FLAGSHIP ASSET

Narraburra
Rare Earths Project

100% Owned | Central West NSW | 50% of the Resource in the Indicated Category

Project Summary

  
      Ownership
      100% owned
    
      Location
      ~19km NE of Temora, central-west NSW
    
      Tenure
      467 km² across four exploration licences
    
      JORC Resource
      94.9Mt @ 739 ppm TREO; 47.6Mt (50%) Indicated
    
      High-Grade
      20Mt @ 1,079 ppm TREO above a 600 ppm cut-off
    
      Geology
      Clay-hosted REE, free-dig weathered clay, no blasting
    
      Infrastructure
      Sealed road, rail and grid power on the tenure
    
      Radioactivity
      Low Th/U; 98% U removal to <7 ppm in the MREC
    
      Workforce
      Established mining district, skilled regional workforce

The Narrabura Advantage

It’s the combination of simple mining, low-cost processing, high recoveries, exceptional product mix, and world-class infrastructure that sets Narraburra apart.

Significant Resource & Exploration Potential

94.9Mt mineral resource only represents a small part of Narraburra granite, source of the Narraburra REE mineralisation
504 km² across 4 Exploration Licences — multiple exploration targets
Other known Narraburra Suite granites within tenure package – yet to be drill tested
High-grade core (20Mt @ 1,079 ppm) open at depth & along strike
Airborne EM survey results show a over 25km x 4km wide prospective zone and overlaps mapped A-Type Narraburra suite granites – area yet to be drill tested

Simple, proven route, higher-value

PROCESSING FLOWSHEET

Fewer unit operations, lower reagent intensity, and product already made.

  
      Narraburra (Clay)
      Hard-Rock REE
    
      Mining
      Free-dig, no blasting, minor comminution
      Drill & blast, crush, grind
    
      Processing
      Scrub → Leach → IR / IX → Precipitate
      Crush → Grind → Float → Crack → Roast → SX
    
      Reagent
      Ammonium sulphate, 1.2 kg/t sulphuric acid
      Sulphuric acid 50-200+ kg/t
    
      Radioactivity
      <7 ppm U in MREC
      Often high Th/U, a regulatory burden
    
      CAPEX / OPEX
      Lower, fewer unit operations
      High, multiple complex circuits

	Narraburra (Clay)	Hard-Rock REE
Mining	Free-dig, no blasting, minor comminution	Drill & blast, crush, grind
Processing	Scrub → Leach → IR / IX → Precipitate	Crush → Grind → Float → Crack → Roast → SX
Reagent	Ammonium sulphate, 1.2 kg/t sulphuric acid	Sulphuric acid 50-200+ kg/t
Radioactivity	<7 ppm U in MREC	Often high Th/U, a regulatory burden
CAPEX / OPEX	Lower, fewer unit operations	High, multiple complex circuits

MREC produced twice.
A third, larger batch approved by ANSTO for delivery to potential offtake partners.

Grade Isn’t Everything

- Shallow clay deposit: free-dig, no drilling & blasting
- Conventional open-pit with standard earthmoving equipment
- Minor comminution required
- Low strip ratios, minimal waste handling
- Leach using ammonium sulphate (cheap, available fertiliser) and small amount of sulphuric acid at 50°C
- Dramatically lower capex vs hard-rock flowsheets
- Validated by Serra Verde (Brazil) in commercial production
- MREC at 57.6% TREO with high purity
- 98% uranium removal via IX, negligible radioactivity
- Low-radioactive MREC in demand in Europe & India
- ~70% Clay to MREC recovery
- 25% MREO & 32.5% Y₂O₃ of TREO in MREC.