The Ashram Deposit is a carbonate with monazite the dominate 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) which have the strongest market fundamentals over the near, mid, and long-term. In addition, within the overall resource, there exists a zone of more intense Middle and Heavy Rare Earth Oxide (MHREO) enrichment, termed the ‘MHREO Zone’. This mineralized zone contains an REE distribution of 24% combined NdPr (19% Nd, 5% Pr) with significant Dy (0.9%) and Tb (0.2%). This type of magnet feed and MHREO enrichment is unique to Ashram and extends from surface comprising a significant amount of the deposit’s total resource. .

The Ashram Deposit, including the MHREO Zone, hosts a measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90% REO and 2.9% F, and an inferred resource of 219.8 Mt at 1.88% REO and 2.2% F, at a cut-off grade of 1.25% REO.

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.