Resource Drilling Completed at Rare Earths Project

CBSC0016

15.77

21

5.2

Garford

1,674

81

283

49

6.1

32

CBSC0017

16.3

21

4.7

Garford

566

27

89

16

1.9

10

CBSC0017

26.35

28

1.7

Pidinga

1,755

78

285

37

5.4

29

CBSC0018

14

21.2

7.2

Garford

1,751

84

290

52

6.4

33

CBSC0018

14.7

17.7

3.0

Garfords

2,558

123

428

76

9.2

47

CBSC0019

17

21.2

4.2

Garford

1,172

56

202

34

4.2

23

CBSC0019

29

31

2.0

Saprolite

1,170

53

116

11

0.7

3

CBSC0020

41.25

41.7

0.5

Pidinga

300

13

54

16

2.2

13

CBSC0021

17

19

2.0

Garford

686

34

115

19

2.3

12

CBSC0021

29

32.75

3.8

Pidinga

462

29

80

13

1.5

9

CBSC0021

31.25

32.75

1.5

Pidinga/Saprolite

895

60

149

20

2.1

12

CBSC0023

17.6

19.29

1.7

Garford

472

23

74

15

1.7

9

CBSC0023

22.1

23

0.9

Pidinga

534

31

99

19

1.7

9

CBSC0023

32

32.6

0.6

Pidinga

614

38

82

12

1.3

8

CBSC0024

15.52

20

4.5

Garford

594

29

96

18

2.1

11

CBSC0024

31

31.82

0.8

Pidinga

584

31

94

20

2.3

13

CBSC0026

15.66

20.55

4.9

Garford

611

30

96

17

2.0

11

CBSC0026

29.62

31.65

2.0

Pidinga

439

24

73

13

1.6

9

CBSC0028

28.05

29.5

1.5

Garford

371

19

69

14

2.1

12

CBSC0028

41.21

42.6

1.4

Pidinga

487

25

83

16

1.9

11

CBSC0028

56.35

58.2

1.9

Pidinga

949

67

219

28

1.9

9

CBSC0031

13

17

4.0

Garford

496

24

84

16

1.8

9

CBSC0031

23.5

24.05

0.6

Pidinga

394

19

74

16

2.2

12

CBSC0031

32

33.2

1.2

Pidinga

211

10

37

8

1.1

6

CBSC0031

45.8

50

4.2

Saprolite

1,631

67

210

24

1.1

5

CBSC0033

24.3

26

1.7

Pidinga

317

16

64

16

2.0

11

CBSC0035

32.6

33.65

1.1

Pidinga

1,004

50

178

40

5.3

29

CBSC0035

41.95

44.15

2.2

Pidinga

590

33

112

25

2.8

15

CBSC0035

46.85

50

3.2

Saprolite

2,672

184

583

72

3.5

15

CBSC0041

30.8

32

1.2

Garford

551

26

91

17

2.0

10

Cobra Resources plc

Rupert Verco (Australia)

Dan Maling (UK)

via Vigo Consulting

+44 (0)20 7390 0234

Hannam & Partners (Joint Broker)

Leif Powis

Andrew Chubb

+44 (0) 20 7907 8500

SI Capital Limited (Joint Broker)

Nick Emerson

Sam Lomanto

+44 (0)1483 413 500

Vigo Consulting (Financial Public Relations)

Ben Simons

Seb Weller

+44 (0)20 7390 0234

[email protected]

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Pre 2023

· Historic Rotary Mud drilling targeting paleochannel hosted uranium was completed. Some residue samples were retained in the Tonsley Core Library, downhole geophysical logging was the primary data collected for these holes.

· Select historic sample residues over Boland were analysed as reported in RNS 1834M (26 April 2024)

2023

 Aircore

· A combination of 2m and 3m samples were collected in green bags via a rig mounted cyclone. A PVC spear was used to collect a 2-4kg sub sample from each green bag. Sampling commenced from the collar point with samples submitted for analysis from the top of saprolite.

· Samples were submitted to Bureau Veritas Laboratories, Adelaide and pulverized to produce a 4-acid digest sample.

2024-2025

SONIC

· Drill results are outlined in RNS 0297I (25 March 2024)

· Core was scanned by a SciAps X555 pXRF to determine sample intervals. Intervals through mineralized zones were taken at 10cm. Through waste, sample intervals were lengthened to 50cm. Core was halved by knife cutting. XRF scan locations were taken on an inner surface of the core to ensure readings were taken on fresh sample faces.

· Samples were submitted to Bureau Veritas Laboratories, Adelaide and pulverized to produce a 4 acid digest sample.

