Announcement PDF ASX Release 31 July 2025 June 2025 Quarterly Report Engage with this announcement at the RareX investor hub. HIGHLIGHTS • • • • • • • RareX and Iluka Resources establish a consortium to apply for the Mrima Hill rare earth-niobium-phosphatemanganese project in Kenya and for the formation of a special purpose vehicle (“SPV”) for its de-risking and development o Leading global advisory firm WSP appointed to lead environmental and social foundational planning work o Ausenco, who built the nearby Kwale Mineral Sands project, engaged to advance infrastructure and project studies o Five-year sponsorship agreement signed with Curtin University to support Kenyan students in critical minerals education and training High grade gallium identified at the Cummins Range Rare Earths Project in the Kimberley, WA o Historical drill assays suggest these are the highest-grade gallium assays reported in Australia o Assays received for the first 15 drill holes with significant gallium intercepts from re-assaying of pulps including • 60m at 99 g/t Ga2O3, 3% TREO and 195 g/t Sc2O3 from 29m, including 33m at 115 g/t Ga2O3, 4.72% TREO and 258 g/t Sc2O3 • 50m at 68 g/t Ga2O3, 2% TREO and 227 g/t Sc2O3 from 47m, including 5m at 113 g/t Ga2O3, 10.2% TREO and 420 g/t Sc2O3 o Positions Cummins Range as potentially the highest grade and most advanced gallium deposit in Australia whilst remaining one of Australia’s most significant undeveloped rare earth deposits EIS drilling grant awarded for Khaleesi Project to test multiple targets in the Khaleesi Alkaline Intrusion Complex (KAIC) prospective for gallium mineralisation Strategic collaboration agreement signed with gallium-technology firm, Gega Elements, to develop metallurgical solutions for Cummins Range and Khaleesi Scandium contained within the Cummins Range deposit adds to the potential of the project as a multi critical mineral project and make Cummins Range one of the largest scandium deposits in Australia Exploration commenced at Mt Mansbridge Heavy Rare Earths Project RareX well funded with $4.7 million raised (before costs) in May and July placements, and with over $3 million in listed investments Cautionary Note: At present, there are no guarantees that the consortium’s application for the Mrima Hill Project will be accepted and that the consortium will be invited to negotiate with NAMICO and the State Department for Mining the terms on which the proposed Prospecting Licence will be granted. The grant of the Prospecting Licence remains subject to discretion of NAMICO and the Cabinet Secretary and therefore investors are cautioned not to place undue reliance on the grant of the Prospecting Licence. RareX Limited (ASX: REE) (RareX or the Company), is pleased to provide its activities and cash flow reports for the quarter ended 30 June 2025. Management Comment RareX’s Managing Director, James Durrant, said: “RareX continued to make strong progress during the quarter, advancing its strategy to develop a portfolio of world-class critical minerals assets. At Cummins Range, high-grade gallium assays and confirmation of significant scandium potential further position the project as a globally significant multi-commodity deposit and initial re-assaying is confirming the historical high-grade gallium mineralisation. Our exploration programs at Mt Mansbridge for heavy rare earths have commenced and we look forward to updating the market on our progress. “Reinforcing the Company’s ambitions to develop primary deposits for critical minerals supply chains for the West, we have partnered with Iluka Resources in a consortium submission to pursue the strategic Mrima Hill project in Kenya. Over the quarter we have been bolstering our expertise with the engagement of key consultants to support both the technical and socio-environmental aspects of the project. “With $4.7 million (before costs) raised in two placements in May and July, the Company is well funded to advance exploration and development plans.” RareX and Iluka in consortium for Mrima Hill On 22 April, RareX announced a consortium agreement with Iluka Resources Limited (ASX: ILU) to apply for the Mrima Hill rare earth-niobium-phosphate-manganese project licence (“the Project”, “Mrima Hill”) (“Consortium Agreement”), and that the consortium has made a formal application to the National Mining Corporation of Kenya (“NAMICO”), which has now been formally receipted by NAMICO. Subject to the application being successful, the parties agree to establish a Special Purpose Vehicle (“SPV”) to pursue the acquisition, de-risking and development of the Mrima Hill Project and to negotiate the terms of a formal shareholders agreement. The Consortium Agreement sets out that Iluka will hold a 25% equity stake in the SPV as well as the terms for rare earth offtake to potentially provide feed to Iluka’s Eneabba rare earth refinery, and heavy mineral offtake. The Consortium Agreement intends