· Pregnant leach solution (PLS) from the second pilot area continues to deliver exceptional TREO grades, with concentrations exceeding 5,700 ppm, building on results reported from H1-F6 (ASX: 01 Sep 2025)

· Magnet rare earth oxides (Nd, Pr, Dy, Tb) remain consistently strong, representing 41% of TREO in hole H1-F12 and 37% in hole H1-F12, reinforcing their potential to drive the majority of project revenues

· Heavy rare earths continue to present at meaningful levels, with dysprosium and terbium averaging a combined 45ppm, and samarium concentrations reaching 5% in hole H1-F12 over the leaching period

· ISR performance now confirmed and demonstrate repeatability across multiple test areas, underscoring the robustness of the ISR process

· Over 3,000 litres of PLS have now been extracted since field trials commenced in late May

· Dispatched PLS to ANSTO has arrived for process optimisation and mixed rare earth carbonate (MREC) product production and testing

Project development remains on track with feasibility studies, environmental permitting, and hydrogeological modelling all advancing