Investor Presentaiton

High extraction 71 tests by ANSTO • • 70% of samples averaged 50% extraction Clay-rich samples gave highest extractions 60-83% . Gravels had low extractions 11% Deep Leads 55% 23% 80% 73% 9% 38% 58% 21% 61% 31% 40% 75% 33% 71% 5%70% 52% 60% 4% 71% 65% 53% 65% 4% 5% 67% 47% 13% 61% 5% 7% 54% -79% 51% 20% • • CaO content reduces extraction rates Metallurgical tests to assess recovery vs concentrate grade economics As good as best Chinese REE projects TASMANIA Hoban 13% 32% 6 63% 13% 11% 3% 29% 9% 11% 2% 55% 50% 58% 6% 24% 83% 18% 51% 4% 1% Rubble Mound

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