Announcement PDF For more information, please join ABx Group’s interactive Investor Hub ABx Group Limited Suite 2, Level 11, 385 Bourke St, Melbourne VIC 3000, Australia ABN 14 139 494 885 P: +61 3 9692 7222 | F: +61 2 9956 7355 Large Batch Tests Confirm High-Purity Rare Earth Results Engage with this announcement on our interactive Investor Hub Over 98% of total rare earth elements (REEs) retained with near-complete removal of major impurities First mixed rare earth carbonate (MREC) product sample on track for delivery by end of November ABx Group Limited (ASX: ABX) (ABx or the Company) is excited to report the latest results from their program to produce a mixed rare earth carbonate (MREC) product from its Deep Leads ionic adsorption clay rare earth project, located 45km west of Launceston in northern Tasmania. This work forms part of ABx’s program to produce a mixed rare earth carbonate (MREC), the saleable product used in downstream refining to produce separated rare earth oxides, rare earth metals and magnets essential for electric vehicle motors, guidance systems, wind turbines, and other clean-energy technologies. In this latest testwork, ANSTO conducted two impurity removal (IR) trials on rare earth- enriched leach solutions produced from a 1.2 kg sub-sample of the 100 kg bulk sample, taken from trial pit DLP002 within the Deep Leads resource area (Figure 1).1 At near-optimum conditions (pH 5.9 and 6.2) the key impurity, aluminium, was almost completely removed, while more than 98% of rare earth elements remained in solution. A critical metric for MREC product quality is the ratio of aluminium to total rare earths (Al:TREE ratio) in the solution following impurity removal. In these two tests, the Al:TREE ratio was less than 0.005, which is likely to be maintained in the final MREC product. This is a very low level of aluminium and is likely to be appealing to customers. This result provides further evidence that the Deep Leads resource represents the prized combination of high Dy and Tb grade, high rare earth recovery using low-cost conditions and low impurities that is conducive to producing a high value MREC product at low cost. ABx Group Managing Director and CEO Mark Cooksey said: “These latest results are extraordinarily good. We are eagerly looking forward to the production of the MREC sample later this month. “Because of the very high DyTb content, high extractions, low impurities and a significant resource, ABx Group continues to receive strong interest from potential customers. 1 ASX Announcement, 6 August 2025 ASX Announcement 6 November 2025 ASX: ABX ASX announcement 6 November 2025 page 2 Bulk Sample Material The source of the material for these tests is a 100 kg bulk sample from trial pit DLP002 from the Deep Leads resource (Figure 1).2 Leaching Performance ABx has previously reported excellent leach test results, involving 300 g samples, achieving 62-66% extractions of dysprosium (Dy) and terbium (Tb) at 25 wt% solids loading.3 These results were achieved using exceptionally benign conditions (pH 4.5, ambient temperatures and pressure), which is anticipated to significantly reduce rare earth extraction costs. In this work, a 1.2 kg sub-sample was leached using identical conditions, producing similarly strong results – 62% extraction for Dy and 63% for Tb. Impurity Removal Tests The objective of impurity removal is to precipitate impurities, such as aluminium, without simultaneously precipitating rare earths. The solid impurities can then be separated from the remaining rare earth solution. In previous work starting with a 300 g sub-sample, pH 6 was identified as a ‘sweet spot’ where the aluminium is removed and the rare earths are retained in solution.4 In this work, two independent impurity removal tests were performed, each using 1.5 kg of the solution produced from the leaching of the 1.2 kg sub-sample described above. In each test, ammonium bicarbonate was added to increase the pH to the target value and the solution was held at this pH for 30 minutes. The amounts of rare earths and impurities remaining in solution were measured and used to calculate the amount of rare earths and impurities precipitated. One test was conducted at pH 5.94 and the other at pH 6.24. The results were outstanding, as expected. In both tests, almost all the aluminium precipitated and less than 2% of the rare earths precipitated. This means that over 98% of the rare earths were retained in solution with near complete removal of major impurities. ABx Group Managing Director and CEO Mark Cooksey commented further: “I continue to be excited these results. Each phase of testwork reinforces the advantages of the Deep Leads resource. These results demonstrate that a high proportion of rare earths can be successfully carried through to an MREC product using low-cost chemistry.” Next Steps ANSTO has commenced production of the first MREC product using 50 kg of the 100 kg bulk sample, with completion expected before the end of November. The sample will be distributed to potential customers and offtake partners for evaluation. 2 ASX Announcement, 6 August 2025 3 ASX Announcement, 17 September 2025 4 ASX Announcement, 13 October 2025 ASX announcement 6 November 2025 page 3 Column Leach Investigation In partnership with external engineering experts, ABx conducted a formal Processing Options Analysis for Deep Leads, considering a range of process and project design options for the project. A key conclusion was that column leach tests should be conducted to confirm that the high extractions obtained in diagnostic leach tests in tanks are also observed in a column leach arrangement. ABx has engaged ANSTO to conduct initial column leach tests. These are planned to commence in November, with results available by early 2026. Strategic Importance of MREC Production Producing a high-purity MREC from a bulk sample represents a critical milestone for ABx in the development of the Deep Leads project. Existing and prospective rare earth refineries are seeking high quality MRECs produced at low cost. MRECs with high proportions of Dy and Tb are in particular demand, because these elements have the most acute supply risk.5 ABx has excellent prospects of meeting these requirements because: 1. Achieving high extractions at ambient temperatures and pressures with minimal acid in a short time is likely to lead to lower cost and lower impurities in the MREC product. For most clay-hosted rare earth deposits globally, minimal rare earth extraction is achieved using these process conditions. 