Announcement PDF RareX ASX: REE rarex.com.au Exploring for and Engineering carbonatites Exploring Australian RE-Nb targets  District scale RE-Nb project and bullseye RE-Nb projects acquired, heavy RE project readied  Focused on a stand-alone start-up stage via phosphate Engineering Cummins Range RE-P November 2024 Nb RE P 41 57-71 15 Niobium Rare Earths Phosphorus Disclaimer & Competent Persons’ Statements Investor Relations James Durrant MD & Chief Executive Officer P: +61 8 6383 6593 E: info@rarex.com.au Engage RareX Investor Hub ree.investorhub.com/welcome P: +61 8 9388 1474 RareX HQ L1, 338 Barker Rd, Subiaco WA 6008 E: info@rarex.com.au This presentation contains summary information about RareX Limited (REE) and is current as of 29 November 2024 and is authorised for release by the Board. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. REE has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. For further information, please contact Chief Executive Officer, James Durrant. This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with REE and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. REE disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, REE, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. Competent Person’s Statement - Geology: The information in this presentation relating to the Mineral Resource Estimate for the Cummins Range Rare Earths Project is extracted from the Company’s ASX announcement dated 25 January 2024 which was reported in accordance with Listing Rule 5.8. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply. The Company confirms there have been no material changes to exploration results since first reported in accordance with Listing Rule 5.7 on the dates referenced throughout the presentation for the Cummins Range, Mt Mansbridge, Khaleesi and Piper Projects. Competent Person’s Statement – Metallurgy: The information in this presentation relating to metallurgy was first reported in accordance with Listing Rule 5.7 on 11 July 2023. REE confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. Competent Person’s Statement – Production Target and Forecast Financial Information: The information in this presentation relating to production targets and forecast financial information (FFI) was first reported on 22 August 2023. REE confirms that the material assumptions underpinning the production target and FFI continue to apply and have not materially changed. The production target is based on a portion of inferred resource. 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 realized. Global Resource (JORC 2012) – Cummins Range 2.5% P2O5 Grade Cut Tonnes Mt TREO ppm P2O5 % NdPr ppm Nb2O5 ppm HREO ppm Indicated 77.4 4,650 6.7 1,020 780 280 Inferred 446.9 2,860 4.2 620 550 170 Total 524.3 3,120 4.6 670 580 190 Exploring and Engineering Carbonatites Managing risks for a return in value once the head-winds turn 1 Improved and de-risked asset base Engineering out risk at Cummins Range  Focus on simplified, stand-alone start-up stage  Supply chain de-risked  Approvals and permitting progressed Exploration assets expanded and improved     Acquired Khaleesi Nb-RE intrusive complex Acquired Piper bullseye Nb-RE project on trend from Luni De-risked Mt Mansbridge heavy rare earth project De-risking Maude Creek heavy rare earth project Expansion work-streams through targeted M&A  East Africa and Saudi focus  Advanced projects in emerging jurisdictions Sources: 1 https://www.morningstar.com.au/insights/stocks/257696/should-you-invest-in-small-caps 2 https://www.asianmetals.com – 27/11/2024 3 https://source.benchmarkminerals.com/article/higher-prices-needed-to-develop-ex-china-rare-earths-supply? 