Aircore

· 1m sample intervals of 2-4 kg were taken via PVC spear from green bags at the rig. All samples collected were submitted to the lab for analysis. From 0-6 m in each hole samples were composited to 3m.

· Samples were submitted to Bureau Veritas Laboratories, Adelaide and pulverized to produce a 4 acid digest sample.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Pre 2023

· Drill methods include Rotary Mud and AC

2023

· Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air core drilling techniques from an ALMET aircore rig mounted on a Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.

2024-2026

· Sonic Core drilling completed Star Drilling using 4" core with a SDR12 drill rig. Holes were reamed to 6" or 8" to enable casing and screens to be installed

· Aircore Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air core drilling techniques from an ALMET aircore rig mounted on a Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Aircore Sample recovery is for the style of drilling. All samples were recorded for sample type, quality and contamination potential and entered within a sample log.

· In general, sample recoveries range between 5-10kg for each 1 m interval being recovered from AC drilling.

· Mineralisation occurs within a confined aquifer where ground water does influence sample recovery

· Mineralisation within the targeted Pidinga Formation is bound to fine, organic rich material, the potential loss of mineralized material from coarser host sands is possible

· Any grade bias is expected to be grade loss

· The potential loss of fine material is being evaluated by sizing fraction analysis and follow-up sonic core drilling where aircore holes will be twinned.

Sonic Core

· Sample recovery is considered excellent.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· All drill samples were logged by a qualified geologist at the time of drilling. Lithology, colour, weathering and moisture were documented. All core drilled has been lithologically logged.

· All drill metres have been geologically logged on sample intervals (1-3 m).

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

Pre 2023

· Historic Residue samples were generally 2m composites and were stored at the South Australian Drill Core Reference Library at Tonsley, a subsample of approximately 20g was removed for lab submission.

· Select samples of geological interest were selected for lab submission

· No QAQC samples were included in the submission of these samples. Sample results were intended to indicate mineralisation potential but would not be suitable for resource estimation

Post 2023

· A PVC spear was used to collect 2-4kg of sub-sample from each AC sample length controlled the sample volume submitted to the lab.

· Additional sub-sampling was performed through the preparation and processing of samples according to the Bureau Veritas internal protocols.

· Field duplicate AC samples were collected from the green bags using a PVC spear scoop at a 1 in 25 sample frequency.

· Sample sizes are considered appropriate for the material being sampled.

· Assessment of duplicate results indicated this sub - sample method provided appropriate repeatability for rare earths.

Sonic Drilling

· Field duplicate samples were taken nominally every 1 in 25 samples where the sampled interval was quartered.

· Blanks and Standards were submitted every 25 samples

· Half core samples were taken where lab geochemistry sample were taken.

· In holes where column leach test samples have been submitted, full core samples have been submitted over the test areas.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Samples were submitted to Bureau Veritas, Adelaide for preparation and analysis. Multi-element geochemistry were digested by four acid ICP-MS/ ICP-OES and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb.

· Field rare earth standards were submitted at a frequency of 1 in 25 samples.

· Field duplicate samples were submitted at a frequency of 1 in 25 samples.

· Reported assays pass the companies implemented QAQC database reports

· Internal lab blanks, standards and repeats for rare earths indicated acceptable assay accuracy.

Sample Characterisation Test Work performed by the Australian Nuclear Science and Technology Organisation (ANSTO)

· Full core samples were submitted to Australian Nuclear Science and Technology Organisation (ANSTO), Sydney for preparation and analysis. The core was split in half along the vertical axis, and one half further split into 10 even fractions along the length of the half-core. Additional sub-sampling, homogenisation and drying steps were performed to generate ~260 g (dry equivalent) samples for head assay according to the laboratory internal protocols.

· Multi element geochemistry of solid samples were analysed at ANSTO (Sydney) by XRF for the major gangue elements Al, Ca, Fe, K, Mg, Mn, Na, Ni, P, Si, S, and Zn.

· Multi element geochemistry of solid samples were additionally analysed at ALS Geochemistry Laboratory (Brisbane) on behalf of ANSTO by lithium tetraborate digest ICP-MS and analysed for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Nd, Pr, Sm, Tb, Th, Tm, U, Y and Yb.

· Reported assays are to acceptable levels of accuracy and precision.

· Internal laboratory blanks, standards and repeats for rare earths indicated acceptable assay accuracy.

· Samples retained for metallurgical analysis were immediately vacuum packed, nitrogen purged and refrigerated.

· These samples were refrigerated throughout transport.

