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Khaleesi Niobium Project

Cummins Range Project

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2409 - RareX_Stakeholder Newsletter.pdf

A lot of work this month has gone into the “Expand” portion of our business which includes moving into Saudi Arabia where we see significant potential, national intent and great local financing options. We participated unsuccessfully in the first public tender and took some very positive feedback directly from the Saudi Ministry of Industry and Mineral Resources. We are now prepared to bid on the current tender round with submissions due mid-month. In parallel we’ve been working with potential partners in Saudi to help with project generation and to have a local, well-connected and culturally aligned footprint. Hopefully we can enter into formal arrangements with the optimal partner in the near-term. Other business development activities have seen positive progress, and the company will continue to keep shareholders informed on the ASX platform. Exploration of Khaleesi is well in hand with methodical progress towards a high impact drilling campaign on what continues to look like a very exciting, rare earth, niobium, copper and gold exploration package with great geophysics, deep plumbing and tell-tale signs in the chemistry. Not to mention nearby mineral success stories. Our Engineering at Cummins Range has been refined, as announced, with a focus on a quicker and cheaper stage 1 phosphate enabler through a technology pathway we are running at the labs. In parallel early engagement with the regulators has begun and the new Jaru board have been gotten up to speed on the draft agreement. Our team have spent time ensuring the agreement, negotiated primarily with the previous subcommittee members, has been well understood by the new representatives. It’s good to see there is still material alignment. Good news for rare earths with some price recovery and we’re look forward to seeing what Minerals Week in Canberra has install for us and our industry

Stakeholder Newsletter - September 2024