Announcement PDF ASX Release 25 March 2025 RareX Discovers High Grade Gallium at Cummins Range Engage with this announcement at the RareX investor hub. Highlights • Historical drill holes contain values up to 6,826 g/t (0.68%) Ga2O3 • Significant Gallium Intercepts include: o 99m at 106 g/t Ga2O3, 0.77% TREO and 160 g/t Sc2O3 from 1m o 60m at 124 g/t Ga2O3, 3% TREO and 372 g/t Sc2O3 from 36m, Incl. 12m at 242 g/t Ga2O3, 6.7% TREO and 638 g/t Sc2O3 o 74m at 123 g/t Ga2O3, 2.4% TREO and 186 g/t Sc2O3 from surface, Incl. 30m at 206 g/t Ga2O3, 4.6% TREO and 310 g/t Sc2O3 • Research suggests these are the highest grade gallium assays reported in Australia • Only 25% of the historical drilling has been assayed for gallium with none of the RareX drilling assayed for gallium – this discovery immediately elevates Cummins Range to the most advanced gallium deposit in Australia • Gallium is on the critical mineral list for Europe, America and Australia and, with the growth of electronics, semi-conductors and solar panels, it is anticipated the gallium market will grow significantly from US$2.45B in 2024 to US$21.53B by 20341 • Re-assaying of samples is underway RareX Limited (ASX: REE – RareX, or the Company) is pleased to announce 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 gallium has not yet been assayed for. CEO and Managing Director, James Durrant, commented: “The gallium results are an unexpected boost for the Cummins Range deposit, coming from a deep dive reassessment of the deposit in readiness for the 2025 drilling season on the near-mine anomalies. Gallium is on the critical minerals list of every major economy, including the United States and Australia, yet there are no significant Western producers. China controls 98% of the market and has imposed a comprehensive ban on all gallium exports. “The Cummins Range deposit has been significantly de-risked through advanced heritage agreements, environmental and infrastructure studies, and mine planning. This new aspect to Cummins Range immediately escalates this project to the most advanced gallium deposit in Australia. We look forward to conducting further studies to determine how gallium can be integrated into our rare earth and phosphate development plans.” 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 1 https://www.factmr.com/report/gallium- market#:~:text=Gallium%20Market%20Outlook%20(2024%20to%202034)&text=The%20market%20has%20been%20forecasted,element%20with%20atomic%20number%2031 assessments have identified a moderately mineralized area of 500m x 500m, with higher grade zones occurring within and near high grade rare earth and scandium mineralization. Notable high-grade intercepts include: • 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 Ga2O3, 6.7% TREO and 638 g/t Sc2O3 • NRC068 - 86m at 105 g/t Ga2O3, 2.8% TREO and 200 g/t Sc2O3 from 14m, including 11m at 210 g/t Ga2O3, 6.6% TREO and 376 g/t Sc2O3 • NRC078 - 37m at 145 g/t Ga2O3, 3.2% TREO and 321 g/t Sc2O3 from 30m, including 10m at 292 g/t Ga2O3, 5% TREO and 500 g/t Sc2O3 Gallium at Cummins Range Historical regolith RC drilling, conducted between 2007 and 2012 by Navigator Resources