Advances in MREC Products and Strong Customer Feedback

Mixed Rare Earth Carbonate (MREC) Products from Deep Leads

• Total radioactivity of the second MREC was even lower than in the maiden MREC, which already met the exemption criteria for radiological control

• To produce an MREC from the Deep Leads deposit, a process step to remove radioactive elements is unlikely to be required

• ABx is very well placed to meet the most stringent customer requirements

Customer Validation of Deep Leads Mixed Rare Earth Carbonate

• 10 gram samples of the maiden MREC distributed to six potential customers in Australia and North America for evaluation. Most samples have been evaluated and all feedback to date has been highly positive

• Recently, ABx received highly favourable feedback on its maiden MREC from Ucore, which plans to develop heavy and light rare-earth processing facilities in the US and Canada. ABx and Ucore have a Memorandum of Understanding (MoU) to develop a collaborative pathway for the supply of mixed rare earth carbonates from Australia to Ucore

• ABx currently holds approximately 90 grams of its second MREC sample, which is of even higher quality than the maiden MREC. ABx intends to distribute sub-samples of this material to a broader group of prospective customers as part of an expanded customer qualification program

Next Steps

• Distribution of samples of the second MREC to additional prospective customers

• Continued engagement with potential offtake and strategic partners

• Economic studies to optimise project design, supported by metallurgical studies conducted in-house and with partners such as ANSTO and engineering partners

• Continued exploration throughout the expanding tenement holdings in northern Tasmania to expand the resource size