December 2020 Quarterly Activities and Cashflow Report

• Binding term sheet for offtake agreement executed with Norwegian REE separation
company REEtec for a base of 1,000 tonnes REO (ex-cerium) per year for five years
• REEtec has developed a proprietary and sustainable process for the manufacture of rare
earth elements
• Term sheet includes option to increase offtake volumes up to 5,000 tonnes REO (exCerium) per annum for a 10-year long-term supply agreement
• $8M Placement completed

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