and Kimberly Rare Earths were mostly assayed for gallium. A total of 11,487 assays for gallium were completed with 36% of the assays containing >40 g/t Ga2O3. Significant intersections have been calculated using a cut-off grade of 40 g/t Ga2O3 over 5 metres and are shown in Appendix 1. Figure 1 is a cross section showing significant gallium intercepts that have formed in saprolite on top of the Rare Dyke and below an ancient lake. Figure 1. Section 307340E. Showing gallium intercepts at Cummins Range deposit. Section location is shown in Figure 2 and intersection specifics can be found in Appendix 1 Figure 2. Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 1) location. Table 1. Gallium Significant Intercepts statistics Number of historical drill holes with Ga2O3 assays Number of drill holes with complete Ga2O3 assays Number of drill holes containing significant intercepts Mean width of significant intercepts Weighted average of significant intercepts 173 133 111 41m 70 g/t Drill holes are concentrated within a 500m × 500m area where the carbonatite dykes have surfaced. An impressive 111 drill holes contain significant gallium intercepts, with an average width of 41m and a metal content of 70 g/t Ga2O3. Low to moderate grades (40–70 g/t Ga2O3) are dispersed throughout the regolith profile, while higher-grade and wider intersections are often, though not exclusively, associated with rare earth mineralized zones. The mineral hosting the gallium has not yet been identified; determining this will be a key objective of future mineralogical and metallurgical studies. No gallium assays have been conducted on the 30,000m of RareX drilling. However, assay pulps are stored at the RareX facility, and re-assaying selected areas can be completed within a reasonable timeframe and cost. Rare earth mineralization has been confirmed down to 700m below surface, and if shallower results warrant further investigation, the potential fresh rock gallium source will be tested at these depths. The Global Gallium Market The global gallium market is dominated by China, which controls 98% of global gallium production.2 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 2034.3 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 dominance2. No other countries are significant producers of primary gallium, creating a near-monopoly situation that heightens supply risk for importing nations. 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%4. More aggressive forecasts suggest the market could reach $17.0 billion by 2032, expanding at a CAGR of 24.5%5. Upward price pressure are 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 2011.6 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 aluminum industry, as gallium is typically extracted from the alumina processing stream7. 