Announcement PDF ASX Announcement 20 January 2026 ASX: OD6 TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3. Advanced ANSTO Metallurgical Testwork Underway Product samples to be produced for offtake discussions OD6 Metals Limited (OD6 or the Company) is pleased to advise that advanced metallurgical testwork is now underway at the Australian Nuclear Science and Technology Organisation (ANSTO) as part of the continued optimisation and scale-up of the preferred processing flowsheet for the Splinter Rock Rare Earth Project in Western Australia. Product samples for offtake discussions will also be produced. Splinter Rock hosts a JORC Mineral Resource of 682Mt @ 1,338ppm TREO. Highlights: • Advanced ANSTO testwork underway, building on previously reported metallurgical successes at Splinter Rock • >A$1 million committed across ANSTO metallurgical programs and large-scale metallurgical core drilling • Offtake Samples: MREC and MREH samples will be utilised for offtake discussions, to assess commercial payability options for the products • Program Focus: Heap leach optimisation, impurity removal refinement and bulk MREC/MREH production • Testwork will track other elements of interest: The program will monitor various other elements of interest to determine if there is a technically viable approach to recovery • De-risking Process Flowsheet: Testwork to improve confidence in operation parameters • R&D Eligible Activities: The works are anticipated to be eligible activities for future tax offsets • Strategic partnerships with ANSTO and CPC Engineering continue to guide the testwork program and optimal development pathway • OD6 is actively engaged in supporting the framework underpinning Australia’s A$1.2 billion Critical Minerals Strategic Reserve, designed to secure future critical mineral supply. Managing Director Brett Hazelden, commented: “This advanced ANSTO program marks another important step in de-risking the Splinter Rock processing flowsheet. Our commitment of more than A$1 million reflects the Company’s confidence in the project and the importance of generating robust, commercially relevant metallurgical and product data. The testwork now underway is specifically aimed at optimising recoveries, refining impurity control, and producing high-quality rare earth products that can be utilised in offtake discussions and future development studies.“ 2 ANSTO Testwork Program Overview The metallurgical core program has targeted zones within Inside Centre that best represent an area of consistent geology, prior metallurgical outcomes, low striping ratios, significant grades and planned early-stage mining areas. Samples will be composited at ANSTO for a series of advanced campaigns focused on: • Heap leach Optimisation; o Heap Leach duration and kinetics o Acid strength and consumption o Counter current heap configuration o Particle agglomeration methodology • Impurity Removal Verification: o Nanofiltration (NF) acid recovery and liquor concentration tuning o Ion Exchange (IX) selectivity and elution to reduce Fe/Al and trace U/Th prior to precipitation o Impurity removal (IR) two stage pH optimisation to achieve target impurity specifications • Bulk MREC and MREH Production o Precipitation to produce >1 kg of MREC and/or MREH for customer qualification, offtake discussions, and to assess commercial payability options for the products. • Other Elements of Interest o The program will monitor various other elements of interest to determine if there is a technically viable approach to recovery. The work program is designed to de-risk the processing flowsheet, improve confidence in operating parameters, and provide commercially relevant products that support offtake engagement, financing discussions, and future technical studies. Approximately 2.5 tonne of metallurgical diamond core was collected in late 2025 to support the ongoing metallurgical testwork program, which have been twinned next to existing AirCore drill hole locations previously utilised metallurgical testwork conducted at ANSTO. The core visually confirms various degrees of saprolitic weathering — from partially to highly altered materials derived from granitic protoliths, with most feldspars and mafic minerals replaced by clays, leaving mainly quartz and some residual micas. Upper and lower clays to be tested separately based on different particle size and acid consumption noted form previous work. The current program represents a Company commitment of more than A$1 million, comprising ANSTO-led testwork programs and the acquisition of bulk metallurgical diamond drill core samples to support downstream processing optimisation, product qualification, and future development studies. The Company expects to the works to be eligible Research and Development activities and anticipates being able to claim future tax offsets over the coming years. 