2. The ABx resource has a higher proportion of Dy and Tb, which is likely to lead to an MREC with a higher proportion of Dy and Tb compared to peers, and hence an MREC of higher value. Magnet rare earth prices remain high, with Benchmark6 reporting Dy oxide (DDP China) at over US$200/kg and Tb oxide (DDP China) at almost US$1,000/kg. Furthermore, CIF Europe prices for Dy and Tb are over three times higher than Chinese domestic prices, illustrating the potential premium for non-China sources of rare earths. ABx has previously executed a Memorandum of Understanding with Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF)7 , which is focussed on rare-earth processing facilities in North America, and ABx is also in discussions with additional potential offtake partners. ABx Rare Earth Resource The Deep Leads – Rubble Mound and Wind Break discoveries contain a resource estimate of 89 million tonnes8 averaging 844 ppm total rare earth oxides (TREO). The resource contains 36 ppm Dy+Tb (Dy+Tb is 4.4% of TREO), the highest of any ionic clay deposit in Australia and among the highest globally.9 This resource estimate has been defined from only 29% of the project’s mineralised outline. 5 ASX Announcement, 23 April 2025 6 www.benchmarkminerals.com, October 2025 prices 7 ASX Announcement, 4 September 2024 8 41 Mt inferred, 42 Mt indicated and 6 Mt measured 9 ASX Announcement, 2 May 2024 ASX announcement 6 November 2025 page 4 Figure 1: Trial pit locations at Deep Leads This announcement is approved for release by the board of ABx Group Limited. Go to the ABx Investor Hub to watch a video of this announcement and ask any questions of management. For further information please contact: Dr Mark Cooksey MD & CEO ABx Group +61 447 201 536 mcooksey@abxgroup.com.au www.abxgroup.com.au Media Chapter One Advisors David Tasker / Alex Baker +61 433 112 936 / +61 432 801 745 dtasker@chapteroneadvisors.com.au / abaker@chapteroneadvisors.com.au About ABx Group Limited ABx Group Limited (ABx) is a uniquely positioned Australian company delivering materials for a cleaner future. The three priority projects are: • Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains o Processing Options Analysis conducted in partnership with external experts 475000E 483000E 5405500N 5414500N ASX announcement 6 November 2025 page 5 • Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE) o Continuous pilot plant under construction in Bell Bay, Tasmania • Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries o Agreements executed with Good Importing International for bauxite projects in Queensland and New South Wales, and $2.7 million initial payment has been received o Approvals well advanced for DL130 bauxite project in northern Tasmania ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed. Disclaimer Regarding Forward Looking Statements This ASX announcement (Announcement) contains various forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and factors which could cause actual values or results, performance, or achievements to differ materially from the expectations described in such forward-looking statements. ABx does not give any assurance that the anticipated results, performance, or achievements expressed or implied in those forward-looking statements will be achieved. Competent Persons Statement The information in this report that relate to Exploration Information and Mineral Resources is based on information compiled by Ian Levy who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Levy is a qualified geologist and a director of ABx Group Limited. Mr Levy has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Personas definedinthe2012EditionoftheAustralasianCodeforReporting ofexplorationResults, Mineral Resources and Ore Reserves. Mr Levy has consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears. The sub-sample preparation was conducted by Operations Manager Nathan Towns in the ABx Research Lab in accordance with the increment division method in ISO Standard 6140. ASX announcement 6 November 2025 page 6 Table 1 - Summary of sampling information referred to above, in accordance with LR 5.8.1 Geology and geological interpretation REE mineralisation occurs in clay layers that overlie a Jurassic age dolerite basement in a district with some residual weathered Tertiary age alkali basalt. Sampling and sub-sampling techniques Pit sampling was done at 1 metre intervals using a large excavator with an 8 metre boom. Subsampling of ~180kg was done by fractional shovelling. This sample was dried, crushed to 25mm and ground to minus 5mm. Further subsampling to collect the 100kg samples for ANSTO processing was done by increment division on disk-ground powder in accordance ISO Standard 6140. See Figures 5 & 6 below. Drilling techniques Not applicable (N.A.). Bulk pit sampling by excavator Criteria usedfor resource classification, drill& data spacing & distribution. N.A. Sample analytical method Assay samples are analysed by standard NATA-approved induction coupled plasma analytical methods for rare earth elements at ALS labs in Brisbane (method ME-MS81). Interlab comparisons were satisfactory. Estimation methodology, cut off grade, mining, metallurgy & other modifying factors All N.A. Figure 2 (left): handling the bulk sample from the pit, Preparations for drying the 183.7kg bulk sample in 42 trays Figure 3 (above): Increment subsampling of the 100kg ANSTO sample crush and ground to less than 5mm. Subsampling done in accordance with International Standard ISO 6140 at the ABX Research Laboratory at Western Junction, Launceston, Tasmania. ASX announcement 6 November 2025 page 7 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling • Include reference to measures taken to ensure sample representivity • Aspects of the determination of mineralisation that are Material to the Public Report. • Industry standard work: • Bulk pit dug by excavator • Samples taken at 1 metre intervals by cleaning pit at the metre interval, then taking full 1 metre slice for the samples. • Subsampling the metre samples done as per ISO bauxite sampling processes Drilling techniques • Drill type • Not applicable to bulk pits excavated by excavator with 8 metre boom Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Not applicable to bulk pits Logging • Whether samples have been geologically and geotechnically logged to an appropriate level for metallurgical studies. • Whether sampling is qualitative or quantitative. • Totallength&percentageoftherelevantintersectionslogged. • Pits sampled, assayed, logged, photographed & & stored to ISO standards. See below • All8metreswasloggedandsampled • Depth 5m to 6m selected – see below Sub- sampling techniques andsample preparation • If core, whether cut or sawn, quarter, half or all core. • If non-core, sample method, whether sampled wet or dry. • Nature, quality & appropriateness of the sample preparation. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Depth 5m to 6m selected for the sample to be used to produce a mixed carbonate rare earth carbonate (MREC) • 100kgsamplesproducedbydrying600kg, comminution,subsamplingbyincrement divisioninaccordanceISOStandard6140at ABxResearchLab,Launcestonthatisa recognisedsamplinglabforbulkproducts includingshippingofbauxite. • Separatesubsamplesassayedthesame Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • Geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis • Nature of quality control procedures adopted . • Assaying done by NATA-registered ALS laboratories, Brisbane • N.A. Assays are by ALS which is a major mineral laboratory • ALS is industry-standard and publishes its QA/QC protocols and results on its website Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Pit sampling supervised by 4 ABx senior staff – see Competent Person & Expert Statement for details. • Repeated subsampling assayed the same. • Metal assays from ALS converted to oxides as per industry standards for reporting Location of data points • Accuracy & quality of surveys used to locate drill holes & pits. • Specification of the grid system used. • Quality and adequacy of topographic control. • Location by GPS • Pit DLP002 location: 477720E , 5410126N (WGS 84 56S grid). RL 287.675m by LiDAR. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient. • Whether sample compositing has been applied. • Bulk pit sampling at 1m intervals considered appropriate and sufficient Orientationof datainrelation togeological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • Does the drilling orientation introduce a sampling bias • Vertical bulk pit sampling is appropriate for the horizontal layers of REE mineralisation Sample security • The measures taken to ensure sample security. • Chain of custody protocols were applied to secure the bulk bag samples. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Two bulk samples taken simultaneously assayed the same ASX announcement 6 November 2025 page 8 Section 2 Reporting of Exploration Results (Criteria listed in preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • Security of tenure and impediments to obtaining a licence to operate. • EL7/2010 100% owned and unencumbered. Pit located in a pine plantation with approvals from owner and government agencies. Explorationby otherparties • Acknowledgment and appraisal of exploration by other parties. • ABx sole discoverer and first to explore this area. Geology • Deposit type, geological setting and style of mineralisation. • REE mineralisation occurs in clay layers that overlie a Jurassic age dolerite basement in a district with some residual weathered Tertiary age alkali basalt. Drill hole Information • Summary of information for understanding exploration results including a tabulation of the following information for all material drill holes: o easting and northing of thedrillhole collar o elevation or RL (Reduced Level –elevation above sea level in metres) o dip and azimuth of thehole o down hole length and interception depth o hole length. • If exclusion of this information is justified, the Competent Person should clearly explain why this is the case. • Pit DLP002 location: 477720E , 5410126N (WGS 84 56S grid). RL 287.675m by LiDAR. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • No aggregation or any cutting of assays done • Metal assays from ALS converted to oxides as per industry standards for reporting Relationship between mineralisation widths & intercept lengths • These relationships are particularly important. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Vertical bulk pit sampling is appropriate for the horizontal layers of REE mineralisation Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • See report Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All data to date is reported in this report Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • All data to date is reported in this report Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • ANSTO labs are engaged to undertake the processing on the 100kg sample to produce a mixed rare earth carbonate concentrate (MREC) ----oooo----