HIGHLIGHTS

• • High leach recoveries achieved by acid leaching of North T bastnaesite ore (>40% REO):

o 97% recoveries into solution via sulphuric acid
o 93% recoveries into solution via hydrochloric acid

• Metallurgical testwork verified by two independent laboratories SGS Lakefield and Saskatchewan Research Council
• Testwork continues to leverage off the ability to produce a high grade REO concentrate via simple conventional ore sorting and gravity processing (ASX announcement 5 December 2019).
• Leach optimisation and rare earth recovery from the leach liquors testwork is now being undertaken to fully develop the process flowsheet and develop rare earth precipitate specifications for offtake discussions.
• Results confirm Nechalacho REO Project has the potential to become a low cost near term producer.

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