Announcement PDF 19 December 2023 Koppamurra Rare Earths Project, South Australia-Victoria New infill drilling assays reveal high grades and significant magnet rare earth content Latest results provide further strong evidence that Koppamurra has the scale, grade and the right mineralisation to be a key supplier to the electric motor market Highlights • Assays from infill drilling at Koppamurra reveal high-grade mineralisation with Magnet Rare Earth Oxide (MREO) content above the Mineral Resource Estimate average of 24.5% (ASX 19/9/23) • The latest results include:  KM5059, 3m @ 6,101 ppm TREO from 12m, with 33.3% combined Neodymium/Praseodymium (Nd/Pr) and 2.3% Dysprosium (Dy) – Section 1 o Including 1m @ 12,615 ppm from 13m, with 37.9% Nd/Pr and 1.9% Dy  KM5058, 6m @ 1,355 ppm TREO from 2m, with 27.9% combined Nd/Pr and 3.1% Dy – Section 1  KM5062, 2m @ 2,549 ppm TREO from 1m, with 21.6% combined Nd/Pr and 1.8% Dy – Section 1  KM4927, 3m @ 1,631 ppm TREO from 3m with 32.7% combined Nd/Pr and 2.0% Dy o Including 1m @ 3,535 ppm TREO from 4m, with 40.6% combined Nd/Pr and 1.9% Dy  KM4970, 2m @ 2,322 ppm TREO from 6m, with 20.8% combined Nd/Pr and 4.0% Dy  KM4972, 8m @ 1,483 ppm TREO from 8m, with 24.0% combined Nd/Pr and 2.8% Dy  KM4983, 3m @ 1,880 ppm TREO from 5m, with 25.0% combined Nd/Pr and 2.3% Dy  KM5017, 2m @ 1,810 ppm TREO from 1m, with 28.6% combined Nd/Pr and 2.6% Dy  KM5038, 3m @ 1,683 ppm TREO from 5m, with 26.4% combined Nd/Pr and 2.1% Dy • Assays returned predominantly from area of infill drilling within the Inferred Resource of the existing Mineral Resource Estimate • More assays from infill drilling expected in early 2024 along with those from drilling the northern 10km strike extension of the known mineralisation Australian Rare Earths Limited (ASX: AR3) is pleased to announce strong drilling results which further underpin the Company’s strategy to grow and upgrade the Resource at its Koppamurra rare earths project in South Australia. The drilling program, which commenced in October 2023, has seen ~8750m completed for ~700 holes and has targeted both strike extensions of the known mineralisation in an area that has not previously been drill tested and resource definition upgrades in the southern resource area. The latest assays stem mainly from infill drilling aimed at upgrading a further proportion of the Inferred Resource to the Indicated category. Approximately 1,000 assay results have been received, representing 152 of the holes drilled to date with 126 of those holes displaying significant intersections at a 500ppm TREO cut-off grade. The results indicate several high TREO grade intercepts and importantly identify mineralisation with higher Magnet Rare Earth Oxide (MREO) content above the Mineral Resource Estimate average of 24.5%. Further assay results are expected to arrive during the first quarter of 2024. AR3 Chief Executive, Travis Beinke, said: “These results highlight the potential for a high-grade and high magnet rare earth subset of the broader Koppamurra resource. “Magnet rare earth content is one of the key economic drivers of rare earth projects so the opportunity to potentially incorporate higher value mineralisation into our development plans is now under review. These assay results, combined with similar historical intercepts, will be incorporated into our province development planning in parallel with our ongoing process flowsheet optimisation. “We look forward to receiving further assay results from the infill drilling program and from the drilling of the untested 10km-long northern strike extension of the Koppamurra Resource”. Section 1- Border Forest (see figure 1 for section location) Figure 1- Section location plan with recent drilling and significant intercepts highlighted and AR3 historic drilling The announcement has been authorised for release the by the Board of AR3 Limited. For further information please contact: AR3 Limited Travis Beinke Chief Executive Officer T: 1 300 646 100 Media Enquiries Nicholas Read / Paul Armstrong Read Corporate T: 08 9388 1474 Competent Person’s Statement The information in this report that relates to Exploration results is based on information compiled by Australian Rare Earths Limited and reviewed by Mr Rick Pobjoy who is the Technical Director of the Company and a member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Pobjoy has sufficient experience that is relevant to the style of mineralisation, the type of deposit under consideration and to the activities undertaken to qualify