Announcement PDF Picture: Yangibana Earths Project Yangibana RareRare Earths &Western Niobium Project Yangibana Rare Earths Project, Australia Corporate Presentation An afternoon with ORDS – Rare Earths Ord Minnett Conference 20 November 2024 Hastings Technology Metals Ltd | ASX:HAS Hastings Technology Metals Ltd | ASX: HAS | hastingstechmetals.com| ACN 122 911 399 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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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 fulltime 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. Investor Site Visit – Yangibana Rare Earths and Niobium Project 2 EXECUTIVE SUMMARY Picture: Kurrbili Village 3 SNAPSHOT - YANGIBANA Significant value upside from development of the Yangibana Rare Earths & Niobium Project Yangibana AUSTRALIA Yangibana Project World-class project with robust economics Reserve inventory of 20.93mt containing 188kt of $474m $480m Total Capital Cost (incl. spent Capex) Total Assets1 (30-Jun-24) $156m 21.5% Invested in early infrastructure2 Shareholding in Neo Performance Materials Inc. $291m $865m Remaining Capex2 (excl. $27m contingency) NPV11 (post-tax, ungeared)4 2.4 years 31.28% Payback Period IRR TREO3, supporting 17-year mine life Niobium Resource of 6.73mt with 15,501t of Nb2O5 (Measured and Indicated) WESTERN AUSTRALIA Onslow Carnarvon Gascoyne Junction Geraldton Perth 1 Refer ASX Announcement 30 September 2024 “2024 Annual Report” 2 as at 30 September 2024 Refer ASX Announcement 28 October 2024 “Quarterly Activities Report” 3Total Rare Earth Oxides 4 NPV excludes Niobium by-product credits. Refer ASX Announcement 16 February “Binding Term Sheet Signed for Integrated Tolling and Offtake” 4 STRATEGIC PARTNERSHIPS End users of rare earths concentrate About JL Mag (9.8% binding term sheet )1 Vertically integrated mine-to-magnet supply chain • World’s #1 producer of high-performance rare earth permanent magnets by volume REE magnet manufacturing facility Narva, Estonia (In development) and widely acknowledged as the world leader in the application of Grain Boundary Diffusion technology for magnets REE separation plant Sillamae, Estonia Head Office (Neo) • JL Mag’s prestigious global customer base includes: the world’s top: • 10 New Electric Vehicles (“NEV”) manufacturers • 8 of the world’s top 10 variable-frequency air-conditioners (“VFAC”) compressor manufacturers • 5 of the world’s top 10 wind turbine generators • Hong Kong Stock Exchange listed JL Mag (HKSE:6680) has a market capitalisation of HK$25.9n / $5.1bn2 Neo Performance Materials • Binding Term Sheet to become 9.8% strategic investor in Hastings1 • JL Mag will reach a total production capacity of 23,000tpa of rare earth permanent magnet Neo Manufacturing Facilities blanks with expansion underway to increase to 40,000tpa by end of 20253 Global Customers About Neo Performance Materials INC. (HAS 21.5% ownership) • Neo Performance Materials Inc. (“Neo”), is listed on the Toronto Stock Exchange (“TSX”) with a market capitalisation of $365m2 and engages in the manufacture and sale of rare earth oxides and metals, magnetic powders, magnets, and rare metal-based materials worldwide • Hastings owns a 21.5% stake in Neo2 funded by exchangeable notes from Wyloo4 • Neo has declared 8 quarterly dividends since acquisition totaling C$8.1m/ A$8.9m for Hastings • Heads of Agreement (non-binding) signed in June 2023 to supply rare earth concentrate of up to 25,000tpa5 1 Refer ASX Announcement 9 July 2024 “JL Mag to become 9.8% Strategic Investor in Hastings” 2 S&P Capital IQ as at 15 November 2024 converted at spot exchange rate 3 Refer HKSE Announcement 12 April 2024 “JL Mag Annual Report 2023” 4 Refer ASX Announcement 26 August 2022 “To Acquire Shareholding in NEO - Investment in HAS by Wyloo” 5 Refer ASX Announcement 13 June 2023 “Hastings Signs Non Binding Heads of Agreement with NEO” 6 Refer TSX Announcement 22 July 2024 “Neo Announces Update to its Board of Directors” • Dr John McGarva, former Global Head of Engineering (Haircare) at Dyson was Hastings’ nominee and was appointed to the board of Neo on 22 