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Australian Rare Earths Ltd

New discovery includes similar grades, thickness, and rare earth magnet content to the existing Koppamurra Resource.

· Extensional drilling in a previously untested area up to 25km north of the existing Koppamurra Resource has successfully intersected shallow, high-grade mineralisation;

· High-grade mineralisation intersected includes:

o KM5278, 2m @ 1,387 ppm Total Rare Earth Oxide (TREO) from 3m, with 18.5% combined Neodymium/Praseodymium (Nd/Pr) and 1.6 % Dysprosium (Dy)

o KM5284, 2m @ 1,169 ppm TREO from 3m, with 21.7% combined Nd/Pr and 2.0% Dy

o KM5243, 5m @ 1,828 ppm TREO from 4m, with 22.4% combined Nd/Pr and 1.9% Dy

o KM5223, 3m @ 1,476 ppm TREO from 4m, with 33.0% combined Nd/Pr and 1.6% Dy

o KM5267, 2m @ 1,425 ppm TREO from 3m, with 23.8% combined Nd/Pr and 2.2% Dy

o KM5225, 5m @ 1,020 ppm TREO from 4m, with 21.7% combined Nd/Pr and 3.2% Dy

· Out of the 184 holes where assays have been received, 82% have returned significant assay results at a 350ppm TREO cut-off;

· Approximately 70% of the 4,800 assays sent for analysis have been received, with additional assays from previously untested northern areas expected to arrive next month in March 2024.

High-Grade mineralisation discovered North of Koppamurra MRE

Summary