as a Competent person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Pobjoy consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. About Australian Rare Earths Limited Australian Rare Earths is committed to the timely exploration and development of its 100% owned, flagship Koppamurra Project, located in the Koppamurra rare earths Province in southeastern South Australia and western Victoria. Koppamurra is a prospective ionic clay hosted rare earth deposit, uniquely rich in all the elements required in the manufacture of rare earth permanent magnets which are essential components in electric vehicles, wind turbines and domestic appliances. In addition AR3 is actively reviewing other potential prospective areas which may also host ionic clay hosted rare earth deposits throughout Australia. The Company is focused on executing a growth strategy that will ensure AR3 is positioned to become an independent and sustainable source of rare earths, playing a pivotal role in the global transition to a green economy. JORC Table 1 Criteria Sampling techniques Section 1 Sampling Techniques and Data Explanation Comment Nature and quality of RC Aircore drilling methods were used obtain sampling (e.g., cut samples from the October-December 2021, channels, random chips, or February-April 2022, September-December 2022 specific specialised February- June 2023, and October-December industry standard 2023 drilling programs. measurement tools The following information covers the sampling appropriate to the process: minerals under • All air core samples were collected from the investigation, such as rotary splitter mounted at the bottom of the down hole gamma sondes, cyclone using a pre-numbered calico bag and or handheld XRF plastic UV sample bag. The samples were instruments, etc). These geologically logged at 1 m intervals using the examples should not be marked calico sample which averaged ~1.5 kg taken as limiting the broad in mass. meaning of sampling. • A handheld Olympus Vanta XFR Analyser Include reference to was used to assess the geochemistry of the measures taken to air core samples in the field. The XRF ensure sample analysis provided a full suite of mineral representivity and the elements for characterising the lithological appropriate calibration units. of any measurement • XRF readings were downloaded from the tools or systems used. XRF Analyser at the end of each day and Aspects of the uploaded to the Australian Rare Earths determination of Azure Data Studio database. mineralisation that are Material to the Public • Field duplicates were taken at a rate of Report. In cases where ~1:34 and inserted blindly into the sample ‘industry standard’ work batches. has been done this would • At the laboratory, the samples were oven be relatively simple (e.g., dried at 105 degrees for a minimum of 24 ‘reverse circulation drilling hours and secondary crushed to 3 mm was used to obtain 1 m fraction and then pulverised to 90% passing samples from which 3 kg 75 µm. Excess residue was maintained for was pulverised to produce storage while the rest of the sample placed a 30 g charge for fire in 8x4 packets and sent to the central assay’). In other cases, weighing laboratory. The samples were more explanation may be submitted for analysis using XRF-ICP-MS required, such as where method. there is coarse gold that has inherent sampling • A laboratory repeat was taken at ~ 1 in 21 problems. Unusual samples; commodities or • Commercially obtained standards were mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information. Drilling techniques Drill type (e.g., core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, facesampling bit, or other type, whether core is oriented and if so, by what method, etc). inserted by the laboratory at a rate of ~ 1 in 9 into the sample sequence. • • • • • Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • • • • • • Drilling was completed using a Mcleod or Wallis air ore drill rig (Landcruiser 6x6 or similar) for the drilling. Aircore drilling is a form of reverse circulation drilling where the sample is collected at the face and returned inside the inner tube. The drill cuttings are removed by injection of compressed air into the hole via the annular area between the inner tube and the drill rod. Aircore drill rods used were 3 m long. NQ diameter (76 mm) drill bits and rods were used. All aircore drill holes were vertical with depths varying between 2 m and 36 m. Drill sample recovery for aircore is monitored by recording sample condition