June Quarter Activities and Cash Flow Report

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QUARTERLY REPORT FOR THE PERIOD ENDING 30 JUNE 2020

HIGHLIGHTS

  • Activities resume at Makuutu Rare Earths Project after shutdown due to COVID-19
  • Mineral Resource Estimate increased by 53% to 78.6 Million tonnes @ 840 ppm Total RareEarth Oxide (TREO), at a cut-off grade of 300 ppm TREO-Ce2O3
  • Optimisation of metallurgical test has resulted in a several fold increase in Rare Earth Element (REE) recovery from some of the lessor performing areas
  • Recovery of the high-value Critical Rare Earth Elements (CREE) and Heavy Rare Earth Elements (HREE) continues to be favoured over the lower value Light Rare Earth Elements (LREE)
  • Closed a A$3.5 million capital raising after quarter end

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