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EXCEPTIONAL ISR FIELD TRIAL RESULTS DELIVER Super High-Grade Rare Earth Leaching

Field trials return leaching grades up to 14 times higher than mineralised in-situ values positioning the Ema project as the next rare earth project into production

· ISR   field trials continue to deliver exceptional results, with pregnant leach solution (PLS) grades reaching   up to 7,800 ppm TREO, more than 14x higher than in-situ   mineralised grades

· Magnet   rare earth oxides (MREO) consistently   represent an outstanding 42–45% of TREO across a 24-day leach period

· Super   high-grade MREO grades peak above 3,500 ppm, averaging 1,151 ppm sustained across 24 days

· Critical   heavy rare earths (Dy + Tb) exceed   100 ppm in places

· Samarium   concentrations up to 397 ppm, averaging   over 5% of TREO — significant given samarium–cobalt magnets are the most   widely used in defense and aerospace

· Project   development advancing: Feasibility   study underway, environmental permitting progressing, extensional resource   drilling 25% complete, and hydrogeological modelling initiated

World Class ISR Leaching Grades at Ema

Announcement summary