3 Pathway to Offtake The core program directly supports OD6’s ongoing testwork and studies with ANSTO and CPC Engineering (CPC) by supplying bulk test material and enabling production of more than 1 kg of a premium, high grade and low impurity Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH). Offtake Samples of MREC and MREH can then be sent to global separation facilities that will be utilised for offtake discussions and to assess commercial payability options for the products. Engagement with potential offtake partners is continuing. Why Inside Centre? Inside Centre has delivered standout metallurgy and forms the Indicated component of the current resource (119Mt @ 1,632ppm TREO), supporting near-term development studies. There remains significant upside to increase the existing JORC with mineralisation open to the SW and NE within the modelled clay basins (Refer to ASX Announcement Mineral Resource Estimate Doubles) Preferred Process Flowsheet Plus Metallurgical and Study Outcomes to Date OD6, CPC and ANSTO have successfully demonstrated and recommended a multi-stage processing pathway outlined in Figure 1, that efficiently produces a superior quality product with low impurities, that has achieved high REE element total flowsheet recoveries. The Preferred Process flowsheet has built on the metallurgical and optioneering study outcomes to date which have been progressively reported to the ASX as per the following: 1. Heap Leaching – Simple, low-acid usage leaching of rare earth-bearing clays to generate enriched leachate solution (refer ASX 16 October 2024) 2. Nanofiltration (NF) – Recycling of Acid, concentration of REEs and reduction of liquid volume produced downstream (refer ASX 4 August 2025) 3. Ion Exchange (IX) – Concentration of rare earth elements and enhanced removal of iron (Fe) and aluminium (Al) reducing downstream processing risk (refer ASX 7 August 2025) 4. Impurity Removal (IR) – Final removal of residual deleterious elements (e.g. Al, Ca, Fe, U, Th, P) to meet high product quality and low impurity specifications. 5. Product Precipitation – Recovery of high-grade Mixed Rare Earth Carbonate (MREC) or Mixed Rare Earth Hydroxide (MREH) from purified solution (refer ASX 13 August 2025) 6. Chlor-Alkali Facility (CAF) – Confirmed as a cost-reduction measure, producing key reagents onsite and materially lowering operating costs (refer ASX 2 September 2025) 7. Low Cost Route – The Optioneering Study supports heap leaching as the lower cost and higher recovery option when compared to conventional agitated tank leaching for the Splinter Rock Rare Earth Project at the Inside Centre Deposit (refer ASX 11 September 2025) 8. Innovative Process Flow Sheet Selected - The Optioneering Study recommends preferred process flowsheet moving forward (refer ASX 1 October 2025) 4 The final MREC/MREH products contain elevated concentrations of Nd, Pr, Dy and Tb, collectively representing a high-value magnetic rare earth mix highly sought after in permanent magnet supply chains. Benchmark payability for MREC and MREH typically ranges between 70–85% of REO basket value. The Company aims to be a 6,000 plus tonnes per annum (tpa) producer of REO, in either the form of Mixed Rare Earth Carbonate (MREC) or Mixed Rare Earth Hydroxide (MREH) in 5 years (refer ASX 11 September 2025) Figure 1: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study (refer ASX 1 -10-2025) Next Steps • Completion of current ANSTO optimisation campaigns • Production and distribution of bulk MREC/MREH samples to potential offtake partners • Integration of testwork results into ongoing engineering and development studies • Continued engagement with potential government and financing partners 5 About OD6 Metals OD6 Metals is an Australian public company pursuing exploration and development opportunities within the critical minerals sector, namely rare earths and copper. Rare Earth Elements OD6 Metals has successfully identified clay hosted rare earths at its 100% owned Splinter Rock Project which is located in the Esperance-Goldfields region of Western Australia. The Company released a Mineral Resource Estimate (MRE) for Splinter Rock in May 2024, confirming that the project hosts one of the largest and highest-grade clay-hosted rare earths deposits in Australia with an Indicated Resource of 119Mt @ 1,632ppm TREO and an Inferred Resource of 563Mt @ 1,275ppm TREO with an overall ratio of ~23% high-value Magnetic Rare Earths (MagREE). An innovative Process Flow sheet has been selected utilising Heap Leaching, Nano-filtration and Ion Exchange Technologies that have achieved ~75% Nd & Pr overall recovery, produced a high-quality Mixed Rare Earth Carbonate or Hydroxide (MREC/H) of ~56-59% TREO, with low levels of impurities (Al, Fe, P, Si) and extremely low uranium and thorium content (<0.001% U + Th). OD6 