Metallurgical Leach Test Work performed by the Australian Nuclear Science and Technology Organisation (ANSTO)

· ANSTO laboratories prepared ~80g samples for diagnostic leaches, a 443g sample for a slurry leach and a 660g sample for a column leach and a 55kg sample for a bulk column leach. Sub-samples were prepared from full cores according to the laboratory internal protocols. Diagnostic and slurry leaching were carried out in baffled leach vessels equipped with an overhead stirrer and applying a 0.5 M (NH4)2SO4 lixiviant solution, adjusted to the select pH using H2SO4.

· 0.5-0.3 M H2SO4 was utilised to maintain the test pH for the duration of the test, if necessary. The acid addition was measured.

· Thief liquor samples were taken periodically.

· At the completion of each test, the final pH was measured, the slurry was vacuum filtered to separate the primary filtrate.

· The thief samples and primary filtrate were analysed as follows:

o  ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th, Tm, U, Y, Yb.

o  ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.

· The water wash was stored but not analysed.

· Column leaching was carried out by horizontal and vertical leach columns. The columns have been pressurised with nitrogen to between 4-6 bar and submerged in a temperature controlled bath.

· A 0.3 M (NH4)2SO4 lixiviant solution, adjusted to the select pH using H2SO4 was fed to the column at a controlled flowrate.

· PLS collected from the end of the column was weighed, the SH and pH measured and the free acid concentration determined by titration. Liquor samples were taken from the collected PLS and analysed as follows:

o  ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th, Tm, U, Y, Yb.

o  ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.

· The column leach test has been completed. Assays of the column have adjusted head grades of the initial bench scale study. Recoveries have been adjusted accordingly.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Sampling data was recorded in field books, checked upon digitising and transferred to database.

· Geological logging was undertaken digitally via the MX Deposit logging interface and synchronised to the database at least daily during the drill programme.

· Compositing of assays was undertaken and reviewed by Cobra Resources staff.

· Original copies of laboratory assay data are retained digitally on the Cobra Resources server for future reference.

· Samples have been spatially verified through the use of Datamine and Leapfrog geological software for pre 2021 and post 2021 samples and assays.

· Twinned drillholes from pre 2021 and post 2021 drill programs showed acceptable spatial and grade repeatability.

· Physical copies of field sampling books are retained by Cobra Resources for future reference.

· Significant intersections have been prepared by Mr Michael McMaster and reviewed by Mr Rupert Verco

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

2021-2023

· Collar locations were initially surveyed using a mobile phone utilising the Avenza Map app. Collar points recorded with a GPS horizontal accuracy within 5 m.

· RC Collar locations were picked up using a Leica CS20 base and Rover with an instrument precision of 0.05 cm accuracy.

· Locations are recorded in geodetic datum GDA 94 zone 53.

· No downhole surveying was undertaken on AC holes. All holes were set up vertically and are assumed vertical.

· RC holes have been down hole surveyed using a Reflex TN-14 true north seeking downhole survey tool or Reflex multishot

· Downhole surveys were assessed for quality prior to export of data. Poor quality surveys were downgraded in the database to be excluded from export.

· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit database.

· Cased collars of sonic drilling shall be surveyed before a mineral resource estimate

2024 Aircore

· Collar locations were initially surveyed using A mobile phone GPS utilising the Avenza Map app. Collar points recorded with a horizontal accuracy within 5m.

· Locations are recorded in geodetic datum GDA 94 zone 53.

· No downhole surveying was undertaken on AC or Sonic holes. All holes were set up vertically and are assumed vertical.

· Higher accuracy GPS will be undertaken on soinc core drilling to support future resource estimates

2026 Sonic Core

· All holes were surveyed by Lyca GS20 equipment with Base corrections for 0.1cm percision

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Drillhole spacing was designed on transects 200 to 500m apart.

· Additional scouting holes were drilled opportunistically on existing tracks at spacings 25-150 m from previous drillholes.

· Sonic core holes were drilled at ~20m spacings in a wellfield configuration based on assumed permeability potential of the intersected geology

· Drillhole spacing is not expected to introduce any sample bias.

· Assessment of the drillhole spacing for resource estimation will be made once a sufficient data set can provide statistical analysis

· .

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Aircore and Sonic drill holes are vertical.

Sample security

· The measures taken to ensure sample security.

· Transport of samples to Adelaide was undertaken by a competent independent contractor. Samples were packaged in zip tied polyweave bags in bundles of 5 samples at the drill rig and transported in larger bulka bags by batch while being transported.

