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June 2021 Quarterly Activities Report



HIGHLIGHTS

  • 47% increase in overall tonnes to 18.8Mt at 1.15% TREO (inc. 0.23% NdPr) + 0.14% Nb2O5

  • High-grade tonnes to 6.5Mt at 1.98% TREO (inc. 0.38% NdPr) + 0.21% Nb2O5

  • MaidenIndicatedResourceof11.1Mtat1.3%TREO(inc.0.27%NdPr)+0.17%Nb2O5

  • Potential by-product Niobium Resource reported for the first time

  • New geological model for the Cummins Range Rare Earths Project highlights the potential for high-grade depth extensions with the Main Fault structure open in all directions

  • Over 3,000m of Reverse Circulation drilling completed with first drill samples dispatched to the laboratory

  • Over 3,000m of diamond drilling planned for the next two months

  • First diamond drilling to be undertaken at the Cummins Range Project since 1982 targeting high-grade depth extensions in the primary zone

  • Two rigs operational at the brownfield Kincora JV project:

  • Deepest hole (TRDD022) completed to date at the Trundle Park prospect

  • TRDD022 provides the greatest ‘proof of concept’ support for the targeted Northparkes / Macquarie Arc style causative intrusive type complexes at Trundle

  • Extension of skarn mineralization zone to the north-east and north-west to over 500m total strike and open at the Trundle Park prospect

  • Drill testing ongoing:

  • eastern strike of shallow skarn copper and gold mineralization and associated porphyry intrusion at the Trundle Park prospect

  • wider Mordialloc prospect intrusive porphyry complex, including the Mordialloc North-East area

  • Advanced preparations to commence drilling this month at the Fairholme project

  • Well-funded with cash and investments of $7.7m at the end of the quarter