Announcement PDF x AR3 | ANSTO Pilot Plant Site Visit | October 2026 Koppamurra Rare Earths: From PFS to Pilot Plant ASX: AR3 AR3 | ANSTO Pilot Plant Site Visit | October 2026 2 Important Information and Disclaimer Disclaimer & Important Information The information in this announcement is in summary form and does not purport to be complete nor does it contain all the information in relation to the Company. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the ASX at www.asx.com.au. 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 information in this announcement does not take into account the investment objectives, financial situation or needs of any recipient and 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. Each party to whom this announcement is made available must make its own independent assessment of the Company and the announcement after making such investigations and taking such advice as may be deemed necessary. Any reliance placed on the announcement is strictly at the risk of such person relying on such announcement. All references to $ in this announcement are to Australian dollars unless stated otherwise. Some of the statements contained in this announcement 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. The Pre-Feasibility Study referred to in this announcement is a preliminary technical and economic assessment of the potential viability of producing a mixed rare earth oxide (MREO) product to support Mineral Resources and Ore Reserve of the Koppamurra Project. Those estimates have been prepared by a competent person in accordance with JORC Code 2012 and all production targets are based on those Mineral Resources and Ore Reserves and all material assumptions relating to those production targets and related forecast financial information are set out in the relevant market announcement (ASX announcement dated 25 June 2026). The production targets, related forecast financial information and other forward-looking statements referred to are based on information available to the Company at the time of release and should not be solely relied upon by investors when making investment decisions. Material assumptions and other important information are contained in this announcement. The Company cautions that mining and exploration are high risk and subject to change based on new information or interpretation, commodity prices or foreign exchange rates. Actual rates may differ materially from the results or production targets contained in this presentation. Further evaluation is required prior to a decision to conduct mining being made. Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. The Company’s plans, including its mine and infrastructure plans, and timing, for the Project, are also subject to change. Accordingly, no assurances can be given that the production targets, financial forecasts, other forecasts or other forward-looking statements or information will be achieved. To achieve the development outcomes outlined in this announcement, AR3 estimates that funding of at least A$178 million will be required. There is no certainty that AR3 will be able to raise the required funding when needed, and any such funding may only be available on terms that may be dilutive or otherwise adversely affect shareholders. Cautionary Statement The Pre-Feasibility Study (“PFS” or “Study”) referred to in this presentation has been undertaken by Australian Rare Earths (“AR3” or the “Company”) in conjunction with various independent consultants, to determine the viability of the development at the Koppamurra Rare Earths Project in South Australia (“Project” or the “Koppamurra Project”). The PFS is based on technical and economic assessments of a level of accuracy commensurate with a prefeasibility study. The total Life of Mine Production Target (and forecast financial information derived from the Production Target) referred to in this announcement is underpinned by approximately 71% by Probable Ore Reserves and the remaining approximately 29% by Inferred Mineral Resources and have been prepared by Competent Persons in accordance with the requirements of the JORC Code (2012). There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself (or the forecast financial information) will be