New rare earth exploration drilling program commenced in northern Tasmania:

• initially focussed on delineation of the high quality, potentially mineable parts of the main Deep Leads–Rubble Mound resource area, including the zone used to produce the Company's initial mixed rare earth carbonate (MREC) samples

• Further drilling is planned within EL27/2022 and EL28/2022, located 55 km east of Deep Leads, where only limited drilling has been undertaken to date

• Includes the first drilling within newly acquired tenements, including EL25/2022

Drilling program includes implementation of a proprietary testing technique developed by ABx to rapidly assess the amount of ionic rare earths within exploration samples.