Mountain Pass

Fully integrated rare earth mining and refining operation in San Bernardino County, California — the only scaled, operating rare earth mine and processing site in the United States. The bastnaesite carbonatite orebody has been mined for over 70 years; total orebody strike length ~2,750 ft, dip extent ~3,000 ft, with the >2% TREO grade zone 15-250 ft thick. Mining is conventional open pit; mined ore is crushed, milled and floated to a ~60% TREO bastnaesite concentrate, then separated on-site into four REO products (NdPr oxide, SEG+ precipitate, lanthanum carbonate, cerium chloride). SRK prepared a pre-feasibility-level S-K 1300 Technical Report Summary with an effective date of October 1, 2025, depleted to a December 31, 2025 statement date. Reserves support a 28-year life-of-mine plan (mining ~2026-Q3 2047; stockpile processing through Q1 2053). An ore-sorting (pre-concentration) facility to upgrade 2.5-5.0% TREO ore is expected to reach full design capacity, alongside separations, in Q1 2027. Under the 'Upstream 60K' strategy the Company targets ~60,000 MT of annual REO production. Estimated TREO distribution in concentrate: cerium 50.2%, lanthanum 32.3%, NdPr 15.7%, SEG+ 1.8%.