2 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/ 3 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 4 https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ 5 https://www.persistencemarketresearch.com/market-research/gallium-market.asp 6 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/ 7 https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ Gallium Applications Semiconductor Applications and Integrated Circuits8 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 Devices9 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. Renewable Energy Applications10 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 Scandium has been included in the gallium significant intercepts. RareX has always been aware of the scandium potential at Cummins Range, which is technically the largest documented scandium deposit in the western world, but have chosen not to promote the metal or include in our basket price due to current market understanding. Along with the rare earths and gallium, there is significant upgrade of scandium mineralization in the regolith profile and scandium is present throughout the beneficiation process and will be in any rare earth concentrates that Cummins Range produces. Extracting value from the metal will be assessed in future study programs. The scandium market size is estimated at USD 0.77 billion in 2025, and is expected to reach USD 1.53 billion by 2030, at a CAGR of 14.7% during the forecast period (2025-2030)11. This announcement has been authorised for release by the Board of the Company. 8 https://www.metaltechnews.com/story/2024/09/16/critical-minerals-alliances-2024/us-looks-for-domes tic-gallium-sources/1917.html 9 https://www.grandviewresearch.com/industry-analysis/gallium-market-report 10 https://strategicmetalsinvest.com/gallium-prices/ 11 https://www.mordorintelligence.com/industry-reports/scandium-market Competent Person’s Statement The information in this report that related to exploration results has been compiled and reviewed by Mr Guy Moulang. Mr Guy Moulang is a full-time employee of RareX Limited and is a Member of the Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Guy Moulang consents to the disclosure of the information in this report in the form and context in which it appears. Reference List • https://www.factmr.com/report/galliummarket#:~:text=Gallium%20Market%20Outlook%20(2024%20to%202034)&text=The%20market%20has%20b een%20forecasted,element%20with%20atomic%20number%2031 • https://www.mining.com/web/gallium-price-rises-to-highest-since-2011-following-china-export-curbs/ • https://strategicmetalsinvest.com/gallium-prices/ • https://www.statista.com/statistics/1445285/gallium-share-of-production-worldwide-by-country/ • https://www.fitechem.com/news/gallium-price-floor-set-to-rise-in-2021/ • https://blog.tbrc.info/2025/02/gallium-market-drivers-2/ • https://www.persistencemarketresearch.com/market-research/gallium-market.asp • https://www.metaltechnews.com/story/2024/09/16/critical-minerals-alliances-2024/us-looks-for-domes ticgallium-sources/1917.html • https://www.grandviewresearch.com/industry-analysis/gallium-market-report • https://www.statista.com/statistics/1441110/primary-production-of-gallium-worldwide-by-country/ • https://www.mining.com/web/gallium-price-has-more-than-doubled-since-china-export-curbs/ • https://www.csiro.au/en/news/all/articles/2024/june/critical-mineral-galliumgermanium#:~:text=Global%20demand%20for%20gallium%20is,is%20from%202015%20to%202030 • https://www.mordorintelligence.com/industry-reports/scandium-market RareX is a critical minerals company specialising in rare earths and niobium in hard rock carbonatites. The exploration focus of the business is on the new Khaleesi Project in the East Yilgarn which is a district-scale, elevated-niobium, alkaline intrusive complex, the Mt Mansbridge xenotime heavy rare earths project near Browns Range and the Cummins Range near-mine anomalies. The Company’s engineering and commercial focus is on the mid-study-level, Cummins Range Project (+$330M NPV8 post-tax*) - a carbonatite hosted rare earths and phosphate project, containing magnet grade rare earths and battery grade phosphates and technically Australia’s largest undeveloped rare earths project. RareX have been curating a portfolio of carbonatite related projects including the newly acquired bulls-eye Piper Project along trend from both Nolans Bore and the Luni niobium deposit. RareX will continue to develop and optimise its portfolio. RareX maintains material investments in Kincora Copper (ASX:KCC), Cosmos Exploration (ASX:C1X) and Canada Rare Earth Corporation (LL.V). For further information on the Company and its projects visit www.rarex.com.au * The forecast financial information was released on 22 August 2023. The Company confirms that the material assumptions underpinning the production target and forecast financial information continue to apply and have not materially changed Appendix 1: Gallium Significant Intercepts, 40ppm Ga2O3 Cut over 5m, or equivalent to. TREO+Y = Lanthanide oxides + Yttrium oxide. HoleID From To Interval KRC094 30 36 6 Ga2O3 g/t TREO+Y % Sc2O3 g/t Nb2O5 % P2O5 % Peak Ga2O3 g/t Value 54 0.42 107 0.12 11 70 95 KRC095 No Significant Intercept KRC096 11 22 11 64 0.25 102 0.07 5 Incl. 17 21 4 82 0.19 82 0.06 4 KRC097 No Significant Intercept KRC098 No Significant Intercept KRC099 No Significant Intercept KRC100 9 28 19 53 1.48 129 0.11 7 82 KRC100 43 52 9 45 0.37 62 0.08 8 50 KRC100 60 72 12 55 0.53 114 0.13 12 63 KRC101 37 67 30 79 2.9 297 0.4 7 157 Incl. 49 67 18 97 1.91 216 0.25 8 Incl. 49 58 9 114 2.53 344 0.35 6 KRC102 17 43 26 51 0.56 129 0.2 6 Incl. 26 29 3 77 0.66 91 0.25 3 KRC103 15 73 58 56 0.94 173 0.14 3 Incl. 60 69 9 72 1.43 347 0.16 4 KRC104 No Significant Intercept KRC105 No Significant Intercept KRC106 89 101 No Significant Intercept KRC107 9 14 5 43 0.38 13 0.15 5 51 KRC107 29 41 12 42 0.24 74 0.1 7 50 KRC108 15 22 7 43 0.3 84 0.12 9 47 KRC108 43 50 7 48 0.31 78 0.08 7 65 KRC109 30 35 5 47 0.29 38 0.08 8 56 KRC109 38 44 6 43 0.33 125 0.17 5 52 KRC109 49 56 7 42 0.51 125 0.11 7 66 KRC109 59 69 10 48 0.28 80 0.09 7 56 KRC110 26 39 13 45 0.38 74 0.07 8 60 87 KRC111 No Significant Intercept KRC112 15 23 8 67 1.28 236 0.27 3 KRC112 30 41 11 51 3.29 342 0.4 20 78 KRC113 6 45 39 52 0.38 84 0.1 9 109 KRC114 3 38 35 91 2.47 304 0.38 10 150 Incl. 5 17 12 113 3.85 407 0.54 12 KRC115 23 27 4 59 0.31 91 0.06 6 KRC116 No Significant Intercept KRC117 No Significant Intercept 70 HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t KRC118 No Significant Intercept KRC119 No Significant Intercept KRC120 No Significant Intercept KRC121 No Significant Intercept KRC122 