Rare Earth Elements For A New North America

The Ashram Deposit is a carbonate with monazite, the dominant rare earth mineral, accompanied by less bastnaesite and xenotime. Therefore, the deposit hosts a well-balanced rare earth distribution anchored in the magnet feed rare earths (Nd, Pr, Tb, and Dy) with the strongest market fundamentals over the near, mid, and long-term. 

The updated MRE for the Ashram rare earth and fluorspar deposit firmly establishes it as a globally significant rare earth element (REE) deposit and one of the largest monazite-mineralized carbonatite REE deposits in the world: 73.2 million tonnes (Mt) at 1.89 percent TREO (total rare earth oxide) and 6.6 percent CaF2 (calcium fluoride) (indicated), and 131.1 Mt at 1.91 percent TREO and 4 percent CaF2 (inferred).

The Ashram also continues to demonstrate very high NdPr (neodymium-praseodymium) distributions (that is, percentage of neodymium plus praseodymium oxide of the TREO) at 21.2 percent NdPr (indicated) and 21.4 percent NdPr (inferred), exceeding that of several active global producers. The favorable distribution starts at the surface, allowing these high-value elements to be targeted early on in a potential open-pit extraction scenario and, thereby, enhancing the project’s strategic value and operational efficiency. This enrichment in the magnet feed REEs also extends to dysprosium (Dy) and terbium (Tb). 

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.