Announcement PDF 17 October 2024 Amendment: AR3 Corporate Presentation Australian Rare Earths Limited (ASX:AR3, or “Company”) provides an Amendment to the AR3 Corporate Presentation released 16 October 2024. The amendment to the presentation includes: 1. 2. 3. The addition of a footnote on slides 3, 5, 7 and 8 providing a breakdown of the individual Mineral Resource estimate categories supporting the combined total. The addition of Exploration Target range of tonnes and range of grade on slides 3, 5, and 7. Adding reference to Exploration Target in the Competent Persons Statement on slide 2. The Secretary of AR3 has authorised this announcement for release to the ASX. For further information please contact: Australian Rare Earths Limited Media Enquiries Travis Beinke Jessica Fertig Managing Director and CEO Tau Media T: 1 300 646 100 E: info@taumedia.com.au 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 new 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 uranium and 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 energy transition metals, playing a pivotal role in the global transition to a green economy. Corporate Presentation October 2024 Developing a portfolio of Energy Transition Metals • Leading the Development of Australia’s next Rare Earths Province • Secured Strategic Tenure for Uranium Exploration in South Australia Travis Beinke – Managing Director & Chief Executive Officer ASX: AR3 Australian Rare Earths Corporate Presentation DISCLAIMER & IMPORTANT INFORMATION Australian Rare Earths Limited (‘AREL’ of the ‘Company’) does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. The opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. This presentation does not constitute financial product advice. To the fullest extent permitted by law, the Company and its associates or any of its directors, agents, officers or employees do not make any representations or warranties, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility or liability for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. This document has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities, financial position and prospects and the rights and liabilities attaching to the Company’s securities. This document should be read in conjunction with any other reports and information provided or released by the Company. Some of the statements contained in this presentation are forward-looking statements. Forward looking statements include but are not limited to, statements concerning estimates of expected costs, statements relating to the advancement of the Company’s investments and other statements which are not historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements include the potential that the Company’s projects may experience technical, geological, metallurgical and mechanical problems, changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material. COMPETENT PERSONS STATEMENT The information in this report that relates to Exploration results and the Exploration Target is based on information compiled by Australian Rare Earths Limited and reviewed by Mr. Rick Pobjoy who is the Chief Technical Officer 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. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource estimate and Exploration Target information included in the relevant market announcement (ASX announcement dated 30 September 2024) and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement (ASX announcement dated 30 September 2024) continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement (ASX announcement dated 30 September 2024). The information in this report that relates to metallurgical results is based on information compiled by Australian Rare Earths Limited and reviewed by Mr. Jon Weir who is the Technical Director of Wallbridge Gilbert Aztec and a member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Weir has sufficient experience that is relevant to the metallurgical testing which was 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. Weir consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Securing Australia’s Energy Transition Metals for a Sustainable Future U 2 Developing a Portfolio of Energy Transition Metals AR3: Leading Multi-generational Rare Earths Province with Expansion into Uranium Exploration 01 Significant Rare Earth Resource: 236Mt @ 748ppm TREO1 with significant upside potential (Exploration Target ranges from 500Mt at 780 ppm to 3.2Bt at 520ppm TREO)2; resource includes 68Mt grading over 1000ppm TREO 02 Sustainable Development Approach: Advancing the Koppamurra Rare Earths project with focus on progressive heap leach and rapid rehabilitation approach for reduced environmental impact and lower capex. 03 Expansion into Uranium Exploration: Overland Project: 3,000 km² prospective uranium tenure in the Murray Basin of South Australia; Triggs Bore and Hamilton Creek: Securing 450 km² tenure to unlock untapped uranium potential in the Callabonna Sub-basin. 