Highlights:

• Strong recoveries of the key magnet light and heavy Rare Earths at scale: Bulk leach testing (~3 tonne) delivered magnet rare earth (MRE) recoveries of >60%, reinforcing the scalability of the progressive heap leach approach.

• Rapid Leach time achieved: Recoveries were delivered in significantly shorter timeframes compared to traditional heap leaching methods.

• Opportunities for further recovery optimisation identified: Opportunities for increased recoveries through reprocessing of lower grade rare earth solution, (‘tail’ solution), currently under investigation.

• Ongoing optimisation workstreams: Reagent usage, water recycling, impurity removal and rare earth precipitation test work continues to enhance rare earth recoveries, process efficiency and environmental outcomes.

• Advancing Pre-Feasibility Study: Testwork results will inform key project design inputs for the Koppamurra Pre-Feasibility Study (PFS), targeted for completion in 2025.

• Government Co-Funding Grant: Test work program is co-funded under the $5 million Australian Government grant from the International Partnerships in Critical Minerals Program.

• Strategic importance for critical minerals supply: Koppamurra is advancing as a strategic and secure source of both light and heavy rare earths, contributing to diversified supply chains vital to the world’s energy transition.