realised. The Company has satisfied itself that the Inferred Mineral Resources included in the Life of Mine Production Target are not the determining factor in project viability. The Project economics modelled without any Inferred Resources and only based on Ore Reserves retains a robust Post-Tax NPV8 of $652 million. The Inferred Mineral Resources included in the Life of Mine Production Target are allocated across the 12 year mine life with an average of 23% Inferred Mineral Resource across the first 10 years ranging from 2% to 33%. The expected payback period for the Koppamurra Project is less than one year. The Life of Mine Production Target and associated forecast financial information are based on assumptions and modifying factors which may prove to be inaccurate, and there is no certainty that the forecast outcomes will be achieved. The Company confirms that the Ore Reserves estimates, and Mineral Resources estimates have been prepared by Competent Persons in accordance with the requirements of the JORC Code. This presentation has been prepared in compliance with the JORC Code 2012 Edition (JORC 2012) and the ASX Listing Rules. All material assumptions on which Life of Mine Production Target and the forecast financial information have been provided in the relevant market announcement (ASX announcement dated 25 June 2026) and outlined in the JORC 2012 table 1 disclosures in the ASX release “Maiden Ore Reserves positions Koppamurra for development” 25 June 2026. This document contains forward-looking statements, including statements regarding production targets, forecast financial information, development plans and project economics. Forward-looking statements are subject to risks, uncertainties and assumptions, many of which are outside the control of the Company. These include, but are not limited to, commodity prices, exchange rates, regulatory approvals, funding availability and operating performance. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the production target or estimated outcomes indicated by the PFS (such as the financial forecasts) will be achieved. The production target and estimated outcomes indicated by the PFS (such as the financial forecasts) are also subject to various risk factors. Given the uncertainties involved and detailed in this announcement, investors should not make any investment decision based solely on the results of the PFS. Competent Persons Statements The information in this report that relates to metallurgical results is based on information compiled by Australian Rare Earths Limited and reviewed by Mr. James Davidson who is the principal Metallurgist of Rendement and is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Davidson 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. Davidson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. 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, Exploration Target or Ore Reserve information included in the relevant market announcement (ASX announcement dated 25 June 2026) and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement (ASX announcement dated 25 June 2026) 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 25 June 2026). Information in this Presentation is Extracted from the ASX Announcements Titled: • “Quarterly Activities Report” 31 July 2026 • “10Km Magnetic Corridor Expands Niobium-REE Targets” 23 July 2026 • “Niobium-Rare Earth Carbonatite System Identified at Overland” 8 July 2026 • “Pre-Feasibility Study and maiden Ore Reserve confirm Koppamurra as a compelling project” 25 June 2026 All announcements are available on www.ar3.com.au. • “Maiden Ore Reserve positions Koppamurra for development” 25 June 2026 • “Koppamurra test work produces high purity Mixed Rare Earth Oxide” 20 January 2026 • “Koppamurra Project achieves regulatory milestone” 2 December 2025 • “AR3 advances Koppamurra with pilot-scale processing at ANSTO’s new facility” 1 December 2025 Investment highlights 3 Compelling economics A$858M post-tax NPV8, 99% IRR (Base Case); A$635M NPV₈ at Western price floors Highly attractive product Mixed rare earth oxide (MREO) basket with ~25% magnet rare earths including enriched dysprosium and terbium mix, plus rare earths increasingly critical to global supply chains Long-term