Announcement PDF Picture: Yangibana Airport, 70-seater aircraft Corporate Update and Half Year Summary Half Year Ended 31 December 2024 Hastings Technology Metals Ltd | ASX:HAS Hastings Technology Metals | ASX: HAS | hastingstechmetals.com| ACN 122 911 399 Hastings Technology Metals LtdLtd | ASX: HAS | hastingstechmetals.com| ACN 122 911 399 14 March 2025 1 DISCLAIMER This presentation has been prepared by Hastings Technology Metals Ltd (“Company” or “Hastings”). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. 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Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategies and prospects. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended. The Company is under no obligation to, nor makes any undertaking to, update or revise such forward looking statements, but believes they are fair and reasonable at the date of the presentation. COMPETENT PERSONS’ STATEMENT The information in this presentation relating to Mineral Resources and Ore Reserves have been prepared by a Competent Person in accordance with the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) and have been extracted from the release title ‘Annual Report to shareholders’ dated 30 September 2024 which is available to view at www.asx.com.au under the code “HAS” (the original release). The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Hastings confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. The information that relates to Mineral Resources is based on information compiled by David Princep and Lyn Widenbar. Both Mr. Princep and Mr Widenbar are independent consultants to the Company and members of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Princep and Mr Widenbar have sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the JORC Code. The information that relates to the Ore Reserves at Bald Hill, Simon’s Find, Fraser’s, Auer, Auer North, Yangibana and Yangibana North is based on information reviewed or work undertaken by Mr. Stephen O’Grady. Mr O’Grady is an independent consultant to the Company and a member of the AusIMM, and a Director of Intermine Engineering Consultants. Mr O’Grady has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the preparation of mining studies to qualify as a Competent Person as defined by the JORC Code. Mr O’Grady consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The scientific and technical information in this announcement and that relates to process metallurgy is based on information reviewed by Scott Atkinson. Mr Atkinson is a full-time employee of Hastings Technology Metals Limited and member of the Australasian Institute of Mining and Metallurgy (AusIMM; 3056865) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined by the JORC Code. Mr Atkinson consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. The information in this announcement that relates to exploration results in relation to the Yangibana Rare Earths and Niobium Project (“Yangibana Project” or “Yangibana”) and the Centipede Range Project (“Centipede Project” or “Centipede”) and other exploration results, are based on information compiled by Competent Person, Dr. Louis Schürmann. Dr. Schürmann is a full-time employee of Hastings and Fellow of the Australasian Institute of Mining and Metallurgy (Aus IMM: 308067). Dr Schürmann has sufficient experience relevant to the styles of mineralization and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Persons as defined in the JORC Code. Dr Schürmann consents to the inclusion of this announcement of the matters based on the information and context in which it appears. Dr Schürmann has +30 years’ experience as an exploration geologist and project manager. 