· Refrigerated transport of samples to Sydney was undertaken by a competent independent contractor. Samples were double bagged, vacuum sealed, nitrogen purged and placed within PVC piping.

· There is no suspicion of tampering of samples.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· No laboratory audit or review has been undertaken.

· Genalysis Intertek and BV Laboratories Adelaide are NATA (National Association of Testing Authorities) accredited laboratory, recognition of their analytical competence.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· Boland is located on EL7074, currently owned 100% by LAM Wudinna, a wholly owned subsidiary of Cobra Resource Plc

· In 2024, Cobra through its subsidiary Lady Alice Mines purchased the remaining ownership of the Wudinna Project tenements.

· The Head Prospect is located on EL6784, a tenement held by EL6784

· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over future mineral production from licenses EL7074, EL7075, EL7076, EL7077 and EL7078.

· A Native Title Agreement is in place with the Barngarla people.

· Aboriginal heritage surveys have been completed over EL7074, with no sites located in the immediate vicinity of aircore drilling

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· On-ground exploration completed prior to Andromeda Metals' work was limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited over the Barns prospect.

· Other than the flying of regional airborne geophysics and coarse spaced ground gravity, there has been no recorded exploration in the vicinity of the Baggy Green deposit prior to Andromeda Metals' work.

· Paleochannel uranium exploration was undertaken by various parties in the 1980s and the 2010s around the Boland Prospect. Drilling was primarily rotary mud with downhole geophysical logging the primary interpretation method.

Geology

· Deposit type, geological setting and style of mineralisation.

· Target mineralisation is ionic rare earth mineralisation that occurs primarily within the Pidinga Formation within the Narlaby Palaeochannel, immediately above REE enriched Hiltaba Suite Granites

· Ionic REE mineralisation also occurs in and adjacent to the Garford formation clays and silty sands.

· Significant chemical (pH & eH) differences exist between underlying saprolite and overlying Palaeochannel sediments. REEs are absorbed to reduced organics found within the Pidinga Formation

· Benchtop metallurgy studies indicate ISR amenability of rare earths within the Pidinga Formation basal sands summarized in RNS 1285Q (16 December 2024)

· Ionic REE mineralisation is confirmed through metallurgical desorption testing where high recoveries are achieved at benign acidities (pH5-3) at ambient temperature.

· CSIRO has independently demonstrated high recoveries with sequential leach testing, delivering recoveries of 20-25% at pH7

· QEMSCAN and petrology analysis support REE ionic mineralisation, with little to no secondary phases identified.

· Ionic REE mineralisation occurs in reduced clay intervals that contact both saprolite and permeable sand units. Mineralisation contains variable sand quantities that yield permeability and promote in-situ recovery potential

· Evidence that REEs are ionically absorbed to sulphides

· Mineralisation is located within a confined aquifer

Drillhole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o  easting and northing of the drill hole collar

o  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o  dip and azimuth of the hole

o  down hole length and interception depth

o  hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· Drilling has been designed to support resource definition.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Reported summary intersects are weighted averages based on length.

· No maximum/ minimum grade cuts have been applied.

· No metal equivalent values have been calculated.

· ISR recoverable zones have been composited to analyse for TOC, total sulphide and sizing distribution

· Rare earth element analyses were originally reported in elemental form and have been converted to relevant oxide concentrations in line with industry standards. Conversion factors tabulated below:

· The reporting of REE oxides is done so in accordance with industry reporting with the following calculations applied:

· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3

· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

· MREO = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3

· NdPr = Nd2O3 + Pr6O11

· TREO-Ce = TREO - CeO2

· % Nd = Nd2O3/ TREO

· % Pr = Pr6O11/TREO

· % Dy = Dy2O3/TREO

· % HREO = HREO/TREO

· % LREO = LREO/TREO

· XRF results are used as an indication of potential grade only. Due to detection limits only a combined content of Ce, La, Nd, Pr & Y has been used. XRF grades have not been converted to oxide.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Preliminary results support unbiased testing of mineralised structures.

· Most intercepts are vertical and reflect true width intercepts.

· Follow-up sonic drilling is planned to delineate portions of the reported intersections that are recoverable and unrecoverable via ISR

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Relevant diagrams have been included in the announcement.

· Exploration results are not being reported for existing mineral resources.