for RareX to take the lead in de-risking the Project with a strong initial focus on socio-environmental matters followed by metallurgical and value chain engineering studies including the installation of local laboratory and pilot plant capability in the short to medium term. Application and proposal for Mrima Hill The Mrima Hill Project is currently owned by the Ministry of Mining, Blue Economy and Maritime Affairs, and, under Kenyan Law, its de-risking and future development will require a joint venture with the national mining corporation, NAMICO. An application has been made by the consortium to NAMICO which is aimed at securing approval to form a strategic partnership with NAMICO via a joint venture, into which the Prospecting Licence will transfer (“JVco”). NAMICO has confirmed receipt of the application and is currently reviewing the proposal in parallel with the State Department for Mining. At present, there are no guarantees that the consortium’s application will be accepted and that the consortium will be invited to negotiate with NAMICO and the State Department for Mining the terms on which the proposed Prospecting Licence will be granted. The grant of the Prospecting Licence remains subject to discretion of NAMICO and the Cabinet Secretary and therefore investors are cautioned not to rely on the grant of the Prospecting Licence. RareX will continue to inform the market of the progress of the application in accordance with its obligations under Listing Rule 3.1. If the consortium’s proposal is accepted, the RareX-Iluka SPV will be formed and will become the counterparty to NAMICO in the JVco. This process is in accordance with the Kenya Mining Act. If successful and the project licence (“Prospecting Licence”) is granted to the JVco, RareX will lead the necessary socio-environmental, resource definition, and engineering study work. This body of work is the prerequisite for a Mining Licence under which the Project would be licenced to move into construction and operations. RareX and Iluka have signed a binding offtake term sheet (“Term Sheet”) which sets out the terms for a long-form offtake agreement. The commencement of sale and purchase of material under the Term Sheet (but not the Term Sheet itself) is subject to conditions precedent including the grant of a Mining Licence, the commencement of commercial production, Iluka board approval for the definitive agreement and regulatory and financing approvals. If the procurement process is successfully completed and the Prospecting Licence is issued to the JVco, RareX will focus on community engagement and environmental assessments as a priority. It is critical that before any activity is initiated on the Project, there is a social licence to operate. Figure 1: Map of Kenya with Mrima Hill Project outlined in light blue in southern corner of Kenya. RareX has entered into a formal agreement with leading global environmental and social advisory firm, WSP, to advance its foundational planning work for the proposed Mrima Hill Critical Minerals Project in Kenya. This engagement underscores RareX’s commitment to delivering a project that is grounded in leading Environmental, Social and Governance (ESG) practices while also positioning the Company to move efficiently once tenure is secured. The scope of work proposed to be undertaken by WSP includes: 1. A gap analysis of existing environmental and social data across the Mrima Hill area; 2. Early stakeholder mapping and support for engagement with local communities, leaders, and national agencies; 3. Identification and onboarding of Kenyan-based partners to support on-the-ground engagement and fieldwork; 4. Establishment of a project-specific framework for social performance—reflecting both local expectations and international leading practice; and 5. Scoping of environmental and social baseline studies in preparation for activation once tenure is secured. Leading EPCM company, Ausenco, has been appointed to lead feasibility studies, process design, construction readiness, and engineering for the proposed Mrima Hill Critical Minerals Project. Ausenco is a recognised leader in consulting, engineering, procurement, and construction management (EPCM) and is majority owned by Resource Capital Funds, a U.S.