4 https://www.reuters.com/business/autos-transportation/global-ev-sales-up-305-september-china-shines-europe-recuperates-2024-10-14/ 5 https://www.industry.gov.au/news/australia-and-european-union-partner-critical-minerals 2 Improving metals and market sentiment Protracted suppressed capital market sentiment looks to be ending  Small-caps challenged over last 24 months; but  Market looks to be turning1  Reducing interested rates  Over-priced ASX 200  IPOs increasing again Critical metals prices must improve  Metal prices below incentivisation pricing  Rare earths NdPr @ US $58/kg2 currently  Required US $75-80/kg3  Electrification-of-things still strong  EV growth up 30% in September 20244  Supply chain security requirements increase further5 Corporate Snapshot  Rare Earth prices appear to have bottomed Capital Structure ASX Code Share Price (25 Nov 2024) Shares on Issue Market Capitalisation (25 Nov 2024) REE A$0.011 800M A$8.8M Cash (Sept Qtr) Investments (30 September 2024)2 Cash and Investments A$0.86M + A0.83M1 A$3.06M A$4.75M Shareholders Top 50 Shareholders Number of Shareholders Major Shareholders NdPr Oxide Pricing Asian Metals, EXW China (USD/kg) 0.08 140 Adamas 2027 Price Forecast U$120/kg 0.07 ~42% ~5,000 Simon Lee AO (~5.4%) Jeremy Robinson (~4.9%) 120 0.06 100 0.05 Key people Chairman: Non-Executive Managing Director & CEO Jeremy Robinson James Durrant Director: Non-Executive Director: Non-Executive Danny Goeman Shaun Hardcastle Company Secretary Oonagh Malone Notes: 1 - A$0.83M R&D rebate for FY2024 2 - Kincora Copper: 45M shares plus project royalty Cosmos Exploration Limited: 10M shares Canada Rare Earths Corp: 25M shares Share Price Information ASX: REE (AUD/share) 25 Nov 2024 U$57.5/kg 80 0.04 60 0.03 25 Nov 2024 Prev Close: 0.011 0.02 0.01 Jan 2023 Jun 2023 Oct 2023 Feb 2024 Jun 2024 40 20 Nov 2024 Peer Group Comparison A challenging period for all Low risk appetite has prevailed 12-Month ASX peer group share price performance  Limited high-risk-high-reward capital  Poor critical metals market backdrop  Negative media pressures sentiment -62% Global trends favourable ASX:HAS  US tariffs on China likely  Supply chain security is a major geopolitical risk  Metal prices unsustainable -33% ASX:ARU -64% REE Peer Group Share Price Performance over 12 months ASX:ASM -44% 120% ASX:NTU -65% ASX:REE -52% ASX:DRE -33% ASX:AR3 -64% ASX:BHM 100% Benchmarks 80% 60% -51% 40% 20% 0% Nov Dec Jan Feb Mar Apr May 2023 Notes: ASX data analysis Peer group selected for ASX listed companies with Australian assets Jun 2024 Jul Aug Sep Oct Nov MSCI World +26% S&P/ASX 200 +20% ASX Small Ordinaries +18% A Year Requiring Internal Risk Mitigation Against external market headwinds Challenges External Junior Market Sentiment   Low appetite for higher risk-higher reward investments Investments have moved up the liquidity and market-cap curve Critical Metals Market   Suppressed by oversupply in China Compounded by hiccups in de-carbonization sentiment 2024 Solutions Internal 2024-2025 Corporate level cost control and business rationalisation  Board simplification  Reduced 3rd party service provision  Improved internal capability & contracted services out Engineering Focus at Cummins Range refined  RE metallurgy paused to save costs following achieving 20x upgrades in beneficiation4  Phosphate metallurgy focus following a revision in the approach  Stage-1 phosphate startup being optimised Exploration asset growth and value-add  Acquired Khaleesi – 1,000km of Nb-RE carbonatite ground1  Acquired Piper – Bullseye magnetic anomaly in partnership with Resource Potentials2  De-risked Mt Mansbridge – Identified Xenotime HRE mineralised system3 Notes: 1: ASX Announcement 23 May 2024, RareX acquires district-scale niobium project in the East Yilgarn, WA. 2: ASX Announcement 01 Oct 2024, RareX gains access to bulls eye magnetic anomaly in the NT. 3. ASX Announcement 18 Sept 2024, RareX review of Mt Mansbridge shows promising HRE potential. 5: ASX Announcement 18 Oct 2023 Rare Earths beneficiation work delivers strong TREO upgrades Cummins Range Project Engineering Australia’s largest un-developed rare earth deposit via phosphate Solving for challenges 57-71 15 RE P Rare Earths Phosphorus Source: 1: ASX Announcement 07 Nov 2022, RareX signs offtake MOU with Nitron for Stages 1-2 products. 2. ASX Announcement 09 Nov 2023, RareX signs offtake MOU with Nitron for Stages 1-2 products. 1 Weak RE prices (turning?)  