· Drilling is aimed at defining new mineral resources.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· REE mineralization occurs in several phases, ionic phase mineralisation occurs within the Pidinga and Garford formations which are amenable to ISR recovery, REO values within both of these formations have been reported. Mineralisation occurring within the saprolite is considered secondary phase mineralisation.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· Refer to previous announcements listed in RNS for reporting of REE results and metallurgical testing

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· ISR study 1 was performed to achieve a 0.5M pH 3 whilst ISR study 2 was performed at a 0.3M pH 3

· Multiple Mixed Rare Earth Carbonates have been produced

· Hydrology, permeability and mineralogy studies are being performed on core samples.

· Hydrology and tracer recovery studies have been completed that support the permeabilities achieved in bench scale ISR testing.

CBSC0016

534,655

6,365,778

101.8

Y

CBSC0017

534,593

6,365,295

100.9

Y

CBSC0018

534,576

6,366,039

101.3

Y

CBSC0019

534,170

6,365,772

102.4

Y

CBSC0020

534,354

6,366,369

107.5

Y

CBSC0021

533,659

6,366,086

100.0

Y

CBSC0022

533,274

6,366,299

101.7

CBSC0023

534,223

6,366,279

103.1

Y

CBSC0024

533,801

6,366,515

101.6

Y

CBSC0025

532,632

6,366,646

112.9

CBSC0026

533,700

6,366,300

101.5

Y

CBSC0027

532,728

6,366,328

110.7

CBSC0028

533,279

6,366,520

104.4

Y

CBSC0029

532,983

6,366,135

104.9

CBSC0030

532,851

6,365,965

106.3

Y

CBSC0031

533,388

6,366,705

100.2

CBSC0032

533,106

6,365,240

111.2

CBSC0033

533,370

6,367,426

99.0

Y

CBSC0034

533,487

6,365,001

111.4

CBSC0035

532,811

6,367,178

106.0

Y

CBSC0036

533,858

6,364,429

109.7

CBSC0037

533,346

6,364,778

110.1

CBSC0038

533,317

6,364,253

113.2

CBSC0039

533,821

6,364,092

115.3

CBSC0040

532,957

6,366,837

106.9

CBSC0041

532,424

6,366,812

114.8

Y

CBSC0042

533,351

6,365,625

110.2

CBSC0043

534,181

6,365,000

106.2

CBSC0044

534,305

6,365,368

107.1

CBSC0045

532,849

6,365,344

114.5

CBSC0046

532,945

6,365,698

111.6

CBSC0047

533,465

6,365,338

109.0

CBSC0048

527,476

6,347,125

70.7

CBSC0049

530,441

6,346,953

84.9

CBSC0050

530,798

6,347,555

89.1

CBSC0051

528,933

6,347,065

81.3

CBSC0052

527,479

6,347,130

70.8

CBSC0053

528,035

6,346,651

69.0

CBSC0054

529,998

6,347,585

89.6

CBSC0055

528,726

6,346,553

72.6

CBSC0056

526,886

6,345,819

60.8

CBSC0057

529,528

6,347,573

82.7

CBSC0058

527,092

6,346,478

63.4

CBSC0059

527,637

6,345,827

60.8

CBSC0060

528,414

6,347,167

75.2

CBSC0061

527,959

6,345,223

61.7

CBSC0062

528,538

6,347,588

84.2

CBSC0063

528,398

6,345,814

61.6

CBSC0064

528,528

6,344,475

65.4

CBSC0065

526,835

6,348,072

72.4

CBSC0066

527,321

6,345,169

61.1

CBSC0067

527,038

6,347,587

73.2

CBSC0068

527,753

6,344,449

60.7

CBSC0069

527,789

6,347,586

77.9

CBSC0070

531,053

6,347,143

85.6

CBSC0071

529,681

6,347,041

82.0

CBSC0072

531,432

6,346,561

88.4

CBSC0073

532,169

6,346,237

86.8

CBSC0074

530,228

6,346,494

77.9

CBSC0075

530,940

6,346,476

80.7

CBSC0076

529,463

6,346,489

75.6

CBSC0077

529,153

6,345,823

70.1

CBSC0078

529,976

6,345,667

66.3

CBSC0079

529,554

6,345,174

62.3

CBSC0080

531,392

6,345,825

82.2

CBSC0081

531,065

6,345,187

72.5

CBSC0082

530,295

6,345,261

68.0

CBSC0083

530,643

6,345,838

71.0

CBSC0084

532,350

6,338,882

67.3

CBSC0085

531,832

6,339,684

60.8

CBSC0086

532,357

6,340,503

72.8

CBSC0087

529,780

6,338,172

73.5

CBSC0088

530,621

6,338,533

60.8

CBSC0089

529,496

6,339,203

68.8

CBSC0090

530,697

6,339,550

65.4

CBSC0091

530,109

6,340,529

62.4