descriptions where ‘Poor’ to ‘Very Poor’ were used to identify any samples recovered which were potentially not representative of the interval drilled. A comment was included where water injection was required to recover the sample from a particular interval. The use of water injection can potentially bias a sample and very little water injection was required during this drilling program. No significant loses of samples were observed due to the shallow drilling depths (<36 m). The rotary splitter was set to an approximate 20% split, which produced approximately 1.5 kg sample for each meter interval. The 1.5 kg sample was collected in a prenumbered calico bags and the remaining 80% (5 kg to 8 kg) was collected in plastic UV bags labelled with the hole number and sample interval. At the end of each drill rod, the drill string is cleaned by blowing down with air to remove any clay and silt potentially built up in the sample pipes and cyclone. Logging Sub-sampling techniques and sample preparation Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all cores taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality, and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half • No relationship exists between sample recovery and grade. • All aircore samples collected in calico bags were logged for lithology, colour, cement type, hardness, percentage rock estimate, sorting, and any relevant comments such as moisture, sample condition, or vegetation. Geological logging data for all drill holes was qualitatively logged onto Microsoft Excel spreadsheet using a Panasonic Toughbook with validation rules built into the spreadsheet including specific dropdown menus for each variable. The data was uploaded to the Australian Rare Earths Azure Data Studio database. • Every drill hole was logged in full and logging was undertaken with reference to a drilling template with codes prescribed and guidance to ensure consistent and systematic data collection • 1 m aircore sample interval were homogenised within the cyclone and the rotary splitter was set to an approximate 20% split producing around 1.5 kg sample for each metre interval. • The 1.5 kg sample was collected in a prenumbered calico bag and the 80% (5 kg to 8 kg) portion was collected in plastic UV bags labelled with hole identity and interval. • Duplicates were generally taken within the clay lithologies above the basement as this is the likely zone of REE enrichment. These duplicate samples were normally collected by using a second calico bag and placing it under the rotary splitter collecting a 20% split but due to the difficulties of placing a second calico bag under the rotary splitter during sample collection, some duplicates were collected by hand from the plastic UV bags which captured the other 80% of the material recovered from any particular interval. • The material in the plastic UV bags was mixed up and every attempt to take as representative sample of the material as • sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their possible by hand was made and then placed in a pre-numbered calico bag. • The 1.5 kg sample collected in the calico bag was logged by the geologist onsite. The logged samples were placed in polyweave bags and sent to Naracoorte base at the end of each day. The polyweave bags were then placed on pallets and dispatched to Bureau Veritas laboratory in Adelaide in Bulka Bags. • The remaining 80% split from the aircore interval was stored for future reference. • Field duplicates of all the samples were completed at a frequency of ~1 in 34 samples. Field standards were inserted into the sample sequence at a frequency of ~1:57. Standard reference Material (SRM) samples were inserted into the sample batches at a frequency rate of 1 per 10 samples by the laboratory and a repeat sample was taken at a rate of 1 per 21 samples. • A rig geologist oversaw the sampling and logging process while a second geologist selected samples for analysis based on the logging descriptions and Pxrf analysis. Clay rich sample and those adjacent to the limestone basement contact were selected for assay. REEs are known to be contained within the clay component of the sediment package based on analysis of XRF data and previous exploration work. • The detailed geological logging of samples provides lithology (clay component) and proximity to the limestone basement which is sufficient for the purpose of determining the mineralised zone. • The 1.5 kg aircore samples were assayed by Bureau Veritas laboratory in Wingfield, Adelaide, South Australia, which is considered the Primary laboratory. • The samples were initially oven dried at 105 degrees Celsius for 24 hours. Samples were secondary crushed to 3 mm fraction and the weight recorded. The sample was then pulverised to 90% passing 75 µm. Excess residue was maintained for storage while derivation, etc. Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established. • • • • • • • Verification The verification of the rest of the sample placed in 8x4 packets and sent to the central weighing laboratory. All weighed samples were then analysed using the Multiple Elements Fusion/Mixed Acid Digest analytical method; ICP Scan (Mixed Acid Digest – Lithium Borate Fusion) Samples are digested using a mixed acid digest and also fused with Lithium Borate to ensure all elements are brought into solution. The digests are then analysed for the following elements (detection Limits shown): Al (100) As (1) Ba (1) Be (0.5) Ca(100) Ce (0.1) Co (1) Cr (10) Dy (0.05) Er (0.05) Eu(0.05) Fe(100) Gd (0.2) Ho (0.02) K (100) La (0.5) Lu (0.02) Mg (100) Mn (2) Na (100) Nd (0.05) Ni (2) Pr (0.2) S (50) Sc (1) Si (100) Sm(0.05) Sr (0.5) Th (0.1) Ti (50) Tm (0.2) U (0.1) V (5) Y (0.1) Yb (0.05) Zr (1) Field duplicates were collected and submitted at a frequency of ~1 per 34 samples. Bureau Veritas completed its own internal QA/QC checks that included a Laboratory repeat every 21st sample and a standard reference sample every 9th sample prior to the results being released. Analysis of QA/QC samples show the laboratory data to be of acceptable accuracy and precision; Australian Rare Earths submitted field standards at a frequency of ~1:57 samples. Australian Rare Earths requested BV insert blank washes at a frequency of 1:40 samples. These blank washes were inserted in the sample sequence behind samples which were thought to be mineralized to ensure that no contamination from higher grade samples was occurring. Frequency of blank samples totaled 1 in 24 samples. The adopted QA/QC protocols are acceptable for this stage of test work. The sample preparation and assay techniques used are industry standard and provide a total analysis. • All results are checked by the company’s of sampling and assaying significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. • • • • • • • • Technical Director. Field based geological logging for drill holes was entered directly into an Excel spreadsheet format with validation rules built into the spreadsheet including specific drop-down menus for each variable. This digital data was then uploaded to the Australian Rare Earths Azure Data Studio database. Assay data was received in digital format from the laboratory and was uploaded Australian Rare Earths Azure Data Studio database. Field and laboratory duplicate data pairs of each batch are plotted to identify potential quality control issues. Standard Reference Material sample results are checked from each sample batch to ensure they are within tolerance (<3SD) and that there is no bias. The field and laboratory data was exported and imported into Datamine by IHC Robbins which is appropriate for this stage in the program. Data validation criteria are included to check for overlapping sample intervals, end of hole match between ‘Lithology’, ‘Sample’, ‘Survey’ files and other common errors. Assay data yielding elemental concentrations for rare earths (REE) within the sample are converted to their stoichiometric oxides (REO) in a calculation performed within the database using the conversion factors in the below table. Rare earth oxide is the industry accepted form for reporting rare earths. The following calculations have been used for reporting throughout this report: Note that Y2O3 is included in the TREO, HREO and CREO calculation. TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3+ Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3+ Y2O3 CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3 LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3+ Lu2O3 + Y2O3 NdPr = Nd2O3 + Pr6O11 TREO-Ce = TREO - CeO2 NdPr = Nd + Pr Element Oxide CeO2 Dy2O3 Er2O3 Eu2O3 Gd2O3 Ho2O3 La2O3 Lu2O3 Nd2O3 Pr6O11 Sc2O3 Sm2O3 Tb4O7 ThO2 Tm2O3 U3O8 Y2O3 Yb2O3 Location of data points Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Oxide Factor 1.2284 1.1477 1.1435 1.1579 1.1526 1.1455 1.1728 1.1371 1.1664 1.2082 1.5338 1.1596 1.1762 1.1379 1.1421 1.1793 1.2699 1.1387 • Down hole surveys for shallow vertical aircore drill holes are not required. • The drill hole collars were