-based investment group headquartered in Denver, Colorado. Ausenco brings deep experience delivering complex, high-impact projects across Africa and globally, including Kenya. Ausenco will undertake early-stage work to support the responsible and well-informed development of Mrima Hill, including: 1. Desktop engineering studies to assess infrastructure corridors, processing options, and site layout using available data; 2. Review of regional context, leveraging Ausenco’s prior work in Kwale County to inform early project framing; 3. Identification of community-facing infrastructure needs—such as roads, power, and water—to support sustainable development; 4. Integration of engineering insight into early stakeholder engagement, social impact thinking, and prefeasibility planning; and 5. Assessment of energy requirements for early and long-term development, including evaluation of grid capacity and identification of alternative energy options such as local geothermal sources. This appointment strengthens RareX’s preparedness as the lead developer of Mrima Hill. Key implications include: • Early de-risking of project infrastructure and layout, enabling faster project advancement post-licensing; • Use of existing data to build commercial and technical frameworks without delay; • Strong alignment with Kenya’s infrastructure development priorities, especially in Kwale County; and • U.S. strategic exposure through Ausenco’s ownership by Resource Capital Funds (RCF), a respected American critical minerals investor. A five-year sponsorship agreement with Curtin University to support the education of Kenyan students in areas relevant to the responsible development of critical mineral projects has been signed by the Company. Under the agreement, RareX will fund the tuition and academic costs for selected Kenyan students to undertake study at Curtin, one of Australia’s leading research institutions in mining, engineering, and environmental sciences. RareX’s Mrima Hill proposal, submitted via Kenya’s Specially Permitted Procurement Method (SPPM), outlines a phased, sovereign-partnered development of one of the world’s most significant rare earths, niobium, phosphate and manganese deposits. This work with WSP, Ausenco and Curtin University ensures the Company remains on the front foot as ESG, social, and technical workstreams continue to progress in parallel. CUMMINS RANGE PROJECT The Cummins Range Rare Earths Project in the Kimberley, WA, is an advanced project with many of the predevelopment aspects completed and a mining lease in its final stages of approval. The metals scandium and gallium have not been included in scoping study work and may present significant upside to the underlying economics of the deposit. Gallium results were presented to the market on 25th March 2023 with follow up results on 24th June 2025. Further gallium re-assay results are expected imminently. The scandium content of Cummins Range was presented to the market on 9th April 2025. Gallium at Cummins Range In March 2025, and subsequently in June, RareX announced the discovery of high-grade gallium at the Cummins Range carbonatite pipe. The rare earth deposit hosts multiple wide, high-grade intercepts above the Rare and Phos carbonatite dykes. Gallium assays have been identified in the upper 80m of the carbonatite pipe, occurring alongside high-grade rare earths, phosphate, and scandium mineralisation. Deeper fresh rock gallium has not yet been assayed for. A re-assay of pulps from 58 holes is underway and results for the first 15 holes have been received1. Most of the world’s gallium is produced as a byproduct of aluminium and zinc refining. Gallium grades are generally classified as follows: low-grade (30–50 g/t), moderate-grade (50–100 g/t), and high-grade (>100 g/t). Initial assessments have identified a moderate-grade area of 500m x 500m, with significant higher grade zones occurring within and near high grade rare earth and scandium mineralisation. Notable intercepts from the re-assaying of pulps include: • CRX0002 - 60m at 99 g/t Ga2O3, 3% TREO and 195 g/t Sc2O3 from 29m, including 33m at 115 g/t Ga2O3, 4.72% TREO and 258 g/t Sc2O3 • CRX0025 - 50m at 68 g/t Ga2O3, 2% TREO and 227 g/t Sc2O3 from 47m, including 5m at 113 g/t Ga2O3, 10.2% TREO and 420 g/t Sc2O3 • CRX0032 - 27m at 75 g/t Ga2O3, 1.4% TREO and 166 g/t Sc2O3 from 28m, including 3m at 108 g/t Ga2O3, 2.3% TREO and 205 g/t Sc2O3 Notable high-grade intercepts from Cummins Range include2: • NRC016 - 99m at 106 g/t Ga2O3, 0.77% TREO and 160 g/t Sc2O3 from 1m to EOH • NRC058 - 74m at 123 g/t Ga2O3, 2.4% TREO and 186 g/t Sc2O3 from surface, including 30m at 206 g/t Ga2O3, 4.6% TREO and 310 g/t Sc2O3 • NRC037 - 56m at 114 g/t Ga2O3, 1.5% TREO and 263 g/t Sc2O3 from 44m, including 11m at 220 g/t Ga2O3, 3% TREO and 639 g/t Sc2O3 • NRC038 - 60m at 124 g/t Ga2O3, 3% TREO and 372 g/t Sc2O3 from 36m, including 12m at 242 g/t Ga 2O3, 6.7% TREO and 638 g/t Sc2O3 Cummins Range carbonatite has a resource of 524Mt at 0.31% TREO, 4.6% P 2O5 and 70 g/t Sc2O3, including a higher grade resource of 44Mt at 1% TREO3. In March, RareX identified that historical regolith RC drilling, conducted between 2007 and 2012 by Navigator Resources and Kimberley Rare Earths were mostly assayed for gallium. A 1 ASX announcement 24 June 2025 – High Grade Gallium Re-assay Results at Cummins Range 2 ASX Announcement: 25 March 2025 - RareX Discovers High Grade Gallium at Cummins Range 3 ASX Announcement: 25 January 2024 - Cummins Range Mineral Resource Estimate Update: Indicated 77.4Mt at 0.46% TREO, 6.7% P O and 90g/t Sc O ; Inferred 