2 Site Visit - Yangibana Rare Earths and Niobium Project Refer to Appendix for glossary of defined terms. CORPORATE, JOINT VENTURE AND PROJECT OVERVIEW 3 1 HALF YEAR REVIEW Significant progress made to support pathway to completion and production Q1 FY25 World’s leading producer of rare earths permanent magnets, JL Mag Rare-Earth Co. (market cap: HKD29.9 / A$6bn), to become 9.8% strategic investor in Hastings Maiden 6.7Mt Niobium Resource (Measured & Indicated). Byproduct credits to provide a multi-commodity recovery process stream Q2 FY25 Hastings was selected as one of nine parties by the Ministry of Investment of Saudi Arabia (MISA) for their Global Supply Chain Resilience Initiative (“GSCRI”) program totalling SAR 35 billion (US$9bn / A$14bn). • Hafnium, a critical metal, was also identified at the Yangibana Project. Investor site visit conducted during the quarter with attendance from investors, research analysts, government, investment banks and media. Completion of Hastings 2024 Sustainability Report, sustainability ratings include: • Sustainalytics ranked Hastings 4th out of 187 companies in the metals and mining sub-industry category. • Ecovadis rated Hastings in the 91st percentile of companies. • Hastings and MISA entered into a non-binding MOU, which sets out the pathway for Hastings to develop a fully integrated downstream rare earths processing facility with the support of MISA through their GSCRI program. MISA will support Hastings to refresh the BFS based on the location of the Hydrometallurgical Plant (Stage 2) in the Kingdom of Saudi Arabia (KSA), secure strategic JV partners, facilitate access to potential KSA-based funding. Mr Peter Phan joined Hastings as the Company’s Project Director for Yangibana. Peter was the former Project Director at Australian Premium Iron Management, the manager of assets owned by a JV between, POSCO, AMCI and Aquila. Post-1H FY25 Landmark 60:40 Wyloo:Hastings Joint Venture. Transaction will include cancellation of all existing Exchangeable Notes: • Reduces Hastings’ final equity contribution to between $13 – $32m (subject to gearing mix) • Wyloo to act as UJV Manager and Operator • The term sheet has been approved by Wyloo’s Investment Committee and supported by the Hastings’ board. Long lead equipment for the Yangibana Project continued to arrive in Perth including the horizontal belt filter, flocculant plant and the wet screen. Hastings presented at the Future Minerals Forum (FMF) in KSA and progressed engagement with key KSA ministries and Australian government embassy officials. Receipt of $5m from Equator shareholder loan Annual General Meeting with all resolutions successfully passed by poll. JOINT VENTURE 1 Refer Slide 18 for source information 4 HALF YEAR SUMMARY1 Audit review for the period ended 31 December 2024 Key Highlights Balance Sheet • As at 31 December 2024, 33% of the Yangibana Rare Earths and Niobium Project’s (“Project”) budget remains spent to date • $158m in supporting infrastructure has been fully completed including: 294-room accommodation village, 2km airstrip to facilitate landing of up to 70-seater aircrafts, 20km site access road, SipHon borefield including six bores and a 20km pipeline, series of communications towers installed to allow permanent high-speed communication and long-lead time equipment in storage ready for deployment. • Closing consolidated cash and term deposit balance of $9.1m. • Implied valuation from the JV transaction of $220m with Yangibana CGU assessed at this amount (Nb: forms part of $334m Total Assets, refer table to the right). • Cancellation of $220m Exchangeable Notes as part of JV transaction announced. 1H FY25 Cashflow Waterfall 20 18 17.9 Summary (A$m) Dec-24 Total Assets $334 Total Liabilities $202 Net Assets / Equity $132 • Total Assets of $334m, of which $175m consists of Plant and Equipment • Net Assets of $132m post non-cash impairment of $141m (based on implied valuation of $220m for the Joint Venture). Yangibana Capital Cost Breakdown (A$m) • 0.3 16 5.0 14 A$m 12 Capex 2.0 4.0 10 8 6 Wyloo:Hastings Joint Venture Reduces Hastings’ final equity contribution to between $13 – $32m (subject to gearing mix)2 -10.0 9.1 0.2 -4.8 -3.2 -0.3 4 $289m remaining (ex. contingency) -1.4 Non Processing Infrastructure Critical Path Equipment -0.6 2 0 Opening cash Shares issued Payments for (1 July 2024) through ATM plant and facility equipment Project loan Payments to notes suppliers and employees Dividends (Neo) Payments for exploration Net interest Neo dividend Repayment of Lease withholding borrowing payment / tax costs exchange rate (adj) 1 Refer ASX Announcement “Interim Financial Report H1 FY2025” dated 14 March 2025. 