P2O5 % Peak Ga2O3 g/t Value 0.13 5 68 7 21 14 51 0.35 KRC124 31 35 4 76 0.52 189 0.17 3 93 KRC124 41 69 28 53 1.86 118 0.1 7 83 KRC125 58 61 3 74 1.04 291 0.26 13 99 KRC123 162 Nb2O5 % No Significant Intercept KRC126 No Significant Intercept KRC127 No Significant Intercept KRC128 No Significant Intercept KRC129 11 76 65 54 0.37 95 0.05 10 83 KRC130 10 63 53 61 0.91 112 0.07 12 125 Incl. 27 33 6 116 4.72 254 0.22 22 KRC131 6 31 25 54 0.86 124 0.07 19 63 KRC132 No Significant Intercept KRC133 No Significant Intercept KRC134 No Significant Intercept KRC135 No Significant Intercept KRC136 No Significant Intercept KRC137 No Significant Intercept KRC138 No Significant Intercept KRC139 No Significant Intercept KRC140 No Significant Intercept KRC141 No Significant Intercept KRC142 No Significant Intercept KRC143 No Significant Intercept KRC144 No Significant Intercept KRC145 40 46 6 48 0.28 62 0.06 7 56 KRC146 21 50 29 43 0.28 68 0.07 8 56 KRC147 3 58 55 51 1.39 141 0.1 18 69 KRC148 5 20 15 48 0.56 202 0.2 12 59 KRC149 10 14 4 50 0.11 45 0.01 2 98 KRC151 9 28 19 45 0.29 103 0.06 7 74 KRC151 39 44 5 48 0.26 84 0.06 8 51 KRC152 16 28 12 40 0.31 68 0.08 5 62 KRC153 8 36 28 51 0.46 99 0.08 8 90 KRC150 KRC154 No Significant Intercept No Significant Intercept HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t KRC155 No Significant Intercept KRC156 No Significant Intercept KRC157 No Significant Intercept Nb2O5 % P2O5 % Peak Ga2O3 g/t Value 137 KRC158 3 37 34 76 0.84 240 0.27 18 Incl. 6 11 5 109 1.06 381 0.41 13 KRC158 43 51 9 53 0.7 148 0.16 13 66 KRC159 2 17 15 71 1.84 476 0.86 10 131 KRC159 39 46 7 51 0.45 72 0.09 6 60 KRC160 9 25 16 55 0.47 110 0.17 13 77 0.04 2 57 106 KRC161 No Significant Intercept KRC162 No Significant Intercept KRC163 No Significant Intercept KRC164 No Significant Intercept KRC165 31 37 6 48 0.13 48 KRC166 No Significant Intercept KRC167 No Significant Intercept KRC168 6 32 26 60 0.69 234 0.19 6 Incl. 11 19 8 80 0.67 352 0.18 3 KRC168 44 49 5 52 0.83 139 0.15 10 67 KRC169 21 25 4 128 2.37 116 0.13 5 138 KRC170 13 80 67 61 0.76 159 0.16 4 120 Incl. 46 49 3 99 1.34 236 0.22 4 Incl. 62 68 6 92 0.75 196 0.26 5 NRC001 No Significant Intercept, Partially Assayed NRC002 NRC003 No Significant Intercept, Partially Assayed 46 47 1 216 NRC004 7.82 51 0.04 10 216 No Significant Intercept, Partially Assayed NRC005 No Significant Intercept, Partially Assayed NRC006 17 28 11 54 1.12 196 0.17 12 66 NRC006 84 85 1 6826 0.2 31 0.57 1 6826 NRC007 No Significant Intercept, Partially Assayed NRC008 71 76 5 58 1.95 294 0.21 27 71 NRC009 89 99 10 40 0.37 48 0.08 4 50 NRC009 106 111 5 43 0.24 81 0.06 5 50 NRC010 50 77 27 41 0.29 34 0.06 5 60 NRC011 15 23 8 41 0.26 66 0.08 7 55 NRC012 44 76 32 57 0.3 70 0.04 7 89 NRC012 89 99 10 50 0.49 104 0.09 4 76 NRC013 1 99 98 53 0.25 72 0.03 7 81 NRC014 2 100 98 58 0.68 109 0.06 16 280 HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t Nb2O5 % P2O5 % Incl. 89 100 NRC015 6 Incl. 7 Incl. 11 95 2.13 176 0.15 27 100 94 73 0.55 104 0.07 15 34 27 84 0.65 109 0.05 13 68 100 32 83 0.61 101 0.07 17 NRC016 1 100 99 106 0.77 160 0.15 11 Incl. 17 22 5 174 0.91 282 0.21 4 NRC017 1 8 7 53 0.22 