Temporary reduction in rare earth metallurgy - not yet solved for all geological domains  Focus on phosphate metallurgy using alternative methodology  Aiming for a phosphate optimised process solution for a standalone Stage-1 phosphate project 2 Accessing future markets  Supply chain de-risking with port and trucking solutions – belt loading, land access and haulage agreements  Road options being discussed with government  Offtake - MOU with Ordco and Nitron. Exploring options in SE Asia with JTSI1,2. 3 Slow approvals  Completed environmental baselines - Ongoing monitoring  Early regulator engagement ongoing  Focused resources on native title agreement finalisation  Delays a function of challenges regarding changes in leadership and governance within the PBC – Slow but progressing Exploration Projects Exploring Australia for carbonatites and rare earths with rationalised, prioritised and improved assets Solving for single asset exposure Niobium Mts Mansbridge HRE system Xenotime mineralised system  All basement Killi Killi Formation pegged and Heritage complete  Heavy rare Earths from surface, close to Browns Range  Incorrect drilling orientation 2 Cummins Range RE anomalies Potential carbonatite swarm  Previous drilling missed geophysical targets  Access and permitting complete 57-71 3 Rare Earths Khaleesi  45km along trend from highest grade RE intersection in Australia  Near-by, and in same age rocks, as Mt Weld (Lynas) Piper  Bullseye magnetic anomaly – carbonatite?  Along trend from Luni and Nolans Bore Nb RE 41 1 Khaleesi and Piper Nb-RE Expanding 1 East Africa Opportunities Rationale  Local knowledge and connections  Rift valley geology  Indian Ocean Rim Expanding by homing in on specific projects in targeted jurisdictions Solving for single jurisdictional exposure Nb RE 41 Niobium 57-71 Rare Earths To-Date  Project targets identified  Local and international advisory on-boarded  Proposals prepared 2 Kingdom of Saudi Arabia Rationale  Emerging minerals jurisdiction  Vision 2030 enabled by financial incentives  Arabian-Nubian shield geology To-Date  2-projects applied for: Unsuccessful but with constructive feedback  Local licensing and registrations  Potential partnership discussions Planned Milestones 2025 Based on our current asset portfolio with potential new acquisition upside Cummins Range RE-P Exploration Nb-RE Expanding Opportunities Revised plan – focussed on standalone phosphate startup Revised priorities for improved milestone delivery Confidential activities for additional assets  New phos -product generation Q1 Final prep for drilling:  Cummins Range Drill Preparations – fully permitted  Mt Mansbridge HRE Geochem/Geophysics  Mt Mansbridge drill preparations  Khaleesi drill preparations (access, camp, clearances, PoWs)  Maude Creek deep-dive completion Q1 Revised priority:  Product testing  Confirmation of new processing path – phos-optimised In parallel:  Mining Heritage agreement  Approval submission Triggering:  Feasibility  Approvals Q2-Q3 prioritised by access and approvals  Drilling Mt Mansbridge (2000m)  Drilling Cummins Range (1500m)  Drilling Khaleesi (5000m) Potential acquisition 1  Partnership  Granting Potential acquisition 2  Partnership  Granting Strong In-House Capability Explore, Engineer, Expand James Durrant Chief Executive Officer Mining and Mechanical Engineer with nearly 20 years across Tier 1 operations and junior company project development in Africa and Australia. GAICD. Guy Moulang Exploration Manager Geologist and AIG Member with 20 years' experience in technology metals, base metals and gold exploration. 5 years with RareX on Cummins Range Kay Hofmann Study & Approvals Manager Ex Mineral Resources Limited and BHP. Leader of engineering and operational teams across mine planning, production, drill & blast, A&I, hydrogeology and environmental baselines Jeremy Robinson Non-Executive Chairman Fund raising, Strategy, Corporate Development Danny Goeman Non-Executive Director Negotiations, Offtake, Marketing, Shipping Shaun Hardcastle Non-Executive Director Corporate Law, Finance Law, Governance “A team with grit and determination with the capacity, capability and drive to push through challenges” Board of Directors Jeremy Robinson – Non-Executive Chairman James Durrant – Managing Director Danny Goeman – Non-Executive Director Shaun Hardcastle – Non-Executive Director Company Secretary Oonagh Malone Chief Executive Officer James Durrant RareX HQ L1, 338 Barker Rd, Subiaco WA 6008 ABN 65 105 578 756 T: (08) 6383 6593 E: info@rarex.com.au Follow us Investor Hub: LinkedIn: X Twitter: https://investors.rarex.com.au/welcome https://www.linkedin.com/company/rarex-limited https://twitter.com/rarex_asx rarex.com.au ASX: REE Engage Via Investor Hub Thank you Appendix Ap. 1 - Engineering  Bulk Loading Facility access  4Ha industrial land option Cummins Range Wyndham Port Kununurra Metal price headwinds require new thinking Scoping Study1 forms the basis  Bulk Haulage Agreement  Volume driven JV option Ord River Hydro Plant NPV8 post-tax: IRR post-tax: Total Capex: EBITDA: AU$ 333M 27% AU$ 350M AU$ 1.5B  Positive RE metallurgical results2 Mineral Corridor 535km Halls Creek  Tanami Road being sealed  Seeking Gov support to link RareX Project Cummins Range Source: 1: ASX Announcement 22 Aug 2023, https://investors.rarex.com.au/announcements/4396391. 2: ASX Announcements 28 Nov 2023, 18 Oct 2023, 29 Aug 2023, 11 Jul 2023,11 Oct 2022 and 04 Oct 2023, https://investors.rarex.com.au/announcements. 3: ASX Announcements 10 Jan 2024, 08 Nov 2023 and 13 Apr 2023, https://investors.rarex.com.au/announcements. 4: ASX Announcements 30 Aug 2024, https://investors.rarex.com.au/announcements/6505353 Stage-1 as a standalone 1. Pause RE research and engineering  Met testing for RE paused4  External engineering support paused  Internal capacity improved for cost efficiencies Supply chain de-risks development 2. Test alternative phosphate optimised technology  Existing minerals corridor  Access to bulk loading3  Alternative 3rd party technology being tested  Synthetic fertilizer product produced  Plant trials in Q1 2025 Surveys initiate approvals  Baselines complete with no significant environmental hurdles  Regulator pre-engagement underway  TO agreement well developed with positive alignment but slow to close 3. Feasibility engineering on stand-alone Stage-1  Pending product testing  Revised studies and financial modelling Ap. 2a - Exploration Cummins Range near-mine anomalies Rare Earths Project information Known anomalies remain untested  Current HG resource1: 44Mt at 1.02% TREO and 5.8% P2O5  Global Cummins Range Resource1: 524Mt at 0.31% TREO and 4.6% P2O5  Current resource is open in multiple directions  No drilling by RareX outside of the resource area in the pipe. Exploration Plan Simple programme on familiar site with approvals in place  Geophysics completed and interpreted2  Drill 1,200m RC holes to test anomalies  Targeting eastern portion of Cummins Range Pipe where historic drilling intersected 14m @ 0.5% TREO from 23m to end of hole Incl. 2m @ 2.6% TREO3.  Opportunities for further rare earthsniobium discoveries inside the Cummins Range Pipe  Opportunities outside the pipe in identified anomalies, un-drilled References: 1: ASX Announcement 25/01/2024 Cummins Range Mineral Resource Update 2: ASX Announcement 13/11/24 Geophysical Surveys Identify Potential New Ultramafic Pipes 3: ASX Announcement 01/05/23 Cummins Range Resources Soars to 519Mt at 0.32% TREO, 4.6% P2O5 App. 2b - Exploration Mt Mansbridge Heavy Rare Earths Project information Exploration Plan  Pre 2021 focus was unconformity uranium and gold exploration  Desk-top deep dive completed1 Xenotime mineralised system near Browns Range in Killi Killi formation  Outcropping xenotime over 300m with historical pit samples up to 6% yttrium at the Sigma Prospect  Historical RC holes intersected significant HRE mineralization including 4m @ 0.48% TREO with 63% HREO  Majority of the Paleoproterozoic Killi Killi Formation (Basement rocks) is has not been assessed for rare earth geochemical signatures.  