2 Refer Slide 10 Restricted Cash inc. released amount Closing cash and term deposits (31 December 2024) Contingency 5 STAKEHOLDER ENGAGEMENT Strong half of engagement with stakeholders and investors Left: Tharrkari Elder Mr Ben Roberts Right: Chief Geologist, Louis Schurmann providing a geological update to Yangibana site visit attendees. Yangibana Investor Site Visit (July 2024) Hastings Executive Chairman, Charles Lew with Khalid S.Al-Modaifer His Excellency ViceMinister for Mining Affairs Ministry of Industry and Mineral Resources, Kingdom of Saudi Arabia Diggers and Dealers Conference (August 2024) Hastings Diggers and Dealers booth attended by Hon. Peter Dutton MP and Libby Mettam MLA MOU with Ministry of Investment Kingdom of Saudi Arabia (November 2024) Wyloo and Hastings Teams Future Minerals Forum (January 2025) Hastings’ Executive Chairman, Charles Lew (right) participating in the Future Minerals Forum Wyloo JV Agreement (February 2025) RIU Conference (February 2025) Right: Hastings’ Director, Jean-Claude Steinmetz presenting at the World Investment Conference in Riyadh. Hasting was one of nine investment deals were announced under Saudi Arabia’s Global Supply Chain Resilience Initiative (GSCRI) Left: Hastings COO Tim Gilbert presenting at the RIU explorers conference in Fremantle 6 YANGIBANA AND JV SUMMARY1 AUSTRALIA Developing Western Australia Rare Earths and Niobium World Class Ore Body In-Demand Critical Minerals Fully Permitted in Tier 1 Jurisdiction 1st Quartile Globally Robust Economics2 • One of the highest global NdPr : TREO ratio of 37% (LOM average) and up to 52% • Australia AAA Sovereign Risk, Frasers Institute ranked WA 4th out of 77 jurisdictions • $865m Post-tax NPV11 (ungeared) • In-Demand REEs: Nd + Pr + Dy + Tb = ~96% of Yangibana Basket Price • State and Commonwealth Approvals secured • Niobium by-product credit stream • Granted Mining Lease tenure in premier rare earths province • Offtake with German, thyssenkrupp, Baotou Sky Rock. • 31.28% IRR; 3.4 years payback • $258m per annum EBITDA. LoM Free cash flow $3,345m Stage 2 – Hydromet JV (40% HAS, 60% Wyloo) Brockman HREE (100% HAS) Locations under consideration: Onslow, KSA • 1st Quartile on Global Margin Curve (CRU). WESTERN AUSTRALIA • Native Title Agreement in place. Stage 1 – Yangibana JV De-Risked with Infrastructure Built Multi-Decade Project (17 years LOM) JV Partnership (Tier 1 Partner) • Supporting infrastructure fully complete: 294 room village, 2km airstrip, 20km site access road, borefield, communications towers and all long-lead equipment • Initial Life of Mine of 17 years (Ore Reserves) • 60:40 JV with Wyloo:Hastings Term Sheet signed (non-binding). IC approved; commercial terms agreed • $158m spent on Yangibana (Stage 1) and $68m on Stage 2 Plant • 33% complete. • 20.9Mt Reserves and 29.9Mt Mineral Resource • Stage 2 Hydrometallurgical Plant Project will capture additional downstream processing margins Discussions ongoing for Kingdom of Saudi Arabia partnerships. (40% HAS, 60% Wyloo) Ark Gold (100% HAS) • Wyloo will be JV Manager/Operator • Hastings retains pro-rata/40% of revenue (REEs, niobium), FCFs • Project Finance to be raised jointly. 1 Refer Slide 19 for source information 2 Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included. 