446.9Mt at 0.28% TREO, 4.2% P O 2 5 2 3 2 5 and 70g/t Sc2O3 total of 11,487 assays for gallium were completed with 36% of the assays containing >40 g/t Ga 2O3 and values up to 6826 g/t (0.68%). Details on the 2007-2012 drilling, including numerous high-grade intercepts are described in the 25 March 2025 ASX release “RareX Discovers High grade Gallium at Cummins Range”. Since RareX acquired the Project in 2019, 30,000m of drilling has been completed with no gallium assays completed. RareX have begun to re-assay the pulps from recent drilling starting with the 2020 infill drilling. In 2020, RareX completed an infill drilling program designed to upgrade the inferred rare earths resource to an indicated resource. A total of 58 drill holes for 6,146m of RC drilling was completed. Results from the first 15 drill holes have been received and have confirmed high grade gallium over wide intervals. The most elevated results are coincident with high grade rare earth and scandium content that have been upgraded due to a combination of residual, or eluvial and chemical weathering. The exceptional gallium, rare earths, and scandium results are continuing to elevate the critical metals significance of the Cummins Range deposit. Figure 2 shows section 307315E with gallium grades across 250m of the Rare Carbonatite Dyke. The mineralisation is contained in the weathered saprolite zone. The location of the section and 2020 infill drill holes are shown on Figure 3. Figure 2. Section 307315E. Showing gallium intercepts at Cummins Range deposit. Section location is shown in Figure 3 Figure 3. Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 2) location. The Global Gallium Market The global gallium market is dominated by China, which controls 98% of global gallium production4 With the growth of electronics, semi-conductors and solar panels is anticipated the gallium market will grow significantly from US$2.45 billion in 2024 to US$21.53 billion by 2034 5. Beyond China, production alternatives are limited. Russia ranks as the second-largest producer globally, but at a mere 5 metric tons in 2022—representing just 0.81% of global production—its output is negligible compared to China's dominance6. No other countries are significant producers of primary gallium, creating a near-monopoly situation that heightens supply risk for importing nations. 4 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; https://www.statista.com/statistics/1441110/primary-production-of-gallium-worldwide-by- country/ 5 https://www.factmr.com/report/galliummarket#:~:text=Gallium%20Market%20Outlook%20(2024%20to%202034)&text=The%20market%20has%20been%20forecasted,element%20with%20atomic%20number%2031 6 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; https://www.statista.com/statistics/1441110/primary-production-of-gallium-worldwide-bycountry/ Expanding Demand Across Multiple Sectors The demand for gallium has expanded dramatically across numerous high-tech sectors, contributing significantly to the upward pressure on prices. The global gallium market is projected to grow from $2.32 billion in 2024 to $2.91 billion in 2025, representing a compound annual growth rate CAGR of 25.4%7. More aggressive forecasts suggest the market could reach $17.0 billion by 2032, expanding at a CAGR of 24.5%8. Upward price pressure is likely to persist as demand continues to expand across the semiconductor, telecommunications, defense, and renewable energy sectors. Price Increases and Market Dynamics Gallium prices have experienced remarkable volatility and overall upward trajectory in recent years, influenced by a complex interplay of supply constraints and growing demand. In December 2024, gallium prices surged to $575 per kilogram (delivered to Rotterdam), representing a 17% increase over previous levels and reaching the highest point since 2011.9 The most significant factor driving recent price increases has been China's strategic export restrictions. Beijing implemented initial controls on gallium exports in August 2023, which immediately disrupted global supply chains and pushed prices higher. By December 2024, China had escalated these measures, announcing a comprehensive ban on gallium exports to the United States, further intensifying market pressures. Since China accounts for approximately 98% of global gallium production, these export restrictions have had outsized impacts on global availability and pricing. China's production advantage stems from its integration of gallium recovery with its massive aluminium industry, as gallium is typically extracted from the alumina processing stream10. Gallium Applications Semiconductor Applications and Integrated Circuits11 The semiconductor industry represents the largest demand driver for gallium, with approximately 74% of gallium imported into the United States during 2023 being used in integrated circuits. Gallium arsenide GaAs and gallium nitride GaN compounds