Penco Module

Ionic-clay rare earth development project covering approximately 600 hectares in Chile's Biobío Region, hosting clays rich in rare earth elements across five mineralized zones (Victoria Norte, Victoria Sur, Luna, Alexandra, and Maite). Development is expected to benefit from low initial capital expenditure given access to nearby existing infrastructure (power, motorways, ports, airports) and a local professional workforce. The Company targets commercial REE production from mid-2028 with a 14-year mine life. The Penco Technical Report (2021) was updated on December 1, 2022; mineral resources are not reserves and lack demonstrated economic viability.