samples while samples were exposed to high energy X-rays. The X-ray sensor signal depends on atomic density and material thickness and gives information on the inner composition of the particles. By combining two energy levels simultaneously, it is possible to differentiate particles by their atomic densities. viii Figure 3: TOMRA COM Tertiary Sorter Based on changes in the X-ray intensity, the images were mapped and classified as either high atomic density (blue and black) or low atomic density (red) using proprietary TOMRA Sorting image processing software, and the sorting-task algorithms specific for the Cummins Range ore were developed. The +10-30mm material was fed through the trained ore sorter with a single pass to sort into the product (REE-bearing ore) and waste. A summary of the ore sort results is included in Table 4. Table 4: Ore Sort Results Summary Element Mass TREO + Y Kg % Distribution Grade (%) % Distribution Feed, Calculated Assay 134.00 100% 2.18 100% Ore Sort Waste 64.00 48% 0.34 7% Ore Sort Product 70.00 52% 3.87 93% As shown in the table above, 93% of the total rare earths in the feed material was successfully maintained in the Ore Sort Product while rejecting 48% of the mass as waste. This is a very encouraging result, demonstrating the amenability of the Cummins Range material to ore sorting technology. The results have shown excellent potential to significantly reduce the plant size and transport requirements from mine to the beneficiation plant while maintaining the rare earth product tonnage through the inclusion of an ore sorting circuit to reject the gangue minerals upfront. Given these positive results, further ore sorting testwork will be undertaken to improve on the current results and optimise the ore sort circuit. This next phase of testwork will be carried out at both a batch scale and at a larger scale using representative samples from the deposit. ix NSW Joint-Venture Copper Gold Projects In January 2020, RareX entered into a binding Memorandum of Understanding (MoU) with Kincora Copper (Kincora) whereby Kincora paid a non-refundable option payment of C$25,000 to RareX for a six week exclusive option period. Following completion of its due diligence activities, Kincora subsequently exercised the option and paid RareX an additional C$150,000 and issued RareX with 14.95 million shares in Kincora. As a result of the agreement, RareX transferred a 65% interest in its NSW tenements to Kincora with RareX retaining a 35% free carried interest until such time as a positive scoping study or preliminary economic assessment is delivered, following which industry standard JV dilution mechanisms will apply. During the year, Kincora reported significant gold-bearing intervals at Trundle Park including assay results for hole TRDD022, which returned significant broad mineralised intervals, strongly indicating proximity to the core of a large porphyry intrusive system and providing vectors for recently commenced follow-up drilling. TRDD022 intersected 162m at 0.24g/t gold and 0.04% copper from 670m, including 46m at 0.54g/t gold and 0.08% copper from 684m, and 18m at 0.75g/t gold and 0.09% copper from 712m. TRDD026, the follow up scissor hole to TRDD022 was also drilled and intersected broad zones of porphyry-style intrusions, with assay results currently pending. Assay results for TRDD014W1, a wedge drilling off previous hole TRDD014, returned significant higher gold grade skarn intervals and broad intervals of porphyry style intrusions at the Trundle Park prospect: • • • • • 42m at 0.42 g/t gold and 0.12% copper from 358m, including 10m at 1.13 g/t gold and 0.32% copper from 382m; 48m at 0.19 g/t gold and 0.03% copper from 458m; 122m at 0.16g/t gold and 0.03% copper from 596m; 10m at 0.21g/t gold and 0.06% copper from 750m; and 16m at 0.11g/t gold and 0.07% copper from 860m. For the first time at the Trundle Park prospect, hole TRDD028 has intersected broad porphyry style intrusions from near surface (to 467m), with the targeted deeper intrusive body also intersected (assay results pending). Assay results for TRDD022 (162m at 0.24 g/t gold and 0.04% copper, including 18m at 0.75 g/t gold and 0.09% copper), TRDD014/W1 and TRDD028 have provided further confidence of proximity to the core of a large porphyry intrusive system, vectors for follow up drilling and support the working model of a vertically extensive mineralised intrusive system that has both open pit and underground target potential. Ongoing drilling identified three zones of mineralised skarns in hole TRDD029 confirming this hole as an important new geological discovery along the southern extension zone at Trundle Park. Cumulative gold and copper mineralisation across 196m returned in three skarn zones in TRDD029, including: • • Upper Skarn: 36m @ 0.68 g/t gold and 0.29% copper; and Middle Skarn: 129m @ 0.17 gold and 0.12% copper, including 34m @ 0.38g/t gold and 0.30% copper. Kincora reported assay results for TRDD030 returning cumulative gold and copper mineralisation across 164m in three skarn zones: • • Localised higher-grade intervals of up to 1.68g/t gold and 3.61% copper; Middle Skarn: 29m at 0.54 g/t gold and 0.22% copper, including 5m at 1.46g/t gold and 0.56% copper; and x • Lower Skarn: 22m at 0.51 g/t gold. Kincora reported results of re-assaying on TRDD032 at the Trundle Project with highlights being: • • • Highest grade primary mineralisation interval ever drilled at the Trundle Project from only the fourth hole (TRDD032) at the emerging Southern Extension Zone (SEZ) discovery within the Trundle Park prospect; Duplicate assays undertaken to confirm the metal tenor from the zone which hosts a probably porphyry vein with chalcopyrite-pyrite-quartz; and 2m at 19.9 g/t gold and 2.43% copper – original assay 12.6 g/t gold and 2.32% copper – within a broader zone containing 34m at 1.45 g/t gold and 0.25% copper. At the Fairholme Project, Kincora reported that a successful air-core program has converted