Slide 1: Glenover Rare Earth Project
GLENOVER RARE EARTH PROJECT 1
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT (“DOCUMENT”) IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THE DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS
Slide 3: Location Of Project
Project located next to tarred road – Good infrastructure Location Of Project Botswana 3
Slide 4: Aerial photograph of old pit
Big former pit – easy access to new ore Aerial photograph of old pit Mine Area and Apatite-Haematite Breccia Ore Stockpiles Ore Stockpiles 0 50 100 200 Metres Ore Stockpiles 1.34 million m3 2.0-2.5 million tonnes 4
Slide 5: Glenover history
Change of owner – Change of mission Glenover history Location • Glenover 371 LQ, Ouhoek 345 LQ, Houndslow 372 LQ, Elfrida 378 LQ, Eldorado 370 LQ and Rosevalley 369 LQ • 80 km NNW of Thabazimbi and 60 km WSW of Lephalale in Limpopo Province History • 1953 – Dr H N Visser (Geological Survey) • 1955 –
Slide 6: Mission Statement
Galileo is focused Mission Statement To in-fill drill around old phosphate pit to establish SAMREC tonnage for primary extraction To independently establish tonnes and grade for old phosphate stock piles To carry out mineralogical and metallurgical test work to optimise rare earth oxide proces
Slide 7: Glenover Rare Earth Project
Established site Glenover Rare Earth Project Available process equipment Phosphate open pit Recent drilling Open pit stockpiles 7
Slide 8: Glenover Carbonatite Geology
Southern Africa’s second biggest carbonatite Glenover Carbonatite Geology Pit Area Pit AreaGeology Carbonatite Geology Carbonatised Pyroxenite Coarse-grained Pyroxenite CarbonatiteFine-grained Pyroxenite Fenitised Quartzite Carbonatised Pyroxenite Coarse-grained Pyroxenite Fine-grained Pyroxenite Fe
Slide 9: Glenover Completed Drill Programme
Fast track drilling programme Glenover Completed Drill Programme GHV016 GHV008 GHV010 GHV011 GHV009 GHV015 GHV014 GHV012 GHV019 GHV021 GHV005 GHV006 GHV007 Status GHV003 GHV004 Assays Reported GHV017 GHV020 Awaiting Assays GHV018 Borehole Trace Pit Geology GHV001 Apatite Breccia GHV002 Carbonatised
Slide 10: 3D model of ore body
We have a good understanding of our subject 3D model of ore body ~ 250 m peripheral zone of N drilling ~ 160 m ~ 215 m Apatite Breccia Borehole trace Carbonatite10
Slide 11: Independent resource statement
Significant tonnage accessible from current open pit Independent resource statement %TREO Rock Type Resource Tonnage + Y2O3 P2 O 5 Nb2O5 Sc2O3 x 1,000 Class Tonnes (%) (%) (%) ppm Measured 0 0 0 0 0 Indicated 7.407 2.2 17.57 0.47 179.5 Apatite-Haematite Breccia Total Measured & Indicated 7.407 2.2 1
Slide 12: High Grade Shoots
A bulk target with significant high grade shoots High Grade Shoots Significant high grade shoots Borehole Borehole TREO TREO ID ID GVH m % GVH m % 1 17.3 4.4 11 2.2 3.58 4 7.8 8.03 15 3.4 5.08 5 15.7 3.37 16 6 3.95 6 5.7 6.63 17 2.5 4.7 7 7.3 3.49 20 6.8 2.38 10 26.7 4.01 21 15.7 2.69 12
Slide 13: Borehole Core Lithology Log
Apatite is very significant Borehole Core Lithology Log GRADE CUT FROM (m) TO (m) WIDTH (m) P2O5 % TREO % > 1% LREO 25.22 181.26 156.04 23.61 2.77 Including 38.5 41.5 3 27.33 3.38 Including 93.38 99.16 5.78 22.15 4.31 Including 102.65 114.06 11.41 25.41 6.03 Including 125.92 139.35 13.43 23.87 3.97
Slide 14: Borehole Core Lithology Log
But so is carbonatite Borehole Core Lithology Log GRADE CUT FROM (m) TO (m) Width (m) TREO % P2O5 % > 1% LREO 22.92 26.36 3.44 1.71 2.58 > 1% LREO 27.42 29.19 1.77 3.30 0.99 > 1% LREO 34.68 37.15 2.47 1.32 1.97 > 1% LREO 40.44 62.44 22 3.12 11.79 > 1% LREO 60.1 65.8 5.7 6.33 16.61 > 1% LREO 125.77 1
Slide 15: Niobium (Nb2O5)
Niobium significant by-product. Stand alone grades? Niobium (Nb2O5) Hole Entire core Nb2O5 High Grade Nb2O5 GHV metres %* metres %* 1 243 0.5 17 1.02 2 194 0.11 2 0.47 3 133 0.43 52 0.85 4 100 0.18 8 0.74 5 163 0.62 91 0.93 16 1.24 6 142 0.26 20 0.66 9 0.99 * Weighted averages over total sampled wid
Slide 16: Platinum and Gold equivalents
Valuable rock when you make comparisons Platinum and Gold equivalents Based on recent prices Resource In situ In situ gross Platinum Gold grade metal value equivalent equivalent g/t % REO * $/t ** g/t *** *** Indicated 2.2 1100 21 21 Indicated + inferred 1.64 820 15 15 * Basis Galileo resiurce estim
Slide 17: REO Distribution
Good split of desired rare earth Oxides REO Distribution LREOs 97% Light rare earth oxides La, 17% Pr, 6% HREOs >0.5% dist’n Nd, 22% Sm, 3% heavy rare earth oxides Y, 2% Dy, 0.6% Eu, 1% HREOs;3% Gd, 1.8% Ce, 46% 17
Slide 18: Glenover New Exploration Drilling
Bold step outs being drilled against geophysics Glenover New Exploration Drilling Open pit area Exploration Drilling Current Pit Area Magnetic Dykes Later Dykes Thorium Anomaly Demagnetised Zones Magnetic Pyroxenite Outline of Carbonatite 0 1 000 2 000 Quartzite Meters * Weighted averages over total
Slide 19: Programme
Results good, economic assessment in progress Programme Mineralogical & metallurgical test work Pit expansion mine design Design flow sheet for rare earth oxide concentrate processing Preliminary economic assessment Explore entire deposit to increase rare earth ore resource 19
Slide 20: Compelling Investment Case
Well balanced with above average rare earth project Compelling Investment Case Quality, near cash flow, strategic position Glenover rare earth project well positioned against peers since close to production Good local partners Strong international trade interest Mining cost lower since at
Slide 21: Thank you very much
Thank you very much www.galileoresources.com 21