North Stanmore

Flagship heavy-rare-earth project in the Cue goldfields of Western Australia, characterised as one of the largest heavy-rare-earth clay projects globally and held within a contiguous package of twelve granted tenements by wholly-owned subsidiary Victory Cue Pty Ltd. The shallow, regolith-hosted clay mineralisation is enriched in heavy rare earths (high HREO/TREO of ~38-39%) and carries by-product gallium, scandium and hafnium credits, with gallium recovered concurrently in the Mixed Rare Earth Carbonate at no additional processing cost. An August 2025 Mineral Resource Estimate (≥330 ppm TREO+Sc2O3 cut-off, prepared by MEC Mining Group) totals 320.6 Mt at 486 ppm TREO. A March 2025 Scoping Study returned a post-tax NPV of about A$1.2 billion at an 8% real discount rate, a 51.8% IRR, a 2-year payback and a 31-year mine life at 8 Mtpa throughput, with capital cost of approximately A$337 million. Mineralisation remains open in all directions. Situated on crown land with no private landowners and no existing royalties.