Quarterly Activities/Appendix 5B Cash Flow Report

Commenting on the June 2024 Quarter, Managing Director and CEO, Travis Beinke said:

“Reflecting on the first half of 2024, I am encouraged by the progress we have made advancing the Koppamurra Rare Earth Project. We have identified an alternate development pathway that will allow us to rapidly advance the project while minimising environmental impact. This pathway includes a high-grade progressive heap leach and rapid rehabilitation approach.

In addition, our exploration efforts have identified further shallow, high-grade mineralisation both north and south of the existing Mineral Resource, supporting the potential widespread nature of the mineralisation.

We have also expanded our clean energy transition metals portfolio with the addition of three early-stage uranium exploration projects. These projects provide additional opportunities for growth, flexibility, and value creation for our shareholders.

I would also like to commend the Australian Government on its leadership and vision in introducing the Critical Minerals Production Tax Incentive (CMPTI). This initiative is an important step in supporting the ‘Future Made in Australia’ strategy and will help to unlock value in the critical minerals industry.

We have provided feedback on the CMPTI consultation paper and have outlined our view that the processing of ore to produce a Mixed Rare Earth Carbonate (MREC), like what we propose to do at Koppamurra, should be included as an eligible activity under the proposed CMPTI. We look forward to further engagement with the Government as part of the ongoing consultation process with industry.

I am confident that we are on track to deliver significant value to our shareholders in the coming years. Our focus remains on advancing the Koppamurra Rare Earth Project and expanding our clean energy transition metals portfolio.”