Diversifying into the REE Industry

Global Producers Market Position - Rare Earths Global Space as of February 12, 2024 COMPANY MARKET CAP PRIMARY (US$MM) MINERAL ORE CONCENTRATE "BASKET VALUE” (US$)³ Lynas MP Materials Iluka Resources ef ENE FENERGY FUELS Neo Performance Materials² ORE PRODUCTION CURRENT PLANNED $3,616 Monazite (Australia) $10,763 Bastnaesite $3,041 (US-California) $4,576 $2,0307 Monazite (Australia) $10,763 Monazite $1,134 (US-Georgia; Bahia, Brazil) $11,972 × 1 $2348 n/a n/a HIGH-PURITY MIXED REE CONCENTRATE PRODUCTION CURRENT PLANNED REE SEPARATION5 CURRENT PLANNED 2 ✓ 2 U.S. Developers IN SITU ORE VALUE PRE-BENEFICIATION (US$)6 Rare Element Resources $57 Bastnaesite (US-Wyoming) $528 Ucore Rare Metals $41 Bastnaesite (US-Alaska) $215 Texas Mineral Resources $30 Bastnaesite (US-Texas) $30 1 Not currently a miner, but recently purchased Bahia Project in Brazil & announced non-binding MOU to JV with Astron Corporation on Donald Project in Australia; currently purchasing monazite from HMS operators and processing in Utah 2 Neo purchases mixed REE concentrates for separation and downstream (including from Energy Fuels) 3 Ore concentrate value, after beneficiation 5 Х × ☑ ☑ ✓ Х Х ✓ Lynas produces -6,200 tonnes of NdPr oxide per year; MP produced 50 tonnes of NdPr oxide in 2023; Energy Fuels expects to produce 40-50 tonnes of NdPr oxide in 2024; Neo produces unknown quantities of NdPr and Dy oxides. 6 In-situ ore values, before beneficiation 7 Au$ = US$0.653 8 Cdn$ US$0.743 18

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