optionality beyond the PFS Maiden Ore Reserve supports an initial 12-year life from the southern portion of a 243Mt Mineral Resource; scope to expand north Capital-light development A$178M initial capital including ~25% contingency; capital efficiency ratio (NPV₈ / capex) of 4.8x Simple flowsheet, now being piloted Free-dig mining and heap leach — no drill-and- blast, no tailings dam. Australia’s first ionic clay pilot operating at ANSTO’s new facility Tier-1 Australian jurisdiction South Australia, ~300km from Adelaide with established road and port access; Western and Asian customers seeking secure heavy rare earth supply AR3 | ANSTO Pilot Plant Site Visit | October 2026 A capital-light Australian heavy rare earths project with PFS-level economics, now advancing through pilot-scale validation at ANSTO PFS Summary Financials Compelling economics; highly leveraged to scarcity premium 4 Capital-light development with A$178m capital and 4.8 capital efficiency ratio*; a clear signal of the value embedded in the asset Post-tax NPV8 of $858m and outstanding IRR of 99% with capital payback within first year A$1.4b cumulative post tax cashflow on Base Case pricing, grows to ~A$4b on Western Spot pricing highlighting significant leverage to scarcity premium should Chinese export controls persist Key Financial Outcomes Unit Base Case Western Spot Price Floors Annual Revenue A$M 290 606 250 Annual EBITDA A$M 184 491 146 Annual Operating Costs (ex-Royalties) A$M 96 Operating Costs (ex-Royalties) A$/kg TREO 52.52 Operating Costs (ex-Royalties) US$/kg TREO 34.14 AISC US$/kg TREO 38.32 41.83 37.86 Basket price TREO US$/kg TREO 139 288 121 NdPr average pricing US$/kg NdPr 160 121 110 Payability % 75% NdPr average Operating Costs (Net Dy and Tb) US$/kg NdPr 44.77 -38.08 68.20 Cumulative post tax cashflow USA$M 1,433 4,001 1,115 Initial Capex A$M 178 Pre-Tax NPV8 A$M 1,196 3,443 929 Pre-Tax IRR % 113% 291% 96% Post-Tax NPV8 A$M 858 2,481 635 Post-Tax IRR % 99% 270% 83% Post-Tax Payback Years 0.9 0.4 1.1 * Capital efficiency ratio: NPV8 / Initial capital expenditure AR3 | ANSTO Pilot Plant Site Visit | October 2026 Project overview: established regional infrastructure, no camp or airstrip required 5 Scale/Size ~7,400km² exploration licence area Ownership 100% Maiden Ore Reserve 26Mt @ 920ppm TREO1 Magnet Rare Earth ~26% of TREO including strategically valuable heavy REE’s dysprosium & terbium ~3%; along with yttrium, gadolinium, samarium and lutetium, now subject to China's expanded export controls Mineral Resource 243Mt @ 751ppm TREO and untapped Exploration Target; significant scope for a multi-decade operation as the project scales Offtake Neo Performance Materials (Non-binding MOU for 50% offtake of stage 1) Location and Jurisdiction ~300km SE of Adelaide, in South Australia and Victoria Australia: Low political risk; South Australia: Pro-mining state Access: Road and Port Within 8km of main highway with established road to site Shipping via the Port of Adelaide ~380km from the project site (Or Portland) — both established gateways for bulk exports into Asia Workforce and Supporting Infrastructure Access to skilled workforce regionally Drive in workforce with no requirement for camp or airstrip due to project location Water and Power Water: to be sourced from local aquifer Power: Either onsite solution or connection to existing infrastructure AR3 | ANSTO Pilot Plant Site Visit | October 2026 Key Production Outcomes Unit Annual Average* LOM Ore Mined Mt 3 34.9^ Strip Ratio waste:ore 1.5 1.5 Average TREO Feed Grade ppm 927 924 TREO Recovery % 68 MREO Recovery % 68 Average annual production (TREO) t 1,860 21,937 Neodymium Praseodymium (NdPr) t 435 5,136 Terbium t 9 102 Dysprosium t 48 563 Samarium t 69 814 Gadolinium t 67 788 Yttrium t 238 2,807 Lutetium t 4 50 Mine plan: 3 Mtpa from the higher-grade south with scope for staged expansion north 6 Highly attractive MREO production delivering meaningful quantities of a strategically critical suite of rare earths *Annual average excludes final partial year. ^Total LOM ore mined includes production target material beyond the current Ore Reserve Stage 1 Mining Sequence PFS targeted Southern portion of resource to support area around initial Mining Lease Approval Scope for