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

grades OVER 7,500PPM

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

Highlights

· 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