Metals believes that Splinter Rock has all the hallmarks of a world class rare earths project with a conceptual heap leach development which utilises the large and high-grade Splinter Rock resource to support a long-life REE operation. Copper The Company is advancing the Gulf Creek Copper-Zinc VMS Project located near the town of Barraba in NSW. Gulf Creek was mined at around the turn of the 20th century and was once regarded as the highest-grade copper mine (2% to 6.5% Cu) in NSW until its closure due to weak copper prices in 1912. Very little exploration has occurred at the project in over 100 years, with OD6 aiming to apply modern day exploration technologies. The 2025 maiden drilling program successfully defined high grade copper below the historical mine plus confirmed the strong relationship between magnetism and massive sulphide mineralisation. Geophysical modelling has identified multiple, high priority and untested targets ready for drilling providing over >3km of untested strike in the immediate mine-stratigraphy, and over >10km across the tenement. Corporate Directory Managing Director Non-Executive Chairman Non-Executive Director Financial Controller/ Joint Company Secretary Joint Company Secretary Contact OD6 Metals Ltd ACN 654 839 602 www.od6metals.com.au Mail to: info@od6metals.com.au Phone: +61 8 6189 8515 Level 1, 1 Alvan Street, Subiaco, WA 6008 Mr Brett Hazelden Mr Piers Lewis Dr Mitch Loan Mr Troy Cavanagh Mr Joel Ives Investor Relations Lucas Robinson Corporate Storytime lucas@corporatestorytime.com Phone: +61 408 228 889 6 Competent Persons Statement The scientific and technical information that relates to process metallurgy is based on information reviewed by Mr Brett Haze lden (Managing Director and CEO) of OD6 Metals Limited. Mr Hazelden is a Member of the AusIMM and has sufficient experience relevant to hydrometallurgical processes to qualify as a Competent Person as defined by the JORC Code. Mr Hazelden owns shares in the Company and participates in the Company’s employee securities incentive plan. Mr Hazelden consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. Information in this report relating to Mineral Resource estimation and Exploration Results is based on information reviewed b y Mr Jeremy Peters who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional Geologist a nd Mining Engineer of that organisation. Mr Peters is a Director of Burnt Shirt Pty Ltd, consulting to OD6 and has sufficient experience which is relevant to clay-hosted rare earth mineralisation to qualify as a Competent Person as defined by the 2012 Editi on of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Peters consents to the inclusi on of the data in the form and context in which it appears. Aspirational Production Target Cautionary Statement The Company cautions that the above aspirational statement of prospective production and the aspirational production target ranges adopted in the optioneering study (refer ASX 11 September 2025) are conceptual in nature and the target ranges were adopted solely to support comparative techno-economic assessment within the optioneering study. They are not production targets or forecast financial information derived from production targets for the purposes of the Corporations Act or ASX Listing Rules and there is a low level of geological confidence associated with any potential production parameters at this stage. Further expl oration, engineering, and feasibility work are required before OD6 can determine the likelihood of establishing Ore Reserves and/or production targets or before making any final investment decision. There is no certainty that the conceptual ranges adopted w ithin the optioneering study will be realised. Forward Looking Statements Certain information in this document refers to the intentions of OD6 Metals, however these are not intended to be forecasts, forward looking statements,or statements about the future matters for the purposes of the Corporations Act or any other appl icable law. Statements regarding plans with respect to OD6 Metals projects are forward looking statements and can generally be ident ified by the use of words such as ‘project’,‘foresee’,‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘m ay’, ‘should’, ‘will’ or similar expressions. There can be no assurance that the OD6 Metals plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause OD6 Metals actual results, performance, or achievements to differ from those referred to in this document. While the information contained in this docum ent has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated.Accordingly, to the maximum extent permitted by law, OD6 Metals and any of its affil iates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward- looking statement; and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward -looking