Ema Indicated MRE Increases 58% to 392Mt

EMA EMERGES AS A GLOBALLY SIGNIFICANT ISR

RARE EARTH PROJECT

Indicated Mineral Resource surges 58% -

positioning Ema among the world’s largest ionic clay deposits

Highlights

·        Tier-1 Scale Achieved - Ema is now established as one of the largest ionic clay adsorption (IAC) rare earth deposits globally, and the only known ISR-ready rare earth project in the western world

·        Material Resource Growth - Updated JORC 2012 Mineral Resource Estimate (Indicated + Inferred) now stands at 1.07 billion tonnes @ 732 ppm TREO (>500 ppm cut-off)

·        High-Confidence Resource Expansion - Indicated Resource increased 58% to 392 Mt @ 773 ppm TREO, significantly de-risking future development

·        Premium Magnet Metal Uplift -

o   Indicated NdPr grade increased 5% to 184 ppm

o   Indicated DyTb grade increased 6% enhancing exposure to high-value magnet rare earths

·        Near-Term Development Pathway - Bankable Feasibility Study now ~80% complete, with delivery targeted in Q2

·        Low-Cost, Scalable Mining Advantage - Mineralisation is near-surface and highly amenable to in-situ recovery (ISR), the same low-cost extraction method responsible for the majority of global ionic clay REE supply