04 Inaugural Uranium Drill Program: First drill program targeting sedimentary uranium at Overland, a frontier uranium play commencing in October’24 05 Growth Focused Strategy: Multiple exploration projects across South Australia and Queensland with significant potential for future discoveries. 1 Mineral Resource estimate of 236Mt at 748ppm, comprises of 0.7Mt at 813ppm Measured, 112Mt at 750ppm Indicated and 123Mt at 747ppm Inferred TREO 2 The potential quantity and grade of the Exploration Target is conceptual in nature. Further exploration is required to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource Securing Australia’s Energy Transition Metals for a Sustainable Future 3 Team & Corporate Snapshot Experienced Team, Strong Backing and Well-funded Pauline Carr Independent Non-executive Director Angus Barker Chairman Over 30 years of professional experience, including at top-tier global investment banks and as a senior adviser to Australian Government Ministers in key economic portfolios. • Director of Vulcan Energy Resources • Director of WAM Capital Experienced company director in compliance, governance and risk over 30 years in resources sector. • Chancellor of Adelaide University • Chair of National Pharmacies • NED Highfield Resources • Previous roles with Normandy Mining and Newmont Rick Pobjoy Chief Technical Officer & CoFounder of AR3 Travis Beinke Managing Director & CEO Share price Market capitalisation $23.7m $0.15 11 October 2024 Cash Shares on issue $5.6m* 158m 30 Sep 2024 Distribution Of Shareholders 22% Over 20 years’ experience with both Australian and internationally listed resource companies. Broad range of strategic, commercial, finance and business development experience, particularly in exploration and growth projects. • Previous roles with OZ Minerals, Ensign Energy Services and ExxonMobil Australia Geologist with more 25 years’ experience in the mining and minerals exploration industry. • Extensive experience in definition, development, and production from sedimentary hosted deposits. • Successful project delivery for VHM Exploration, Murray Zircon, and Heathgate Resources. 2% 65% 11% ● Directors, Management & CoFounders ● NEO Performance Materials ● Acorn Capital ● Other * Excludes $0.7m R&D cash refund received 10 October 2024 Securing Australia’s Energy Transition Metals for a Sustainable Future 4 Diversified Energy Transition Project Portfolio Securing Australia’s Energy Transition Metals for a Sustainable Future Massie Creek Oaky Valley Sandy Tate Forty Mile Scrub Dalrymple Hamilton Creek Triggs Bore Overland Koppamurra Rare Earths Uranium Koppamurra REE Development Project: • 100% ownership spanning 7,600km2 • Located ~300km SE of Adelaide, in southern Australia and Victoria • Resource of 236Mt @ 748ppm TREO1 with significant upside potential (Exploration Target ranges from 500Mt at 780 ppm to 3.2Bt at 520ppm TREO) South Australia Uranium Projects: • Overland Project: ~3,000km² prospective tenure, ~200km south of Honeymoon Mine; Multiple drill targets identified in a frontier uranium play, permits in hand for October’24 start to drill campaign • Triggs Bore & Hamilton Creek: strategic ~450km² brownfields exploration tenure with drill-ready follow-up uranium targets North Queensland REE Projects: • Dalrymple Project ~1,200km2 of prospective tenure • Kennedy Province ~1,100km2 of tenure includes the Massie Creek, Oaky Valley, Sandy Tate and Forty Mile Scrub prospects 1 Mineral Resource estimate of 236Mt at 748ppm, comprises of 0.7Mt at 813ppm Measured, 112Mt at 750ppm Indicated and 123Mt at 747ppm Inferred TREO Securing Australia’s Energy Transition Metals for a Sustainable Future 5 Koppamurra Rare Earths Province Leading the Development of a MultiGenerational clay hosted Rare Earths Province in Australia Securing Australia’s Energy Transition Metals for a Sustainable Future 6 Koppamurra: Advanced ionic clay-hosted Rare Earths project Multi-generational Rare Earth Province Potential • 100%-owned clay-hosted critical REE deposit ~300km SE of Adelaide • Multi-generational province: one of the largest ionic clay-hosted REE provinces spanning 7,600km² • Total Mineral Resource estimate (MRE): of 236Mt with an average TREO grade of 748ppm1 • Resource Growth Potential: Exploration Target ranges from 500Mt at 780 ppm to 3.2Bt at 520ppm TREO • Cost Advantage: Favourable capex and low technical risk • Potential Offtake agreement: (Nonbinding MOU with NEO) Koppamurra Mineral Resource and Exploration Target area, SA and Victoria Securing Australia’s Energy Transition Metals for a Sustainable Future 1 Mineral Resource estimate of 236Mt at 748ppm, comprises of 0.7Mt at 813ppm Measured, 112Mt at 750ppm Indicated and 123Mt at 747ppm Inferred TREO 7 Koppamurra Mineral Resource and Exploration Target Demonstrating Province Potential with Increased Mineral Resource Heat map showing high value TREO (TREO-CeO2) for the southern Resource Area • Mineral Resource estimate increased 27% to 236 Mt at 748 TREO1 in Sep’24 • Includes higher-grade subset