located using a GPS unit to identify the positions of the drill holes in the field. The handheld GPS has an accuracy of +/-5m in the horizontal. • The datum used is GDA2020/MGA Zone 54. • Topographic data over the southern area of the resource (including all Inferred/Indicated/Measured resource areas) is derived from a fixed wing LiDAR survey flown in May 2022 by Aerometrex using their RIEGL VQ-780ii sensor. The LiDAR survey data was captured at a minimum 25 points per meter and flown at • • Data spacing and distribution Orientation of data in relation to geological structure a height of 591m to ensure ~10cm vertical accuracy. Topographic DTM surface over the northern area of the resource (Frances Exploration Target area) is derived from DGPS drill collar positions at this stage of exploration and the RL has been corrected using An Australian wide SRTM. The 1 second SRTM Level 2 Derived Smoothed Digital Elevation Model (DEM-S) is derived from the 2000 SRTM. The DEM-S has a ~30m grid which has been adaptively smoothed to improve the representation of the surface shape and is the preferred method for shape and vertical accuracy from STRM products. The smoothing process estimated typical improvements in the order of 2-3 m. This would make the DEM-S accuracy to be of approximately 5 m. The accuracy of the locations is sufficient for this stage of exploration. The holes were largely drilled at between 100 m and 400 m spacings along accessible road verges. Drill spacing within paddocks and forested areas was largely completed at 100 m to 120 m spacings, with a small portion of holes drilled at 60 m spacings. The drilling of aircore holes was conducted to determine the regional prospectivity of the wider Koppamurra Project area and for the purposes of generating a mineral resource estimate. No sample compositing has been applied. Data spacing for reporting • of Exploration Results. Whether the data spacing, and distribution is • sufficient to establish the degree of geological and grade continuity appropriate for the • Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample • compositing has been applied. Whether the orientation of • The Koppamurra mineralisation is sampling achieves interpreted to be hosted in flat lying clays unbiased sampling of that are horizontal. Undulation of the clay possible structures and the unit is influenced by the weathered limestone extent to which this is basement below. known, considering the • All drill holes are vertical which is appropriate deposit type. for horizontal bedding and regolith profile. If the relationship between • The Koppamurra drilling was oriented the drilling orientation and perpendicular to the strike of the orientation of key mineralisation defined by previous mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Sample security Audits or reviews The measures taken to ensure sample security. The results of any audits or reviews of sampling techniques and data. exploration and current geological interpretation. • The strike of the mineralisation is north south, and the high grades follow a northwest-southeast trend. • All drill holes were vertical, and the orientation of the mineralisation is relatively horizontal. • The orientation of the drilling is considered appropriate for testing the lateral and vertical extent of mineralisation without any bias. • After logging, the samples in calico bags were tied and placed into polyweave bags, labelled with the drill hole and sample numbers contained within the polyweave and transported to the base of operations, Naracoorte, at the end of each day. • The samples were then placed on pallets ready for transport and remained in a secure compound until transport had been arranged. Pallets were labelled and then ‘shrink-wrapped’ by the transport contractor prior to departure from the Naracoorte base to the analytical laboratory. • Samples for analysis were logged against pallet identifiers and a chain of custody form created. • Transport to the analytical laboratory was undertaken by an agent for the TOLL Logistics Group, and consignment numbers were logged against the chain of custody forms. • The laboratory inspected the packages and did not report tampering of the samples and provided a sample reconciliation report for each sample dispatch. Internal reviews were undertaken by AR3’s Exploration Manager and Technical Director during the drilling, sampling, and geological logging process and throughout the sample collection and dispatch process to ensure AR3’s protocols were