7 ADDITIONAL LONG LEAD EQUIPMENT DELIVERED TO WA Majority of long lead equipment finalised and delivered during 1H FY25 Slurry Pumps SAG mill main assembly SAG mill trolly, slurry pumps and SAG mill trunnion Bearing Housing Positive Displacement Pumps Positive Displacement Pumps Cyclone rated shelter, Off Gas Scrubber Gasmet CEMS 2 System 8 WYLOO YANGIBANA JOINT VENTURE 9 TRANSACTION OVERVIEW1 Unlocking value from the Yangibana Rare Earths and Niobium Project Joint Venture (UJV) and Asset Portfolio (Post Completion) Joint Venture Overview • Hastings’ portfolio of assets incl. 40% JV interest in Stage 1 of the Yangibana Project and Stage 2 Hydrometallurgical Plant Project. Hastings will retain 100% of Brockman Heavy Rare Earths Project and Ark Gold. Exploration tenements subject to DD. • Commercial terms agreed for UJV over Yangibana Rare Earths and Niobium Project (non-binding) • 60:40 Unincorporated JV (UJV) structure with Wyloo (60%) and Hastings’ wholly owned subsidiary, Yangibana Jubilee Pty Ltd (40%) • Wyloo will act as the UJV Manager and Operator • Hastings retains 40% share of revenue (rare earths, niobium and other by-product credits) and Project cash flows • Transaction consideration: o Cancellation of all exchangeable notes totaling $220m at maturity in Oct-25 o Wyloo to fund its pro-rata share of remaining capital cost1 100% Brockman Heavy Rare Earths Project 100% 100% 100% Ark Gold Exploration Tenements Business Development & Marketing o Neo Performance Materials Inc. stake transferred to Wyloo. 100% Reduced Equity Requirements Yangibana Jubilee Pty Ltd 40% 60% Joint Venture (UJV) Stage 1 100% Yangibana Rare Earths & Niobium Project Stage 2 JV significantly de-risks project funding for Yangibana • JV parties to procure project funding together (target minimum gearing 50%) • Reduces Hastings’ final equity contribution materially for the remaining two-thirds of the capital cost (33% complete) that is not debt funded, refer below ($13m - $32m subject to gearing assumption applied). Yangibana Project (100%) Hastings (40% JV) Remaining Capital Cost (i) $316m $126m Residual Project Equity (50% Gearing) (ii) $79m $32m Residual Project Equity (60% Gearing) (iii) $32m $13m AUD 100% Hydrometallurgical Plant Project 1 Refer ASX Announcement “Hastings And Wyloo to Form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025. • Explanatory Notes: i Total capital cost for the project of $474m (subject to further optimisation by Wyloo/ JV). Spent CAPEX as at 31 December 2024 of $158m (excl. Stage 2 spent CAPEX of $68m). Remaining capital costs of $316m (100% basis) incl. contingency (excluding working capital and ancillary costs). 60% basis is $190m ii Assumed gearing of 50:50 (D:E) based on total Capital Cost (incl. Contingency) less spent equity iii Assumed gearing of 60:40 (D:E) based on total Capital Cost (incl. Contingency) less spent equity. Reduced capital requirements for Hastings 10 ABOUT WYLOO ABOUT WYLOO Greatland Gold • Privately owned by Tattarang with a focus on critical minerals for the energy transition • Brings significant technical and financial capability to the Yangibana Rare Earths and Niobium Project as Operator • Strong support and alignment with Hastings’ mine to magnet strategy Au Cu Stage 2 Stage 1 AUSTRALIA CANADA Yangibana Rare Earths and Niobium JV1 Nd Pr Nb REE Yangibana JV, WA (60% Wyloo) Development Ready • Initial Life of Mine of 17 years • 20.9Mt Reserves and 29.9Mt Mineral Resource • Infrastructure completed and long lead equipment procured • Stage 2 Hydrometallurgical Plant Project will capture additional downstream processing margins. Ring of Fire, Canada UNITED STATES OF AMERICA Downstream Processing Kambalda, Australia Kambalda Operations Ni Au Kwinana, WA pCAM Feasibility Study paused Cassini & Northern Operations • Currently in care & maintenance, actively planning for re-start. Sudbury, Ontario pCAM • Ongoing exploration success to grow resource base. Toronto, Canada MOU City of Greater Sudbury • Evaluating options for a concentrator in the region. 1 Proposed and subject to completion of final and binding documentation expected by the end of March 2025. 