2km long TREO soil anomaly on unconformity contact Simple programme on brownfield site as soon as tenement granted  Mapping and ground truthing of historical work  Aerial gravity survey to locate hidden structures in the Killi Killi formation (Basement rocks)  1500m auger samples over the basement rocks focused around identified structures  2000m of RC drilling at the Sigma and newly developed targets References: 1: ASX Announcement 18/09/2024 RareX review of Mt Mansbridge shows Promising HRE Potential Ap. 2c - Exploration Khaleesi alkaline intrusive complex Niobium Rare Earths Project information Exploration Plan  Newly discovered, nicely faulted, alkaline intrusion complex  Geophysics interpretation complete 20km diameter carbonatite district in highly fertile Eastern Yilgarn craton  Western half faulted down under Mulga Rocks  Never been explored for rare earths and Nb  Possible carbonatite intrusions have been identified from magnetic and gravity anomalies1  Re-assaying of available historical drilling have shown very elevated rare earths and niobium in the regolith profile2 References: 1: ASX Announcement 11/06/24 Historic data review delivers exciting targets at Khaleesi 2: ASX Announcement 14/10/24 Khaleesi assay results show elevated NB and significant REE Simple programme on familiar site with approvals in place  Historical assays located and tested  Access agreements completed with most neighbours - Deep Yellow agreement remaining  Heritage agreement complete  Awaiting DEMIRS to grant final licenses  Finalise access approvals and environmental management plans  Drill 5,000m of RC to test carbonatite targets under cover sequence Ap. 2d - Exploration Piper Project Niobium Rare Earths Project information Niobium-rare earths carbonatite pipe target in the Aileron Province Northern Territory  170km along strike from Nolans Bore REE deposit  2.5km magnetic bulls eye anomaly under 100-200m of Neoproterozoic cover1  Project composed of 2 tenements. EL33675 is granted and EL33674 is pending  Aboriginal land and access agreements are being negotiated References: 1: ASX Announcement 02/01/2024 RareX Gains Access To Bulls Eye Magnetic Anomaly Ap. 3 - Exploration Schedule Prioritisation in order of consideration for license status, approvals process under heritage agreements and seasons QUARTER Q1 2025 Q2 2025 MOUNT MANSBRIDGE Permits Surveys Geochem/Geophys Drilling Reporting CUMMINS RANGE Permits Surveys Drilling Reporting KHALEESI Permits Surveys Drilling Reporting Q3 2025 Q4 2025 Ap. 4 - Journey of RareX Driven by a fundamental belief in the electrification revolution RareX Foundation ’18 Built on the fundamental belief in rare earths and their contribution to the global megatrend of electrification ’19 Acquisition Cummins Range Known carbonatite acquired because of its Rare Earth and Niobium potential Mineral ’21-’22 Resource growth Approvals ’24 Cummins Range Acquisition ’24 Piper Nb-RE Australia’s largest undeveloped Rare Earth deposit, with battery grade Phosphate and appreciable Niobium:  1.6 million tonnes Rare Earths (NdPr dominant)  24 million tonnes Phosphate (for batteries)  Environmental approvals >90% complete  Native title agreement > 90% complete  Regulatory preengagement Bullseye anomaly  Along strike from Luni  Along strike from Nolans  Supported by Resource Potentials Engineering Studies ’23  Scoping studies complete  AU$333M NPV, 27% IRR  Geology team freed up for business development Acquisition ’24 Khaleesi Nb-RE District scale Niobium  Large scale discovery  Tier 1 data  Carbonatite hunting ground De-Risk ’24 Mansbridge HRE Xenotime system  Proximal to Browns Range  HRE Veins in Killi Killi formation  Historical drilling in wrong orientation Ap. 5 - Niobium Market Critical metal Concentrated supply Niobium market growth projected at 9.92% CAGR [2024 - 2029]2 Niobium price set to further increase with increasing demand     Ferroniobium Sale Outlook to 203211 250,000 Steel and super-alloys Niobium is a hot market  Need for niobium follows steel (~75%) and super-alloys productions (~25%)1  Niobium offers better strength, greater heat and wear resistance  Accelerating demand for structural steel & lighter-weight vehicles  WA1 Resources - 500% share price growth over 1 year3  Encounter Resources - 60% share price growth after Nb drilling and mineralisation announcements from Jun 20234,5  Summit Minerals - 50% share price increase for Nb, REE and Li projects acquisition6,7  Rincon Resources - 170% share price increase in 1 month post REE & Nb mineral target announcement8,9 Consumer electronics 