July 20246 • Multiple global customers such as BASF, Dyson, Samsung, Bosch, LG, Siemens, etc. 5 CLIMATE CHANGE DRIVING STRONG DEMAND FOR MAGNETS NdFeB magnets are power and energy efficient 140 NEVs Wind Turbines ICEs 120 Electronics Kt (REO) 80 15 14 40 13 25 23 22 8 9 9 20 Other CAGR +8.12% p.a. 100 60 CAGR 2023-2030 NdFeB high performance magnet consumption1 by user category in 1.000mt 11 9 7 19 24 2023 2024 16 26 8 12 17 27 7 13 17 28 7 15 18 30 6 16 20 31 4.79% 6 (6.53%) 17 13.00% 45 49 30 34 42 2025 2026 2027 2028 2029 2030 0 2 Boston Consulting Analysis 2024 3 Coherent Market Insights 2024 Increasingly strong structural shift to a green economy by the adoption of advanced technologies that leverage on power and efficiency of magnet motors using NdPr E-mobility (eg. EV) - 2kg of permanent magnets2 in a standard EV traction motor, with additional demand for micro/other motors Wind Turbines – high performance generators will contain up to 600 kilograms of NdFeB magnets per MW 2 38 1 CRU Rare Earths Special Report (2024) and Hastings Analysis 5.72% UN Climate Change Conference has pronounced that the world comes together to address a climate crisis and target net-zero emissions by 2050 14.50% Humanoid Robotics – global market size estimated at $2.90 billion in 2024 is expected to reach $46.31 billion in 2031. CAGR 2024 to 2031 is projected to be 48.6%3 Heating, Ventilation and Air Conditioning (“HVAC”) - driven by stricter worldwide government regulations on energy efficiency and intelligent buildings; variable frequency air conditioners (VFAC) demand is forecast to grow at ~9% pa for rest of the decade 6 STRONG MAGNET DEMAND DRIVING SUPPLY DEFICIT Supply gap forecast to increase during this decade, requiring around 8x Yangibana Projects NdPr market balance - (kt NdPr oxide), 2020-20401 Commentary Demand 180 • Price recovery underway with NdPr prices up 18% since a low in June 2024. Demand expected to continue to pickup in Q4 2024. Significant deficit to start growing from 2026 onwards coinciding with first concentrate from Yangibana in mid 2026 is well-timed to meet demand surge 160 140 39% Supply Deficit (18x Yangibana) 120 23% Supply Deficit (8x Yangibana) 100 • Worldwide consumption of Rare Earth Oxides for Permanent Magnets is growing at CAGR 2022 – 2030 of 9.2%1 • Demand for NdPr oxides expected to increase by ~80% over the next decade (from 2026), fueled predominantly by growth in E-mobility, humanoid robotics and wind turbines 80 60 Supply 40 • Long project development lead times raise questions around ability of new mines in permitting, financing and supply ramp up 20 Supply Deficit Supply 1 CRU Rare Earths Special Report (2024), Hastings’ analysis Demand 2040 2039 2038 2037 2036 2035 2034 2033 2032 2031 2030 2029 2028 2027 2026 2025 2024 2023 2022 2021 2020 0 • CRU forecast supply gap to 2030 represents around 8x Yangibana’s NdPr oxides production of 3.4ktpa • Worldwide NdPr supply is projected to grow at a CAGR of 5.3% from 2022 to 20301. However, this growth significantly lags behind the increasing demand for rare earths in permanent magnets, highlighting a critical supply-demand gap. 7 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 Mountain Pass (US) NdPr is critical to the energy transition 16% Kangankunde (Malawi) 20% Ngualla (Tanzania) 21% Bayan Obo (China) 21% Mt Weld (Western Australia) 23% Nolans (Northern Territory) Songwe Hill (Malawi) 26% 33% Yangibana Project (Western Australia) 37% Average NdPr:TREO ratio surpassing most global projects Up to 52% NdPr:TREO ratio in certain parts of the orebody 1 Source – refer to slide 26 8 OPERATIONAL MARGIN IN FIRST QUARTILE GLOBALLY Favourable Rare Earths basket composition provides strong cash margins Operational margin curve, 2028, real 2024 US$/kg1 Due to its 37% NdPr:TREO LOM driving the high basket price, Yangibana is situated in the 1st quartile of the global cash margin curve 60 50 Nd, Pr, Dy and Tb accounts for 94% of its rare earth basket price Leveraging its favourable basket composition with high NdPr, EBITDA margin is approx. 