Investor Presentaiton

COMPLETED ENGINEERING STUDY Previously completed engineering study for Aries concluded: ☐ Preliminary flotation trials indicate the niobium. and tantalum are amenable to flotation, with excellent recoveries □ Further products (Feldspar, REOs & Zircon) may be produced by secondary processing Hydrometallurgical/pyrometallurgical processing produces higher-grade product ☐ Key infrastructure challenges can be met: Access road from shore of Motzfeldt Sound to primary processing plant Site mill within mountain to avoid costly weatherproofed facilities HT power line across Qororssuaq Valley Reasonable economic reasons exist to progress Motzfeldt through full feasibility study NB: Metal prices at time of study (per metalary.com): Ta205 = $114k p/t (adjusted for inflation) - Cf 2018 price = $152k p/t (33% higher); Nb205 = $31k p/t (adj.) - Cf 2018 price = $42k p/t (35% higher). Motzfeldt Sound Qororssuaq Valley

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