2 Neo Performance Materials (TSX:NEO ) Wyloo 19.99% holding 3 Equivalent grades calculated using US$8.70/lb Ni, US$4.00/lb Cu, US$20.00/lb Co, US$1,200/oz Pd, US$1,150/lb Pt and US$1,800/oz Au. Neo Performance Materials2 Eagle’s Nest Ni Cu Co PGE Feasibility Study • 15.8Mt @ 3.3% NiEq3 for 522kt contained Ni Eq • Targeting first production: 2030 • Mine of the future Chromite Cr Scoping / Pre-Feasibility • 247Mt chromite resource @ 31.5% Cr2O3 11 YANGIBANA - UNIQUE TIER ONE ASSET World-class deposit with unrivalled high percentage of NdPr:TREO in the orebody in a tier one jurisdiction, supplying the critical raw materials for rare earth magnets Average NdPr:TREO Ratio1 37% Uses of Rare Earth Elements Average NdPr:TREO ratio surpassing most global projects REE’s have a variety of end uses, the most significant area for current and future demand growth relates to NdFeB permanent magnets Up to 52% NdPr:TREO ratio in certain parts of the orebody Demand for NdFeB permanent magnets is being driven by the transition to a “green economy”, with the electrification of vehicles and decarbonisation of the economy. 26% NdPr is critical to the energy transition 23% 1 Source – refer to slide 16. 21% 20% Mountain Pass (US) Kangankunde (Malawi) Ngualla (Tanzania) Bayan Obo (China) 16% Mt Weld (W. Australia) Nolans (Northern Territory) 21% Songwe Hill (Malawi) Yangibana Project (Western Australia) 33% 12 YANGIBANA PROJECT SNAPSHOT1 Fully permitted and high-margin project with multigenerational opportunities for the Gascoyne region 17-year 20.9Mt Life-of-mine Ore Reserves2 37% High margins Average NdPr:TREO ratio over life of mine, driving higher realized rare earth oxide basket price First quartile on global operational margin curve, as verified by CRU Group ~1.1mtpa 37,000tpa Material to the crusher, followed by a grinding and flotation circuit Rare earth concentrate at 27% TREO, containing ~3,400tpa of NdPr oxide Employment Economic Benefits Construction Jobs Operations Jobs >470 >270 >$1bn in Commonwealth tax income >$240m in WA state royalties >$65m in Native Title royalties 1 Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included 2 Refer Slide 17 for Ore Reserves and Mineral Resources Refer to disclaimer on Slide 2 for cautionary statements. Photo: Investor Site Visit. 13 Picture: Kurrbili Village APPENDIX 14 PROJECT ECONOMICS1 Robust Financial Metrics $865m 31.28% 3.4 years Post-tax NPV11 (ungeared) Post-tax IRR (ungeared) Payback period $9,639m $3,345m $258m Net revenue (Life-of-Mine) Free cash flow (Life-of-Mine) Average EBITDA per annum Key Material Assumptions / Updates The Base Case Financial Model (“BCFM”) assumptions adopted in the Staged Development Study released on 31 May 2023 continues to apply and have not materially changed, save for the following key updates: • Offtake and payabilities: Shift from domestic profit-sharing model to rare earth concentrate sale and third-party processing (hydrometallurgical and oxide separation) to achieve a full rare earth oxide basket price, on terms expected in the term sheet with Baotou Sky Rock. Adjustments to yields and costs may be required following pre-production pilot test work, as contemplated in the Term Sheet. Negotiations are ongoing with other potential customers to conclude similar arrangements. • Spent capital cost: $158m of capital cost estimate incurred as at 31 December 2024 • • • Commodity price: Average 10-year blended neodymium and praseodymium (“NdPr”) oxide price (Wood Mackenzie, CRU, Adamas Intelligence) of US$121/kg real, 2024$ (reduction from US$129/kg adopted in the Staged Development Study). Stage 1 standalone: The impact of Stage 2 for the Yangibana Project (i.e. the potential hydrometallurgical plant) is excluded from the economic analysis. Mining: Mine schedule optimisation for the first five years of mining targets lower strip ratio zones of the Yangibana Project’s ore bodies, while maintaining the grade to the beneficiation plant. The total ore processed remains at 20.9Mt, the mine life remains at 17 years, and annual average production of rare earth concentrate remains at 37,000tpa as per the ASX Announcement 6 February 2023 “Yangibana Ore Reserves increase by 25%” Macroeconomics: FX Forward (Bloomberg), 10-year average AUD:USD 0.65 Cost assumptions: Incorporation of MREC and oxide separation fees based on the fees provided in the Term Sheet, updated power tariffs (40% renewable) from Independent Power Producer, and other revisions for escalation • • Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included. 