have become critical semiconductor materials across multiple industries, including hightech, automotive, aerospace, healthcare, and telecommunications sectors. Gallium nitride semiconductors are particularly valuable due to their superior power density and heat resistance properties. Traditionally used primarily in military applications, GaN is now finding increased adoption in commercial applications including 5G networks, wireless infrastructure, power electronics, satellites, electric vehicles, and consumer electronics. As one manufacturer noted, “GaN offers higher power density, more reliable operation and improved efficiency over traditional silicon-only based solutions". Optoelectronic Devices12 Approximately 25% of gallium consumption goes toward optoelectronic devices such as laser diodes, light-emitting diodes LEDs , photodetectors, and solar cells. The rapid growth in popularity of electronic devices including mobile phones, laptops, televisions, and lighting applications continues to drive demand in this segment. These applications are particularly important for fiber optic communications and high-speed data transmission technologies, which represent growth areas for the future. 7 https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ 8 https://www.persistencemarketresearch.com/market-research/gallium-market.asp 9 https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/; https://www.mining.com/web/gallium-price-has-more-than-doubled-since-china-export-curbs/ 10 https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ 11 https://www.metaltechnews.com/story/2024/09/16/critical-minerals-alliances-2024/us-looks-for-domes tic-gallium-sources/1917.html 12 https://www.grandviewresearch.com/industry-analysis/gallium-market-report Renewable Energy Applications13 The renewable energy sector represents an emerging but potentially massive source of gallium demand. Thin-film solar panels rely heavily on gallium for their high efficiency, and as renewable energy adoption accelerates globally, gallium requirements are expected to grow substantially. Europe alone is projected to consume up to 26 times more gallium by 2030 compared to current levels, according to the Fraunhofer Institute. The scale of potential demand is staggering—Austria's planned renewable energy projects, despite serving a population of only 9 million, would require approximately 4.5 times the current global gallium production. This statistic underscores the looming supply-demand imbalance as gallium becomes increasingly integral to both energy independence and environmental commitments worldwide. Scandium at Cummins Range In light of critical metal restrictions from China, RareX confirmed details of its scandium content at Cummins Range on 9th April 2025. The global race to secure critical minerals like scandium has intensified in recent years due to geopolitical tensions and supply chain vulnerabilities. Developments in China, the United States, and Australia underscore the strategic value of metals such as those at Cummins Range. Scandium, with its applications in aerospace and defence is a growing market over the past decade and its dual use applications have now triggered further supply restriction out of China, following the U.S. tariff implementations on 2 April 202514. The Company’s current Mineral Resource Estimate for Cummins Range, reported in January 2024 15, included scandium oxide for a combined inferred and indicated resource of 38,250t of Sc 2O3, with the indicated portion containing 6,970t of Sc2O3. Within the indicated resource there are wide intervals of high-grade scandium accompanied by high grade gallium, rare earths (including heavy rare earths) and phosphate. Table 2. Cummins Range Mineral Resource Estimate, P2O5 ≥ 2.5% Classification Tonnes (Mt) P2O5 (%) TREO + Y2O3 (ppm) HREO (ppm) Nd2O3 (ppm) Pr6O11 (ppm) Sc2O3 (g/t) ThU (ppm) Indicated Inferred Total 77.4 446.9 524.3 6.7 4.2 4.6 4650 2860 3120 280 170 190 790 480 520 230 140 150 90 70 70 90 40 50 Notes: 1. Due to effects of rounding, the total may not represent the sum of all components 2. TREO (ppm) includes: Light Rare Earth Oxides (LREO): La2O3, CeO2, Pr6O11, Nd2O3; and Heavy Rare Oxides (HREO): Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3; + Y2O3 3. ThU comprises ThO2 + U3O8 (ppm) 4. Mineral Resource is reported from all blocks, classified as either Indicated or Inferred, where interpolated block grade is >2.5%P2O5 Cummins Range is emerging as a multi-commodity critical minerals project rather than just a rare earth deposit. The Resource includes 24Mt of phosphate, 1.6Mt of contained total rare earth oxide (incl. 97,600t of heavy rare earths oxides), 38,250t of scandium oxide and clear indications of gallium, yet to be quantified in a JORC compliant resource but at some of the highest grades reported in Australia16. The Cummins Range carbonatite deposit is the largest scandium deposit in the western world with 38,250t of contain Sc2O3. This includes an Indicated Resource of 77.4Mt at 90g/t for 6,970t of Sc 2O3. Within the Indicated Resource, which is largely concentrated in the upper 100m, there are areas of higher concentrations of the metal. 