two anomalies into highly prospective targets and extended the mineralised system strike at the Gateway target to over 1.6km and fully open to the south. The second phase Kincora drilling program has returned anomalous gold and copper results in all nine holes, including grades of up to 3.35g/t gold. A 900m additional mineralised footprint strike has been confirmed by air-core drilling (and open), with noteworthy results along the most southern trend: • • 10m at 1 g/t gold and 0.34% copper (hole FHAC008) 30m at 0.17% copper and 0.12g/t gold (FHAC011) At the Driftway C target, all three holes returned broad anomalous end of hole copper with a highlight being 18m at 0.11% copper (hole FHAC020). At the Anomaly 2 target, drilling intersected intrusion related anomalous copper with results of: • • 20m at 0.11% copper (hole FHAC003) 6m at 0.13% copper (FHAC001) The Fairholme Project hosts a number of large mineralised systems across a 16km strike located adjacent and on strike from Evolution Mining’s flagship Cowal mine and wider regional exploration portfolio. Kincora have advised that follow up air-core and diamond drilling is being planned to expand the open near surface footprints and evaluate the untested potential for underlying porphyry gold-copper related systems at shallow to moderate depths. Byro East & Orange East Projects During the year, RareX made the strategic decision to spin-out and IPO its non-core Byro East NickelCopper-PGE Project (Byro East) and Orange East Gold Project (Orange East) into a new ASX-listed company, Cosmos Exploraton. RareX and Cosmos signed a Demerger Implementation Deed (DID) on 23 August 2021 to give effect to the proposed spin-out. Pursuant to the DID, RareX transferred to Cosmos 100% of its legal and beneficial interest in the Byro East tenements and 75% of its legal and beneficial interest in the Orange East tenements (Sale Assets), with RareX retaining a 25% interest to be free-carried until completion of a Bankable Feasibility Study. RareX will retain exposure to the upside potential of the Sale Assets through its direct equity holding in the ASX-listed Cosmos Exploration Ltd (ASX: CX1), allowing it to focus on the development and exploration of its flagship Cummins Range Project. xi Environmental, Social and Governance Framework In September 2021, RareX announced the establishment of its Environmental, Social & Governance (ESG) Framework as part of its sustainable ESG-integrated project development approach. The Company’s ESG Framework adopts the World Economic Forum (WEF) Framework guidelines to support its journey from exploration to operational mining activities to ensure that it has a leading approach in place from inception as it advances its flagship Cummins Range Rare Earths Project in the Kimberley region of WA towards the next stage of development. RareX believes it has an important role to play in sustainably supplying critical and rare earth metals that are crucial for the decarbonisation of the global economy, such as electric vehicles and wind turbines, as well as advanced technical applications for telecommunications and military purposes as part of sustainable supply chains. The RareX ESG Framework will help to ensure that it can develop Cummins Range in a responsible and balanced manner, with due regard for safety, corporate governance, the environment, Indigenous relationships, community and stakeholder engagement and other critical elements of the ESG matrix. xii Mineral Resources Statement The following information is provided in accordance with Listing Rule 5.21 and as at 30 June 2022. Mineral Resource Estimation Governance Statement RareX Limited ensures that the Mineral Resource Estimates are subject to appropriate levels of governance and internal controls. The Mineral Resource Estimates have been generated by independent external consultants and internal employees who are experienced in best practices in modelling and estimation methods. Where applicable, the consultants have also undertaken review of the quality and suitability of the underlying information used to generate the resource estimations. The Mineral Resource estimates follow standard industry methodology using geological interpretation and assay results from samples won through drilling. RareX Limited reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code) (2012 Edition). Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code. Mineral Resource for Cummins Range Project, Western Australia The tables below sets out the Mineral Resources as at 30 June 2021 (estimated in October 2019) and as at 30 June 2022 (estimated in July 2021) for the Cummins Range Project, Western Australia. The Company confirms that the change in the Resource Estimates between 30 June 2021 and 30 June 2022 are the consequence of additional drilling undertaken. Effective Date Cut-off (TREO) Category Tonnes (Mt) TREO NdPr Nb2O5 HREO 30 June 2021 0.5% Inferred 13.0 1.13% n/a n/a n/a 30 June 2022 0.5% Indicated 11.1 1.34% 0.27% 0.17% 830 ppm 0.5% Inferred 7.7 0.88% 0.18% 0.11% 540 ppm 0.5% Total 18.8 1.15% 0.23% 0.14% 711 ppm 1.0% Indicated 4.9 2.11% 0.41% 0.23% 1,150 ppm 1.0% Inferred 1.6 1.60% 0.31% 0.16% 800 ppm 1.0% Total 6.5 1.98% 0.38% 0.21% 1,060 ppm 30 June 2022 xiii Competent Person Statements The exploration results for Cummins Range in this report were reported by the Company in accordance with listing rule 5.7. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements. The mineral resource estimate in this report were reported by the Company in accordance with listing rule 5.8 on 15 October 2019 and updated on 26 May 2020 (resource at 30 June 2020 and 30 June 2021), and 19 July 2021 (current resource). The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed. The exploration results for NSW Gold-Copper Projects as set out in this report were reported by Kincora Copper in accordance with listing rule 5.7. The Company confirms it is not aware of any new information or data that