25 0.02 1 87 NRC018 37 46 9 62 1.32 94 0.06 8 208 Incl. 44 45 1 208 7.97 61 0.01 15 NRC018 50 67 17 46 0.29 110 0.08 8 60 NRC018 80 94 14 43 0.33 68 0.06 5 70 NRC019 22 31 9 48 0.35 75 0.07 5 61 NRC020 NRC021 Peak Ga2O3 g/t Value 255 217 No Significant Intercept 12 27 15 64 1.81 313 0.27 14 161 NRC022 3 40 Incl. 18 28 37 78 0.82 155 0.21 10 166 10 135 1.58 227 0.4 15 NRC024 8 27 19 66 0.26 95 0.05 4 99 NRC024 58 61 3 217 5.77 11 0 5 297 NRC024 80 87 7 64 0.29 88 0.09 4 78 NRC025 0 80 80 64 0.41 93 0.06 7 121 NRC026 13 21 8 46 0.82 101 0.06 7 87 NRC026 31 84 53 46 0.41 132 0.05 8 78 NRC027 12 40 28 45 0.23 48 0.01 3 52 NRC028 1 14 13 54 0.41 98 0.06 13 68 NRC029 16 56 40 47 0.16 94 0 3 66 NRC029 69 100 31 75 0.47 114 0.06 11 114 Incl. 83 90 7 100 0.42 92 0.05 8 NRC030 0 100 100 73 0.32 108 0.03 9 Incl. 17 42 25 93 0.28 111 0.03 8 NRC031 20 36 16 52 0.3 92 0.08 10 76 NRC032 12 56 44 56 0.58 151 0.13 11 83 NRC032 61 72 11 42 0.28 183 0.04 4 58 NRC033 2 22 20 47 0.29 88 0.09 9 58 NRC033 27 73 46 54 0.31 109 0.06 7 73 NRC034 10 62 52 66 0.96 180 0.12 12 280 Incl. 19 21 2 208 5.9 114 0.06 12 Incl. 40 42 2 200 5.14 132 0.09 15 132 NRC035 5 25 20 56 0.48 197 0.2 13 91 NRC036 32 100 68 89 1.01 187 0.17 13 153 Incl. 36 54 18 119 1.7 222 0.21 13 HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t Nb2O5 % P2O5 % Peak Ga2O3 g/t Value NRC037 44 100 56 114 1.5 263 0.16 12 345 Incl. 45 71 26 163 2.48 432 0.24 16 Incl. 46 57 11 220 2.98 639 0.3 14 NRC038 36 96 60 124 3.01 372 0.35 12 Incl. 44 56 12 242 6.68 638 0.4 8 NRC039 19 45 26 78 1.03 183 0.14 14 Incl. 19 23 4 131 2.91 283 0.3 7 NRC039 65 95 30 66 1.89 237 0.21 22 Incl. 77 81 4 125 4.28 328 0.44 25 NRC040 0 52 52 101 1.14 377 0.39 12 Incl. 30 36 6 171 1.92 531 0.37 6 NRC040 67 95 28 67 0.97 153 0.17 6 116 NRC041 4 10 6 98 3.11 254 0.42 5 155 Incl. 5 7 2 148 5.09 265 0.35 6 NRC041 17 32 15 57 0.65 66 0.07 8 125 NRC042 4 26 22 44 0.21 54 0.03 3 72 NRC042 42 54 12 40 0.33 66 0.05 4 52 NRC042 72 96 24 42 0.15 29 0.02 2 59 NRC043 5 44 39 48 0.4 57 0.08 4 107 NRC043 49 55 6 56 1.22 0 0.06 5 86 NRC043 71 75 4 53 0.26 10 0.09 4 56 NRC043 85 100 15 46 0.15 61 0.03 3 64 NRC044 24 76 52 47 0.23 55 0.02 2 85 NRC045 NRC046 286 196 141 213 No Significant Intercept 4 28 24 NRC047 6 42 36 Incl. 37 39 2 NRC048 11 79 68 Incl. 12 22 NRC048 74 79 NRC049 42 NRC049 NRC050 47 0.37 77 0.07 9 61 74 1.24 95 0.08 8 590 480 15.54 95 0.05 6 54 0.37 82 0.08 9 10 75 0.56 132 0.12 11 5 49 0.37 81 0.1 7 55 82 40 51 0.32 55 0.08 7 70 90 99 9 43 0.28 61 0.05 9 51 23 38 15 50 0.5 81 0.07 10 78 NRC051 No Significant Intercept NRC052 No Significant Intercept NRC053 90 No Significant Intercept NRC054 4 5 1 1473 2 121 0.09 4 1473 NRC054 48 72 24 45 0.41 94 0.09 6 67 NRC055 18 54 36 52 0.33 74 0.13 6 112 NRC056 31 100 69 70 0.55 85 0.07 9 239 HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t Nb2O5 % P2O5 % 74 77 3 130 2.51 85 0.06 9 NRC057 0 59 Incl. 29 41 59 71 0.72 79 0.09 10 12 109 1.99 123 0.13 19 NRC057 75 100 25 52 0.42 58 0.05 5 77 NRC058 0 74 74 123 2.41 186 0.21 11 436 Incl. 26 56 30 206 4.64 310 0.33 16 Incl. 51 55 4 347 9.02 486 0.42 21 NRC059 0 88 88 72 0.7 102 0.12 6 Incl. 3 12 9 164 3.35 345 0.51 