Sagon moves to 100% Ownership of the Cummins Range Rare Earth Project

Sagon advises that it has exercised its option to acquire 100% of Cummins Range and will now proceed to pay $500,000 cash and issue $500,000 worth of Sagon shares at the 30 day VWAP (calculated as 13,338,261 shares) to Element 25 Limited.

The Cummins Range Project is located 130km southwest of Halls Creek in the Kimberley Region of Western Australia and is one of two known rare earth bearing carbonatites in Australia with the other being Mt Weld owned by Lynas Corporation Ltd. Cummins Range has potential for high Neodymium and Praseodymium (“NdPr”) enrichment.

NdPr are two critical rare elements integral to the manufacture of electric vehicles, wind turbines and military hardware.