1 15 15 YANGIBANA PROJECT – PEER COMPARISON PEER COMPARISON – NDPR:TREO RATIO Mine Majority / Full Ownership Yangibana Hastings Technology Metals Ltd Ticker Stage of Development Capex (A$m) HAS:ASX Pre-production 474 Ore Reserves (Proved) Mt Ore Reserves (Proved) Grade – NdPr / TREO Ore Reserves (Probable) Mt Ore Reserves (Probable) Grade NdPr/TREO Ore Reserves (Total) Mt Ore Reserves (Total) Grade NdPr/TREO NdPr:TREO ratio1 (Total Ore Reserves) 4.89 0.37 / 0.95% 16.03 0.32 / 0.88% 20.93 0.33 / 0.90% 37% 6 February 2023: ASX Announcement: “Yangibana Ore Reserves Increase by 25%” Source Nolans Arafura Rare Earths Ltd ARU:ASX Pre-production 1,886 (US$1,226m) 5 0.791 / 3.00% 24.6 0.741 / 2.80% 29.50 0.771 / 2.90% 26% 11 November 2022: ASX Announcement: "Nolans Project Update" 23 July 2024: ASX Announcement: "Arafura achieves major debt funding milestone" Mt Weld Lynas Rare Earths Ltd LYC:ASX Production N/A 21.2 1.72 / 7.40% 10.8 1.06 / 4.50% 32.0 1.50 / 6.42% 23% 5 August 2024: ASX Announcement: “Mineral Resources and Ore Reserve Update” 21% September 2021: Dating of monazite-apatite-allanite-epidote corona from the Bayan Obo Group in the northern margin of the North China Craton: implications for the time of regional Au and REE mineralization 4-7 September 2014: 1st European Rare Earth Conference, “China’s Rare Earth Ore Deposits and Beneficiation Techniques” refer table 2 Bayan Obo 2 China Northern Rare Earth Group High-Tech 600111:CH Co Ltd Production N/A - - - - 48 1.261 / 6% Ngualla Peak Rare Earths Limited PEK:ASX FEED Completed 441 17.0 1.021 / 4.78% 1.5 1.081 / 5.10% 18.5 1.07 / 4.80% 21% 24 October 2022: ASX Announcement: “Ngualla Rare Earths Project Completion of Bankable Feasibility Study Update” 30 November 2023: ASX Announcement: “Completion of FEED Study” Songwe Hill Mkango Resources Ltd MKA:TSXV Feasibility 479 (US$311m) 8.16 0.26 / 1.28% 9.99 0.21 / 1.07% 18.15 0.24 / 1.16% 20% 19 August 2022: SEDAR Announcement: “Technical report (NI43-101) Mkango” Kangankunde Lindian Resources Limited LIN:ASX Feasibility A$60m (US$40m) - - 23.7 0.571/ 2.9% 23.7 0.571/ 2.9% 20% 1 July 2024: ASX Announcement: “Kangankunde Project Stage 1 Outstanding Feasibility Study Results” Mountain Pass MP Materials Corp MP:NYSE Production N/A 0.583 0.671 / 4.28% 25.233 0.981/ 6.25% 25.813 0.971/ 6.20% 16% 28 February 2024: SEC Filing: Form 10-K – Annual Report Notes: 1Calculated from available information i.e. NdPR/TREO ratio when provided converted to NdPr % (grade) 2 Bayan Obo is a Chinese Ore Reserve estimate and doesn’t have Proved and Probable estimates. The Ore Reserve estimate (Total) was obtained from a geological research paper 3 Mountain Pass has been converted from US short-tons to metric tonnes Capital Costs in US Dollars converted at 0.65 AUD/USD exchange rate. 16 YANGIBANA PROJECT – RESOURCES AND RESERVES MINERAL RESOURCES AND ORE RESERVES1 TOTAL JORC (2012) MINERAL RESOURCES (30 OCTOBER 2022) Category Measured Indicated Sub-total Inferred TOTAL Mt 4.97 19.51 24.49 5.45 29.93 %TREO 0.96 0.88 0.90 1.05 0.93 %NdPr 0.37 0.32 0.33 0.31 0.32 TREO tonnes 47,721 171,936 219,657 57,298 276,955 INDIVIDUAL DEPOSITS (at Yangibana) Bald Hill Category Measured Indicated Sub-total Inferred TOTAL Mt 3.55 5.23 8.79 1.17 9.96 %TREO 0.82 0.75 0.78 0.67 0.77 %NdPr 0.34 0.30 0.31 0.27 0.31 TREO tonnes 29,136 39,290 68,425 7,787 76,212 Simon’s Find Category Measured Indicated Sub-total Inferred TOTAL Mt 3.14 3.14 0.05 3.19 %TREO 0.52 0.52 0.06 0.52 %NdPr 0.27 0.27 0.31 0.27 TREO tonnes