staged capital efficient expansion North to significantly increase mine life and production rates AR3 | ANSTO Pilot Plant Site Visit | October 2026 7 Model Birdseye View of Typical Mine Pit Apr 2022 Aug 2024 Successful Bulk Sample Pit and Rehabilitation Program Demonstrated in Practice No drilling or blasting required soft, free-digging clay ore mined with conventional open-pit methods, lowering opex Free-dig mining: simple, low-cost and proven in the field Progressive rehabilitation built into the mine plan — reducing closure liability and supporting sustainable land practices AR3 | ANSTO Pilot Plant Site Visit | October 2026 Investor takeaway: no drill-and-blast + progressive rehabilitation = lower operating and execution risk 8 AR3 | ANSTO Pilot Plant Site Visit | October 2026 Model Birdseye View of Processing Plant Processing route delivers low capital cost, low-complexity operations  Progressive Heap Leach and Rapid Rehabilitation  Rare earth minerals extracted at ~pH 2.2 delivering ~68% TREO recoveries  Simple oxalic acid precipitation provides for high rejection of impurities and produces a high purity, high value MREO with very low impurities  Design is scalable and efficient with staged satellite developments Simplifying the process to produce a high-purity Mixed Rare Earth Oxide Increasing demand in the West post-China export controls (April 25) Product mix − high- value MREO basket Limited heavy rare earth supply options; ionic clay deposits are an attractive source of heavy rare earths 9 REO As oxide in oxalate wt% Product As oxide calcined wt% Product La2O3 6.32 16.3 CeO2 11.80 30.4 Pr6O11 1.71 4.4 Nd2O3 6.79 17.5 Sm2O3 1.30 3.4 Eu2O3 0.32 0.8 Gd2O3 1.29 3.3 Tb4O7 0.19 0.5 Dy2O3 1.05 2.7 Ho2O3 0.20 0.5 Er2O3 0.51 1.3 Tm2O3 0.06 0.2 Yb2O3 0.34 0.9 Lu2O3 0.05 0.1 Y2O3 6.27 16.2 TREO+Y2O3 38.2 98.6 The Magnet Rare Earths total ~25% of TREO “Other key heavies” ~23% ~48% of our basket is highly sought and high value Blue = Magnetic Rare Earths AR3 | ANSTO Pilot Plant Site Visit | October 2026 Peer comparison: Magnet rare earth assemblage Koppamurra amongst the highest heavy magnet rare earth assemblage among peer projects AR3 | ANSTO Pilot Plant Site Visit | October 2026 10 ~1:7 heavy : light ratio Koppamurra is an enriched source of Dy + Tb and can provide a consistent long-term supply; attractive feedstock for downstream processors Source: Company disclosures, see appendices BRE MEI VMM BCM IXR AR3 Koppamurra RDM LIN VML LYC MP Aclara ARU 0% 1% 2% 3% 4% 10% 15% 20% 25% 30% Dy + Tb % of TREO NdPr % of TREO Global rare earth projects NdPr% vs Dy + Tb% of TREO (Mineral Resource) Product demand In the event of an oversupply of NdPr, feedstock options enriched with heavies are likely to remain in demand ANSTO PILOT PLANT Inside ANSTO’s rare earth pilot facility Koppamurra ore is being processed through ANSTO’s new rare earth piloting facility in Sydney — the first industry campaign at the facility ANSTO Minerals Column Leach Piloting Facility Proving the flowsheet at ANSTO 12 Australia's First Ionic Clay Pilot at ANSTO AR3 is the first company to access ANSTO's new pilot-scale rare earth processing facility − a significant technical and strategic milestone. Continuous pilot-scale circuit ~30 tonnes of Koppamurra ore processed through a continuous circuit, bridging laboratory test-work and full- scale operations Government backed − A$5M IPCM grant Co-funded by the Australian Government; using ANSTO’s facility saves capital and development time versus a stand-alone pilot AR3 MD & CEO Travis Beinke inspecting the Pilot Plant Agglomerator at ANSTO and attending official opening of the facility alongside Australian Resources Minister Madeleine King AR3 | ANSTO Pilot Plant Site Visit | October 2026 Processing: a simple route from clay to high-purity MREO Heap leach and oxalic acid precipitation deliver a low-impurity mixed rare earth oxide AR3 | ANSTO Pilot Plant Site Visit | October 2026 13 1 Free-dig mining Soft clay ore, conventional open pit; ~1.5:1 strip ratio; 3 Mtpa 2 Heap leach Agglomeration and column leach; Rare earths extracted into solution; ~68% TREO recovery 3 MREOH Precipitation Crude precipitation of rare earths from solution reducing downstream volumes by ~98% 4 IR and oxalate precipitation