of 68Mt grading over 1000ppm • Valuable Magnet Rare Earth ~25% of TREO with all four key REEs present (including heavy REE’s Dysprosium & Terbium ~3%) • Total of ~64,000 metres drilled since 2021 Mineral Resource Estimate1 1 Mineral Resource estimate of 236Mt at 748ppm, comprises of 0.7Mt at 813ppm Measured, 112Mt at 750ppm Indicated and 123Mt at 747ppm Inferred TREO Securing Australia’s Energy Transition Metals for a Sustainable Future 8 Sustainable Development Pathway for High-Grade Rare Earth Clays Progressive Heap Leach and Rapid Rehabilitation: A Scalable, Efficient & Sustainable Solution for Koppamurra • Scalable, efficient REE production pathway with staged satellite developments KOPPAMURRA CONCEPTUAL PROJECT FLOW SHEET • Initially targeting higher-grade zones • Improved environmental sustainability characteristics: • Less water & energy usage • Enables rapid, progressive land rehabilitation Securing Australia’s Energy Transition Metals for a Sustainable Future 9 Mine Design Incorporating Progressive Land Rehabilitation Successful Bulk Sample Pit and Rehabilitation Program April 2022 Securing Australia’s Energy Transition Metals for a Sustainable Future September 2022 August 2024 10 Koppamurra Next Steps 01 02 03 04 05 Flowsheet optimisation including further Heap Leach testwork Finalise baseline environment baseline studies and progress work to support initial Mine Lease Application Advance project studies and engineering Ongoing exploration assessment of recently granted southern tenements Continue to build strong stakeholder engagement Securing Australia’s Energy Transition Metals for a Sustainable Future 11 Uranium Portfolio Securing Australia’s Energy Transition Metals for a Sustainable Future 12 Overland Uranium Project: Untapped Uranium Exploration Potential Drilling to commence in a frontier uranium play 01 Leveraging expertise: in uranium exploration and development 02 Overland Project: 3,000 km² prospective tenure in South Australia: Targeting Renmark Group sediments similar to successful Lake Eyre Basin 03 Inaugural Drill Program: First program to commence midOctober’24; ~30 holes for ~5,000m Air Core drilling; Drilling will target high-priority uranium targets in a frontier uranium play AR3’s Overland Project location map Securing Australia’s Energy Transition Metals for a Sustainable Future 13 Triggs Bore: Advancing Uranium Exploration Securing a Strategic 250 km² Tenure position to Unlock Untapped Uranium Potential in the Callabonna Sub-basin 01 Exploration License: Granted, covering ~250km² of prospective tenure targeting uranium mineralisation within the Callabonna Subbasin. 02 Untested Uranium Potential: indications of uranium mineralisation previously discovered in 2011 but remain untested. 03 Eyre Formation Sediments: Triggs Bore hosted within the Eyre Formation sediments, a known uranium-bearing formation, also host to nearby Four Mile, Beverley and Honeymoon uranium deposits. Triggs Bore relative to regional geology Securing Australia’s Energy Transition Metals for a Sustainable Future 14 Hamilton Creek: Advancing Uranium Exploration Securing a Strategic 200 km² Tenure position to Unlock Untapped Uranium Potential in the Callabonna Sub-basin 01 Exploration License: Granted covering ~200km² of prospective tenure targeting uranium mineralisation within the Callabonna Subbasin. 02 Untested Uranium Potential: indications of anomalous uranium mineralisation from historic reporting. 03 Namba Formation Sediments: Hamilton Creek hosted within the Namba Formation sediments, same formation as the nearby Beverley uranium deposit. Hamilton Creek relative to regional geology Securing Australia’s Energy Transition Metals for a Sustainable Future 15 North Queensland Portfolio Securing Australia’s Energy Transition Metals for a Sustainable Future 16 Creating a Rare Earth Exploration Portfolio Dalrymple Project and Kennedy Province in Queensland Dalrymple Project Next Steps: Follow-up sampling and metallurgical test work Securing Australia’s Energy Transition Metals for a Sustainable Future Kennedy Province Next Steps: Rapid, on-ground, exploration assessment post granting of Exploration Licence applications 17 Summary: Developing a Portfolio of Energy Transition Metals AR3: A Leading Multi-generational Rare Earth Province with Expansion into Uranium Exploration 01 Koppamurra REE Development Project: Large, multi-generational REE Mineral Resource with a sustainable development pathway, pioneering clay-hosted rare earths in Australia Overland, Triggs Bore & Hamilton Creek Uranium Projects: Leveraging internal expertise to advance frontier, prospective uranium exploration projects Growth focused strategy: Pathway to be Australia’s first ionic clay hosted REE mine with a portfolio of diversified, energy transition metals exploration projects across South Australia and Queensland Securing Australia’s Energy Transition Metals for a Sustainable Future 02 03 18 Securing Australia’s Energy Transition Metals for a Sustainable Future ASX: AR3