followed. A review of the database was also • • undertaken by Wallbridge Gilbert Aztec (WGA) – Consulting Engineers. Criteria Mineral tenement and land tenure status Section 2 Reporting of Exploration Results Explanation Comment Type, reference Koppamurra Project comprises of a name/number, location granted South Australian Exploration and ownership including Licences (EL), EL6509, EL6613, EL6690, agreements or material EL6691, EL6942, and EL6943 along with issues with third parties Victorian EL007254 and EL007719 covering such as joint ventures, a combined area of ~6,300 km2 which is in partnerships, overriding good standing. royalties, native title EL6509 is within 100m of a Glen Roy interests, historical sites, Conservation Park and the Naracoorte wilderness or national Caves National Park, the latter of which is park and environmental excised from the tenement. The License settings. area contains several small Extractive The security of the tenure Mineral Leases (EML) held by others, held at the time of Native Vegetation Heritage Agreement reporting along with any areas, as well as the Deadman’s Swamp known impediments to Wetlands which are wetlands of national obtaining a licence to importance. operate in the area. A Native Title Claim by the First Nations of the South East #1 has been registered but is yet to be determined. The claim area includes the areas covered by EL’s 6509, 6613, 6690 and 6691. The exploration work was completed on the tenements (EL 6509 and EL6613) in South Australia and (EL007254 and EL007719) in Victoria which are 100% owned by the company Australian Rare Earths Ltd. The Exploration License EL6509 original date of grant was 15/09/2020 with an expiry date of 14/09/2028. The Exploration License EL6613 original date of grant was 06/07/2021 with an expiry date of 05/07/2027. The Exploration License EL6690 original date of grant was 02/11/2021 with an expiry date of 01/11/2027. The Exploration License EL6691 original date of grant was 02/11/2021 with an expiry date of 01/11/2027. The Exploration License EL6942 original date of grant was 17/10/2023 with an expiry date of 16/10/2029. The Exploration License EL6943 original date of grant was 17/10/2023 with an expiry date of 16/10/2029. The Exploration License EL007254 original date of grant was 29/04/2021 with an expiry date of 28/04/2024. The Exploration License EL007719 original date of grant was 29/08/2022 with an expiry date of 28/08/2027. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Details regarding royalties are discussed in chapter 3.4 of Australian Rare Earths Prospectus dated 7 May 2021. Exploration activities by other exploration companies in the area have not previously targeted or identified REE mineralisation. Historical exploration activities in the vicinity of Koppamurra include investigations for coal, gold and base metals, uranium, and heavy mineral sands. Geology Deposit type, geological setting and style of mineralisation. Historical exploration by other parties is detailed in Chapter 7 of Australian Rare Earths Prospectus dated 7 May 2021. The Koppamurra deposit is interpreted to contain analogies to ion adsorption ionic clay REE deposits. REE mineralisation at Koppamurra is hosted by clayey sediments interpreted to have been deposited onto a limestone base (Gambier Limestone) and accumulated in an interdunal, lagoonal or estuarine environment. A dedicated research program investigating the source of the REE at Koppamurra is ongoing, with no definitive source of the REE confirmed to date although preliminary results of this study have ruled out the alkali volcanics in southeastern Australia which was originally considered. Mineralogical test work conducted on clay sample from the project area established that the dominant clay minerals are smectite and kaolin, and that the few REErich minerals detected during the SEM investigation are not considered inconsistent with the suggestion that a significant proportion of REE are distributed in the material as adsorbed elements on clay and iron oxide surfaces. There are several known types of regolith hosted REE deposits including, ion adsorption clay deposits, alluvial and placer deposits. Whilst Koppamurra shares similarities with both ion adsorption clay deposits and volcanic ash fall placer deposits, there are also several differences, highlighting the need for further work before a genetic model for REE mineralisation at Koppamurra can be confirmed. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material d