Oxalic acid precipitation from redissolved MREOH — high rejection of impurities 5 Calcination and final MREO product Oxalate calcined to oxide ~98.6% TREO + Y₂O₃ Being demonstrated in continuous operation at the ANSTO pilot plant Water recycled within the process Supply from local aquifer No tailings dam Progressive heap leach with rapid rehabilitation built into the mine plan Scalable design Staged satellite developments as the project expands ~68% TREO recovery (PFS) ~25% Magnet rare earths in product ~3% Dy + Tb in product A$77M Processing plant capex (pre-contingency) Pilot circuit: ore preparation and column leaching Columns replicate the proposed heap leach under controlled conditions AR3 | ANSTO Pilot Plant Site Visit | October 2026 14 4m high pilot-scale leach columns Agglomerator conditioning the clay feed Automated column dosing manifolds Rare earth solution collection beneath each column Heap Leach • Leach recovery and kinetics against the PFS basis (~68% TREO) • Reagent consumption and solution chemistry • Engineering data for the DFS 2 Ore preparation and rare earth extraction Pilot circuit: from leach solution to rare earth product Precipitation, filtration and calcination produce the mixed rare earth oxide AR3 | ANSTO Pilot Plant Site Visit | October 2026 15 Agitated reactor with in-line pH control MREOH precipitation circuit Automated filter press Furnace for calcination Downstream steps 3 MREOH Precipitation Rare earths precipitated from leach solution 4 IR and oxalate precipitation Impurity rejection and oxalate precipitation - high rejection of impurities 5 Calcination → MREO Final Product with samples for customer qualification and offtake Pilot program: from bulk sample to continuous production Key milestones achieved in 2026, with product and data outputs to follow AR3 | ANSTO Pilot Plant Site Visit | October 2026 16 ✓ 2026 First industry partner AR3 selected as first user of ANSTO’s new pilot- scale rare earth facility ✓ Q2 2026 ~30t bulk sample delivered Blended Koppamurra ore prepared in Adelaide and on site in Sydney ✓ 8 May 2026 Facility officially opened Opened by Federal Resources Minister Madeleine King ✓ 11 Aug 2026 Pilot processing underway Continuous pilot-scale processing of Koppamurra ore commenced ● 10 Sep 2026 Moved to MREOH production Pilot advanced to mixed rare earth hydroxide production stage → Next Product & data outputs MREO samples to potential customers; process roadmap and engineering data for the DFS The pilot will deliver Product samples for qualification with potential offtake and strategic partners Engineering data and a processing roadmap to inform final plant design and the DFS Capital & time savings using ANSTO’s existing facility rather than building a stand-alone pilot Clear pathway to first production: pilot data feeds directly into the DFS 17 Project de-risking underway  A$5M Australian Government IPCM grant  Formal recognition of strategic importance  Environmental Scoping Report published  Mining Lease Application targeted 2026 ✓ COMPLETED Pre-Feasibility Study A$858M NPV₈ | 99% IRR | 0.9yr payback | A$178M CAPEX confirmed UNDERWAY Pilot Plant at ANSTO Processing commenced Aug 2026. MREO samples for customer qualification; engineering data for the DFS 2026 TARGET Mining Lease Application Env. studies well progressed. Baseline data complete. Scoping Report approved 2026–27 TARGET DFS + Offtake Discussions DFS initiated post-pilot plant. Product qualification with strategic customers. Offtake & project funding discussions advance 2028 FID + Construction Final investment decision following DFS, approvals, offtake and funding. Construction targeting first production Targeting first production by 2029 AR3 | ANSTO Pilot Plant Site Visit | October 2026 Securing the allied world’s energy transition metals 18 Contact Us Travis Beinke, Managing Director & CEO +1 300 646 100 Investor Relations Tau Media Jessica Fertig +61 408 855 855 info@taumedia.com.au Scan the QR code to access our Investor Hub AR3 | ANSTO Pilot Plant Site Visit | October 2026 Appendices Ore Reserve, Mineral Resource Estimate and Exploration Target PFS Price Scenarios Peer comparison reference data 19 AR3 | ANSTO Pilot Plant Site Visit | October 2026 Maiden Ore Reserve Targeting higher