statements (including, without limitation, liability for negligence). No new information Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cr oss- referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements. The information in this report relating to the Mineral Resource estimate for the Splinter Rock Project is extracted from the Company’s ASX announcements dated 24 May 2024. OD6 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply This announcement has been authorised for release by the Board of OD6 Metals Limited 7 Metallurgical Sample Selection and Testing Approach Six Metallurgical drill locations have been completed (Table A and Figure B) utilising PQ diamond core (85mm core), which have been twinned next to existing AirCore drill hole locations previously utilised in metallurgical testwork conducted at ANSTO. The Company will create an upper and lower composite sample for each drill hole at the Inside Centre deposit that represent an area of consistent geology, prior metallurgical outcomes, low striping ratios and significant grades. Each composite can then be tested separately or combined with other similar composites dependant on the testwork being undertaken. Table A: Metallurgical core drill hole locations Hole ID Twin Hole ID Type Easting Northing RL (m) Dip (degrees) Upper Sample Depth(s) Lower Sample Depth(s) SRDD005 SRAC0225 Aircore 501815 6336021 204.1 -90 31-55 55-79 SRDD006 SRAC0226 Aircore 501953 6335879 204.4 -90 21.5-50 50-81 SRDD004 SRAC0266 Aircore 501399 6336445 205.4 -90 23.5-66 NS SRDD003 SRAC0357 Aircore 502068 6336999 204.9 -90 38.5-49 49-77 SRDD002 SRAC0358 Aircore 502177 6336615 204.0 -90 39.5-54 54-75 SRDD001 SRAC0359 Aircore 501939 6336293 203.5 -90 28-51 51-77 Figure B: The Inside Centre Indicated Resource (shown in red) and the selected holes twinned (shown in yellow). The figure also shows the Existing Centre Inferred Resource (shown in orange) plus shows mineralisation remains open to the SW and NE within the modelled clay basin airborne electromagnetic survey 8 JORC 2012 – Table1: Splinter Rock Section 1 Sampling Techniques and Data (Criteria listed in the preceding section also apply to this section) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Geochemicalsampling was undertaken by sampling of metre interval samples returned from the cyclone of a conventional air core drilling rig. • Where noted OD6 is also reporting Diamond Drill Holes (DDH). Core enclosed in plastic and then laid out systematicallyinto core trays. The core will be used for bulk metallurgical samples and has not been cut or sampled. • Certified reference samples, duplicates and blank samples were inserted into the drillsample stream such as to represent approximately 5% of the samples submitted to the laboratory for analysis. • The DDH core was measured and marked into metres and lithological logged (including regolith). • Two composite sampleswere collected overthree metre intervals – the first (the A sample) being submitted for laboratoryanalysisand the second (the B sample)being retained as a reference. A sample from each metre was collected and stored in a chip tray for logging and x-ray diffraction analysis. • Drill intercept samples for the two heap leaching metallurgical composites were obtained from the ‘B’ samples located on the company’s Exploration Licenses. Samples were sent to ANSTO for making up the composites and completing the testwork. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Air core drilling was completed by hammer and blade industry standard drilling techniques • Aircore is considered to be an appropriate drilling technique for saprolite clay • Drilling used blade bits of 87mmØ with 3m length drill rods to blade refusal. • Diamond drilling carried out used a PQ sized diamond impregnated drill bit. • Triple tube was also used to maximise recovery, producing continuous cylinders of sample for a maximum run length of 3m. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Air core recoveries were not recorded but are not considered to be materially biased, given the nature of the geology and samples. • Recoverywas visuallyassessed forAC and considered to be acceptable within industry standards. • The majority of sample were of good quality. Samples were visually checked for recovery, moisture, and contamination. A cyclone was used to deliver the sample into buckets. • DDH’s were measured and marked up every metre. Recovery and core loss was noted and marked accordingly by the driller and geologist. • The relationship between sample recovery and grade influencing sample bias is unknown at this stage. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • Geologicallogging was complete in full for every hole (AC & DDH), this includes lithology, weathering, oxidation state, alteration, veining, mineralisation if present. Considered appropriate forthisstyle of drilling and the stage of the project. All holes were chipped for the entire hole for a complete chip tray record. • Geologicallogging isinherently qualitative. More specific logging may be undertaken if chemicalanalyseswarrant it. • All holeswere logged for the entire length of the hole. 9 Criteria JORC Code explanation Commentary Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • For DDH, PQ core hasnot been cut and sampled, core has been sent whole to ANSTO for bulk metallurgical testing. • For AC drilling, a composite sampleof ~3kg for analysis was taken using a scoop from each metre pile to subsample 1 to 1.5kg sample. Thiswas then dispatched to the laboratory for geochemical analysis. • A second composite sample was similarly taken and stored on site as a reference sample. • Sampling technique isappropriate for the drilling method and stage of the project. • Certified reference samples, duplicates and blank samples were inserted into the sample stream such as to represent approximately5% of the samplessubmitted to the laboratory for analysis. • Heap Leach test samples were composited from the B samples by weight to reflect the intercept length to maintain representativity and minimise any bias • Sample size is considered appropriate for the grainsize of the sampled material and is considered industry standard. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Diamond core has not yet been analysed. • Aircore drilling “A Samples”were submitted for chemical analysis using industrystandard sample preparation and analytical techniques including: • Riffle split all “A samples” to 50:50 bagging one half as a coarse reject for storage • Pulverise the balance of the material via LM-5 • Generate a standard 300g master pulp packet • Bag the balance as a bulk pulp master for storage • Multi-Element Ultra Trace method ME-MS61r for exploration in soils orsediments. 4-Acid digeston 0.25g sample analysed via ICP-MS and ICP-AES. REEs included. • The final column residues were also analysed. The following techniques were used: • XRF at ANSTO for major gangue elements (Al, Ca, Cu, Fe, K, Mg, Mn, Na, Ni, P, Si, Sr, Zn) and a range of minor elements • The REEs along with Y, U, Th and Sc in the samples will be analysed by tetraborate fusion digest/ICP-MS (lithium tetraborate method) and four acid digest/ICP-MS at ALS Geochemistry Laboratory, Brisbane. • Standards and laboratorychecks have been assessed and show resultswithin acceptable limits of accuracy, with good precision in most cases. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Significant intersectionsare calculated by experienced geologistsand verified by an independent consultant. • Diamond drillholes are twin holes of previously reported AC holesto provide materialfor metallurgical testwork. • Data is stored in a database, with auto-validation of logging data. • Raw assays are also databased with elemental values calculated to oxide for 15 REE’s. • Multielement results (REE) are converted to stoichiometric oxide (REO) using element-to- stoichiometric conversion factors. Element ppm Conversion Factor Oxide Form Ce 1.2284 CeO2 Dy 1.1477 Dy2O3 Er 1.1435 Er2O3 Eu 1.1579 Eu2O3 Gd 1.1526 Gd2O3 Ho 1.1455 Ho2O3 La 1.1728 La2O3 Lu 1.1371 Lu2O3 10 Criteria JORC Code explanation Commentary Nd 1.1664 Nd2O3 Pr 1.2082 Pr6O11 Sm 1.1596 Sm2O3 Tb 1.1760 Tb4O7 Tm 1.1421 Tm2O3 Y 1.2699 Y2O3 Yb 1.1387 Yb2O3 • Rare earth oxide is the industry accepted form for reporting rare earths. The followingcalculationsare used for compiling REO into their reporting and evaluation groups: • TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3. Note that Y2O3 is included in the TREO calculation. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Drill hole collarswere located using a handheld GPS to +/-5m accuracy. • Grid system was MGA 94 Zone 51. • Downholesurveywas not undertaken, the holes being vertical. • RL’s estimated from a digital elevation modelwith points gained as a component of an aeromagneticsurvey. The datum may have some error, but RL of holes should be relative to each other and fit for purpose on a hole to hole basis. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Drillholeswere approximately400m apart and infilled to to approximately200m centres where drilling returned elevated REE assays. Diamond holes were twin holes drilled within 5m of existing AC holes. • Aircore: Downhole samples were taken on 3m composite samples and bottom of hole (BOH) 1m intervals. • DDH: samples have not yet been taken or analysed. • This drilling indicated excellent continuity, particularly when supported by the resultsof the Tempest Airborne AeromagneticSurvey, which was used to define basin limits. • Tempest Airborne Electromagnetic Survey (AEM), undertaken by Xcalibur Multiphysics. • Data collected using the TEMPEST EM system (