Quarterly Activities/Appendix 5B Cash Flow Report

▪ Breakthrough metallurgical results from the North Stanmore Project, with ~80% of rare earths leached within 30 minutes compared to the previous four-hour assumption ▪ The up to eight times shorter leach time is expected to reduce North Stanmore’s CAPEX and OPEX through a smaller leach circuit, with further testing at a 15-minute interval underway ▪ Significant grade increases delivered in Terbiu