200,000  Semi-conductor electronics  Super-conducting magnets 150,000 Batteries  Improved battery performance 100,000 Supply chain concentration 50,000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ~90% produced in Brazil1 Production dominated by CBMM, CMOC and Niobec Strategic significance  US depends entirely on Nb imports requiring critical mineral strategy10  US and China competition over hypersonic technology emerges Nb strategic significance10 Current Price12  US $46.0/kg FeNb, 66% Rotterdam  US $52.5/kg Nb Pentoxide, 99.5% FOB China World FeNb Sale (t Nb) Sources: 8: https://www.asx.com.au/markets/company/RCR. 9: https://www.investi.com.au/api/announcements/rcr/2ae5c21c-b4e.pdf. 10: https://www.csis.org/analysis/hypersonic-hegemony-niobium-and-western-hemispheres-role-us-china-power-struggle. 11: https://niobaymetals.com/wp-content/uploads/2023/05/James-Bay_Presentation-Ont-Gov-March-2023-1.pdf. 12: https://www.asianmetal.com/price/initPriceListEn.am?pId=14&priceShowAttr=1&paramId=488&isProduct=true. Sources: 1: https://metallic.media/how-wa1-resources-rare-niobium-discovery-could-help-elons-mission-to-mars/. 2: https://www.mordorintelligence.com/industry-reports/niobium-market. 3: https://www.fool.com.au/2024/05/06/up-over-100-last-week-down-30-today-whats-going-on-with-this-asx-mining-stock/. 4: https://www.asx.com.au/markets/company/enr. 5: https://www.encounterresources.com.au/investors/. 6: https://www.asx.com.au/markets/company/sum. 7: https://summitminerals.com.au/investor-centre/#asx-announcement. Ap. 6 - Rare Earths Market Clean energy revolution  EVs and wind turbines  EU Net zero ambition by 2050 – $3.8T investment by 20501  US net zero ambition by 2050 $30T investment by 20502 Consumer electronics  Power tools and consumer goods  Communication devices  Growing technology penetration Rare Earths in Defence  Growing use in defence applications: subs, planes, UAVs8  9% growth in defence spending to a record $2.2T in 20237  Strategic, secure supply required Supply chain concentration ~85% flows through China5 Advanced RE projects attract big money  Australia: A$1.25b to ILU9, A$533m to ARU10, A$22m to RE research projects11, A$220m to HAS12  Gina Rinehart: 10% ARU stake13  Andrew Forrest: A$150m to HAS14 Sovereign supply chains key  Governments mandating sovereign supply  Critical Mineral incentives across the developed world  Australian , Canadian, US strategic alliances key to the decarbonization of supply chain3 Price recovery:  Current: US c.$57.5/kg NdPr Oxide  2027: US $120/kg NdPr Oxide (Adamas)  Increase: 2x price multiple Sources: 1: https://www.weforum.org/agenda/2022/04/bnef-european-energy-transition-2022/. 2: https://about.bnef.com/blog/report-shows-that-inflation-reduction-act-alone-wont-set-united-states-on-track-for-netzero/#:~:text=To%20get%20on%20track%20for,rapidly%20cut%20down%20on%20emissions. 3: https://www.globalaustralia.gov.au/industries/net-zero/critical-minerals. 5: https://www.forbes.com/sites/miltonezrati/2023/12/11/how-much-control-does-china-have-over-rare-earthelements/?sh=6c04f4d15b21. 6: Project Blue Energy Transition Outlook to 2050, November 2023. Demand growth  2 x growth by 2035  3 x growth by 2050 NdPr Demand Outlook6 to 2050 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2010 2015 2020 2023 2025 2030 2035 2040 NdPr Demand [tpa] Sources: 7: https://english.elpais.com/international/2024-02-19/an-insecure-world-launches-into-rearmament-with-a-9-military-spending-boom-in-2023.html. 8: https://www.defense.gov/News. 9: https://www.industry.gov.au/news/strategically-significant-government-loan-enables-development-australias-first-fully-integrated-rare-earths-refinery. 10: https://wcsecure.weblink.com.au/pdf/ARU/02784883.pdf 11: https://www.industry.gov.au/news/critical-minerals-and-rare-earths-research-projects-receive-22-million. 12: https://www.naif.gov.au/our-projects/hastings-yangibana-rare-earths-project/. 13: https://www.abc.net.au/news/2024-03-14/arafura-nt-rare-earth-minerals-mine-to-get-840m-taxpayer-funding/103585468. 14: https://www.afr.com/companies/mining/forrest-pumps-150m-into-rare-earths-aspirant-20220826-p5bcx8. 2045 2050