Study demonstrates Makuutu a sustainable, long life and low capital development cost project; Post tax NPV8 of US$321m  with upfront capex of US$89m.

Aims to produce at least 2,000 tonnes of rare earth oxide equivalent annually, with over 45% heavy rare earths and greater than 50% critical rare earths. 15 year mine life but only covers 84.5mnt of 315mnt resource.

Geology is like ionic clay-type deposits in Southern China, and mineralization beings at surface, the deposit is therefore shallow and easily minable.

Five licenses covering 242 square kilometer, significant upside as only 25% of the area is drilled.

Retention license 00234 approved, awaiting results on exploration license 03573, it would increase the size of the Makuutu tenement to around 300,000 hectares.

Strong ESG framework, from adjusting to Uganda’s 3rd National Development plan to reducing carbon footprint using renewable energy, community development programs.

3rd largest Scandium resource reported comprising of 9,450 tonnes + with current price between US$1000 to US4000 per kg in opaque market.

Plan to produce 20-25 tpa, and progressively ramping up to 90-100 tpa in next 10 years.

Non binding MOU signed with Chinalco subsidiary China Rare Earths Jiangsu. Chinalco is the world’s largest rare earth miner