7 NRC060 1 77 76 58 0.49 73 0.09 5 Incl. 23 24 1 333 12.64 54 0.03 5 NRC060 84 100 16 51 0.33 70 0.12 4 77 NRC061 17 100 83 48 0.22 136 0.09 5 76 NRC062 0 100 100 57 0.28 95 0.08 7 102 Incl. 76 100 24 75 0.43 101 0.08 13 NRC063 3 13 10 49 0.57 126 0.12 8 84 NRC063 22 34 12 44 0.48 64 0.05 7 51 Incl. NRC064 Peak Ga2O3 g/t Value 235 262 333 No Significant Intercept NRC065 21 45 24 71 0.53 171 0.12 11 94 NRC066 32 64 32 84 0.85 167 0.15 5 112 Incl. 41 52 11 103 0.94 154 0.11 3 NRC066 69 89 20 47 1.37 137 0.16 19 83 NRC067 40 82 42 76 1.18 159 0.14 9 181 Incl. 40 52 12 109 1.62 245 0.28 8 NRC067 89 91 2 190 7.78 141 0.11 22 294 NRC068 14 100 86 105 2.76 200 0.21 11 403 Incl. 40 51 11 210 6.59 376 0.33 9 NRC069 6 44 38 57 0.72 104 0.08 8 Incl. 9 10 1 355 13.5 480 0.25 13 NRC069 90 96 6 56 0.91 86 0.11 4 106 NRC070 1 22 21 144 5.4 332 0.5 20 621 Incl. 3 14 11 202 8.33 348 0.43 21 Incl. 12 14 2 555 25.13 137 0.17 18 NRC070 30 71 41 48 0.49 156 0.24 10 68 NRC070 81 91 10 54 1.61 199 0.3 22 70 NRC071 30 41 11 49 0.8 89 0.1 9 97 NRC071 68 74 6 43 0.32 58 0.09 7 51 NRC071 78 86 8 45 0.38 62 0.12 11 54 NRC072 21 33 12 46 0.29 100 0.08 6 63 NRC073 No Significant Intercept 355 HoleID From To Interval Ga2O3 g/t TREO+Y % Sc2O3 g/t Nb2O5 % P2O5 % Peak Ga2O3 g/t Value NRC074 12 42 30 49 0.42 163 0.16 8 98 NRC074 63 NRC075 6 71 8 44 0.22 156 0.09 6 56 47 41 63 0.81 176 0.16 12 249 NRC076 23 62 39 59 1.03 201 0.17 11 181 NRC076 71 77 6 46 1.07 118 0.26 21 55 NRC077 45 98 53 77 2.65 362 0.4 25 514 Incl. 46 49 3 393 13.49 1251 0.68 16 NRC078 30 67 37 145 3.21 321 0.29 10 Incl. 31 41 10 292 4.95 500 0.37 13 NRC079 2 52 50 46 0.4 88 0.09 6 155 NRC079 62 70 8 54 0.16 78 0.07 4 73 NRC079 76 86 10 44 0.19 45 0.05 4 52 NRC079 93 99 6 44 0.59 45 0.05 2 63 NRC080 9 49 40 56 0.47 106 0.06 7 122 Incl. 25 27 2 119 3.77 103 0.05 19 NRC080 66 100 34 52 0.48 71 0.05 5 222 NRC081 20 32 12 48 0.45 56 0.04 4 106 NRC081 69 91 22 53 0.28 188 0.07 6 73 NRC082 71 72 1 203 7.61 71 0.08 2 203 NRC083 No Significant Intercept NRC084 No Significant Intercept NRC085 568 No Significant Intercept NRC086 22 27 5 80 3.67 42 0.01 8 201 NRC087 2 32 30 58 1.81 120 0.16 20 103 Incl. 15 23 8 81 2.95 138 0.22 24 NRC088 79 100 21 50 0.4 81 0.07 5 94 NRC089 10 22 12 57 1.31 107 0.11 11 87 NRC089 31 45 14 47 0.16 50 0.05 4 59 NRC089 49 60 11 45 0.19 66 0.05 5 50 NRC089 65 72 7 45 0.16 90 0.05 4 57 NRC090 24 55 31 48 0.23 109 0.06 5 59 NRC090 73 82 9 44 0.18 58 0.03 5 51 133 0.06 18 98 NRC091 No Significant Intercept NRC092 9 46 37 47 0.65 NRC092 89 99 10 44 0.24 95 0.04 5 59 NRC093 0 9 9 57 0.85 114 0.07 4 106 NRC093 19 100 81 52 0.27 75 0.04 5 126 Incl. 80 84 4 84 1.06 9 0.01 1 Appendix 2: JORC Tables Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • • Navigator Resources (2007), 148 AC holes (4,510 m), 93 reverse circulation holes (RC) (9,293 m). Holes drilled 60° towards south, 40 m spacing. • Kimberley Rare Earths (2012), 77 RC holes (4,229 m). • Navigator (NAV) Drilling NRC001-NRC0093 (drilled in 2007); 4 m composite spear samples were taken and assayed. Assay intervals that returned results <1000 ppm Ce were then resampled. The 10% cone splits from the drill rig we