grade mineralisation to drive value 20 • Ore Reserve average grade ~22% higher than the average Mineral Resource grade to drive Project value • High value magnet rare earths contribute ~26% of TREO • Ore Reserves based on Southern portion of Mineral Resource only • Significant scope for future growth Ore Reserve Category Material BD TREO TREO- CeO2 La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Eu2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 U3O8 ThO2 Mt gcm3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm Proved - - - - - - - - - - - - - - - - - - - - - Probable 26 1.6 920 602 141 324 43 167 33 32 4.5 25 4.7 13 7.6 1.6 10 1.4 125 1.4 19 Total 26 1.6 920 602 141 324 43 167 33 32 4.5 25 4.7 13 7.6 1.6 10 1.4 125 1.4 19 Ore Reserve estimation as at 25 June 2026 Tonnages and grades are rounded as appropriate and mineral assemblage is reported as parts per million. Measured and Indicated Mineral Resources have been converted to Probable Ore Reserves only. No Inferred Mineral Resources are included in the Ore Reserves. Ore Reserves are a subset of Mineral Resources. Ore Reserves are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition). Refer to ASX Release 25 June 2026 “Maiden Ore Reserve positions Koppamurra for development” for further detail. AR3 | ANSTO Pilot Plant Site Visit | October 2026 Mineral Resource Estimate and Exploration Target 21 Ore Reserve Category Material BD TREO TREO- CeO2 La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Eu2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 U3O8 ThO2 Mt gcm3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm Measured 0.9 1.6 773 502 125 271 36 135 27 25 4 20 4 10 6 1 8 1 102 1 21 Indicated 112.7 1.6 766 502 121 264 35 135 27 26 4 20 4 10 6 1 8 1 106 2 19 Inferred 129.6 1.6 737 486 121 251 34 130 26 24 3 19 4 9 6 1 7 1 102 2 18 Grand Total 243.1 1.6 751 493 121 257 35 132 26 25 4 19 4 10 6 1 8 1 104 2 19 2026 Mineral Resource Estimate Material Type Zone Material BD TREO TREO-CeO2 MREO Dy2O3 Tb4O7 Nd2O3 Pr6O11 Mt gcm3 ppm ppm ppm ppm ppm ppm ppm Exploration Target 3 650 - 3120 1.6 560 -820 360 - 540 140 - 210 15 - 20 3 - 4 100 - 150 25 - 40 4 30 - 500 1.6 420 - 690 300 - 500 110 - 190 10 - 20 2 - 3 80 - 140 20 - 40 Total 680 - 3620 1.6 540 – 820 350 - 540 140 - 210 15 - 20 3 - 4 100 - 150 25 - 40 The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration undertaken to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. 2026 Exploration Target AR3 | ANSTO Pilot Plant Site Visit | October 2026 PFS economics under 3 Western price scenarios Price bifurcation momentum continues to build 22 1. Base Case Pricing using the average of two highly regarded independent market analysis, Adamas Intelligence and Argus Media Q2’26 long term Western forecasts to 2040. 2. Western Spot Price Case Pricing using May’26 Western spot prices for Nd, Pr, Dy, Tb, Y and Gd (average of Europe cif & US ddp) and for Sm and Lu (China fob) where Western prices are not quoted. Source: Argus Media. 3. Price Floor Case Pricing using long term Western price floors* of US$110/kg for NdPr, US$575/kg Dy and US$2,050kg Tb and the above Base Case forecast pricing for Y, Gd, Sm and Lu. - 500 1,000 1,500 2,000 2,500 3,000 3,500 - 20 40 60 80 100 120 140 160 180 200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 *Right axis Pr Nd Ndpr floor Tb* Tb floor* Dy* Dy floor* Magnet Rare Earths: Base Case and Price Floor Cases (US$/kg) * Western price floors refers to long term price floors secured by MP Materials, Lynas and USA Rare Earths/Serra Verde summarised on previous slide. AR3 | ANSTO Pilot Plant Site Visit | October 2026 Peer source data 23 1. Dy + Tb reported together 2. Lynas does not publish a basket composition of their Mineral Resource. The NdPr, Dy + Tb are estimated by using the reported Ore Reserve basket composition. 3. MP does not report grades. MP presents percentage of individual light rare earth oxides are based on the average ratios; Pr6O11 is calculated at a ratio of 4.3% of TREO% equivalent estimated grade, Nd2O3 is calculated at a ratio of 12.1% of TREO% equivalent estimated grade. 4. Aclara does not report total mineral resource. The NdPr, Dy + Tb are estimated by using the reported Ore Reserve basket composition. Rare eart