40%. Yangibana Rare Earths & Niobium Project is expected to be one of the highest margin producers globally, sitting in the first quartile 30 20 10 0 Group weighted average margin of US$15/kg REO Yangibana Project Margin (US$/kg) 40 0 50 100 150 200 Production (kt REO) 1 Rare Earth Margin Curve (2028) as produced by CRU (2024) 250 300 350 400 9 Picture: Investor Site Tour YANGIBANA PROJECT OVERVIEW 10 YANGIBANA PROJECT SNAPSHOT Fully permitted and high-margin project with multigenerational opportunities for the Gascoyne region 17-year 20.9mt1 Life-of-mine Ore Reserves 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 1 Refer Slide 27 >$1bn in Commonwealth tax income >$240m in WA state royalties >$65m in Native Title royalties Refer to disclaimer on Slide 2 for cautionary statements 11 Picture: Chief Geologist / Drill Core presentation YANGIBANA PROJECT PROGRESS Early infrastructure completed and long lead time items available Kurrbili Village - 294 rooms fully commissioned with medical centre, sports court, shop, dry and wet mess. Yangibana Airstrip - 2km in length, suitable for planes up to 70 seat capacity and with airport buildings are in place ensuring fast changeovers for employees. Site Access Roads - 20km site access road to connect the Yangibana Project’s mine site with the shire road network to the beneficiation plant, village, mine and construction work. SipHon Borefield - Fully permitted consisting of 6 bores, fully equipped with holding tanks and high flow pumps and pipeline to the process plant. Equipment – Long Lead Equipment in WA and in storage ready for installation. Flotation Cells & Structural Steel ready for installation. 12 BENEFICIATION PLANT CONSTRUCTION EPC contract with leading engineering and construction firm GR Engineering Services $201m contract 1 Fixed price lump sum contract Key benefits Lowers project delivery risks, lower cost, greater certainty on timeframe, process and product quality guarantees Performance guarantees Commissioning and operational support to ensure facility achieves quality and throughput guarantees Proposed Beneficiation Plant layout 1Based on repricing estimate (Refer ASX Announcement 13 June 2024 “Yangibana Rare Earths Project Cost Reduction” ) and is subject to further escalation until FID 13 RARE EARTH BENEFICIATION FLOW SHEET Conventional flotation process which has been extensively tested and de-risked Concentrate grade of ~27% TREO Feed grade of ~1% TREO Float Crush Grind Float Regrind Float Regrind Dry/bag Planned Niobium circuit >100 bench scale tests Completed at four commercial labs in Perth to develop robust beneficiation flowsheet (2016 – 2022) >80 variability samples Covering expected range of grade and mineralogy tested through standard flowsheet Two pilot plant tests Successfully validated simple and effective flowsheet tested successfully for cumulative two weeks Successful bulk samples For use in downstream engineering equipment design test work Scale up from 150kg/h to 124t/h Translation of process development batch and pilot programs into engineering design. 14 CAPITAL COSTS $156m capital investment1 provides strong base to ramp up construction. $291m remaining capital cost. $156m Capital Cost incurred1 Represents 33% of total capital cost (including contingency) Non-Processing Infrastructure $126m invested to date1 in early site works • Kurrbili Accommodation Village • Yangibana Airstrip • SipHon Well Borefield • Site Access Roads $291m remaining (ex. contingency) Critical path equipment $30m invested to date1 in long lead items • Delivered – SAG Mill; Regrind Mill; Flotation Cells; Thickener; Belt feeder; Mill Liner Handler; number of pumps; MCC & VSD • Fabrication is complete for all long lead items EPC contract2 $201m contract awarded to leading WA engineering and construction company GR Engineering Services Hydromet Equipment (Stage 2)3 Hastings has spent an additional $67m on Stage 2 (Hydrometallurgical Plant) equipment and project costs. Capex Critical Path Equipment Non Processing Infrastructure Contingency 1 As of 30 September 2024 (includes indirects costs) Refer ASX Announcement 28 October 2024 “Quarterly Activities Report” 2 Based on repricing estimate (Refer 13 June 2024 ASX Announcement “Yangibana Rare Earths Project Cost Reduction” ) and is subject to further escalation until FID 3 Refer ASX Announcement 14 November 2024 “Funding and Development Update” 15 NIOBIUM – ADDITIONAL BY-PRODUCT CREDIT REVENUE STREAM Photo: Viaduct de Millau bridge in Southern France made 60% Lighter Due to the Use of Niobium 16 NIOBIUM MARKET Niobium is a critical and strategic mineral ~90% of the world’s niobium produced by Brazil1 Niobium Demand Drivers3 Listed as a critical mineral by the US, Australia2, India, Japan, China and the EU. Ranked number 2 out of 50 on the US Critical Minerals List1 Majority of niobium used in steel Approximately 90% of all niobium is consumed in steelmaking. Strength of the steel can be increased by more than 30% by adding 0.03-0.05% niobium High-tech uses emerging (Lithium-ion batteries) Key growth area is niobium’s potential use in the next generation of Li-Ion Batteries (Faster Charging) many other potential high-tech applications including superconducting magnets used in medical imaging devices, magnetic levitation trains and nuclear reactors. 3 3 1 Critical Mineral Resources National Policy and Critical Minerals List (8 April 2024): https://sgp.fas.org/crs/misc/R47982.pdf 2 Australia’s Critical Minerals List https://www.industry.gov.au/publications/australias-critical-minerals-list-and-strategic-materials-list 3 NioCorp Presentation Q2 2024: https://gx0d43.a2cdn1.secureserver.net/wp-content/uploads/Detailed_NioCorp_Presentation_Q2-2024.pdf 4 CBMM https://niobium.tech/-/media/niobiumtech/documentos/resource-center/nt_bridge-steels-niobium-jan-2020.pdf 5 https://www.fastmarkets.com/insights/brazils-cbmm-niobium-batteries-2030/ Stronger and lighter steel for buildings, bridges & megainfrastructure projects Growing demand for lighter weight and more fuel efficient cars, trucks and buses Next Gen NiobiumLithium-Ion Batteries 0.025% Niobium in the steel of the Viaduct de Millau bridge reduced the overall weight by 60%4 300g Nb reduces weight of mid-sized car by 200kg and increases fuel efficiency by 5%4 Significant potential demand CBMM expects nearly 35ktpa Nb oxide sales by 20305 (270t in 2022) 17 Picture: SAG Mill Shell Arrival at Dampier Port 17 MAIDEN NIOBIUM RESOURCE AT YANGIBANA1 Measured and indicated category released in September 2024 Maiden Niobium Pentoxide Measured and Indicated Mineral Resource now 6.7Mt at 2,305ppm for 15,501t Nb2O5 Niobium (Nb2O5) concentrations occur in the form of mineral ferro-columbite at the Yangibana Project over a 4-kilometre strike at the existing Simon’s Find and Bald Hill deposits Further drilling is planned to recover a bulk sample for metallurgical testing and a flowsheet finalised which will allow the estimation of an Ore Reserve estimate (from the current Mineral Resource) Hafnium-rich zircon has been found at Bald Hill at a ratio of 13:1 which is significantly better than the global benchmark of 50:1 An updated Mineral Resource estimate is expected in Q1 2025 to include the potential of associated Critical Minerals zircon and hafnium after the conclusion of metallurgical test work Hafnium is a critical mineral used in aerospace, defence and energy technologies with additional potential for another valuable revenue stream. 1 Refer to ASX Announcements: 4 September 2024 “Maiden Niobium Measured and Indicated Mineral Resource at the Yangibana Rare Earth and Niobium Project” and 26 August 2024 “High-grade Niobium, Rare Earth and Hafnium-rich Zircon Rock Chip Results at Hastings Yangibana project” 18 RESOURCE AND RESERVE UPSIDE Significant exploration targets providing growth optionality (Rare Earths and Niobium) Exploration focus Priority areas identified to expand mine life beyond initial 17-years and provide significant additional upside to build long-term value for shareholders 66km strike length Significant exploration upside with only one-third of strike length (24km) defined as a resource Exploration target 40 – 60 million tonnes, confined to ironstone hosted mineralisation Existing 29.93mt Mineral Resource has been defined over 24km of strike length 0 1 2 