Investor Presentaiton

Developers Producers MARKET POSITION – RARE EARTHS GLOBAL SPACE AS OF MAY 17, 2022 - MIXED REE COMPANY MARKET CAP PRIMARY (US$MM) MINERAL ORE CONCENTRATE "BASKET VALUE" (US$)3 ORE PRODUCTION CONCENTRATE REE SEPARATION CURRENT PRODUCTION PLANNED CURRENT PLANNED Bastnaesite MP Materials Lynas Iluka Resources Energy Fuels¹ $6,902 (US-California) $10,329 CURRENT X PLANNED $6,073 Monazite (Australia) $21,871 $2,9535 Monazite (Australia) $23,288 × ✓ Monazite $1,027 (US-Georgia) $25,116 × 1 Neo Performance Materials² $4374 n/a n/a × 2 ✓ 2 IN SITU ORE VALUE PRE- BENEFICIATION (US$)4 Rare Element Resources $176 Bastnaesite (US-Wyoming) $1,168 Texas Mineral Resources $128 Bastnaesite (US-Texas) $39 Ucore Rare Metals $31 Bastnaesite (US-Alaska) $394 ✓ × ✓ × ✓ × × 1 Is currently not a miner; purchasing monazite from HMS operators and processing in Utah 2 Neo purchases mixed REE concentrates (including from Energy Fuels); does not intend to be a miner or produce mixed REE concentrate 3 Ore concentrate value, after beneficiation 4 In-situ ore values, before beneficiation 4 Cdn$ US$0.779 5 Au$ US$0.702 19 eF ENERGY FUELS

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