March Quarterly Activities and Cashflow Reports

Retention Licence 1693 extended for two years plus two additional Exploration Licences awarded in January 2021
Updated Makuutu Mineral Resource Estimate (MRE) of 315 Mt @ 650 ppm using a cut-off grade of 200 ppm TREO-CeO2, achieving 210% increase in contained TREO
Updated Exploration Target at Makuutu including highly prospective Exploration Licence EL00147
Received first stage approval from Uganda’s National Environmental Management Authority
Phase 3 Rotary Air Blast drilling program drill underway
Commenced Environmental and Social Impact Assessment and enhanced Stakeholder Engagement Program
Commenced Phase 2 metallurgical program and heap leach testwork to support Makuutu BFS
Commenced activity in the marketing of scandium by-product from Makuutu
$12 million Placement completed to fund Makuutu drilling, studies and an updated mineral resource estimate.