Vara Mada

Development-stage heavy mineral sands and REE project formerly known as the Toliara Project, located in southwestern Madagascar approximately 18 km inland and 45 km north of Toliara. Held by subsidiary Base Toliara SARL under Permis D'Exploitation 37242, a 125 km2 mining lease valid until March 20, 2052. Acquired via the Base Resources acquisition on October 2, 2024. Government-imposed suspension lifted November 28, 2024; Madagascar MOU dated December 5, 2024 sets a 5% royalty plus $80 million development/community funding. The Jan 2026 S-K 1300 / NI 43-101 Feasibility Study estimates ~38-year mine life, post-tax NPV10 of ~$1.8 billion, IRR ~25%, peak EBITDA >$500M and average annual FCF ~$264M. Average annual product profile of ~1,033 kt ilmenite/zircon/rutile and ~24 kt monazite concentrate. FID expected as early as 2027 subject to Stability Mechanism and remaining permits. Net book value $205.8 million at Dec 31 2025.