3 4 5 KILOMETRES Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) Additional exploration potential strike length of 42km identified 19 ECONOMICS, FINANCE & ESG 20 Photo: Yangibana Airport GREEN FINANCE AND ESG Yangibana Project will produce critical minerals to power the energy transition Second Party Opinion • Hastings Green Bond Financing Framework and Carbon Reduction Transition Plan reviewed by DNV • Project financing will be aligned with the International Capital Market Association’s ("ICMA") Green Bond Principles (“GBP”) and Green Loan Principles, published by the Loan Market Association • Carbon Reduction Transition Plan is aligned with the Climate Transition Finance Handbook • Multiple non-binding financing proposals received from global mining funds and debt capital market investors to fund the Yangibana Project debt size in the order of the target gearing ratio of 60%2. ICMA GBP Eligibility Criteria Rare earth permanent magnets power over 90% of Electric Vehicle ("EV") motors Renewable energy Energy efficiency Clean transportation Rare earth permanent magnets in EV motors improve energy efficiency compared to induction motors Yangibana Project potential to supply 55 million EVs Sustainable water and wastewater management Rare earths are key components of direct-drive wind turbines; investment in solar photovoltaic (“PV”) for Yangibana Project's operations Minimising water consumption and promoting recovered and recycled water to create a more sustainable operation Yangibana Project potential to supply Up to % of water requirements at Yangibana met by recovered process water – equivalent of 1,200 Olympic-sized swimming pools per annum 170GW Reducing carbon emissions by approximately 1.2 billion Installed direct wind turbine capacity tonnes CO2e, compared to internal combustion engines 1 Refer to ASX Announcement 30 September 2024 “Sustainability Report 2024” 2 Disclaimer there are no guarantees that the indicative proposals will result in approved project funding 82 ESG Credentials1 Agency Rating Ranked 4th out of 187 companies in the metals and mining sub-industry category Formal supporter of the Task Force on ClimateRelated Financial Disclosures Positively assessed against the IFC performance standards (World Bank) Rated in the top 10th percentile of companies assessed Participant of the Ten Principles of the UN Global Compact Positively assessed against the Equator Principles IV (World Bank) 21 PROJECT ECONOMICS 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: $156m of capital cost estimate incurred as of 30 September 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$129/kg adopted in the Staged Development Study). Stage 1 standalone: The impact of Stage 2 for the Yangibana Project (i.e. the potential hydrometallurgical plant) is excluded from the economic analysis. Mining: Mine schedule optimisation for the first five years of mining targets lower strip ratio zones of the Yangibana Project’s ore bodies, while maintaining the grade to the beneficiation plant. The total ore processed remains at 20.9Mt, the mine life remains at 17 years, and annual average production of rare earth concentrate remains at 37,000tpa as per the ASX Announcement 6 February 2023 “Yangibana Ore Reserves increase by 25%” • • Macroeconomics: FX Forward (Bloomberg), 10-year average AUD:USD 0.65. Cost assumptions: Incorporation of MREC and oxide separation fees based on the fees provided in the Term Sheet, updated power tariffs (40% renewable) from Independent Power Producer, and other revisions for escalation. 22 22 YANGIBANA PROJECT’S BASKET PRICE FORECAST Based on market consultants and the expected rare earth element composition for the Yangibana Project Average basket price first production to 2030 Consultant / source Market Consultant US$/kg TREO1 CRU (Base Case) 42.9 Adamas Intelligence (Base Case) 37.5 Argus (Base Case) 39.2 argus Blend (Base Case) argus 2-year historical average2 3-year historical average 2 Actual Actual OpEx (5-year average) 39.8 Expected gross basket price (US$/kg TREO) (real 2024$) 60 Up to 52% NdPr composition in certain parts of the orebody 50