13 https://strategicmetalsinvest.com/gallium-prices/ 14 https://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/ 15 REE ASX Announcement 25 January 2024: Cummins Range Mineral Resource Estimate Update 16 REE ASX Announcement 25 March 2025: RareX Discovers High Grade Gallium at Cummins Range Significant intercepts have been calculated with 248 intercepts greater than 200g/t Sc 2O3 and are shown in Appendix 1. Some outstanding results include: • • • • CRX0035 – 60m at 320g/t Sc2O3 and 2.65% TREO from 53m (no gallium assays), including 8m at 824g/t Sc2O3 and 3m at 1131g/t Sc2O3 CRX0063 – 53m at 482g/t Sc2O3 and 1.89% TREO from 45m (no gallium assays), including 30m at 744g/t Sc2O3 and 3m at 1021g/t Sc2O3 NRC040 – 87m at 294g/t Sc2O3, 81g/t Ga2O3 and 1.06% TREO from 1m, including 3m at 960g/t Sc2O3 and 11m at 519g/t Sc2O3 NRC037 – 32m at 433g/t Sc2O3, 132g/t Ga2O3 and 2.58% TREO from 45m, including 12m at 711g/t Sc2O3 and 2m at 1058g/t Sc2O3 In the regolith portion of the deposit, upgrading of various of metals, including scandium, gallium, niobium, rare earth elements and phosphate, has resulted in one of Australia’s most significant concentrations of critical metals. The metals are often occurring together and beneficiation of rare earths or phosphate will likely upgrade the scandium and gallium as well. Recent Geopolitical Developments affecting Scandium Supply China recently responded to increasing U.S. tariffs with significant export controls targeting critical minerals, implemented April 4, 2025, as part of broader retaliatory measures against U.S. tariffs 17. These controls focus on medium and heavy rare earth elements essential for advanced technologies and defence applications. Export licenses are now required for: • • • Scandium and scandium alloys/compounds; Yttrium and related materials; and Samarium, gadolinium, terbium, dysprosium, and lutetium. This expands China's previous restrictions on gallium and germanium18 as well as other critical minerals. Unlike earlier policies with grace periods, these controls took effect immediately on April 4, 2025, disrupting global supply chains and exporters must now submit license applications through Ministry of Commerce (MOFCOM) or face shipment holds for non-compliance19. The Global Scandium Market Scandium has emerged as a strategic critical mineral with growing importance across multiple industries. It is generally recovered from cobalt, nickel, titanium and zirconium processing streams, with China being the leading producer globally. Scandium lacks affinity for the common ore-forming anions; therefore, it is widely dispersed in the lithosphere and forms solid solutions with low concentrations in more than 100 minerals and, similar to gallium, occurs in comparatively low concentrations where it is recovered from the aforementioned processing streams. Global consumption has increased considerably driven by its use in aluminium-scandium alloys and SOFCs20. In financial terms, the global scandium market reached US$548.9 million in 2022 and is forecast to expand to US$859 million by 2028, representing a compound annual growth rate (CAGR) of 7.75%, with more optimistic forecasts suggesting the market could reach US$1.53 billion by 2030, with a CAGR of 14.7% from 2025 to 203021. 17 https://www.reuters.com/world/china-hits-back-us-tariffs-with-rare-earth-export-controls-2025-04-04/ 18 https://www.fastmarkets.com/insights/chinas-tighter-gallium-germanium-export-controls-more-of-the-same-or-a-shift-in-approach/ 19 https://www.hklaw.com/en/insights/publications/2025/04/china-imposes-export-controls-on-medium-and-heavy-rare-earth-materials 20 https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-scandium.pdf 21 https://www.globenewswire.com/news-release/2023/12/19/2798775/28124/en/Global-Scandium-Market-Industry-Trends-Share-Size-Growth-Opportunity-and-Forecast-2023-2028-Demand-in- Aerospace-and-Solid-Oxide-Fuel-Cells-Rises.html In terms of physical volume, global supply and consumption has shown remarkable growth, doubling from approximately 15-25 metric tons in 2021 to 30-40 metric tons in 2023, according to the US Geological Survey 8. Recent price points in China show scandium oxide (99.99% purity) trading at approximately US$650/kg EXW and, over the past decade, prices of up to US$2,000/kg have been reached. Meanwhile, high-purity scandium metal (99.999%) commands pricing around US$5,000/kg22. Due to the small, fragmented and opaque market dynamics it is unclear how scandium prices vary by jurisdiction. With China being essentially the sole supplier, the provided price range is likely limited to the Chinese market where trade restrictions do not apply and a